It's a hard question to answer as it's a very different company...

It's a hard question to answer as it's a very different company today and this cycle might be different.

Perhaps the negatives are we lost 25% of LHM to CNNC & the Kayelekera mine in Malawi. Personally, I wasn't a fan of Kayelekera as it was plagued with power and community issues, but PDN still has a small interest in LOT anyway.

Plus side, we don't have $1 billion in debt sitting on the balance sheet and the company could be potentially cash flow positive in the early stages of a uranium bull market, not the later part like many who want to try and get to production. That cashflow can be used for other purposes like M&A and other accretive global growth opportunities, like building out the reserves of LHM or expansions etc.

The other plus side is the exchange rate. PDN hit a AUD $4.8 million market cap in the last cycle but the AUD to USD was basically parity. IMO uranium companies are USD benchmarked on a peer to peer comparison, so it's USD value today is $554 million.

So crush the numbers, I sure the fund managers and institutions will be.