Really long in depth interview with Michael Alkin on his extensive analysis on the U bull market, page-5

Until low pH processing is up to capacity, PEN purchases shortfall on contract and supplies on contract, both fixed prices. So spot has no relevance for PEN during this low pH "transition" period.

When spot purchase contracts expire (in two years time I think), PEN is then exposed to the market and only makes hay if production quotas are achieved, implying substantial success of the new and improved low pH processing concept.

For me, high risk investing needs something a bit more tangible than fuzzy feelings.