Hi malcolm, Just my opinion, I think PEN will start to rerate...

Hi malcolm,

Just my opinion, I think PEN will start to rerate and catch up as we get closer to production (like BOE and PDN has), and investors can see evidence of construction progress.

(PEN actually outperformed other U stocks in the months leading to the restarting (before UEC pulled out) at the middle of last year).

I think 25c-30c in 12 months is possible (we'll be in production and spot price will be a lot higher).. of course no one can predict share prices, so DYOR!

Just a comparison... now each company is different (eg. producer, developer, SOI, management, funding requirements/further dilution etc)... but let's have a look at current market caps of ASX uranium companies most similar to PEN, and I'll also leave you with what Shaw & Partners had to say on 31st January 2024 below...


PDN - $4.85B (restart producer)
BOE - $2.33B (restart producer)

DYL - $1.06B (developer - 2-3 years away from production?)
LOT - $852M (restart project 2025?)
BMN - $676M (developer - 3 years away from production?)

PEN - $244M (restart in 7-8 months)


"When we compare Peninsula with Boss Energy (BOE, Hold, PT $4.75), there are many similarities and yet Peninsula has an enterprise valuation around 1/10th that of Boss (US$120m v US$1,286m). Both companies have in-situ leach uranium operations in first world jurisdictions, both will produce around 2Mlb/yr, both will be in production within a year, and both have a similar sized resource with substantial exploration upside. The main difference is that Boss is fully funded, is closer to first production and is lower cost (Boss AISC of US$26/lb). Boss deserves to trade at a premium, but in our view the valuation gap is too wide. We also note that Boss recently acquired a 30% stake in the Alta Mesa ISR uranium project in the US for US$60m – this implies a resource multiple of US$10/lb compared to the similar Peninsula at US$1.7/lb."