Ann: Annual Report to shareholders, page-11

Was in Pen from 2006 to 2017...back when good old Gus Simpson was CEO. Since then have mingled in and out. The UEC situation/opportunity was just too good to refuse for re-entry. I know this will survive and get producing so happy to be patient.

This market we're now experiencing is such a different dynamic its scary. No matter what happens in the next week or month, the next few years will finally (imo) see an incentive price of U, in and around $100/$120. The demand is finally being recognised. At days end $120 a pound won't deter Utilities. It's the producers that are finally getting there desserts as it were. Personally why I chose an INSITU Producer as more profitable at lower spot.

Pen have arsed it up over the years but the groundwork is there. The market conditions are there. Am just glad its stage 2 format now being applied to take full account of this market. 750,000 a year to me just wasn't aggressive enough.

Cashflow positive in years 2 of production is great. Lets not forget theres an exploration target of 150m pounds, so expanding to full 3m a year capacity (if U price is high enough) could eventuate in a few years time..

Way undervalued at 20 even 30 cents imo. Market will/is waking up.