Name of the Project
Lance Projects – Ross and Kendrick production areas.

Location
Wyoming, US.

Project Owner/s
Independent end-to-end producer of yellowcake Peninsula Energy.

Project Description
The life-of-mine (LoM) plan for the Ross and Kendrick production areas completed in August 2023 delivered a robust and resilient project development plan for Lance, including an accelerated production ramp-up schedule.

The ten-year LoM model is based on a total resource base of 21.8-million pounds of uranium estimated to be contained within the production areas. LoM uranium production is estimated at 14.8-million pounds from the production areas.

The production and LoM plan has been developed for steady-state production of 1.8-million pounds of yellowcake a year from Ross and Kendrick.

The LoM model features a complete 5 000 gallons per minute in situ recovery (ISR) plant to produce up to two-million pounds a year of dry yellowcake product.

The Ross facility, built in 2015 as an alkaline ISR satellite facility, is undergoing an expansion to increase its production capacity from one-million pounds a year to two-million pounds a year. The expansion also aims to add the capability to produce a finished dry yellowcake product, uranium oxide.

Kendrick is the next sequential production area.

The current LoM plan does not include production from Lance’s Barber area, which provides a future expansion opportunity at the project.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project has a net present value, at an 8% discount rate, of $116.2-million and an internal rate of return of 26%.

Capital Expenditure
LoM capital expenditure is estimated at $285.5-million.

Planned Start/End Date
Peninsula is targeting first production of dried yellowcake in the third quarter of 2025.

Latest Developments
Peninsula Energy announced regulatory approval from Wyoming's Uranium Recovery Program on August 12 to begin Phase 2 startup activities at the central processing plant (CPP).
 
The approval enables Peninsula to start transferring uranium captured on resin into Phase 2 of the CPP using the recovery process solutions to operate the plant’s various circuits. The company has emphasised that no further regulatory approvals were required to start commercial production.

The Lance project is progressing towards its goal of producing dried yellowcake in the September quarter as the company focuses on commissioning the CPP and securing necessary funding to complete the reset of the project in preparation for full-scale uranium production.

Key Contracts, Suppliers and Consultants
Western Water Consultants (definitive feasibility study); and Samuel (detailed engineering and initial long lead time equipment procurement works); and Ross (central processing plant expansion).

Contact Details for Project Information
Peninsula Energy, tel +61 8 6263 4461 or email info@pel.net.au.