No Michael, you don't understand. When we talk ISR, metallurgy...

No Michael, you don't understand. When we talk ISR, metallurgy problems can manifest in the ground, i.e. in the ore zones. The ore zones are the leach reactors of a conventional processing plant if you will - perhaps a better analogy is the heap of a heap leach operation. For ISR, the plant is defined from the point of lixiviant injection into the ore zones (via the injection wells). The plant terminates at the point of barren lixiviant injection into the deep disposal well. So when I say, the plant is a lemon, which I still think it is by the way, I'm referring to the whole "plant" not just the bit on the surface. I'm assuming the Central Processing Plant is work satisfactorily because ion exchange recovery of uranium from alkaline (or acid) is not a terribly difficult technical challenge. Stripping of the recovered uranium at Uranium One's Willow Creek operation is also vanilla as far as technical complexity is concerned. However, there is no data in the public domain  to categorically state this to be fact.

By my calculations, PEN has produced 378,447 lb U3O8 since start up in December 2015. Nameplate is 600,000 lb/annum (some would say that nameplate is 700,000 lb/annum but I'm in a generous mood today). Therefore, in nearly three years of operation, PEN has managed to produce at 23% of nameplate. That's woeful in anyone's language - in my opinion, it certainly is.

Below is an updated table of my version of all-in costs for PEN (from their quarterly reports and only showing the last four operating quarters). The cumulative average at $170/lb U3O8 is well short of the long term sell price of circa $50/lb. PEN the company, is not making a profit - not even close. Would this business seriously interest other uranium players?