Peninsula Energy Limited (ASX:PEN) Secures Key Regulatory Approvals for Kendrick Project
Regulatory Approvals
Peninsula Energy Limited (ASX:PEN) and its subsidiary, Strata Energy Inc., have received final major regulatory approvals from the Wyoming Department of Environmental Quality and the US EPA for the Kendrick Project Area. These approvals are the last required to commence uranium recovery operations at Kendrick, marking a significant milestone for the Lance Projects.
Resource Highlights
The Kendrick Project holds a JORC (2012) compliant resource of 19.8 Mlbs U₃O₈, contributing to a combined resource base of 26.2 Mlbs U₃O₈ across the Ross and Kendrick areas. This resource supports at least a decade of production-ready uranium supply.
Operational Update
The company has temporarily paused uranium capture operations to investigate a piping issue in Phase I of the Central Processing Plant. Peninsula expects to resolve the issue before commissioning Phase II, with substantive progress ongoing with the construction contractor, Samuel EPC.
Future Outlook
Peninsula is finalising an updated production forecast for the Lance Projects to ensure sustainable and successful development towards becoming a fully independent uranium producer.
Executive Comments
Managing Director and CEO George Bauk stated, “We are pleased to have received the main permits and licenses required to commence production from the Kendrick Project Area. This is a major milestone for Peninsula and a critical enabler for long-term growth at the Lance Projects. Kendrick is the next sequential production area, boasts a large portion of the available resources and will form a key part of our production strategy.
“We are still working diligently through our revised production plan and intend to release the outcomes of this work as soon as possible. As we finalise the plan and prepare for its implementation and release to the market, it’s important to emphasise that Peninsula continues to be underpinned by a flagship asset with significant potential, a committed and experienced senior leadership team, and exposure to an improving uranium market.”
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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