Peninsula Energy and its subsidiary, Strata Energy, have secured approval from Wyoming’s Uranium Recovery Program (URP) to initiate Phase 2 of the Central Processing Plant (CPP) at the Lance Project in Wyoming, US.
This approval allows Peninsula Energy to proceed with transferring uranium on resin into Phase 2 of the CPP. It will also enable the firm to begin operations using recovery process solutions, with no further regulatory approvals needed for commercial production.
The company, listed on the Australian Securities Exchange (ASX) and the OTCQB, is focused on commissioning the CPP and securing necessary funding to prepare Lance for full production resumption.
Peninsula Energy managing director and CEO George Bauk said: “The team at Lance is continuing to make positive steps towards resetting the Lance Project. The approval from the Wyoming URP is another encouraging development, demonstrating the integrity and safety of what we have built at the CPP.
“We look forward to start feeding uranium on resin from Phase 1 to Phase 2 of the CPP, completing the reset plan and working toward the production of dried yellowcake during this quarter.”
Peninsula Energy, currently the sole ASX-listed uranium company offering US production and direct market exposure, recommenced uranium production on resin at Lance in December 2024.
Lance is among the largest independent uranium development projects in the US.
Once fully operational, it will position Peninsula Energy as an independent producer of yellowcake. The company aims to become a key supplier of uranium amid growing demand for nuclear energy as part of clean energy initiatives.
The Lance Project comprises several areas, including Ross, Kendrick, and Barber.
The Ross area houses a licensed Uranium ISR production facility with an estimated resource of 6.4 million pounds (Mlbs) U3O8. Kendrick, expected to be the next production area, has an estimated resource of 19.8 million pounds U3O8.
Barber is an exploration area with potential for resource growth, according to the company.
In May 2025, Peninsula Energy obtained essential regulatory approvals for uranium recovery operations at the Kendrick project area. This approval marks an important step towards commencing mining operations there.
Overall, Lance holds a JORC (2012) Resource of 58 million pounds U3O8 and is one of the largest ISR uranium projects in the US.
