isr comparisons prb wyoming usa, page-8

What kind of re-rating do you have in mind HangSeng ?

I did some numbers based on yours and believe you're right. Based on outstanding shares (as opposed to fully diluted) PEN has a market cap of only 75% of Uranez. So if they held the same resources then you'd have to say PEN should be trading at around 4.5cents based on todays share price if Uranez is fairly valued.

Given that as you point out our Capex and Opex are lower then the figure should probably be a fair bit higher. Per pound of uranium we'd make about 16% more than Uranez based on contract pricing of $65. Factoring this in would get us to about 5.3cents. Not earth shattering but a decent increase from the current SP. Note that these are very rough numbers and may not take all aspects into account. DYOR.

Unfortunately the thing that is the key difference between the 2 companies is progress and that is much harder to quantify. Given that they are expecting all permitting to be in place by year end they have a pretty decent lead on us. Even if PEN manages to do enough parts of the project in parallel to bring down it's time till production to something within 6 months of URZ, they are going to hit one of the very big milestones for a miner (permitting) well ahead of us and that as your previous postings have pointed out is a signal for re-rating. In short they're ahread of us on the graphs you've shared.

All up I'd say we're trading at fair value compared with Uranez. When we're less than 6 months from permits being granted, I'm sure we'll have well and trully made up the ground to where URZ are (in Market Cap terms).

Illiquid