Ann: New uranium toll milling agreement signed, page-81

I disagree. 

PEN management created the mess they are in now.  The only change to management is Wayne. 

Take your point on sales contacts. That's an advantage. Unfortunately they could not take advantage of the advantage because they couldn't produce uranium.

PEN has no proven option to reduce operating costs. Low pH processing remains a pipe dream until the results of the field leach trial suggest otherwise. Key point.

PEN currently has no ability to increase production if prices take off. Their previous production profile was due to operational issues, not a strategic decision to curtail production. If you are saying that low pH processing brings the optionally,  well ok, perhaps. But this requires capital. In this regard,  PEN is no different to any other producer, i.e. with additional capital,  they can expand their production profile. 

Good luck 92.