capex and opex_benefits of isr and lance, page-40

Good morning EE, no you miss nothing but if I may correct you on one aspect.

Realising ISR is a low cost reliable method of production the old Aussie market will look at the bottom line and think WOW! Why didn't I get some of that?

You said...
"and it will re-value PEN (hopefully along the lines of 3m pounds per annum at $US20 per pound profit (based on $25 life of mine opex...."

Something people never got with BMN and don't with PEN is that the spot uranium price has little to nothing to do with uranium miners.

The spot price is currently aroung US$45/lb, the long term contract price is around US$61/lb. Only about 5% of uranium is bought/sold by miners and end users.

So back to the correction for you. At current prices if PEN was producing today (based on the figures PEN has provided) they would be making US$33/lb Net profit, not $20.

Do you figures now ;)