Had time to go through this today and some parts stood out.
Though the below states for the next 5 years, overall ~1/3 of the delivery commitments are optional.
PEN has been losing money at Lance as can be seen by the gross profit, this was the same in 2017 as well.
The below was part of the auditors section which points out that PEN is looking at up to US$25m by the end of 2021 to achieve stage 1 and extra mine units. We have been told that stage 1 will cost ~US$5m with AISC being ~US$40lb. Food for thought I guess.
Ann: Annual Report to shareholders, page-2
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