Ann: Quarterly Cashflow Report, page-15

Agree Albert. I think much clarity will be made once they announce how they'll fund the required working capital. We might then see a re-rate, as to me it looks like the current SP is considering a fairly dilutive financing method. I don't think there is much technical risk or constraints in what they're building, so that can't be the cause of the weak share price. Funding must be the issue depressing the share price...

By chance I bounced into another U miner (Madison Metals) using a quite unconventional method of funding their operations, by selling Uranium backed tokens. Initial sale is for 250k tokens (1token = 1 pound U), at different discount tiers (up to 30% discount to current spot price). I mean, can you imagine selling pounds in the ground at close to current spot prices, using a financing method that has very little strings (no interest, no covenants, etc....) attached? Given PEN is much more advanced than Madison, they could sell tokens at an even smaller discount...

Anyways, if Madison manages to sell this first batch of 250k tokens, perhaps PEN should consider such an option as well. If curious, see https://app.uranium3o8.com/purchase ...