U price up to 33 month high, page-33

Because PEN has no material exposure to spot that they can take advantage of whether through purchases or through sales into existing contracts. The only thing rising spot does for PEN is:

1) Escalates the component of the long term sales contact that is tied to spot. 

2) Improves the fundamentals of the uranium sector.

Neither of the above will have any significant affect on PEN's short to medium term prospects. Of course, long term it may be advantageous for the signing of additional LTCs but that is contingent on PEN being able to produce at a rate that exceeds their current commitments. That is the crux of the matter. The jury is definitely stillout on that question. That is the reason PEN will not benefit from a rising spot for at least 2 to 3 years. In my opinion.