The total dilution of the share registry including insto...

The total dilution of the share registry including insto investors was around 11% this will be a totally wrong way to do the math but just for a lark lest treat that 11% like it was a separate investment that grew at 50% (to the extent that it did not that additional expenditure was money PEN had for operating costs that would have been drawn down from the company anyway so this is a maximum dilution model)

So to separate out the performance of the 2 investments you would have G1*R1 + G2*R2 = Growth. G1 being the unknown growth rate of PEN without the sub investment, R1 being the ratio of its contribution G2 the ratio of the capital raising and R2 being the known 50% growth. Substituting in you get G1*0.89+1.5*.11 = 2 or G1 = ~2.0618 so instead of 29c we could be sitting on ~0.30927 (multiplying the original 15c by 2.0618) or a 6.6% higher share price.

I think this is the best case argument for why the dilution was bad. However in the scenario where PEN has not made the purchase of uranium it does not have uranium in its inventory in order to fill future contracts so it would have to be buying U at the new 50% higher price which would offset some of the savings on dilution past dilution especially considering they would have to raise 50% more money to buy the same amount of U which is what people would be thinking when contributing new funds into the company which could lead to a harder or more expensive time raising that capital. I know I'm less into buying U at $40 than I was at $20. But then again people seem to love buying high.

I think you also have to factor in the effect of sentiment on the price of PEN also. I think PEN getting its stock in order at a low price was a smart move. It has re-rated my opinion of the company somewhat in my mind and I cant help but think it has for others also. Maybe if PEN had not made that smart move its share price would not have climbed as high. we will never know.