Highlights

  • Peninsula Energy (ASX:PEN) operates the Lance uranium project in Wyoming through in-situ recovery.
  • September-quarter improvements included flow rates at Header Houses 15 and 17.
  • The Lance mineral resource estimate reached 59.0 million pounds of uranium oxide.
  • The company reconfirmed CY2027 guidance but has no production guidance for CY2026.

Peninsula Energy Limited (ASX:PEN) develops and operates uranium in-situ recovery Assets in Wyoming, United States, centred on the Lance project. Peninsula Energy Limited (ASX:PEN) shares closed at AUD 0.195 on 10 November 2026. Its September 2026 update described revised wellfield operating practices and further work to stabilise uranium recovery.

Lance Wellfield Operations in September 2026

Peninsula Energy reported progress with revised wellfield operating practices during the September 2026 quarter. Header House 15 operated at approximately 370 gallons per minute, while Header House 17 achieved around 500 gallons per minute during acidification. These figures describe solution-flow performance, not pounds of uranium produced. The company continued work to improve uranium head grades and establish consistent output.

The operating update also described new recovery wells and revised maintenance procedures across several header houses. Peninsula Energy (ASX:PEN) reported that some older wellfields remained constrained by design, completion and solution-management issues. Management therefore prioritised Mine Unit 4 and future development areas while applying lessons from the ongoing ramp-up.

Production, Resource Inventory and Guidance

For the September 2026 quarter, the company recorded 17,968 pounds of uranium captured on resin and 15,588 pounds drummed. Those measures represent different stages of uranium recovery and processing; they should not be treated as identical production or sales figures. The company reported no produced pounds sold during that quarter.

The Lance project mineral resource estimate increased to 59.0 million pounds of uranium oxide. Peninsula Energy (ASX:PEN) reported a 15.6% increase in the Ross Mining Area resource to 7.4 million pounds following delineation and development drilling. The broader resource estimate includes Measured, Indicated and Inferred categories, which have different confidence levels.

The company reconfirmed CY2027 production guidance of 500,000–600,000 pounds of uranium oxide. It had withdrawn CY2026 production guidance following the slower-than-expected ramp-up. The 2027 target remains forward-looking and depends on operational execution rather than simply achieving higher fluid flow rates.

Financial Position and Execution Risks

Peninsula Energy (ASX:PEN) reported a quarter-end cash balance of USD 33.6 million at 30 September 2026. Its FY2026 accounts also included a non-cash Impairment of USD 50.1 million principally associated with legacy Lance wellfield development assets and previously capitalised costs. Although non-cash, that charge reflects the reassessment of earlier development expenditure.

The main near-term operating issue is whether improved hydraulic performance translates into sustainable uranium concentrations and reliable plant recovery. Acid use, wellfield maintenance, processing efficiency and further development expenditure remain relevant. Peninsula Energy (ASX:PEN) has reported improvements, but its operating update also identifies further work before the planned production profile is achieved.

Key Insights

Peninsula Energy (ASX:PEN) has reported measurable improvements at Lance while maintaining a distinction between wellfield flow rates, uranium recovery and sales. Delivery against CY2027 guidance will depend on sustained operating performance.