moving forward, page-20

Nice analysis Dhuy,

(All guesswork untill we get the detail)
But I am leaning more to the third scenario you have mentioned. I too believe it is in relation to the progression of Ross and Barber to BFS stage.

Pen have recently stated in the presentation

"Based on the extensive data PEN has at its disposal PEN believes that subject to further resource drilling the two most advanced project areas Ross & Barber can be advanced to the BFS stage. Most or the work programmes will be aligned to achieving production status from these two project areas in the shortest time frame possible."

!!!!!'shortest time frame possible'!!!!!!

It sounds to me that they have, (whilst as mentioned in a previous announcement, "continued assessment of market conditions will dictate the timing of the program"), decided to go full steam ahead with Ross and Barber. I hope so! as that comment by Pen Imo was one of the major things that I thought could possibly cause delay to their progression.

We won't know until we see the detail of course, but if this is the case, then I see this as very positive news for Pen's advancement, and yes as also mentioned, further resource drilling is needed to advance to BFS, and no doubt more cash as well.(Hence possibly another reason for the C/R!).

But also as Billt5 has mentioned, their may well be another party involved in the C/R. Wouldn't that make things interesting.

Cheers NK