ASX-listed Peninsula Energy on Tuesday announced regulatory approval from Wyoming's Uranium Recovery Program (URP) to begin Phase 2 startup activities at the central processing plant (CPP) at its Lance project in Wyoming, US. 

The approval allows Peninsula to begin the process of 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 stressed that no further regulatory approvals were required for the company to begin commercial production.

Further, Peninsula announced the appointment of Keith Bowes as a nonexecutive director of the board. He brings 30 years of experience in project development and operations across Africa, South America, and Australia. He previously served as MD of Lotus Resources Limited from 2021 to 2025.

The Lance project is progressing toward 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.

Peninsula MD and CEO George Bauk said the team at Lance was continuing to make positive steps towards resetting the Lance project. "The approval from the Wyoming URP is another encouraging development, demonstrating the integrity and safety of what we have built at the CPP. We look forward to start feeding uranium on resin from Phase 1 to Phase 2 of the CPP, completing the reset plan and working toward the production of dried yellowcake during this quarter."

Bauk also highlighted the significance of Bowes’ appointment to the board. “We also welcome Keith Bowes’ commitment to Peninsula by joining our board as of today. I had the pleasure of spending time with Keith at the Lance project in late July. Keith’s wealth of experience across multiple uranium projects will add strength and depth to Peninsula as we reset Lance as a sustainable, reliable producer of uranium for the growing United States energy market.”

As the company moves forward, the primary focus will remain on completing the commissioning of the CPP, while also addressing various financial needs to complete the Lance reset. The company continues to work on finalising production guidance and its ongoing capital raise. The company’s shares remain under trading suspension, as it worked through outstanding matters, including the capital raise and finalising production plans.