Logical reasoning, So you are saying that in effect a PE ratio...

Logical reasoning, So you are saying that in effect a PE ratio takes into account 'Future years' production revenue based on the latest year.

Which sort of makes sense until you look at the size of PE ratio's in this Sector typically 16:1 LYC being a notable exception ~ 300+:1
Clearly "Past earnings' are not all that is being considered, I suspect a large proportion of LYC's P:E comprises of 'Sentiment' ie Investors are putting a substantial premium on the belief that financials are going to soon improve dramatically.

If Pensana does in fact obtain a substantial grant, I can think of no better indication that the UK Government believes that our Business Plan is going to generate significant financial benefits. So unless we Shareholders are eternal pessimists, a boost in Sentiment should result in a boost to the share price.