For the next 2 years, I'm not sure spot (or anything for that...

For the next 2 years, I'm not sure spot (or anything for that matter) will trigger a significant SP rise for PEN.

Consider the following:

1. Until low pH processing starts to deliver (if it delivers), production will be flat or decreasing (25,000 lb per quarter if my memory serves).
2. Unit costs of production will be flat.
3. Fixed sales price means revenue will be flat or decreasing.
4. CAPEX required for low pH early works.
5. Convertible notes in April 2020.

All the above means SP will remain flat (best case scenario). But I reckon investment dollars will move from PEN to others that provide more attractive (fictitious?) financials - PDN, DYL, VMY, BOE for example. Any potential SP appreciation will be contingent on the success of low pH processing, and this question is still 24 months away from being answered. I wouldn't be buying PEN.