Remember Target ... $12.36, page-58

you3... The leadership is well proven in companies he worked in before he joined Pen ..and I believe the acid process has been proven and was working in other uranium mining operations in which he was involved .

However I agree nothing is written in stone "until it happens ..it hasn't happened".

It may be some time before the Fat Lady Sings
That of course is the reason the shares are trading at less than book value!!!

Time will tell...However as I said the new leadership has had plenty experience dealing with the process now being put into action by Pen and as I previously said said I believe the new management will have applied intensive due diligence before joining Pen and obviously believes there is very high probability of success or he wouldn't have joined.

His reputation is at stake...Now if we are to judge him as smart then judging his actions as positive is the only insight we have into success or failure of Pens Activities.
I believe with the success and experience he has there may be a few tweaks to be done but I believe that he has the experience and training to successfully deal with any problems that may occur...,However I do understand your very conservative approach.

However since most mining is based on continual assessment before delivery I find your approach might result in you having very few if any mining investments
in your portfolio and few if any small companies ..Even those with very strong potential growth...I believe in your analysis you may come up against just too many unknowns for you to have any confidence in smaller companies...would I be correct??

Yes I appreciate your point of view and you prefer the much smaller risk profile of the bigger and more established companies..I'm afraid that it will be some time before Pen meats your criteria.

Unfortunately by the time most companies move to that low risk profile most of the strong potential Growth has eventuated and the price lift has moved on as has that dynamic period of growth.Its that early period with the high risk that offers the greatest percentage moves in price

As you know it's always a trade of between the rate of Price movement and the Risk profile and of course the greater the rate of growth in profits the lower the risk becomes and the stronger the price movement..,it's always a trade off and at least 75% is a calculated risk or ...informed guess work might be more appropriate!!!?
All the Best to All