who will lend $70m?, page-63

Just had a quick look at EMA and I don't think you can really compare the capital raise for EMA to what will be required for PEN as the funds for EMA is for ongoing development, finding resources etc. whereas PEN is not raising capital first to continue development & drill out resources.

PEN will first need to find a long term contract (with an investment) plus 3 or 4 other long term contracts to other utilities, then long term financing from the various options that are available.

Once these issues have been sorted (hmmm I wonder if it will have an impact on the share price), the last piece of the puzzle will be the capital raise.

It is NOT the pivot point for going forward, like it is for all the other developers ... and as it used to be for PEN.

PEN is transitioning from advanced explorer to producer. Remember the capital raise is the last piece to go in. I think you've got your thinking & timing back to front.