Peninsula Energy Limited has announced significant progress in reshaping its operational strategy and preparing for near-term production. The company has reset its sales contract book by mutually terminating five out of six take-or-pay contracts, a move that eliminates future delivery obligations and associated liabilities. The agreed termination payments total US$6.6 million, of which US$1.6 million has been settled and the remaining US$5 million is scheduled post-capital raising. A single contract remains, committing the delivery of 600,000 lbs of U3O8 over six years—from 2028 to 2033—at an annual rate of 100,000 lbs, with pricing based on a blend of an escalated base price and market-price elements. Construction on the Central Processing Plant (CPP) is now essentially complete, with the team addressing a punch list of outstanding items. Work on water commissioning and operator training has begun, setting the stage for a pre-operational regulatory inspection planned for the end of July. Once approval is obtained, the company expects to commence hot commissioning and produce dried yellowcake in the September quarter. To support this production ramp-up, Peninsula Energy has secured a debt facility of up to US$15 million, in addition to pursuing further capital raising to finalize funding for its reset plan. In parallel, the Board of Peninsula Energy Limited has undergone notable changes. Interim Non-Executive Chairman David Coyne has transitioned into the permanent role, bringing decades of industry expertise. Experienced uranium executive Keith Bowes is set to join the Board as a Non-Executive Director following the capital raise. At the same time, longtime Board members Mark Wheatley and Harrison Barker have stepped down, marking a period of leadership renewal as the company navigates these transformative initiatives. Market sentiment varies in light of the latest developments. On the bullish side, the reset of off-take contracts reduces exposure to production and pricing liabilities, thereby de-risking the business and establishing a clearer path toward securing essential financing. The near-completion of the CPP and the new US$15 million debt facility lend further credence to a potential operational turnaround, positioning Palace Energy Limited for future success once yellowcake production commences. Conversely, there are bearish concerns as well. The ongoing trading suspension reflects uncertainties related to finalizing production guidance and completing the capital raising process. The termination of most contracts shifts exposure to uranium spot prices, potentially affecting revenue stability if market conditions turn volatile. Moreover, the pending capital raising and dependence on regulatory approvals add layers of risk, challenging the company’s near-term production and financial outlook. Overall, the company’s proactive steps in contract management, plant commissioning, and board restructuring offer a mixed picture, with promising fundamentals offset by near-term uncertainties that traders will be closely watching.