It's worth it's NPV once it's in production. That's in 2-3...

It's worth it's NPV once it's in production. That's in 2-3 years. The discount accounts for the general market risk of remaining in for that long, opportunity cost of having the money locked away for so long, project risks etc... there's a lot of different things that could go wrong between then and now not all related specifically to PEN...

I would probably be wanting a minimum of 100% ROI per annum for a play like this (as I percieve the risk to be reasonably low for the sector though probably medium across the whole market). Doing the numbers backwards from production that would put me at maximum buy price of about 5-6c right now...

Obviously there's also blue sky potential to account for here as well so I may be being a bit conservative but in these volatile times so is everyone else which probably accounts for where the SP is at right now...