Just a few points/notes I thought was somewhat interesting."The...

Just a few points/notes I thought was somewhat interesting.

"The sales subject to a base-escalated price structure have a projected sales price average of US$60 per pound. The remaining sales are structured with market-based prices which could range between a floor of US$45 and a ceiling of US$80 per pound U3O8"

I guess one of the potential downsides of PEN and getting in early in signing contracts (or having pre-existing contracts for that matter) is that they're less likely to get the benefits of the bigger upside potential movements in uranium price. So found this tid bit interesting in the seeing the actual dollar figures on the sales price range on existing contracts. Although I'm pretty sure it would require for the spot price to be higher than that to hit that ceiling, still good to know there's a decent bit of upside that can be captured in existing contracts if/when uranium prices go up.

"The Company acquired 200,000 pounds of U3O8 from the market at the end of December 2022 in anticipation of 1Q CY2023 sales of 500,000 pounds. Sales are scheduled with the US DOE (300,000 pounds) and with existing customers (200,000 pounds)...The Company is forecasting a uranium inventory balance of 210,000 pounds of U3O8 at converter accounts as of 31 March 2023 after 1Q CY2023 sales of 500,000 pounds and purchases of 200,000 pounds."

I wonder where from "the market" they sourced those pounds from. Can't remember but I vaguely recall that they may have fulfilled some of their contract obligations from buying via. spot market in the past, but it sounds like they may have also occasionally dipped into the spot market and draining some loose pounds alongside SPUT (this comment isn't so much PEN specific but more general around the spot market). Can see them potentially dipping into more to keep fulfilling existing contracts as they continue their restart and ramp up production which means more upward pressure for spot to come? Don't know, we'll see.