What will PEN be worth??, page-106

All in cost for all quarters since start-up, as per quarterly cash-flow statements are as per the table below.


All in cost broadly defined as Mining + Processing + Site General & Admin + Transport + Refining + Royalties + Levies + Sustaining Capital + Corporate. Development capital expenditure, i.e. Karoo excluded. The figures only consider production from Lance. On this basis, PEN is bleeding cash. Buying on spot and to selling into contract helps but no doubt this is limited. It would be great if management would be transparent enough to tell shareholders what quantity is available for buy low/sell high.