Ann: Additional tests confirm effectiveness of low pH chemistry, page-45

Do what your bias needs you to do bunny but mate, if you don't like the answer, don't ask me the questions. 

1) PEN's market cap is exactly where the market thinks it should be. It's not a case of insulting investors intelligence, it's about pointing out that the PEN bulls have been wrong or "overly optimistic" in the application of their intelligence for many years. The market has been right, 100% right. That is why the SP is where it is and why the market is not so impressed with their announcements on the ground breaking low pH scenario. 

2) Testing of numerous zones during the FLT is not "overcooking". It's necessary risk mitigation, something they did not do the previous time around. PEN's previous 'diligence' led them to get the Lance geology totally wrong, the "explanation" put forward by PEN for the put performance of the alkaline circuit. 

3) I've never been short PEN but in hindsight I should've been.