Ann: MEY: U-pgradeTM testwork on Langer Heinrich Ore, page-39

..."because PDN got lots of uranium stockpile."

That's key to this in a nutshell. I'm not a holder of PDN stock, but am a long-term MEY shareholder. According to the 2016 annual report, PDN had stockpiles of 29.2 million pounds of rock at 0.039%.

Marenica's process originated from extensive work done on surficial calcrete deposits. It has been proven to work successfully on the ore of Deep Yellow, Toro and others. In fact, the headgrade of PDN stockpiles are marginally higher than the ore of DYL , so there is a fair degree of confidence that Marenica's process can work on these too. From before, MEY's process can reduce CAPEX by 30-50% and OPEX by 50-70% versus conventional methods employed in the industry, by producing a concentrate with a headgrade almost 50x higher than the original orebody prior to leaching.

From the same annual report, Paladin's C1 costs are around $25/lb, but these include mining costs. It is clear, therefore, that (a) the cost of production for stockpiles can be even lower (b) especially if the MEY testwork is as fruitful as it was for the calcrete deposits of DYL and can deliver additional cost savings over and above the exclusion of mining costs. All of a sudden, sitting on close to 30million pounds of potentially profitable and near-to-production supply offers a glimpse of a different valuation for Langer Heinrich. And, of course, there is no reason why the process only needs to be applied to stockpiles going forward.

Good luck to all PDN shareholders.

G