Summit & PDN, page-383

When you say "worst financial shape" - You then post a graph showing share price - share price is not a direct metric of financial shape.

Production cost / unit of production is a metric of financial performance, it is the best PDN has ever done. Great progress has been made.

Sales Price per unit of production is a metric of financial performance. Management severely misjudged the safe level of exposure to spot prices - but on the flip side as the Uranium price recovers they are more exposed to the benefits. Analysts are almost unanimous on recovery in price going forward. The last 18 months have exposed the strategic flaw in the position taken.

Debt. While some progress was made prior to 2016 - weak prices meant that this metric of financial performance is unacceptable. AM left his run very late - possibly due to commodity price trend reversal timing.

I don't think they are in any worse shape than a year ago overall just that the clock is ticking down. Costs are in great shape, sales price of the commodity is improving. AM seems like a weak individual unable to negotiate material deals for PDN so far - prove me wrong AM.

Unknowns
EDF valuation of assets and possible consequences - although asset value is improving along with commodity prices.
CNNC (Chinese Govt) hostile or friendly intentions and possible consequences