pen surging , page-39

Vintage/ Dolphin,

Even if you incorporate an assumption of 'irrationality' like we experienced Pre-Fukushima, $700m does seem a bit high but I guess that's why its considered 'irrational'.

So yes, you are correct that anything can happen if the markets become 'irrational' but not many normally include an assumption of 'irrationality' in their financial models especially not in the current environment.

Also if you truly believe that uranium prices and hype do return to Pre-Fukushima levels, then realistically, there are other uranium companies that have a much larger resource that will then become feasible and as a result will have higher upside potential than PEN.

Hope for your sakes, you eventually get there. All the best.