PEN have been very open about the fact that stages 2 & 3 will be...

PEN have been very open about the fact that stages 2 & 3 will be paid for by a combination of debt and CR (in fact I've told you that before).

If Stage 1 (what's this nonsense about take 2?! that's just a clear downwramp) of low pH goes to plan and the U price continues it's current trajectory then the SP will have rerated meaning any CRs will have a far less dilutionary effect (you know this of course but it doesn't fit with your fear mongering narrative).
Add to that a positive s232 and the dilution is reduced even further.

PEN have also said that they will only proceed with the later stages unless the U price supports it - again all in the presentations and in my previous posts.

Also this pretence of having me on ignore (except when it suits you) is so obviously just a ploy to ignore my continual successful debunking of your falsehoods. Too many inconvenient truths?