U at $36.50, page-15

Hi Liam, Great question and I pondered it myself. I think there isn't necessarily always an immediate reflection this this NOR (as most would have noted) did many or any U's except TOE get an uptick in recent spot price increase.

U producers are a long term play but I think for most of us here gave us some light to note that there is more upside ahead than downside. That, and the fact of the recent general equities slide also could have had a minor impact...but that's just conjecture on my part.

I am pretty cynical about the signals that investors read to see U improvement. To reduce sentiment to what I see as its lowest common denominator (in other words, peoples biggest fears), all signs seem to be pointing towards the Fuku restarts as the catalyst for further growth.

These are the people that will still profit from U, but I feel still dud themselves out of significant growth until then as they all try and pile in at the same time. (And we have a front row seat to watch them pile in!)

While I wouldn't be thinking this way (as I think its inevitable), a beaten down sector like Nuclear has a long way to go back to convince many of its investmentworthiness.

Hang in there all, I think most sellers across beaten up U's are exhausted and a saucer like recovery is much more expected than a V shaped recovery. But it is still a recovery! I think the signal we are looking for is higher highs and higher low's and I am also sure that PEN will be a great proxy for demonstrating that.

We are still the next mooted U producer to come online...noting that it is my hope that we preserve as many pounds in the ground as we can until we hit more profitable agreement into (what seems) 2016. These will be my measures for PEN HQ success at present that will determine my outlook and the prospects for PEN. As I see it, this should be highly regarded by the market, rather than throwing away good U for nicks.

Cheers