ASX: PEN - Peninsula Energy
- Matt Birney
- Sep 18
- 4 min read
Peninsula Energy: 1st uranium production just as US Govt moves to lock in more supply – talk about exquisite timing!
Peninsula Energy Managing Director George Bauk on 3AW, 2GB & 6PR Bulls N' Bears Report
Listen to ASX-listed Peninsula Energy Managing Director George Bauk talk to Matt Birney on Bulls N’ Bears about Peninsula’s very first barrel of uranium produced in the USA. Bauk, who was already part of a very rare club having actually produced “heavy” rare earths in Australia at Northern Minerals, joins an even rarer club as a uranium producer.
TO LISTEN TO THE PENINSULA ENERGY AUDIO INTERVIEW - CLICK BELOW
After a difficult period that saw its shares suspended from the ASX when the company struggled to get its USA based uranium plant into production, Peninsula Energy now has new management, a new mine plan and this week, it joined the very slim ranks of companies producing uranium in the USA. The move coincided exquisitely with a statement out of the US Government about increasing its uranium reserves and it’s game on now for uranium producers in the USA.
RADIO INTERVIEW - TRANSCRIPT
Matt Birney - Welcome to Bulls N' Bears, brought to you today by Peninsula Energy
Matt Birney - ASX code: PEN
Matt Birney - I'm Matt Birney, and I'm joined now by the Managing Director of Peninsula, George Bauk.
Matt Birney - Hi, George.
George Bauk - Hi, Matt. How you going?
Matt Birney - I'm good. Okay, so after a difficult period that saw its shares suspended from the ASX when the company struggled to get its USA based uranium plant into production, Peninsula Energy now has new management, a new mine plan and this week, it joined the very slim ranks of companies producing uranium in the USA. The move coincided exquisitely with a statement out of the US Government about increasing its uranium reserves and it’s game on now for uranium producers in the USA.
Matt Birney - Okay, George, tell me exactly where is your Lance uranium project and what's the resource at that project right now?
George Bauk - Yes so Matt, we're located in the northeast corner of Wyoming. We have a resource at the Lance project of 58 million pounds at 500 ppm and 30 km north of that we have the Dagger project which has 6.9 million pounds at over 1,000 ppm.
Matt Birney - Okay, so massive milestone this week. You actually produce some uranium. Some thought you might not get there. How much did you produce and who will you flog it to?
George Bauk - Yeah, look, we've produced our first drum, over 1,000 pounds. Huge milestone, 14 months since concrete pour. We're uncontracted over the next two years. So, we'll be looking to put together a marketing strategy of exactly where we place that uranium over the coming years.
Matt Birney - What's the ramp up plan now? Are you in continuous production?
George Bauk - Yes, we are. So, we're getting the well fields up and running and going through the central processing plant. So, we're now going to be producing uranium day in day out.
Matt Birney - And what about ramping up? What sort of tonnes are we talking over time?
George Bauk - Yeah. So, calendar year '25 will be up to 50,000 pounds. In calendar year '26, we'll be targeting 400 to 500,000 pounds. And in calendar '27, looking to 5 to 600,000 pounds.
Matt Birney - And how much of that ramp up plan is funded? How you going for money?
George Bauk - That Horizon 2, which I've just gone through with you, we're fully funded. We've just raised $92 million through debt and equity and fully funded to the end of '27.
Matt Birney - So, there's lots of buzz in the USA around uranium this week after the US government made a public statement about securing more local uranium. What were the nuts and bolts of that statement?
George Bauk - Yeah, look, the Secretary of Energy came out and said that as a result of really putting things in place against anything to do with the Russians going forward, it's important for the United States to stockpile US produced uranium.
Matt Birney - And what did that statement do to the share price of all the uranium players over there?
George Bauk - Yeah, look, when it went out, TSX was up you know, between 5 and 15%, Cameco was up 10%, it reflected in the ASX the next day. All the stocks were green and we were the best producing stock at around 17% on Tuesday.
Matt Birney - George Bauk from Peninsula Energy.
Matt Birney - Thanks for joining me on Bulls N' Bears and remember we're only here to give you information, not advice, which you should of course seek independently.
Matt Birney - I'm Matt Birney and this is Bulls N' Bears.
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