permit to mine, page-6

"I would have thought that the DTM was based around the 14.7 million l/b M & I and the revised PFS would actually enhance the project economies of scale when they take into consideration the Vanadium credits and a higher cut off grade of U 308 based on recent drilling success"

MMM - I have previously posted that I think it very odd that PEN has made a DTM prior to the release of the revised DFS. Your comment that "the DTM was based around the 14.7 million l/b M & I" appears true, but WHY?

What has happened since late December - when the EES Study made it very clear that the feasibility parameters included 23m lbs of M&I resource? Why has the hurdle, apparently, been reduced so significantly to 14.7m lbs? What parameters and criteria support this?

It looks like the resource is there but - for a bankable feasibility study - there has to be conversion. In other words, inferred resources are too unreliable for bankable fesibility requirements.

The upcoming optimisation study has many questions to answer, imo