LANCE PROJECT UPDATEKEY POINTS • Site preparations at the Company’s flagship Lance Uranium Project, located in Wyoming, USAhave rapidly progressed throughout July with the objective to recommence productionoperations in late 2024 • Overall construction activities to expand the plant continue progressing as scheduled • Procurement of major equipment is also tracking the budget and the schedule with all majorequipment now ordered and early deliveries of significant major process equipment • Key workstreams to develop a new production wellfield, Mine Unit 3, also remain on track forthe start of uranium recovery operations prior to year-end 2024 • Low pH pre-conditioning flows in Mine Unit 1 commenced in July • Laboratory and pilot plant scale process optimization tests are being conducted with theobjective to further improve uranium recoveries and to ensure a high quality finished product • Initial ramp-up production profile expectations adjusted, timing of sustaining cash flowprojection unaltere
PEN Price at posting:
10.5¢ Sentiment: Buy Disclosure: Held
