Peninsula Energy (ASX:PEN) is scheduled to begin regulatory inspections and commissioning of the central processing plant at the Lance Uranium Project in the US in Q2 2025.
Lead contractors Samuel Engineering and Samuel EPC pushed the date back because of challenging weather conditions and supply chain issues.
Production of the first dry yellowcake is also expected in Q2 2025.
Peninsula Energy originally anticipated production would begin in the current March quarter.
The company, which has a market capitalisation of $209.92 million, will continue to sequentially commission the elution, precipitation and filtration circuits as they are turned over from the construction contractor.
A ramp up to higher than the current production rates is expected to occur after the full plant is commissioned.
The company is continuing to monitor progress and will provide an updated production guidance at the end of Q1. Peninsula Energy says it is likely that the guidance will be revised downward from the previously forecast 600,000 pounds of triuranium octoxide.
Peninsula Energy is also continuing to progress negotiations with providers of additional funding to decrease liquidity risks during the commissioning and ramp-up phase over 2025.
As of 31 December 2024, the company had US$44.9 million ($72.19 million) cash at hand.
Peninsula Energy is a uranium-focused company that owns the Lance Projects in Wyoming which restarted production operations in December 2024.
Write to Aaliyah Rogan at Mining.com.au
Images: Peninsula Energy
