PEN SP, page-77

The Shaw research report dated today is on the company's website already

This is lifted from it....

When we compare Peninsula with Boss Energy (BOE, Hold, PT $4.75), there are many
similarities and yet Peninsula has an enterprise valuation around 1/8
th that of Boss
(US$125m v US$945m). Both companies have in-situ leach uranium operations in first
world jurisdictions, both will produce around 2Mlb/yr, both will be in production within
a year, and both have a similar sized resource with substantial exploration upside. The
main difference is that Boss is already in production and is lower cost (Boss AISC of
US$26/lb). Boss deserves to trade at a premium, but in our view the valuation gap is too
wide. We also note that Boss recently acquired a 30% stake in the Alta Mesa ISR uranium
project in the US for US$60m – this implies a resource multiple of US$10/lb compared to
the similar Peninsula at US$2.3/lb.