A good summary of the situation from the linked report from...

A good summary of the situation from the linked report from Monash Investors:

In Peninsula’s case, the situation has been complicated by an apparent board and management exodus. The company is not quite as advanced as Paladin in terms of bringing a historic mine back into production, though production is set to commence this month (December). This phase of developing a project like this can be the most precarious as cost overruns and expected initial production issues become apparent. Peninsula announced this month troubles on both fronts, with its initial production being delayed, and development costs running high. Expected volumes for calendar 2025 have been guided down 20-30%, but ongoing expected volumes remain unchanged once production has fully ramped. The company has plenty of cash following its substantial capital raisings of the past year or so, but may need to secure a modest working capital debt facility, or conduct another small equity raise. The operational update would have been enough for the market to absorb without news of Peninsula’s CEO and three directors set to depart in the year ahead. Taken together, we believe many investors have scrambled toward the exit and taken 30-40% of the company’s equity value in the process. From our perspective, the operational update does impact both our valuation and the potential for a further dilutionary capital raising. And the announced departure of so many board members along with its CEO certainly gives cause for pause. Our further due diligence here, including a helpful management meeting, has us relatively comfortable in terms of the personnel changes. We note that the departing CEO has a very strong technical background and that he intends to continue on with the company for some time in a technically-focused capacity; and the departing board members are the longest serving where those appointed over the past two years are both continuing on. Our assessment is that the board have likely heeded shareholder calls for a refresh following a tumultuous past, and in an orderly fashion as this valuable mine comes back into production in the period ahead. Following further work on this one, we’ve added incrementally to our Peninsula holding, maintaining our original target weights for both our uranium exposures. Each of which now carry even more upside potential if our thesis plays out as anticipated.