Ann: Conclusion of Operations - Lance Low-pH Field Demonstration, page-21

Interesting. PEN sure aren’t show ponies thats for certain.

I will have to wait for further DD when at home but from memory expectation was an average grade of 80ppm and the lab trial showed significantly better than that. So the 67ppm average is low re expectations but still very economic. Given they still had another 7months to go and could have fit in another 2 small field trials in that time to provide further opportunity for optimising and improving the grade average, Im very interested as to why they would pull the trial early.

My optimistic take (increased my substantial holding by anther 15% today) is they know the modelling will deem it economic (at a higher than est ASIC than previous but within 10%) and want to initiate a restart. I would also be hoping that they look to a capital raise in late Q1 post positive announcement. Proceeds to be used to bring forward the capex required to hit 3.5m lbs/annum and to initiate exploration again to firm the suspected additional 100-150m lb in the ground.

regards