moving forward, page-22

"would it be too early for PEN to seek finance to develop Lance through a strategic investment from potential development partners?"

Personally I don't think so EE. Others have advanced to that stage with less than PEN has now.

With a BFS though it places Lance/PEN in a much stronger negotiating position and potentially better terms and conditions. Basically though it simply makes PEN more attractive to potential investors in terms of reduced risk level.

So to advance this stage in their own right it would be a big positive IMO as what you allude to could become reality. This would be the catalyst to commence sending PEN much higher, which is what we are all waiting for.

In simple risk management terms, by increasing the potential positive outcomes (displaying increased returns in real terms) reduces risk. To display this in objective terms and real terms via a recognised BFS is a major risk reduction factor to potential investors.

I realy love PEN to develop Lance as a 100% PEN holding and to finance the project, as the Capex is so low. Reality tells me (due to market conditions) this will be done via placement to large investors in some way or via JV.

All good, keeps me guessing and the old brain active ;)