can we review the potential pe ratio?, page-25

PEN is very much a growth story, not a cashflow story at this point in its life. As such, the market will place a value that appropriately reflect the short to medium term growth prospects, with much less emphasis on revenue generation.

If the market believes at any given point in time that PEN has a lot more JORC increases to come then it will forward-value that resource. Add to that any euphoria that comes on the back of very high U prices, or any M&A activity within the industry and the market cap will have nothing to do with how much U PEN is mining or selling.

In short, I wouldn't try to raionalise PEN's value using PE, revenue or profit. Right now it's all about how big the "cake" will get!