dundee capital markets report 28/4/2014, page-27

"PDN are selling at under $50 and are in the toilet because of it."

PDN is also conventional mining at a forcast much higher OPEX in 2015 and not low cost ISR as is PEN. No surprises they are "feeling the pinch" as will all conventional miners and hopefuls will I am sure. PEN's low cost ISR Opex will prove to be the difference a I always believed it would.

That said, this from a Feb 2014 research report on PDN displays an excellent low cost base for Langer and Kayelekera (KM), however note the cost increase without KM:

"Unit costs at both assets declined QoQ: Langer Heinrich (LHM) saw a modest 2% decline to US$27.5/lb; Kayelekera (KM) achieved an expected, but still highly creditable, 15% QoQ decline to US$33/lb.

What is the break-even without KM: Over FY15, we forecast C1 costs + royalties at LHM of US$28/lb, corporate costs of US$5/lb (~US$26mn), sustaining capital of US$1.5/lb and interest/debt repayments of US$9/lb (US$48mn), totaling US$43/lb."
source: http://www.grandskycapital.com/upfile/Waiting%20on%20the%20uranium%20price.pdf

PEN can make profit short term based on the current sales contract they have in place (a lot high than the current spot and the $50 PDN are selling at), albeit not a lot overall. However what they can make overall will depend on what LT contract price they achieve with new contract/s as without them clearly there will be no project. The latter is what the financiers will want to see I am sure.