As is stated in article below, stock price typically is driven...

As is stated in article below, stock price typically is driven by Forward Earnings per Share estimates.
https://pracap.com/whats-driving-stocks/?utm_medium=email&_hsmi=333923230&utm_content=333923230&utm_source=hs_email

Peninsula have rising EPS forecasts, but only thing matter is their production start and efficiency.


Wayne and company did start field demonstration for using specific chemistry. At first, they didn't get optimistic results (Dec 2021):

Acid leach scheme field demonstration concluded at Ross in situ leach uranium mine - with underwhelming results:On Dec. 2, 2021, Peninsula Energy Ltd announced that the field demonstration operations were concluded at the end of November.
"The initial design of the field demonstration area ("MU1A") featured a ring of injection wells surrounding three production wells and atypical distances between the injectors and producers. The injector to producer well spacing for the initial patterns was selected to match the 2018 Feasibility Study assumption of approximately 125 feet, which is 67% larger than the well spacing of the historical alkaline ISR patterns utilised in the first two mine units at Lance. This design proved to be inefficient for demonstration/testing purposes. [...]" [emphasis added]

Meantime there was experiments with different chemistry:

Wyoming DEQ approves use of several oxidants with acid leach scheme at Ross in situ leach uranium mine:On May 4, 2022, Peninsula Energy Ltd annouced that its subsidiary Strata Energy Inc. has been granted approval by the Wyoming Department of Environmental Quality Uranium Recovery Program of a requested license amendment. The amendment authorizes the use of several different oxidants in conjunction with low pH lixiviants in the uranium extraction process. Laboratory and field studies have demonstrated that higher uranium recovery rates can be achieved when oxidizing agents are introduced to the lixiviant stream. Importantly, the Company has been granted approval to select from three different commercially available oxidants, gaseous oxygen, hydrogen peroxide, and sodium chlorate.

In August 2022 as company stated, correct chemistry was found:

Feasibility Study shows "exciting economic potential" of acid leach scheme at Ross and Kendrick sections of Lance in situ leach uranium mine:On Aug. 15, 2022, Peninsula Energy Limited presented the results of a definitive feasibility study confirming the viability of acid leaching at the Ross and Kendrick production areas of the Lance uranium project for a uranium sales price of US$ 62.38 per lb U₃O₈.After discovering correct chemistry for efficient ISR mining



Decision for restart was made but Pen got rug pulled by UEC. Investors blame Wayne for not seeing this threat. In my opinion, Uranium One (now UEC) will cancel any contract, even with longer duration than 270 days, and pay contract fine. UEC need Uranium One for own alkaline ISR mining. PEN didn't have money (dilution is bad as we know), so they rely on third party facility. Facility canceled contract so they need to dilute for their own, or shut down the project.

Ross in situ leach uranium mine to be restarted - with acid rather than alkaline leach scheme:On Nov. 24, 2022, Peninsula Energy Limited announced that it has completed a positive Financial Investment Decision to restart uranium production operations at the company's Lance Projects located in Wyoming, USA. [...]
Proceeds of the Placement will be used to complete the transition works programs and to commence low-pH production operations at Ross. Initial production activities are projected to commence in Q1 CY2023.

On Mar. 16, 2023, Peninsula Energy Limited announced that commencement of commercial production is now expected in mid-year 2023.

On July 19, 2023, Peninsula Energy Limited announced that Uranium Energy Corp.'s termination of the resin processing agreement "is likely to result in a significant delay to the previously announced imminent re-start of production at Lance."

On Aug. 31, 2023, Peninsula Energy Limited announced that "a newly revised Life of Mine model for Ross & Kendrick mitigates third party processing risks by bringing the complete process of uranium yellowcake production in-house, from the commencement of production.The revised production strategy [...] will see production commence in late CY [calendar year] 2024."