When PEN will be $1 again, page-454

PEN are working on their chemistry.. it's an 18 month process..

As per last announcement on 1/7/21 (see below):


“The field demonstration of low-pH In-Situ Recovery (“ISR” has yielded significantly improved production results since the latest update in mid May, 2021.”

“The update on 17 May 2021 outlined actions that had been taken across key focus areas to enhance performance, including changes to the configuration of the injection and recovery well patterns. Since that time the field operations have run consistently and the response has indicated favourable trends. Therefore, no further field layout adjustments have been required.”

“The composite production stream pH and free acid levels are now meeting our control targets and importantly, the uranium solution grade has responded with a strong improvement. The information gained during the demonstration operations will be applied to the commercial low-pH approach as the Company progresses the Lance Project toward a return to production.”

“With an Oxygen Reduction Potential (“ORP” level consistent at approximately 400 mv, the recovery stream appears to be sufficiently close to the target range of 450 to 600 mv to support higher uranium production grades.”

“The recovery composite stream uranium grade has recently increased to approximately 40 ppm, and is trending toward continued improvement, compared to the uranium concentration of between 20 and 25 ppm in mid-May.”

“The performance of the ion exchange (IX) has improved with the upward trending uranium concentration and it is achieving loading results that are consistent with typical levels for low-pH lixiviant applications.”


Another FT update will come out in the next 1-2 weeks... I'm quietly optimistic for further improvement from last announcement.