Ann: Update on Central Processing Plant Commissioning, page-112

Slide 22 here shows the contract obligations: https://hotcopper.com.au/threads/ann-company-presentation-august-2024.8132313/
Pricing is a bit trickier to find but Slide 15 here shows most of it: https://hotcopper.com.au/threads/ann-company-presentation-noblecon18.6701816/

Summary: it's about 800k to 1m pounds per year until 2030 at about $53 to $55 a pound, though probably a bit higher now thanks to spot pricing increased. PEN has said they have an ASIC of about $45 per pound, but take that with a heaping bowl of salt, it may get higher. To be fair that includes site rehabilitation costs, not payable yet.

If they could ramp up to the 2m nameplate without much trouble then they'd have heaps of extra pounds to sell on spot and this company is looking very cheap... But...because they're struggling to ramp up, they'll have a tough time keeping up with those contracts. And after the contracts are filled there is very little money left for continued development in the project. PEN are financially screwed and will need a lot of extra funding for years.

So yeah, I knew all that, gambled they'd be okay, but now it's clear that they are not okay, so I lost the gamble, now I'm exiting. Fun.