Ann: Quarterly Activities Report, page-55

With the signs the uranium bull is back in action, PEN is in danger of being left behind because of the overhang of the uncertainty of the timelines for building the resin plant and production starting and how it will be fully funded - who would want to buy in only to be diluted by a 'surprise' CR? I made the decision to sell out last week - may re-enter when I see greater clarification and can have a higher level of trust in management. The weeks of silence since the TH is a terrible look and only adding to the uncertainity.