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.
M&A, page-18
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