Peninsula appoints interim CFO

Uranium explorer Peninsula Energy has appointed Willie Bezuidenhout as its interim chief financial officer, following Rachel Rees' departure from the company earlier this month.

Mr Bezuidenhout's tenure has begun with the Subiaco-based company determined to restart operations at its flagship Lance uranium operations in the American state of Wyoming.

In November last year, Peninsula told the market it was planning to rattle the tin for $60 million, courtesy of a heavily discounted placement and security purchase plan.

Under the placement, Wayne Heili-led Peninsula issued 666.7 million shares at 7.5 cents per share, which represented a 31.8 per cent discount to its five-day volume weighted average price.

Over the past few years, the uranium explorer has undertaken several capital raises in order to re-commence operations at Lance - with production expected to start later this year.

Mr Heili told the market Mr Bezuidenhout's experience was an ideal fit for the company.

"I am extremely pleased that Willie has agreed to serve the company in this interim capacity," he said.

"Willie has demonstrated great competency in contributing to our corporate goals and objectives.

“His strategic leadership abilities, experience, deep familiarity and strong working relationships with the entire corporate group will allow him to seamlessly step into this role as we take the time necessary to properly evaluate suitably qualified internal and external candidates to fill the role on a permanent basis."

During its recently released half-year report, Peninsula posted a net loss after tax of $US8.4 million in the first six months of the 2024 financial year, which was up from a net loss of $US2.6 million from the prior corresponding period.

On March 1, the company announced it had signed an offtake agreement with European nuclear fuel buyer Synatom. Beginning in 2028, Peninsula will sell 1.2 million pounds of yellowcake uranium to them over a six-year period, which is expected to generate between $US88-117 million, or $A133.1-177 million, in revenue.  

Along with Mr Bezuidenhout's arrival, David Coyne returns as a non-executive director and will begin his latest tenure on May 1. 

"David’s extensive knowledge of the company’s history, assets, people and the uranium in-situ recovery industry in general establish him as a particularly well qualified individual for the role," Peninsula's chair John Harrison said.

"David’s expertise and leadership will undoubtedly enhance our strategic vision as we move towards production.”

Peninsula last traded at 12.3 cents per share, down 6 per cent, as of 12.40pm AWST, while the present uranium spot price is $US88.85 per pound.