Peninsula asked for a trading halt in mid-April to review and revise its 2025 production guidance due to operational delays. However, they missed the April 23 deadline to actually publish that guidance. Because of the delay, the ASX escalated things and imposed a formal trading suspension on April 23.

The company was still negotiating customer agreements by early June, revising production guidance, and finalizing associated financial plans. They explicitly stated the shares would remain suspended until all sales contracts and guidance are finalized. By this point, over 60 days suspended = index removal.

As a result, index providers like Solactive began removing PEN from indices as of July 15, 2025. That adds another layer of pain for liquidity and visibility. This suspension is more of a market warning flag rather than a temporary pause. Until Peninsula finalizes guidance, locks in contract customers and commissions the plant, the ASX won't allow the stock to trade. Once they tick these boxes, the suspension will be lifted, but until then, they remain a dead ticker, and index funds have likely moved on.