Peninsula (ASX: PEN) share price jumps on update

The Peninsula Energy Ltd (ASX: PEN) share price has jumped 4% higher in early trade after the company released its quarterly report.

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The Peninsula Energy Ltd (ASX: PEN) share price has jumped 4% higher in morning trade to 13 cents apiece. Investors are watching the company's share price after the uranium miner released its quarterly report.

Let's take a look at how Peninsula performed for the last quarter.

hand on touch screen lit up by a share price chart moving higher

Image source: Getty Images

Peninsula releases quarterly activities report

Earlier today, Peninsula released its quarterly activities report for the March quarter.

The company reported an operating cash loss of US$2.2 million for the quarter with no sales recorded.  For the 9 months to 31 March, Peninsula noted an operating cash loss of US$5.7 million on sales of US$3.4 million.

For the March quarter, Peninsula highlighted US$6.8 million cash on hand. In addition, the company also provided a summary of its purchase agreements. For the calendar year of 2022, Peninsula noted that it has entered into binding contracts for the delivery of 450,000 pounds of uranium. As a result, Peninsula forecasts a net cash margin of US$8 million to US$9 million in 2022.

Peninsula also highlighted the company's upgrade to the OTCQB Venture Market earlier this year.

More on the Peninsula share price

Peninsula is an ASX-listed uranium mining company. The company's flagship Lance Project located in Wyoming, USA is the only US-based uranium project using a low pH, in-situ recovery (ISR).

In order to 'decarbonise' the country's power sector, the US Department of Energy has allocated US$75 million towards the establishment of a national strategic uranium reserve. As a result, Peninsula is in a position to potentially benefit from various initiatives of the US government.

The Peninsula share price bolted out of the blocks in 2021, hitting 18 cents in mid-February. After dipping since then, the company's share price has struggled to gain traction. Shares in Peninsula were given a boost earlier this month after the company delivered favourable results from field demonstration tests at its Lance Project. However, despite the slew of updates the Peninsula share price has tanked more than 20% in the past 12 months.

As highlighted before, shares in Peninsula Energy were upgraded to the middle tier of the OTC market earlier this year. The upgrade was in response to strong trading volumes and provides overseas investors greater access to securities in Peninsula Energy.

Motley Fool contributor Nikhil Gangaram has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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