Constructive Discussion

Hi all, I'm a long time holder, infrequent poster. But I do read most posts on here, and most of them add little value. I'd love to hear some intelligent feedback on what I see are the high level possible scenarios

1. Retail entitlement just about gets over the line, standby facility covers the rest. U price doesn't do much. Construction and production goes to plan. An additional contract or two are signed. SP should creep above $0.04 by the end of the year.

2. As above but U price improves, a few contracts more. SP could reach $0.06 by year end.

3. Downside: no more contracts, delay in construction, U price either stagnant or backwards. SP could still be $0.02 at the end of the year.

4. M&A activity. This would only happen upon completion of stage 1 and with a few more contracts. Could get out at $0.06?

5. Medium term base case per 1. or 2. above, SP could reach $0.10 in 2-3 years

6. Extreme downside, retail entitlement take up is poor, U price goes backwards and construction blows out. Another short term capital raise or we all get smashed and taken out at less than $0.01.

I personally don't think a share consolidation will have any impact on the market cap.. Nor do I see any motivation in pursuing a consolidation at the moment.

I think there is more risk to the upside here. I've taken up (hopefully) 8x my entitlement. 12-18 months time I'm betting on it providing a 2.0x return, maybe 3.0x.

PEN, a bad investment if you've averaged in at 4c-5c but potential good upside if you averaged in at <3c.

Constructive thoughts please?