value comparison, page-65

mudguts

Thanks for the (detailed) response.

I get what you mean about the capex and financing costs - I guess we can start considering these when we (hopefully) get financing news. tbh, I'm somewhat expecting a corporate bond style funding agreement (total wild speculation)

Although I think we can safely include exploration expenses in any cash flow analysis, yes? They are direct cash costs and PEN has said they are committed to future exploration. I think in the vicinity of 12-15m pa will be spent on exploration.

Couldn't agree more with this:

"It's good to see other reasonings & calc put up for scrutinisation

It takes (me anyway) out of my comfort level & open to suggestions/ridicule if I am wrong. And if wrong hopefully save me money...but I've placed my bets, maybe a bit too soon"

I get frustrated with all the comments that fly around here with seemingly no reasoning.