Ann: Peninsula looks to divest its interest in the Karoo Projects, page-12

Not that it matters, but I disagree. I think optionality is important however I concede that it's irrelevant in this market. But it's blue sky upside in a booming market, my logic being that friction costs are already paid (PFS shares/dilution) and as I saw it, our cash position is not one of stress. So I WOULD have kept it for optionality purposes. But, an open mind is a fairer approach, as if a better resource can be found for sane (optionality) purpose, who am I to disagree?

But, this is a vague attempt only to sell. Seems to me also a good way to hold off on getting a PFS out which would otherwise be due. Do we realistic think any suitors will take it off our hands in this market? I don't.

Heads down, bums up, watch CLA/AUZ and and wait for Uranium to recover. It will happen. Buckleys knows when, but it has to soon enough or US reactors get turned down in 20/21 amongst what I see as an energy consuming time in the USA.

This to me right now, in this format - isn't news. Intention to sell something no one will buy at worst time in market. The linear progression of logic to that is to go and pay top dollar for a resource at the top of the market. I wouldn't do it, so my gut tells me they won't either, but I'd like at least to think theyd have another (better?) option up there sleeve before ink dried on any said contract.

I don't see holding costs as an obstacle while we are in our cash generating position.

But if I had to impart any logic, and that's still to shut your eyes to the SP and look at the underlying business of PEN. Ripe for U price improvement upside. Nothing has changed here, although (to me) if we sold Karoo I see downside bias from my perspective. It doesn't make me right, it's just my opinion. Similarly, show me a better resource to slip in its place and I'll change my mind. Sensible executive management shouldn't sell Karoo (which is a elephant with a plausible path to mining in 10 years) without an option to insert in its place. I'd have to expect this logic should be consistent at a management level. I don't see a buyer at this point, it doesn't seem plausible.

Cheers and good luck and wishes all.

Gav