Very good BRR, page-13

Brilliant HS. All understood points and undoubtedly some of you have been put through wringer through tough u times.

But...for those of you/us already in, all this summary serves is as a "we'll wait and see". So...for those not in and considering it...it must be a tough call. Point I make is if they wait till you/we get what we are after - they miss the boat.

Catch 22 I guess. That's why it's worthwhile to run a ruler over pens status as a producer and seen hedged against a (seeming) rising u market...it still seems a bargain.

I can't remember who said above "I fear pala, etc"...point being that if you forgive the highs of the last run (3.6-3.8) and pick a spot below that (say JP Morgan placement) then pen hasn't performed any worse that most u explorers and against some others it's held quite well. Not that this some addresses pala, but it puts it in this light.

In regards to pala specifically, of course you can wait and see what I think I am looking at (pala preserving and strengthening their position)...but your problem there is that everyone else is waiting for the same confirmation and once it's confirmed (and assuming no brakes on pala)...we're already in the 4's...

There is no denying some traders are going to profit take at the top of the next run. So my only question then is by definition, "why wait for the run?". What's the higher risk play?

Of course I have always posed a valid question that if there is a better u prospect, please name it...I am all ears, but for mine PEN still looks the goods.

Trust I have revisited my thesis on pen the past 6 months or so, and some sober postings from vintage et al deserved consideration - but working backwards from big picture (energy, nuclear, etc) down to the nuts and bolts of the micro...pen is still heads and shoulders as an asset. (note: by admission I didn't see toro coming at all...my bad, but still think toe is overbought).

I am a buyer.

Good wishes to all.

Cheers