Ann: Retail Entitlement Offer Booklet, page-15

Agree, both TOE and PEN has underperfomed.. both have had some questionable decisions made by management..

But let's look at the differences:

PEN
- you can see the "light at the end of the tunnel" and the planned timetable... ie. production by end of 2024, now fully funded to positive cashflow (Q3 2025).
- mine is in Wyoming (one of the best uranium mining jurisdictions in the world)
- plenty of cash on hand

TOE
- is their project even fully permitted?
- project is in WA where uranium mining is BANNED.. people are betting for a change in government or a takeover (both out of control of the company and no guarantee of either happening)
- zero revenue, and low cash.... will continue to CR over and over just to keep the lights on

I'd also think that PEN is the more likely T/O target, being less risk and heading into production. For TOE, I'm not sure how many companies are keen on buying a project in a state where uranium mining is banned