What is going on with PENMF?
Peninsula Energy Limited (PENMF) stock is flat today after the uranium extraction company provided an update on its MU1A low-pH field demonstration at the company’s 100% owned Lance Project located in Wyoming, USA. Peninsula reported that the field demonstration of low-pH In-Situ Recovery (“ISR”) yielded significantly improved production results since the latest update in mid- May, 2021. Shares of PENMF hovered around $0.1274 as of Friday at 9:42am.
What does this mean for Peninsula Energy Limited?
Peninsula's field demonstration, which it had started in May, was undertaken to support higher uranium production grades. So far the program has been a success, with the pH and free acid concentration of the recovery composite stream now nearing the target levels of 450 to 600 mv. Currently, the Oxygen Reduction Potential level remains consistent at 400 mv.
Peninsula CEO Wayne Heili commented, “In reviewing the results of the field demonstration over the past few weeks, it is clear that the learnings-based adjustments implemented at Lance were well thought-out and appropriate. The composite production stream pH and free acid levels are now meeting our control targets and importantly, the uranium solution grade has responded with a strong improvement. The information gained during the demonstration operations will be applied to the commercial low-pH approach as the Company progresses the Lance Project toward a return to production.”
The company also noted that they are evaluating several alternative uranium capture/recovery process options which may improve upon their standard ion exchange performance. Currently, evaluations of two proprietary innovative concepts have been advanced with completed desktop evaluations.
PENMF has a Short-Term Technical Rank of 17. Find out what this means to you and get the rest of the rankings on PENMF!
Peninsula Energy Ltd is a uranium mining and development company. It has three reportable operating segments, Lance Uranium projects, Wyoming USA; Karoo Uranium projects, South Africa; and Corporate/Other. All of its revenue comes from Lance Uranium projects."
