capex and opex_benefits of isr and lance, page-59

I should clarify.

It is irrelevant to PEN between now and Lance going into production. I view PEN in two seperate aspects as you have alluded to. By the time PEN is in production I will be free carrying into Karoo, as I intend to sell a large parcel of my stock post Lance production. It is a part of my retirement plan, that I have made clear in the past.

I also say irrelevant as Karoo development is exploration only for the next few years. I doubt very much that PEN will shelve Karoo in a time that the uranium price will be increasing. Gus thinks long term and I am sure he is with Karoo.

One thought that did cross my mind though. Is that Lance may prove so good that they decide to offload karoo to the likes of their cashed up neighbour...PDN. Who is looking out for aquisitions.

PEN's sp doesn't even reflect a fraction of Lance atm, let alone Karoo. So the upside potential remains significant as we have pointed out today in EE's posts. That is what I refer to.