Ann: Presentation - DFS Completed for Lance, page-28

Agreed.

NPV of approx. $176m AUD ($125m USD) based on $63/lb USD vs $171m AUD implied enterprise value ($204m M-Cap subtract $11m AUD cash and $22m AUD of U3O8 Inventory).

If you take the project NPV at the current spot price, the NPV gets down to approx $50m AUD which would imply PEN is drastically overvalued at current spot prices. There is only value if you have a bullish view on uranium spot prices.

I struggle to find the logic in holding a company with all the production and AISC risks, when you could just own Sprott if you are bullish on uranium prices.

Unless I am missing something, happy to be corrected.