Peninsula Energy (ASX:PEN) launches updated feasibility study for Lance uranium project – The Market Herald

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  • Peninsula Energy (PEN) is set to launch an updated feasibility study for its flagship Lance uranium project in the US state of Wyoming
  • The company says the updated study is expected to be completed in the third quarter of CY 2022 and will build on Lance’s 2018 feasibility study.
  • It will incorporate the results and findings of Peninsula’s technical risk reduction activities
  • The company engaged WWC Engineering, a US-based consulting and engineering firm with significant expertise in in situ uranium recovery, to write the study.
  • PEN shares up 2.22% to 23 cents

Peninsula Energy (PEN) is set to begin an updated feasibility study for its flagship Lance uranium project in the US state of Wyoming.

Lance is a fully licensed uranium in situ recovery (ISR) facility.

The company said the updated study is expected to be completed in the third quarter of CY 2022 and will build on Lance’s 2018 feasibility study.

It will incorporate results and findings from Peninsula’s technical risk reduction activities, including the recently completed MU1A field demonstration.

The company engaged Western Water Consultants as WWC Engineering, a US-based consulting and engineering firm with significant SRI expertise for uranium, to write the study.

“With the strengthening of the uranium market and the renewed focus on America’s domestic uranium production capability, we want to ensure that the economic analysis we rely on is developed to the highest standards of accuracy. and based on technically sound analysis,” management said. said Director and CEO Wayne Heili.

“Our team has made substantial efforts to de-risk many facets of Project Lance and it is appropriate that we update our financial models before considering a final investment decision on restarting production.

“Economic studies in parallel with our program of early preparatory work that we are carrying out, will facilitate an accelerated timetable if we push forward with a restart.

Peninsula said the final decision to resume commercial production operations using the low pH ISR method will be based on the findings of the updated feasibility study and uranium market conditions.

The feasibility study and the first preparatory work activities will be financed from existing cash resources.

Shares of PEN rose 2.22% to 23 cents at 1:14 p.m. AEDT.