capex and opex_benefits of isr and lance, page-31

Thanks HS,

Totally concur on the wisdom of using higher grade cut-offs in developing a production plan for ISR.

The smart money is onto this and as uranium futures warm up will, I believe, be looking for defined resource, competent management, low cost production, long mine life and sound pre-production planning in any prospective Uranium ventures.

PEN is ticking the right boxes except a JORC standard proven and probable resource. Look out when that comes around!

Below a few comparisons with ISR U explorers:
Company,Project,Country,Mining Method,Depth of Mineralisation, Resource ‐Inferred contained Mlb
and Cut-off Grade ppm

UraniumSA
Blackbush/Mullaquana
South Australia
ISR
40‐60metres
5.40 Mlb
225ppm

Curnamona Energy
Oban
South Australia
ISR
80‐90 metres
4.20 Mlb
260 ppm cutoff grade

Marmota Energy
Junction Dam
South Australia
ISR 110 ‐130 metre
Exploration Objective:
4‐5 Mlb
400 ppm cutoff grade

Uranium One
South Inkai
Kazakhstan
ISR
140‐200 Metres
44.1 Mlbs
470 ppm cutoff grade

UraniumOne
Akdala
Kazakhstan
ISR
450‐510 metres
17.8 Mlbs
570 ppm cutoff grade

This gives a great indication of PEN's 'assured status' as a great competitor even at todays prices.