notice, page-26

inaflap

From the quarterly report I make it
Zone 1
24 Mlbs Indicated
121 Mlbs inferred
Zone 2
122 Mlbs inferred

for a total of 267Mlbs JORC defined. Not sure how you get the 228Mlps figure.

Additionally on page 8 you will find details of Ida Dome including "Drilling to date has defined a resource of 25M lbs U3C". As with PEN and Lance they are focusing on one area first so as not to spread themselves too thinly.

All up total of 292Mlbs by my calculations.

I know KRL have indicated they expect to significantly expand on the 15Mlbs resopurce but until they do so it's gilding the lilly a bit to start including guesses as to what the total resource will be. Particularly in cross company comparisons when you're neglecting to include such information as "Extract said Oct. 9 it found new high-grade mineralization at Rossing South and estimated the total uranium resource could reach 500 million pounds.". If using your calculation method PEN shares would be practically worthless when compared to somethig like BHP's Olympic dam which is estimated to have something like 16 billion pounds. There are so many other factor's you're failing to include that as I said initially it's a pretty worthless comparison.

Any comparison of an ISR project to an open pit mining project is only worthwhile on the basis of what the projected profit per pound will be. Even then you have to consider things like sovereign risk, local permitting procedures, projcect location in relation to target market, royalties and the list goes on.

You would be far better doing your comparison against companies like Uranerz, Uranium One, etc that share a lot more similarities with our own project parameters.

Illiquid