Ann: Annual Report to shareholders , page-6

Had an interesting conversation with Rick Rule, Chairman of Sprott US Holdings, at the Mines and Money Conference in Melbourne last week.
We talked about Uranium prices and miners.
He is very bullish Uranium rise to around $70 next year because of the supply demand issues that are coming together.
He also focused on low Cap ex/Op ex producers who can still be profitable at these low prices but will be extremely profitable as prices rise to $70 and above.

I asked in particular if he was aware of Peninsula Energy and what he thought.
He answered that he was aware of the company and sees them as being good value and their Wyoming ISR production fits nicely into his profile for a low cost operator and producer.