peninsula energy (ASX:Pen) has restarted uranium production at its Rance project in Wyoming, USA, after a five-year suspension.

Production resumed within Mine Unit 1 (MU-1) on December 18, 2024.

uranium recovery

The facility was originally constructed in 2015 using the alkaline in-situ recovery (ISR) method.

Peninsula is currently transitioning its processing to a low pH ISR method. This results in higher recoveries, lower costs, and faster reaction times than previous methods.

next step

The uranium extracted from MU-1 is currently being processed through an ion exchange system at the first satellite plant. It is reported that flows and grades are meeting expected levels and further increases are expected.

Construction of Peninsula’s second stage processing plant is underway, and Peninsula plans to produce its first dry yellowcake products by early March 2025.

Once construction of the second phase is complete, Lance will have a 5,000 gallon per minute (GPM) uranium recovery system and the capacity to produce up to 2 million pounds of dry yellowcake (U3O8) per year.

Wayne Heili, Peninsula Managing Director and Chief Executive Officer, commented: “This has been many years in the making, with significant effort and considerable challenges, so we are grateful to the teams involved and our shareholders for their continued support.” ”

Mr. Haley also emphasized Peninsula’s position as “North America’s newest fully independent uranium producer,” noting the importance of uranium supplies as global demand for nuclear energy increases. He said the company is ready to play a “key role in the clean energy future.”

Peninsula Energy stock closed 6.57% higher at $1.14 yesterday.