Peninsula Energy Limited (ASX: PEN), an ASX-listed uranium company focused on US production and direct market exposure, announced it has received approval from Wyoming’s Uranium Recovery Program to commence Phase 2 of the Central Processing Plant (CPP) at its Lance Project in Wyoming, USA. The approval allows the company to begin processing uranium captured on resin in the plant, moving towards producing dried yellowcake in the September quarter. The Lance Project is one of the largest, independent near-term uranium development projects in the US. Once back in full production, Lance will establish Peninsula as a fully independent end-to-end producer of yellowcake, well-placed to become a key supplier of uranium and play an important role in a clean energy future.
The approval means Peninsula Energy can now transfer uranium on resin into Phase 2 of the CPP, utilising recovery process solutions to operate the process circuits. The company stated that no further regulatory approvals are needed to commence commercial production. Peninsula Energy is focusing on commissioning the CPP and securing funding to complete the Lance reset in preparation for a return to production.
In addition to the operational update, Peninsula Energy announced the appointment of Keith Bowes to its Board as a Non-Executive Director, effective immediately. Mr. Bowes is a seasoned resources executive with 30 years of experience in project development and operations across Africa, South America, and Australia. He most recently served as Managing Director of Lotus Resources Limited from 2021 to 2025.
The company also clarified that this announcement is not related to the trading halt request from April 17, 2025, and the suspension notice from April 23, 2025. Peninsula Energy’s shares will remain in suspension until various matters are finalised, including production guidance and a capital raise.
