Peninsula Energy (ASX: PEN) executive chairman Gus Simpson has increased his shareholding in the company by 1.4 million shares after the company earlier this month upgraded the economic viability of the Lance In-Situ Recovery (IRU) uranium projects in Wyoming.
The move demonstrates confidence in Peninsula, with Simpson acquiring the shares on-market for a total consideration of A$49,353, providing an average entry price of about $0.035.
Shares in the company rallied 30.3% to $0.04 intra-day today, a day when the broader market wiped off 7.8 points to sit at 4,206.9 points at 3.16pm (AEST).
Not only has Peninsula delivered enhanced economics for Lance, including a net present value (8%) of US$254 million, in its recently completed Feasibility Study, but the company is advancing towards meeting yet another milestone at its Ross ISR uranium project with the impending completion of a review of the company's licence application.
The company announced today the United States Nuclear Regulatory Commission has advised wholly owned subsidiary Strata Energy that its responses to the Requests for Additional Information (RAI's) on the Ross Project have been deemed acceptable to complete the licence application review.
Importantly, this means the progress towards the issuance of a Source Material Licence continues as expected.
Ross is the most advanced area at the Lance Project, located in the Powder River Basin.
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