M&A, page-18

Think $40 is conservative, PEN has already been over $30 this year, and assume you guys are factoring only modest gains in the uranium price.

However, I expect uranium will rise sharply again in 2022 and while I'm not into forecasting an SP for PEN:

1. SP will correlate to the price of uranium
2. And SP % increase will outpace uranium price % increase.

I like this this graph of PEN and market darling BOE, which shows the lock step as well as the catch-up due once the technicals are sorted.