some serious buy @2.3, page-59

Opinion: If you believe the SP will rise above 4.8 cents between now and 31st December, 2015, you are better off in the options.

A simple example:
If you have $12,000 to invest, you can buy 500,000 heads or 1,333,333 options right now.

At any time in the future, should the heads reach .048, the value of the options would be .018 or higher depending on the time remaining and the value of the heads would be $24,000 and the options would be a minimum of $24,000, possibly more.

With the Heads above 4.8 your options portfolio would be outperforming your heads portfolio in value and profitability.

With Heads @ .05 Options would be .02 or more
Portfolio value Heads $25,000 Options $26,667 minimum

With Heads @ .06 Options would be .03 or more
Portfolio value Heads $30,000 Options $40,000 minimum

With Heads @ .08 Options would be .05 or more
Portfolio value Heads $40,000 Options $66,667 minimum
With Heads @ .10 Options would be .07 or more
Portfolio value Heads $50,000 Options $93,334 minimum

The question you need to ask is whether you believe PEN will get over the remaining hurdles and become a profitable producer of Uranium. Then work out your valuations and calculate the possible shareprice over the next 22 months. Then work out where you are most comfortable investing.