Really long in depth interview with Michael Alkin on his extensive analysis on the U bull market, page-8

Righto. And how much value would you assign to the valuations made by others (who no doubt have come across your basics) pre-alkaline production? No wait, let me answer that. Zero. So much for your basic concepts VI.

"I suspect if everyone waited to invest in a mining company until first full ramp up of production, you would have missed out on the majority of the gains." Reminder: this is PEN's second attempt to ramp up to nameplate production. Does your valuation algorithm have a user-defined input for "previous failures"? If not, your grasp of basic valuation concepts is significantly less strong than mine. Risk mitigation is a key input to valuation, but you seem to sweep that under the carpet.

Nevermind, I hope your technique pays dividends.