Ann: Commencement of Low pH Field Demonstration, page-3

From the announcement dated December 28.

"The low pH ISR field demonstration has commenced within a selected set of wellfield patterns located in Mine Unit 1 of the Ross Permit Area at the Lance Projects. The first 1 to 2 months of the demonstration will be dedicated to bringing the pH level within the pattern area down to approximately 2.0 standard units, being the pH level proven in laboratory testing to deliver greatly enhanced uranium recoveries. Following a period of low pH uranium recovery testing activities, the site operating team will then focus on transitioning to the groundwater restoration phase."

As previously announced by PEN, a key component of the FLT is the initial pH lowering of the selected ore zones, which, if successful, would also confirm (partially) hydraulic flow of lixiviant through the ore zone. The FLT is now into month 3, so the silence is deafening. Why no progress announcements on the pH lowering phase? No news is bad news. Especially now.

The recent rally had no fundamental basis in my view and hence a significant pull back is appearing in my crystal ball.