Not likely j6. The FS has not created the interest that many of...

Not likely j6. The FS has not created the interest that many of the bulls hoped for. PEN have no more seeds for good news at least until mid next year. For the record, I expect the low pH application to get approved but it will come with delays - anyone's guess as to how long but it could be as long as necessary for PEN to complete a field leach trial, which they could be ordered to carry out by the regulatory authorities. So, for the next 2-3 quarters, expect horrible production data and equally horrible unit costs of production. The SP will react accordingly.

A rising spot price hurts PEN since they are so reliant on on-market purchases to fulfill contracted deliveries. If this forced-hedge fails and PEN is required to purchase U at prices greater than the contracted sales price, for an extended period, they could be in a mountain of trouble. You should be hoping for a declining U price to limit the extent of the losses until the miraculous turnaround of low pH processing materialises.

When I get some time, I'll post a few comments on the FS. It's not good, and the market agrees. For my money, the risk/reward ratio for PEN is sky-high and not worth any of my investment dollars.