Ann: A$30 Million Placement and Termination of Ngualla Royalty, page-55

Good questions.
Id suggest the "why did the sp fall". May be due to profit takers and the seemingly natural market response to discount to CR (plus minor premium). That often wanes toward the upside given a decent floor. But this momentum seems to be faltering now.

The "what can trigger upside". I suspect shows more promise. Its just a gamble on when it will happen over the if perhaps.

Considering PEK has had ample time to work upon process facets while awaiting the SML. Development updates could be due at any time. Mining companies quite like MOUs at such a stage. So do markets. I suspect they are in the pipeline with this quality of resource.

Coupled with a pricing rebalance as shown in the charts of a magnitude in the order of 10-20% , good recent NdPr pricing performance seeming not yet factored in to mid tier REE companies, and further still, clear price support at 9 cents with a thin sale side. Either due to CR or any potential buyer noting considerable discount to the pre-SML approval timeline. I personally cant help but feel given all thee factors. Holding off on any intended buying may well open one to a probability of missing out on pricing levels that may never return..

Sooner or later I suspect people know PEKs is sp going to go. Gimbling on the "when is" the next likely shift up has always been the dicey option for me. . As you mathematically only save a minor cost of holding (0.5% on a margin loan per month) versus the sizable gains potentially, ad probably, due any time within the weeks ahead. Via an easy 15-40% bounce. Its an unhealthy risk metric to me to time such a favourable probability when it has such sizable dues. As missing out always hurts far more than waiting for what you can already see is coming.