Uranium Royalty Corp. announced that it has acquired an additional 1% gross revenue royalty interest on the Lance In-Situ Recovery Uranium Mine in Wyoming, USA operated by Strata Energy Inc. The royalty was acquired from an existing royalty holder and the consideration paid by the Company was $1.25 million in cash. The Lance Project is an ISR uranium project located on the north-east flank of the Powder River Basin in Wyoming, USA and is comprised of approximately 38,416 acres of mixed surface and mineral right holdings including private access agreements as well as state and federal mining claims. In its annual report for the year ended September 30, 2021, Peninsula disclosed a JORC resource comprised of measured and indicated resources of 15.8 Mlbs at an average grade of 494 ppm U3O8 and inferred resources of 37.8 Mlbs at an average grade of 474 ppm U3O8 for the Lance Project.

The project was licensed and constructed by Strata and commenced commercial operations in 2015. From September through December of 2018, Peninsula made a series of announcements outlining the proposed transition to low-pH mining, including suspending most of the alkaline-based production in order to reduce cash expenditures. By July 2019, Peninsula announced that it had determined to idle alkaline-based production activities and focus on completion of a low-pH field demonstration.