First yellowcake from Lance

Wednesday, 17 September 2025

The production of the first dried yellowcake from the expanded Lance Central Processing Plant in Wyoming sees Peninsula Energy Limited become a fully independent, end-to-end producer of uranium.

First yellowcake from Lance — The first dried yellowcake from the expanded Lance CPP (Image: Peninsula Energy)

The ASX-listed uranium company and its wholly owned subsidiary, Strata Energy Inc, announced the milestone on 16 September.

Peninsula announced its plans for an in-situ recovery plant - the Lance Central Processing Plant (CPP) - with a nameplate capacity of 2 million pounds U3O8 (769 tU) per year, in a revised production strategy published in 2023. At that point, Lance had not produced uranium since 2019.

Wellfield and uranium capture operations resumed in December 2024. In August, the company received approval from Wyoming's Uranium Recovery Program to commence feeding Phase 2 of the CPP, clearing the way for the processing of captured uranium and the production of dried yellowcake.

The Lance CPP is fully licensed and independently operated, giving Peninsula complete ownership of the production process, the company noted.

"First yellowcake production from our Lance Central Processing Plant, just 14 months from first concrete pour for the CPP expansion, is an excellent achievement and a significant milestone for Peninsula," Managing Director and CEO George Bauk said. "We are building momentum as we meet our milestones and targets, with funding in place and a sustainable and disciplined approach to achieving full production in the years ahead," he added.

Scale-up of production of dried yellowcake is now underway, in line with production targets announced last month, the company said. That guidance sees production of up to 50,000 pounds U3O8 during 2025, ramping up to 400,000-600,000 pounds per year over 2026 and 2027,and targeting full-scale production of 1.2-1.5 million pounds U3O8 per year from the Ross and Kendrick production areas from 2028 onwards.

As well as uranium from the permitted Ross and Kendrick production areas, the CPP has been designed with capacity to process uranium on resin from Peninsula's satellite projects, including the Barber and Dagger projects, which the company say offer "strong upside potential," making Peninsula "well placed to expand production in line with its growing project portfolio."