Excellent work!

There is so much substance here! Your mountains are great, your shaded relief is coming along nicely.

I will point out something, on first glance a thing popped out that looked quite strange, and it stays that way even on further inspection. That piece of land left-middle. Your use of shading and highlights had the strange effect where LAND closer to and with the peninsula seems to lift into the air. I'm not quite sure why. But, it is clear.
My suggestion to it would be to add some darker shadows to the Peninsula there and a bit more core(darker) shadows next to the mountains there. Another thing is, at the top of where you have your big depression and it starts lifting into the light there, add a small bit of very localised highlights to give a crest feeling to that hill maybe. I think that would drop the peninsula a bit more too.

I really hope you know what I am referring to. If not, be sure to ask.
Anyway, great work so far!!