Peninsula Shakes Up Contracts as It Gears Up for Wyoming Uranium Comeback

Peninsula Energy is making bold moves in Wyoming as it inches closer to restarting uranium production at its Lance project. And first on the agenda? Cleaning house.

The ASX-listed company just hit the reset button, tearing up five of its six uranium offtake contracts. The cancellations were mutual, but they came at a cost—$6.6 million in compensation. Peninsula has already paid out $1.6 million, and the remaining $5 million will be settled after a capital raise currently in motion.

That leaves just one deal standing: a long-term contract to deliver 100,000 pounds of uranium per year between 2028 and 2033. It’s got a flexible pricing model that mixes a set base with market-driven rates—giving Peninsula some breathing room as it reboots its operations.

CEO George Bauk made it clear: the contract cancellations weren’t just about cutting ties—they were about clearing the path for financing.

“This has been an essential step,” he said, adding thanks to the company’s customers for working through the process.

Now that the slate’s been (mostly) wiped clean, the focus is all on getting the Lance project up and running again. The company’s aiming to deliver its first batch of dried yellowcake—uranium concentrate—in the September quarter.

Construction of the central processing plant wrapped up on July 27, and the site is already deep into commissioning and training mode. Crews are flushing the system with water, checking off final to-dos, and prepping operators for the real deal. All that’s left is the final regulatory sign-off from the Wyoming uranium recovery program before they can begin “hot” commissioning.

“The plant is essentially ready to go,” Bauk said. “It’s now just about ticking the last few boxes.”

To support this next chapter, Peninsula locked in a $15-million debt facility earlier this month. It’s also lining up a capital raise, which, once finalized, will unlock key steps in its reset strategy.

Until then, Peninsula’s shares remain on ice. The company says it’ll lift the suspension once it wraps up production guidance and other formalities.

Behind the scenes, the company is also revamping its leadership. David Coyne has officially stepped into the role of nonexecutive chairperson, while Keith Bowes—an industry vet with experience at Lotus Resources and the Honeymoon ISR project—is joining the board as a nonexecutive director once the raise is complete.

“Keith brings deep technical expertise at just the right time,” said Coyne.

Meanwhile, longtime directors Mark Wheatley and Harrison Barker have stepped down, as part of previously announced board changes.

“Their leadership and commitment have helped shape Peninsula into the company it is today,” Coyne added.

The original story by Mariaan Webb for Creamer Media.