chart, page-34

Alpha1 - PDN is a producer - in fact it is the only new producer on the planet in a decade.

Of course there have been some teething problems with the new mine - there always are. But - and a lot of people forget this - PDN set aside $200 million specifically for purchasing uranium on the spot market, either for topping up on orders to be fulfilled, as they did, or else to store some as a hedge on the market.

This was announced well over a year ago.

The teething trouble with the LH mine are now all sorted, and PDN will in fact be probably the ONLY producer to meet its targets in 2008.

FMG, on the other hand, have not produced an ounce of anything. The share price has gone up on pure hype and expectation.

Trying to compare PDN and FMG is truly comparing apples and oranges.

PDN is an outstanding investment for the longer term - it is NOT a trading stock. That's a good way to get burned. but just holding these for the next 2 - 3 years will pay handsomely.

Don't forget that not only are they producing NOW, they also have the Kayalekera mine in Malawi scheduled to go into production in Sept 2008, plus they have 82% of the enormous Summit/Valhalla/Skal deposits in Queensland - and moves are already afoot to get the mining bans lifted in Queensland.

Then they have their investments in DYL, EME, etc etc...

So, your assertion that the contract shortfall cost the shareholders money is a load of cobblers. It didn't cost us anything - the money was already set aside for that, and it didn't come out of shareholders' pockets.