"Also, where has it been announced that these contacts represent...

"Also, where has it been announced that these contacts represent 20% of is this just you making stuff up?" Error acknowledged.

Negative because everything PEN has ever promised, has been demonstrated top be BS. And everything that the PEN bulls have delivered as "informed opinion" has been demonstrated to be complete BS. I enjoy engaging with pretenders. Despite what some say, I don't hate PEN, I don't have a vendetta against PEN - that's an easy, lame and incorrect accusation. I enjoy seeing each new theory as to why "the market just doesn't understand PEN" shot down by reality, i.e. PEN has so far failed to deliver any sort of share holder value. But I guess, at some point, things will change and this will be sufficient for the bulls to claim, "I told you so". Such is life. 

Forget s232, forget buy on spot - sell into LTC's. Forget all the other red herrings. The end game is production. The only analysis to be done on PEN is "will low pH processing work or will it not work". Answer that question and place your bet.

My bet is low pH processing will be better than alkaline processing, but in the long term (not the first three months of operations) they will be far south of their anticipated nameplate. Will this production be sufficient to be commercially viable? I doubt it.

My opinion, not financial advice, no intent to mislead.