Peninsula are working towards a restart of their Lance Uranium Project in Wyoming, USA with first production due next quarter and sales expected to be booked before the end of the calendar year. The relatively low-risk Stage 1 restart comes with an existing contract book with supply agreements in place through to 2033 with major US and EU utilities. The second stage of the ramp-up will require a significant capital injection, though we expect markets and the US Government to be supportive of the investment which will likely reduce the cost of capital.
MM is bullish PEN, viewing it as a highly speculative investment
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