Name of the Project
Lance Projects – Ross and Kendrick production areas.

Location
Wyoming, in the US.

Project Owner/s
Peninsula Energy.

Project Description
The Lance project holds a Joint Ore Reserves Committee-compliant resource of 53.7-million pounds of uranium oxide, making it one of the biggest uranium production development projects in the US.

The DFS envisages a “capital-efficient” two-stage project. Key results from the DFS include life-of-mine (LoM) production of 14.4-million pounds of uranium, with steady-state production from Year 4.

Stage 1 involves the transition of the current facility operations to achieve production at a nameplate rate of 820 000 lb/y of uranium. The nameplate capacity has been revised downward from 1.15-million pounds a year, owing to the planned reconfiguration of the ion-exchange section of the Ross plant.

Stage 2 will result in the expansion of the Ross plant facilities to a nameplate capacity of two-million pounds a year, the addition of back-end plant processes to generate a final yellowcake product, rather than loaded resins, and the addition of corresponding new wellfield capacity to produce at a steady-state rate of two-million pounds a year.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project has a pretax net present value, at an 8% discount rate, of $125-million and an internal rate of return of 43%.

Capital Expenditure
LoM capital expenditure is estimated at $290.6-million.

Planned Start/End Date
Not stated.

Latest Developments
Peninsula Energy has postponed the restart of commercial production at its Lance project from the first quarter of 2023 until mid-2023, owing to a delay in the delivery of equipment.

“The Lance project team has been delivering remarkable results . . . to transform the project facilities and to become the first commercial low-pH uranium in situ recovery (ISR) operation in the US,”  Peninsula MD and CEO Wayne Heili has said.

Capital expenditure to date is in line with the 2022 DFS.

Key Contracts, Suppliers and Consultants
Western Water Consultants (DFS).

Contact Details for Project Information
Peninsula Energy, tel +61 8 6263 4461 or email info@pel.net.au.