Really long in depth interview with Michael Alkin on his extensive analysis on the U bull market, page-35

Your investment decision-making process is ignorant and naive ura. I predict a massive blood nose - sorry to say.

Here's a scenario to plug into your risk calculator. They spend $5M (pfft) to "transition" from alkaline to acid and the ore zones choke up due to chemical precipitation, which is a distinct possibility (and has been mitigated by analysis of what is it, 14 samples?). There's a good chance the ore zone is now sterilised. On top of that Stage 1, 2 and 3 are now dead in the water 12 months later than could reasonably have been demonstrated - except PEN has towed their investors down a blind alley again. Brilliant outcome ura.

What about if recovery extent and rate are way worse than their "huge" database of lab tests suggests. What then? Which fork in the road do investors take then? If the low pH processing goes pear shaped, I "look forward" to the whinging from investors and the explanations from management as to why it was too hard to do the trial when the opportunity presented itself.

As I said to you in a previous post, "feelings" don't come into investing decisions with companies who've already struck out. History, knowledge and facts do. Good luck though. Sincerely.  

P.S. A field leach trial should be a relatively easy project to complete since most of the equipment is there - there'd certainly be some change from $1M. The trial would cause a 6 to 9 month delay, but a delay that is well worth it in my opinion. Worth it for the long term PEN investor that is.