Peninsula Energy executive chairman Gus Simpson said "With financing advancing well, and permitting progressing on schedule, we are confident that Peninsula will be a uranium producer in the near-term."

Last year, the company announced the results of the definitive feasibility study (DFS) on the Ross project and expanded economic study (EES) on the greater Lance projects, which stated the technical and economic viability of an ISR mining operation at the site.

US based engineering firm Trec will complete an owners review and optimization study of the DFS and EES.

The revised feasibility study will form the basis of a debt-funding proposal to several financial institutions who are currently reviewing the Lance projects.

A funding package is expected to be finalized within the financial year while first production is targeted next year, subject to final permitting and project financing.