chart, page-45

good point GT, fundamentals ARE the driver, and in the case of PEN we have:

1 - today an announcement on ADAMS that the PA is all but sorted out and should therefore not delay the issuance of the SML

2 - the SML is still targetted fro 7th April

3 - there could be an announcement re a strategic partner taking 40-50% of the U produced

4 - other offertake agreements for 30-40% of the U

3& 4 are from a company presentation.

5 - construction funding, whether it be from the above or another source.

6 - capital raising if it is indeed required and may depend on 3 & 4 above, noting that JP morgans has tipped in $5M.