Ann: Company Presentation - Low pH Feasibility Study, page-7

1) You'd have to pay me a lot of money to grace the socialist republic of Melbourne with my presence. Is it safe yet?

2) You don't have to introduce yourself j6. You'll be the one stuffing the free party pies into your jacket pockets. Right?

Maybe Wayne will be serving humble pie? He should serve something nice. Afterall, PEN'll be asking you lot to put your hands into your pockets again to fund the next failure attempt at getting some uranium out of the ground. Close on half a billion to get to 3M lb/annum. Wow, that is an expensive processing facility. Add to that what's already been spent on the failed alkaline project.

Has anyone taken the time to compare the financial metrics of the "revised production plan" announced late in late 2015 with the 'new and improved' one? A quick snap shot below.



All financial metrics are (significantly) worse for the acid scenario but note the significant difference in AISC between Stage 1 alkaline and acid processing (nearly 33% higher) - the cost delta becomes marginal for Stages 2 and 3, but alkaline is still less than acid. And this, despite a near doubling of U3O8 production, which always helps fixed unit costs. What happened to acid ISR, and PEN's version of it, being in the lowest part of the cost curve - as marketed so excitedly by PEN management? Doesn't seem that way to me.

No doubt, I'm not interpreting the information correctly so happy to be corrected.