Ann: Quarterly Cashflow Report, page-73

Your missing the point they are cash flow positive.

From the quarterley

Peninsula currently has up to 7,700,000lbs of U3O8 remaining under contract for delivery to major utilities located in the United States and Europe. Projected revenue remaining under these existing long term contracts is up to US$420 million. These contracts provide a substantial earnings stream to the Company whilst allowing it to retain significant quantities of planned U3O8 production for contracting during future periods. The weighted average delivery price under the existing term contracts over the next 10 years is US$55/lb U3O8.

Here's the link, reread it.

http://www.pel.net.au/images/peninsul---vuushahphe.pdf

If spot stays where is it it make good business sense to not to use your own resource but to buy on spot & full fill contract.

I still don't know what ALL producers dont buy spot as there "seems" to be a never ending supply & full fill their own supply contract - buy at $22 & sell higher until the spot is above your all in costs.

PDN had no contract & have only one option extract as cheaply as they can & sell on spot (currently going though above ground stockpile) to keep costs down. How much longer can they keep their costs of production down - well until stock pile is depleted, then back to