I had a read through their quarterly. As far as I'm concerned...

I had a read through their quarterly. As far as I'm concerned they have been concealing some (+/-very) poor leach metrics. If it's due to filling the resin beads in the bigger column and then stopping I don't know. I think the main parties being approached for financing have asked the question and now do.

On the other hand, I'm getting the benefit of the U upturn in both BMN and BOE. In terms of PEN raising capital, it will be hard for the counterparties to reconcile those two effects.

I'm getting close to relegating PEN to the bottom drawer. The cap. raising, at whatever price, is fairly likely to solve the cashflow shortfall. (The funders wouldn't contribute otherwise.) I have a little more powder to add to PEN if the price and funds, look destined to solve the problem. The bulk of the funds earmarked went into BMN when I was waiting and I'm now glad it did. Let's see the presso when the raising is complete. The price will likely tell all.

All IMVHO