Fair point HS, I didn't follow the discussion thread back to the...

Fair point HS, I didn't follow the discussion thread back to the beginning. In the context that PEN is not yet producing and only has forward contracts at fixed price, then I would say the only "implied leverage" (if any) to the spot price would actually be based on the forecast or futures price for U, and the profit margin PEN would have on that, for any un-contracted future output. Low, but not zero, degree of implied leverage imo.

Good luck all with PEN. I've watched off and on from the sidelines for several years now (and traded in and out a few times, including earlier this week), and I think PEN is on the verge of becoming a successful producer and reward those who have been very very patient (and passionate) about its prospects.

Cheers, Sharks.