Peninsula Energy withdraws 2026 guidance following delays

• Peninsula Energy has withdrawn its 2026 production guidance following slower-than-expected wellfield ramp-up operations at the Lance Uranium Project.
• Following the update, the company's share price dropped 23.29% to $0.28.
• The company reconfirmed its 2027 production target of 500–600klbs  while maintaining an unaudited cash balance of US$47.1 million.

Peninsula Energy (ASX:PEN) has withdrawn its 2026 production guidance due to a slower-than-anticipated wellfield ramp-up at its Lance Uranium Project in Wyoming.

Management previously expected production from Mine Unit 4 to allow Peninsula to hit its 2026 guidance of 400–500klb , but flow rate issues associated with gassing took longer than planned to resolve.

The operational issues mostly relate to Mine Unit 1, Mine Unit 3, and wellfield chemistry refinement in the first two to three header houses in Mine Unit 4.

To address long-term operational flexibility and reduce ongoing drilling costs, Peninsula has begun transitioning its wellfield drilling activities to an owner-operated model.

Following the announcement, the Peninsula Energy share price was down at $0.28.

Supported by a recently secured US$47.1 million as at July 17.

The company stated that the Lance Project represents the first commercial-scale application of low-pH in situ recovery uranium mining in the United States.