Really long in depth interview with Michael Alkin on his extensive analysis on the U bull market, page-15

Very disingenuous but that's the norm for You  unfortunately.

You're repeating my assertions as though it doesn't contradict your original incorrect post.

Fact - A significant portion of the contracts is pulled from the ground. So it's not at a fixed buy price - it costs whatever it costs to produce... which will likely be a lot less once the new pH process ramps up.

Assuming the new process performs as the robust lab testing suggests it will - output will also increase. This leaves lots of uncovered production which will likely be sold under new contracts the price of which is as you admit linked to spot.

Your ramps are poor and you should feel bad. Once upon a time your technical analysis of the problems at PEN were insightful but now you're too consumed with bitterness to be objective.