Cost of Phase 2, page-27

Comments will probably be regarded as irrelevant but:

• the way the US is behaving PEN is probably a strategic asset.
• the U price in USD is a function of this.
• The person who has the most influence is Scott Bessent
• He has a general hand on the levers and is focused on the 10 year treasury rate.

for me PEN, & U in general, is a part of a bigger portfolio attempting to deal with the above. I'm up on Au down on U but the effects are likely to move in opposite directions. PEN is just hyper responsive to he effects.

I am happy with what BOE came out with today. They are a little ahead do of PEN in this cycle.

Summary- if PEN starts to respond aligned to the above, I'll dive in given suitable progress on the processing being commissioned, since I think the fall is overdone. I'm watching as closely as they will provide information.

All IMVHO.