Ann: Quarterly Cashflow Report, page-18

Nordic61, I understand the contract prices exceed the spot price by a substantial margin. If so, it makes PEN even sicker than the comparison with the spot price. Obviously some mines have lower mining costs than others. I think PEN would make handsome profits if it was selling today. I just can’t accept that a properly run company with huge deposits, a sky rocketing ore price and expected to produce within 12 months can have a languishing share price. PEN is sick and the institutions seem to ignore it and I don’t know why.