Hi Kitty, It's a good question. Perhaps send to management, but...

Hi Kitty,

It's a good question.

Perhaps send to management, but I would think this has already been discussed at a higher level (.....if not why not?)

PEN sold 932klb for $19m deliverable 2018-2021. = $20.38lb with nominal time delay for delivery.

Without knowing the delivery time schedule (best we (market) has is deliverable out to 2030 for 6.6mlb.

Time would warrant a discount to purchase (I'm just stabbing at numbers here) say 25%, (feel free to inset your own discount)

If using the $20.38 & apply 25% discount, makes $15.28lb deliverable to 2030.

6.6mlbs at $15.38 = approx $ 101m. Sounds great for PEN, bring forward cashflow (albeit at a discounted rate) & have cash in the kitty to develop resource when U price rebounds

This would be taken up fairly quickly I would think IF uranium was going to stay in the trenches for another 12 years

However if I were a buyer, I think I would want a bigger discount mainly due to the time factor & carrying risk due to the likleyhood of Uranium price increasing in that time line.