Well Y3, you come across as someone who does their homework and...

Well Y3, you come across as someone who does their homework and provides good information. It has taken me a while to read through what you have posted since 5/11/18 about ISL and lab testing. If I conclude correctly, it is that lab testing is a bit hit and miss and does not give a definitive answer as to how a lixiviant will behave in the real world. No-one should be overly surprised by this because soil and rock compositions at the actual site are so variable and complex. I think this also absolves PEN from many of the savage comments placed against them as to their proficiency in adopting the alkaline route in the first place. PEN introduced their "bores and collectors" gradually and so I would expect that they monitored outputs as they did so. Was this where they lost the plot, so to speak, without detecting (or at least informing the market of) the less than expected results early enough in their desire to deliver output as soon as possible?
Anyway, you seem to be cautioning us against expecting great resuts from a new acid process. The outcome and economics will be uncertain until applied in the field. Today's announcement of approval for a field trial using the acid treatment is positive news and another step along the way.

I am not actually concerned whether an acid or alkaline treatment is the most effective. What I really want to know is what price for yellowcake is required in order for PEN to deliver a decent profit? If the price is high enough then the discredited alkaline process will give success to investors even if an acid treatment gives a better return.

I want the company to think commercially and how it can deliver profits as early as possible. They can always adjust the processing over time to secure a better result. With the low spot price, they have been able to to provide product at less than production cost by purchasing it on the spot market to on-sell, but now that the spot price has been showing upwards momentum, their window of opportunity with this approach is closing rapidly.

It may be just a number of months before we forget about acid vs alkaline because the U3O8 price has increased enough to make PEN a real buy, assuming that it can sell surplus production over and above its contracted commitments at a much higher margin.