Peninsula Energy's (ASX:PEN) lowered its 2025 production guidance to 0.6 million pounds (Mlbs) triuranium octoxide equivalent (U3O8 ) down from its previous estimate of 0.7 mlbs to 0.9 mlbs triuranium octoxide, according to a Friday filing with the Australian bourse.

Delays in preconditioning, along with flowrate variability led the company to lower the guidance for the initial year of production ramp-up, the filing said.

Peninsula Energy also lowered its 2026 production guidance to 1.1 Mlbs to 1.3 Mlbs triuranium octoxide from its previous estimate of 1.4 Mlbs to 1.6 Mlbs triuranium octoxide.

Production restart at its Lance uranium project in Wyoming, US is on track for December, the company said.

The company's lance central processing plant expansion contract is transitioned to a fixed cost basis and the agreed final cost is $9.5 million higher than the previous forecast.

Peninsula Energy is well funded beyond the project's first production but is holding advanced-stage discussions with potential lenders to secure a working capital debt facility.

Further, Chief Executive Officer Wayne Heili will step down from his role in 2025 following the selection of a successor.

Heili will move into a technical advisory role following the transition, the filing said.

The uranium developer is in final negotiations with a candidate for the role of Chief Operating Officer with an appointment due in the coming weeks.

The company's share plummeted 23% in recent Friday trade.