PEN is a great bet. However, like all of the other plays it has...

PEN is a great bet. However, like all of the other plays it has its own issues. Once they get their ph permit their opex should be reduced right down to around 20 / lb (currently opex is around 30 / lb) - hence them describing it as game changing. The problem is, the ph permit isnt due until first half of next year, and PEN are currently meeting contracts by buying off the spot. I see no reason why the permit would get rejected, management are planning like it's certain thing, i think the larger concern is when it'll get accepted. Someone made a great point in another thread, the best thing that PEN could do now is to buy as much U off the spot as they can now whilst the prices are still low.

Ultimately, the permit should get accepted the first half of next year, and when that happens the brakes will well and truly come off imo. Apart from Global x re-balance, RCF and Pala have been significantly adding to their positions.

Another stat to keep in mind is PEN = 58m company with 78m net assets, and price to book = 0.74. So PEN is clearly undervalued looking at its books value, which is often a great indication of limited downside. I would never buy a stock for just this reason but this also makes PEN is a prime takeover target, especially if the spot moves as fast and high as many are predicting.

Operations-wise I see a few more months of pain here, but is necessary for the years of future glory to come once the ph permit is sorted.

I am also confident 22c is ground floor and have been buying around those levels, but I don't think we will get any significant movement until that permit. But for those who do believe the upside, this offers a great accumulation opportunity.

VMY & PEN are my 2 major bets for this coming uranium bull market and i am accumulating both. My VMY holding is over double my PEN holding though, and I have much less concerns about it.