Australia's Peninsula Energy falls on flagship project's commercial restart delay

Peninsula Energy

16/03/2023 02:13

** Shares of Peninsula Energy Ltd  PEN.AX  fall as much as
14.3% to A$0.12, their lowest levels since Dec 2022
    ** The uranium miner reported a delay in the commercial
restart of its flagship Lance Projects, located in Wyoming, on 
impediments in delivery of long-lead time items 
    ** "The current inflationary economic environment and very
real supply-chain constraints, in combination with an unusually
difficult Wyoming winter, have presented challenges (for the
restart)," Chief Executive Officer Wayne Heili said
    ** Heili also estimates the transition construction work to
be completed within the projected capital framework
    ** Co reiterated that first sales of new production from the
Lance Projects is scheduled for Q4 CY2023
    ** Stock down 6% this year, as of last close

    

 (Reporting by Mehr Bedi in Bengaluru)
 ((Mehr.Bedi@thomsonreuters.com;))