Price target, page-4

What, apart from the plant operating at 40% uranium recovery? I'm assuming this is 40% of what's in the ground rather than 40% of nameplate recovery, which would be worse (perhaps arsenic could confirm). Can't recall nameplate recovery but 80% would be in the ball park - anyone know? Assuming 40% of in-situ resource, the 54 Mlb resource is now a rather paltry 22 Mlb reserve. Forgive me, but I reckon that's a rather significant 'change' from 12 months ago.

And no, the plant isn't being operated deliberately at low recovery to 'save the resource for the good times' - that's all mother nature and the flowsheet chemistry and engineering design allow at this time. Good luck to the PEN technical team - they have their work cut out to get the plant operating efficiently.

At 40% recovery, I would be running for the hills - but don't run for the hills near site, there may be inclement weather up there.

My opinion.
Not advice.
No intent to mislead.