sp hard to fathom

I realise the price of Uranium is very low at the moment which has affected a lot of stocks. However it is hard to justify such a low sp for PEN imho due to a number of factors.
1/ The SML is going to be issued in March 2014 which is the last requirement before we are able to commence production.
2/ We have off-take agreements in place with a u3o8 price well above the spot price.
3/ We have funding in place to allow for the cost of building the required infrastructure, some of which has already started.
4/ We have already proved up a large amount of u3o8 which will supply production for many years and there is also a large amount of reserves still to be proven.
5/ Whilst uranium is not the flavour of the month at the moment, its time will surely come. A world wide shortage is looming and the spot price must rise imho.
6/ The other positive is that once we get the sml it is highly likely that one of the big producers, e.g Cameco, will try and take us over hopefully at a significant increase to the current sp.
I have been in this stock for a few years at a significant loss, however I can still see a light at the end of the tunnel and I expect to recoup my money plus interest next year when we are producing.
Good luck to all holders.