update on urz, page-12

Hi jema

It's probably best to compare the market caps of each company.

Until recently, they were actually quite similar. However in the last few days (since Oct 6), URZ have jumped 40% (1.40 > 1.95). Giving it a MC of $152 million.

PEN are stuck at around $100 million.

I can't say with any conviction why this is the case. A jump of 40% in a few days plus higher than average trading volumes (+60%) might normally get the tongues wagging.

Then again, it might also be the fact that investors are coming to terms with recent announcements (including beginning construction), stabilisation of US equity markets, horrible undervaluation (will be generating nice cash piles in 2012).

PEN, for its part, will only chug along once we're able to capture the market's imagination. That means wowing it with the next major permit/s, plus of course (just quietly) a super impressive DFS. An additional $15 million (Nucore) would be immense, and so would a rising U price.

To top it all off, I'd be thrilled (and so would the market) if we could commence construction. Hopefully, and some might say realistically, we should knock all of these off before Christmas. To be honest, apropos of the latter, I'd be happy with just site preparation.

Irrespective of the time-frames, the patient will be richly rewarded.