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Peninsula buys uranium for sales contracts

14th July 2020

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – ASX-listed Peninsula Energy has signed a binding purchase agreement with UG USA over 400 000 lb of uranium oxide for delivery in 2021.

Peninsula currently has 450 000 lb of uranium oxide already committed for sale in 2021, with the company on Tuesday telling shareholders that the latest purchase agreement underpins a forecast net cash margin of between $6-million and $8-million on uranium sales for the next year, based on the difference between the purchase pricing and the sales price.

“Entry into the agreement to secure the uranium that we need most for our 2021 deliveries significantly de-risks our cash flow projections through to the end of next year,” said Peninsula MD and CEO Wayne Heili.

“The recently completed equity raise along with the net cash margins from these sales will provide funding certainty through the second half of 2021, allowing us to complete the planned technical activities in support of an optimised restart plan for the Lance project, while the uranium markets continue to strengthen.”

The purchased uranium will be delivered to Peninsula in allotments during the year, in order to align with the timing of deliveries to customers.

Edited by Creamer Media Reporter

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