Hi blue_horse_shoe_999, not sure why you stated circa $300m on...

Hi blue_horse_shoe_999, not sure why you stated circa $300m on listing.

I estimated $1-$1.50 on listing and rise thereafter. On listing that makes a easily realisable $177.19m to $265.79m mkt cap of which fits within your fair value calcs.

I have understated and misread negative sentiment in the past, but my record on positive sentiment (I take you back to 2009, two years prior to the rise in Feb 2011) is intact. back then PEN was touted as a "dog with fleas" and "dead in the water", I stuck to what I KNEW to be the case with PEN and still do.

I firmly believe the U market and U stocks have been way over sold on negative sentiment, driven down with the manipulating aid of shorting funds/brokers who have, until now had a field day. I believe positive sentiment has started to come back in and fundamental PEN and macro drivers will do the rest.

Will it get to $3 IMO yes it will, but only once it is listed in the US and with all the drivers I previously mentioned. I am involved with project studies for a living and have been for a very long time. I can tell you if the U price rises to a level where Karoo estimates are in the black and looks like continuing you will see the Karoo project expedited. That alone will drive the sp well above $3.00 IMO. With Lance development continuing that alone could take the sp to $3.00, again IMO.

Time will tell if I was incorrect or otherwise, but I have my money firmly committed here until proven otherwise. I now foresee a very bright future for PEN, they are now perfectly placed to take advantage of positive industry sentiment.