(UPDATED) Peninsula’s Chair leaves building as investors wait for guidance; shares suspended

There’s obviously something brewing over at Peninsula Energy (ASX:PEN), and it’s probably not something the company is too keen to highlight.

In an announcement titled “Retirement of Non-Executive Chairman,” the company on Monday announced the exit of NEC John Harrison, who has “provided leadership and guidance to the executive team over the past 4 to 5 years.”

“The Company also wishes to advise that former Managing Director and CEO, and now Technical Advisor, Wayne Heili, ceased working with the Company effective from the 25th of April 2025,” Peninsula added on Monday.

In effect: two fairly important heads at Peninsula gone in one day.

Take a look at the announcement yourself (or read it for yourself here.)

Also worth noting is that Peninsula didn’t consider this information market-sensitive. But perhaps more important is that it follows a few janky weeks for the Wyoming-based uranium player.

Right now, the company’s shares are suspended as the market still waits for the stock to downgrade, again, its 2025 production guidance.

And it isn’t a voluntary suspension, either. The ASX itself has forced the stock into suspension given that it missed the deadline. (If this sounds familiar, consider that’s what happened to Star Entertainment in not-too-ancient-history.)

It’s perhaps not hard to see why the company doesn’t want to issue a further downgrade. Its share price already sunk -13% one day in January when it downgraded guidance for the first time.

PEN last traded at 62cps; shares remain suspended.

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DISCLAIMER: An earlier version of this article incorrectly stated an individual in the role of CEO had quit on Monday April 28. HotCopper apologises to the reader for any inconvenience.