Ann: Update on Central Processing Plant Commissioning, page-314

going back on previous years' announcement every year there is one or two capital raisings. The DFS was different (negatively) from the PFS and current production scenario is also negatively different than the DFS. Costs increase and production decreases.

To fix it all they appoint George Bauk on $700k per annum. Makes little sense. Should've made Frederic Guerin the MD.

They need to get their house in order.

Uranium boom is coming but when who knows. Prices could be weak for another 1-2 years. PEN needs to survive until a boom comes but with offtake commitments they can't just bunker down