"Utility buyers have been busy extending and modifying existing...

"Utility buyers have been busy extending and modifying existing contracts to satisfy near term demand at advantageous terms in return for granting suppliers higher prices in the longer term. And with Japanese re-start imminent."

Wouldn't call Terry's forecast of PEN at 40c baseless, as his rationale is reasonable.

Perhaps Japanese restarts could be better phrased, as while they plan to rely on nuclear to achieve their emission targets, restarts are hardly imminent... https://english.kyodonews.net/news/2021/07/c9d4d95b4cfa-japan-mulls-extending-maximum-reactor-lifespan-beyond-60-years.html

Nevertheless, I think his 40c is conservative based on:

1. Growing awareness nuclear is required to combat emissions
2. Limitations of renewable energy platforms as evidenced recently in Germany, China without reliable base load power in place
3. Illinois recently deciding to subsidies nuclear power to ensure they have enough base load - precedent and ripple effect will be interesting.. https://www.reuters.com/world/us/illinois-senate-close-providing-lifeline-3-nuclear-power-plants-2021-09-13/
4. White House recognition of the role of nuclear energy going forward https://www.voanews.com/a/usa_white-house-cautiously-embraces-nuclear-power-meet-green-goals/6206602.html
5. US utilities need to contract for long term uranium supplies after years of enjoying low spot prices https://www.cameco.com/invest/markets/supply-demand
6. Kazakhstan becoming more price conscious as the world's largest supplier of uranium. They've done a recent deal with China and can expect whatever surplus U they have won't be sold cheaply https://thediplomat.com/2021/06/with-kazatomprom-deal-china-secures-nuclear-fuel-supply-and-enhances-ties-with-kazakhstan/
7. Japanese restarts, in time on top of the new reactors being built around the world.

For these reasons, believe Sprott is on the money with his uranium stockpiling and forecast U spot to reach $60 within 6 months, which in itself would probably see PEN hit 40c.. https://www.ft.com/content/381fc11b-5cc1-499e-b580-d046aa91d04c

Then there's the low pH development