Peninsula Energy’s share price moves 7.89% after trading halt

Peninsula Energy’s shares are trading higher today, up 7.98% at time of writing.

Currently, Peninsula Energy Ltd [ASX:PEN] is in the grips of a trading halt with news pending of an application to amend its existing permit to mine for low PH at its Lance uranium project in the US.

The ASX halt will stay in place until tomorrow, Thursday 29 November, at the start of trading or until announced otherwise.  If you’d like to take advantage of Australia’s next big resource rush, take a look at why Money Morning’s contributing editor Greg Canavan’s views on why Uranium stocks are set for a comeback.

Peninsula Energy’s share price reaps low pH approval

Investors should be pleased to hear that Peninsula’s owned subsidiary, Strata Inc has completed an important step in the regulatory approval process for its use of low pH solutions at its Lance project located in Wyoming.

Approval was granted by the Wyoming Department of Environmental Quality Land Quality Division (WDEQ).

Peninsula is advancing to the next stage in its Permit to Mine (PTM) major revision process by continuing to undergo public notice activities.

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Peninsula’s Managing Director and CEO, Wayne Heili discussed why the approval was a good stepping stone for further approvals needed for full authorisation.

This approval from the WDEQ marks a major progression in the process of gaining full authorisation to implement the use of low pH solutions at the Lance Projects. This positive step essentially means that the regulatory professionals presently have no outstanding questions on our PTM amendment request and they now invite comments from the public. The satisfactory and timely completion of the WDEQ technical review evidences the efficient nature of the regulatory processes within the WDEQ.

This, together with the approval of our pending Field Leach Trial. Reinforces our view that the amendment request is fully consistent with Wyoming laws.

Mr Heili also believes that Peninsula’s step in the initiation of public notice (December 2018) is in line with guidance, suggesting that PTM amendment process could be completed as early as mid-2019.

Peninsula Energy’s 2019 outlook

With preparation work for its low pH field leach trail scheduled in late 2018, this means that Peninsula could see faster results in its pH operations in 2019.

Elsewhere, Peninsula energy guidance for the financial year ending June 30 2019 remains unchanged at £90,000–£110,000.

Despite this, Peninsula has recorded an 8%, or roughly £10,000, increase in production from its Lance projects, which came about because of completion of toll milling contractor practises between April 2018 and September 2019.


Ryan Clarkson-Ledward,
For Money Morning

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Ryan Clarkson-Ledward is an Editor at Money Morning.

Ryan holds degrees in both communication and international business. He helps bring Money Morning readers the latest market updates, both locally and abroad. Ryan tackles all the issues investors need to know about that the mainstream media neglects.

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