Ann: Mine Unit 3 Monitor Wells Installed, Next Steps for Lance, page-4

How can you call a delay in production noise? Production is the only reason for PEN's existence. With what is to come, that is, confirmation of the production delay and the additional capital required, I don't see a reason for the SP to increase back to 18c. I reckon the SP will be range bound between 9 and 13 cents with the odd deviation outside the range.

Another thing to consider. Resin stripping and precipitation, dewatering and drying of YC is new to PEN. People should factor this into their technical risk assessment.