What a mess. Anyone who thinks otherwise is not thinking...

What a mess. Anyone who thinks otherwise is not thinking clearly.

1. "Since that date, the cost of the CPP has increased due to the finalisation of the detailed engineering design after the announcement, with increases primarily in the quantities of structural steel, electrical cabling and piping." So PEN fixed the price with detailed engineering still underway? Absolute amateurs.
2. "...various change orders submitted by Samuel for additional compensation." Totally expected is scope not finalised before fixing cost. Jesus wept.
3. "The total settlement amount is US$4.75 million." Hardly insignificant considering PEN's cash position
4. "The US$0.75 million cash milestone payment will be paid upon successful delivery of the capability to produce dry yellowcake by 30 June 2025..." Yellowcake production in June not going to happen, as previously promised and confirmed by "We are making good progress on all these workstreams and are enthusiastic about being in a position to produce dry yellowcake in the coming months." Enthusiastic? Hardly confidence inspiring
5. "Indications from the work completed to date are that the production rates in CY2026 and CY2027 are likely to be materially lower than previous guidance for these two years." This has never been baked in
6. "As a result, the Company is currently engaging with various parties to discuss funding, including interim debt funding to allow time for the workstreams in this announcement to be finalised, and a capital raise to ensure sufficient funds are available to it to implement the plan." Debt and equity funding; a double blow. PEN's financial position must be pretty dire, and questions must be raised about whether PEN is a 'going concern' if these funding initiatives do not succeed
7. "The Company will provide an update in respect of these matters, when it is able to do so." So no plan and no schedule - shareholders love that
8. "During a routine inspection in early May, corrosion was identified in sections of piping within Phase 1 of the CPP." Insufficient engineering diligence in confirming suitability of materials when changing from alkaline to acidic conditions. Very amateurish and could be costly to remedy
9. "Peninsula continues to engage constructively with its customers regarding the impact of the CPP delay and changes to the Life of Mine forecast. The Company maintains strong and collaborative relationships with its offtake customers and is proactively discussing the way forward in respect of the sales contracts." No change to more positive wording here - this is a concern
10. "The Company has promoted Mr David Hofeling to General Manager of Operations at Lance reporting to the Managing Director / CEO." CFO promoted to GM Ops - not good
11. "...Chief Operating Officer and Senior Vice President of Geology, Mr Frederic Guerin, will step down from his position as of 18 July 2025." Personal matter? Pfft

All in all, a terrible report card. When/if PEN opens again, I reckon the SP will be bashed down to low 30s. But do not fear, I'm sure notable cheerleaders will find a way to put a positive spin on this announcement and all will be good. Caveat emptor.