Really long in depth interview with Michael Alkin on his extensive analysis on the U bull market, page-7

Also I forgot to add Mr technical (You30ate) you are wrong again. Spot price does & will have an impact on the share price of PEN as it increases their future NPV for the ramp up of the project for the expansion scenario.

You keep harping on that you want to see acid leach successful, but you fail to grasp the basic concept of valuing mining companies pre-production. If we wait until we see a full successful ramp up of acid leach phase 1, it will be too late. The market it forwarded looking unlike many others……

The market will apply a probability of success for the acid leach. For arguments sake, say its 50% (even though I think it is a lot higher) then a rising spot/term price will significantly affect the NPV for which you can then still apply this 50% probability of success.

I suspect if everyone waited to invest in a mining company until first full ramp up of production, you would have missed out on the majority of the gains.