As a discussion current valuation of PEN is on but not limited...

As a discussion current valuation of PEN is on but not limited to: pounds in the ground, potential to get the pounds out/cost, cash in the bank, new uranium purchases etc. Now if a person was looking at 2 different options in a rising market such investing in a producer or an ETF such as Sprott which would be the better option. As I see it Sprott buy the product and only benefit from upside of the product, whereas the producer such as PEN have so many more inputs to magnify the gains, translating in increased market cap. Appreciate peoples thoughts.