Generally I have to agree with you compaust. However I have in the past made comparisons to the start up of both companies at their respective first locations.
The Capex required to get Langer up and running was significantly more than will be required at Lance. Also Lance is a far bigger 'initial' target than that of langer when they commenced.
A few (very simplistic I know) calcs if we times PDN shares by 4 and assume PEN gets Lance (2012) and Karoo (2014) on track by 2014. divide the current sp of PDN by 4 and what do we have?
A little over $1.00 for PEN for a potential resource of >230M/lbs U3O8.
Very generalistic, by I like the maths :)
PEN Price at posting:
4.5¢ Sentiment: LT Buy Disclosure: Held
