dundee capital markets report 28/4/2014, page-35

Hi All,

Forgive me for interruption as I had promised to be a recluse on this site...but frustration got the better of me. Happy to be the brunt of critics if that be the case. (and apologies to those offended previously)

In my opinion, the level of frustration at management and comments like "pen management better announce off takes, etc or share price in the toilet", I don't think are helpful.

I don't say this to ramp. I say this to be a responsible shareholder. That said, I don't to cite any poster particular as I understand...it's a long haul to see results in pen, some longer than others.

But hasn't it always been? ...especially for those of u that want to remind me that I wasn't around to see managements mistakes of 2011 and 12. Well maybe you have a point....but as I see it pen management have done a great job in a bad situation (Fukushima, etc)

All that said, it is that same u price that most of you expect to be inversely high in 4-6 years. So on that note, I'd encourage you all to be a bit more upbeat (as opposed to ramping, there is a difference).

Our opportunity lies in the circumstance of this god awful sentiment surrounding uranium. The detail on the mechanics of sml, petitioners, etc will all look after itself. IMO of course.

Mickqld, I think you'll be waiting till end of June for finance news (but my belief is you will be surprised on the upside!)

And vintage...am sorry if I made some insinuations about your pedantry on matters that I have no interest in, that was selfish of me - as I do understand plenty of you wish to stay informed, and they have a right to be informed and for you to say what you want. But for those of you who are hanging into this info to guide your pen decisions, I only assert that you are missing the main game. Look at the bigger picture (world energy and uranium), then reverse engineer and most would end up with pen on the top of our speccie cum producer list. How (and when) we finally get there is up to fate and the age old determinant of time.

For those who have already gone pen, I ask "why give up now?" nothing has changed (except we now have sml, last time i checked this was great!) So what if pen doesn't come out in 2 weeks to declare finance secured, as mickqld asks. As I said, I think it will be end of June...and even if its not then I couldn't care less if it's end of September.

In recent history fyi, a few large shareholders including myself have gone offline to discuss our thoughts and opinions and particular knowledge on all matters PEN and I think , fairly - that has been to the detriment of this thread. I am not going to say we are privvy to more information, but i am 100% sure that it has made the average punter reading these threads to think that blue is actually purple. I am not here to tell you our information is better information than you all might have (although it is in my opinion)...but I am certainly not going to share it with a crowd that wants to talk about everything wrong with pen and ignore every pearl by focussing on the ugly clam around it!

If its that bad, sell out and stand by your actions. But if you are a shareholder of one share or 400 million, there is an element of maturity in 'protecting your investment' also, that is certainly not 'ramping'.

The perfect business is growing money trees in a utopian amazon - but since this hasn't been proven to exist I'll stick with PEN. If I think they have stuffed up, I might get frustrated like many seem to be...but it doesn't mean that sugar has turned to S%#!! all of a sudden. It's the same PEN it was last Thursday....oh hang on, WITH a license!

Again, sorry if I in any way for my part in some of the immature remarks last week. I take blame. I don't look to be a regular contributor to a mosh pit...but I do want to encourage those that are thinking "maybe pen is for me", that there is another story to follow. Don't get me wrong, some great knowledge here and specifics on detail and pen has its risks....but on the whole PEN is definitely the right horse.

In.....

My....

Opinion...

Cheers