Lance Project site, Wyoming

Lance Uranium Project

Peninsula’s 100%-owned Lance Project is located in Crook County in north-eastern Wyoming, approximately 31 miles east-northeast of Gillette. The project extends across a large position within the Powder River Basin, a well-established U.S. uranium district.

Lance Project location map, Wyoming, USA
Lance Project, Wyoming, USA

59.0 Mlb

JORC (2012) Mineral Resource

53.9 Mt at an average grade of 0.050% U₃O₈

2.0 Mlb

U₃O₈ per annum of nameplate production

Licensed for production of up to 3.0 Mlb U₃O₈ per annum

CY2027

Forecast production of 500,000–600,000 lb U₃O₈

H1 CY2027

Final Investment Decision on a full-scale development targeted

Lance hosts a JORC (2012) Mineral Resource of 53.9Mt at an average grade of 0.050% U3O8 for 59.0 million pounds (Mlb) of contained U3O8. The Resource comprises 4.3 Mlb Measured, 12.9 Mlb Indicated and 41.7 Mlb Inferred.

The project comprises three principal areas: Ross, where current production is focused; Kendrick, the next sequential production area; and Barber, a large resource area providing longer-term development and exploration upside.

7.4 Mlb

Ross

Contained U₃O₈

19.8 Mlb

Kendrick

Contained U₃O₈

31.9 Mlb

Barber

Contained U₃O₈

Production at Lance is undertaken through low-pH in-situ recovery (ISR) mining. Find out more about ISR mining here.

The Lance Central Processing Plant is constructed for 2.0 Mlb U3O8 per annum of nameplate production and is licensed for production of up to 3.0 Mlb U3O8 per annum, providing installed infrastructure to support future growth as wellfield performance is progressively optimised and additional production areas are developed.

Peninsula is progressing a measured development strategy focused on operational reliability, wellfield optimisation and capital efficiency.

Inside the Lance Central Processing Plant

Current initiatives

Peninsula is focused on applying the operational experience and learnings gained from the transition to low-pH in-situ recovery (ISR) at Lance to enhance wellfield performance, improve operational reliability and drive greater efficiency across its operations.

A range of initiatives is underway to improve wellfield design, development and management, improve production systems and processes, and identify opportunities to reduce operating costs.

These include improvements to drilling and wellfield development practices, reagent management, maintenance systems and operational efficiencies.

The Company continues to evaluate opportunities to strengthen its in-house operational capabilities, improve cost control and support the long-term performance and sustainability of the Lance operation.

Growth Pipeline

Peninsula’s Wyoming portfolio provides a pipeline of development and exploration opportunities beyond current production at Ross, with Kendrick, Barber and the nearby Dagger Project offering the potential to extend mine life and increase future production, utilising existing Lance infrastructure.

Lance Project areas: Ross, Kendrick and Barber

Forward Pathway

1

Optimise and stabilise production performance at Ross

2

Progress fully permitted Kendrick Project as the next sequential production area

3

Advance Barber and Dagger as long-term development and satellite opportunities

Exploration upside

Building on its established track record of growth the uranium resource base at Lance through systematic exploration and resource development, Peninsula sees substantial potential for further resource growth across its extensive Wyoming landholding.

In addition to the existing 59.0 Mlb Lance Mineral Resource, Peninsula has defined a conceptual Lance Exploration Target of 104–163 Mlb eU3O8, highlighting the potential scale of the mineralised system beyond the areas currently classified as Mineral Resources.

Lance Project Exploration Target (excluding the existing Mineral Resource)

Exploration Target
Tonnes
(million)
Grade
(ppm eU3O8)
Contained eU3O8
(Mlbs)
From
To
From
To
From
To
Total
118
145
426
530
104
163

Basis of Exploration Target: The Exploration Target is based on a combination of exploration results and on proposed exploration programmes.

Exploration Results: Approximately 7,500 drillholes, of which over 2,500 have been drilled and PFN logged since 2009. The data from these holes has been used to determine a JORC (2012) Mineral Resource and to extrapolate between areas of limited drilling but still within the mineralised trends.

Proposed Exploration Programmes

The Company has minerals rights to 122.2 square kilometres. This package covers the most prospective mineralised redox /roll front trends that have a cumulative strike length of over 300km.

The Company intends to continue exploration over this ground with drilling to validate the Exploration Target and convert it to Resources.