Ann: Half Yearly Report and Accounts, page-51

If PEN can get the low PH method to work its all blue sky IMO. My main concern is fulfilling the existing offtake agreements that require PEN to supply its own product rather than from spot. If production is on hold pending testing where is this going to come from? The Lance project needs to come up with approx 3-4m pounds over the next 3 years. Hopefully the utilities will agree to PEN either not providing or sourcing from elsewhere.

What's the worst case scenario? A utility terminating the contract for a fundamental breach but with no damages arising if they can source U easily at a cheaper price. Duty to mitigate loss etc..

The big risk for me is if the spot price spikes to more than PEN's contract price before production at Lance recommences. PEN would then be in a world of hurt as it will cost more to supply than they get paid under the contract.

Am I reading this wrong?