Ann: Lance Continues on Track for 2024 Production Restart, page-30

Hi Drswing.
I suffered big time when PEN tried leaching the material from Lance before.

Basically they went for an alkaline leach (high pH) which is reasonably unusual but they thought they didn't want to go through hassle associated with the environmental approvals with an acid leach. I don't think they did enough (effective) test work. The material didn't leach fast enough. They gave me some BS about screens blinding leach. I'm angry with myself but hope to have learned.

This time they are going for an acid leach and have got approval. It's the more usual method and used both in Kazakhstan and US (in Utah I think). they have done the testwork and the stuff does leach much faster in Acid (lower pH) I think they're shooting for 2.9.

Given my extreme: hurt; pain & anger. It has taken me a lot to invest again in PEN but I have. At the end of the day, a successful mine depends on two things :
1 successful process.
2 a good price and thence profit margin.

(because that provides room for error if you don't get as good a recovery as expected).

I think at current prices, PEN reflects a good bet based on price. I intend to watch certain parameters like early leaching rate. If I don't like it I will cut and run. I have to be honest part of the reason I'm risking PEN again is we have been successful at BOE. (Also, I suspect my ego doesn't accept failure well.)

Hope that explains my position. BTW my initial background was in metallurgy, it's gravitated more toward mineral economics (underpinning investment).

Glad you asked the question. people need to know the risks involved.

All IMVHO.