As you wish @tutes. I disagree. Key points.1) Tumas CAPEX is...

As you wish @tutes. I disagree. Key points.

1) Tumas CAPEX is about $400M for 3.6 Mlb/a uranium and 1.2 Mlb/a vanadium. Where do you get $700M to $1B? CAPEX intensity circa $100 per lb. PEN materially higher than this.

2) You have a very short memory. Have you included total CAPEX spend of PEN, including failed alkaline project?

3) Track record. No contest. PEN's track record is woeful. Investors want experience.

4) Why do you think DYL's MC is higher than PEN's?

5) Do you think PEN will be at 3.6M lb/a before DYL, with a new flow sheet? I don't. Lot of technical risk here.

In my view, investors will make bucket loads more money on DYL than they will with PEN. My opinion only.

Good luck.