struggling to fnd sellers at 4.7c now, page-49

Don't underestimate the xmas and new year period for spec stocks - PEN is no exception. Its practically always a bullish and great period for risk.

Secondly, PEN is now really derisked (apart from the Uranium price - its always been the most important factor) given their progress towards producing.

Thirdly, consider where the U price itself is - at the moment they might make $10 per pound, but if the price only rises back to $50/lb their profitability will double. If it reaches $60/lb it might triple. In scenarios like this PEN will make $30-90million a year in revenue toward paying off their debt (at 1-3million lb/annum over ramp up period).

I believe that PEN may have 100-200million lbs in the ground in Wyoming alone, even though the current JORC resource doesnt reflect this. There's no reason they couldnt multiply production even within a few years if its profitable. Then we'd be talking a multi billion dollar company.

So in summary, there's (now) not too much downside at least fundamentally to PEN, but as I've said since 2008 the Uranium price will help the most.