Peninsula Energy Grows Lance Uranium Resource to 59Mlbs as Ross Area Jumps 15.6%
Key Takeaways
- Peninsula Energy's Lance Project Mineral Resource Estimate has increased to 59.0Mlbs U₃O₈ (53.9Mt at 0.050%), a 1.7% lift from the prior 58.0Mlbs estimate, driven entirely by delineation drilling at the Ross Production Area.
- The Ross Area MRE grew 15.6% from 6.4Mlbs to 7.4Mlbs, with 5.9Mlbs of that total sitting in the higher-confidence Measured and Indicated categories — directly underpinning active wellfield operations.
- Peninsula is already in production: uranium resin production recommenced in December 2024 and dried yellowcake production began at the central processing plant in September 2025, meaning this resource upgrade supports live operations, not speculative future development.
- Kendrick Production Area (19.8Mlbs, largely Inferred) has not yet been drilled under the current program, representing a clearly identified near-term resource growth catalyst as future mine units are developed.
- The MRE database now spans over 10,000 drill holes across a 37km strike length in Wyoming, with a US$56 million capital raise secured in mid-2026 to fund the path to full-scale production.
Lance Project mineral resource climbs to 59.0Mlbs U₃O₈ after Ross Area drilling success
Peninsula Energy has announced an updated Mineral Resource Estimate (MRE) for its Lance Project in Wyoming, USA, with total contained uranium now standing at 53.9Mt at 0.050% U₃O₈ for 59.0 million pounds (Mlbs) U₃O₈. The upgrade represents a 1.7% increase from the prior MRE of 58.0Mlbs, driven by delineation and development drilling in Mine Unit 4 at the Ross Production Area.
The updated MRE was prepared by independent consultant WWC Engineering in accordance with the JORC Code (2012 Edition), with an effective date of 31 December 2025. Classification splits across the total Lance Project stand at 4.3Mlbs Measured, 12.9Mlbs Indicated, and 41.7Mlbs Inferred.
George Bauk, Managing Director and CEO
“The updated Mineral Resource represents a solid outcome for Lance, with the total Resource increasing to 59.0Mlbs U₃O₈ and, importantly, the Ross Resource increasing by 15.6% to 7.4Mlbs.”
This is resource growth at an operating project. Peninsula re-commenced uranium production on resin in December 2024 and began producing dried yellowcake at the central processing plant in September 2025, meaning this estimate underpins near-term production activity, not speculative long-term optionality.
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Ross Area drives the upgrade with a 15.6% resource jump
The Ross Production Area is the sole driver of the MRE increase. Delineation and development drilling associated with Mine Unit 4 enabled further geological interpretation and re-estimation work, lifting the Ross MRE from 6.4Mlbs to 7.4Mlbs U₃O₈, a gain of 1.0Mlbs or 15.6%.
The Kendrick Production Area and Barber Resource Area MREs remain unchanged, as no drilling occurred within those boundaries during the period. Further delineation and development drilling is planned at Kendrick as future mine units are developed.
Ross Area resource by classification
The confidence profile within the Ross upgrade is a key detail for investors. Of the 7.4Mlbs total at Ross, 5.9Mlbs sits in the higher-confidence Measured and Indicated categories, with only 1.5Mlbs classified as Inferred. That weighting matters operationally: higher-confidence resource directly supports active mine unit planning and wellfield development.
| Classification | Tonnage (Mt) | Grade (% U₃O₈) | U₃O₈ (Kt) | U₃O₈ (Mlbs) |
|---|---|---|---|---|
| Measured | 1.9 | 0.052 | 1.0 | 2.2 |
| Indicated | 3.7 | 0.045 | 1.7 | 3.7 |
| Inferred | 1.7 | 0.040 | 0.7 | 1.5 |
| Total | 7.3 | 0.046 | 3.3 | 7.4 |
Lance Project summary by area
As at 31 December 2025, the Lance MRE breaks down across the three project areas as follows:
- Ross Production Area: 7.4Mlbs U₃O₈ (up from 6.4Mlbs)
- Kendrick Production Area: 19.8Mlbs U₃O₈ (unchanged)
- Barber Resource Area: 31.9Mlbs U₃O₈ (unchanged)
Understanding ISR uranium mining and why resource growth matters here
ISR stands for In-Situ Recovery, a uranium extraction method where a chemical solution (called a lixiviant) is injected directly into the uranium-bearing ore body underground. The uranium dissolves into the solution, which is then pumped back to the surface for processing. No ore is physically mined; the host rock stays in place.
Lance suits this method well. The deposit consists of roll-front uranium mineralisation hosted in confined sandstone aquifers, the same geological setting where ISR has been successfully applied across Wyoming for decades. The confined aquifer structure is not incidental: it is a specific requirement for ISR, because the impermeable shale layers above and below the sandstone keep the lixiviant contained within the ore zone.
JORC classification reflects how well-defined the resource is at any given point. Measured resource sits within a tight 15-metre radius of drill holes, representing the highest confidence. Indicated resource extends to a 120-metre radius, while Inferred resource covers wider, less densely drilled ground. For an ISR operation, this distinction is operationally significant: mine units are planned and sequenced based on the continuity and confidence of the resource within defined aquifer zones.
The shift of resource mass into Measured and Indicated at Ross is therefore not a paperwork upgrade. It is the confidence floor that sits directly beneath active wellfield operations.
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What’s next — Kendrick drilling to extend the growth runway
The announcement flags systematic delineation and development drilling at the Kendrick Production Area as future mine units are developed there. Kendrick encompasses approximately 7,992 acres in total, with approximately 720 acres of proposed wellfields, and its MRE has not yet benefited from the same level of close-spaced drilling that lifted the Ross estimate.
Key project-scale context:
- The MRE database now incorporates over 10,000 drill holes, comprising more than 4,700 historic holes plus 5,351 drilled by Peninsula between 2008 and 31 December 2025
- The Barber Resource Area spans approximately 57,704 acres, representing a substantial longer-term inventory
- The Lance Projects extend over a 37km strike length in Crook County, Wyoming
George Bauk, Managing Director and CEO
“We will continue systematic drilling across Lance, including further work at Kendrick, as we progressively improve our understanding and definition of the broader Resource.”
Kendrick drilling has not yet begun under the current program, meaning it represents a disclosed and planned near-term resource growth catalyst. With Ross now carrying 5.9Mlbs in Measured and Indicated categories and Kendrick sitting at 19.8Mlbs still largely Inferred, the path toward further confidence upgrades across the project is identifiable and grounded in an established drilling methodology.
Sustaining and expanding that drilling program across a 37km strike length requires significant capital commitment; Peninsula’s US$56 million capital raise secured in mid-2026 was directed specifically at advancing Lance toward full-scale production.
Peninsula has stated its goal of becoming a fully independent end-to-end yellowcake producer. Resource definition across the Lance Project’s three areas — at a project already in production — forms the operational foundation for that objective.
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