chart observations 7.7, page-11

A DFS does not assume - it is definitive. I'm not 100% sure, but any inferred may not be legally included. Only indicative and upwards.

PEN have stated their grades have dropped post-PFS in comparison to their estimated resource model within the PFS.

The normal price for a DFS atm is U$60 - 68. Normally U$65.

PEN will be drilling for some time to come. I can only think they are moving to a very prelim DFS (1) to attract some form of equity support via a fund in the hope they can prove their resource model up in the years ahead.

For me PEN is a very good indicator of U sentiment/demand and I have marked it down as such. If you overlap the spot price with the PEN price, this will become self evident.

If/when the U price moves substantially upwards, PEN will move upwards in unison, otherwise, PEN is mostly now about lifting their inferred into the indicative category, bearing in mind, a substantial amout of holders are short term investors as the registry outlines. On top of this, the PENOA may be ex'd at 3c in 12 months. i.e an extra 406m will be added, not dissimilar to a 3c placement to raise $12m. May add pressure next year. PEN may well have over 3.3 billion shares diluted post-placement (?)

I believe the DFS may only again point out the metrics of the CAPEX & OPEX again but I feel the IRR (PFS) will decrease. Handy company but I feel the DFS will disappoint a few in the short term who are looking to sell into any strength. Just my thoughts and GL with the U price. I for one hope it goes back up.