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The more I look at this report the more I realise how stunningly naive the board of this company is. It’s almost childish it is so so unprofessional. Nobody would read this report and buy or hold Pensana shares, you’d just want to get the blank out of there as far as possible. What must M & G think? They’re meant to be professionals. How on earth did sane heads get caught up in this caper? This project will never be financed, the shares have already started their drift back to hope value alone, the 15 to 20p zone.
Lewis my suggestion to you is that if you broke even on PRE well done. Let it go. Move on. Hopefully RBW will come good for you.
Indulging in churlish schadenfreude on this board will just provoke a reaction from others.
I've never ramped rainbow on this board.
I have also earned the right (not that I need to for a public forum) to post freely on Pensana.
It's a toxic pro-blinkered-group that are so deep into pensanas managemnt rhetoric that any non "Isn't the company great" attitude is branded, tarred and feathered.
I managed to leave with a breakeven but even when I held stock I was berated on a weekly basis as I questioned progress and the management team despite the drop in sp ftom £2 to 15p.
I do watch with interest today but unfortunately I don't see much has changed. So much so that now,even if they get finance nailed it is just the start of the journey and the risks extremely high to deliver to time and budget.
One pivotal moment for me was the going concern announcement that dropped it from 60p to 15p. It absolutely tells you all you need to know about the current management team.
Deliver something and I will revise my thought position.
Chinasyndrome is that you?
Or is insanity infectious?
Because Lewis, like Smartpunter, you endless ramp RBW on its board and yet despite holding no shares in PRE you negatively post on this Board. Why you both feel the need to do so is beyond me. I f RBW is as good as you say it is then good luck to you both, I cant see why you feel the need to post here. As explained earlier if Smartpunter continues to post negatively about PRE on this board then i shall respond in kind on the RBW board.
You're the one who mentioned rainbow and then complain about rainbow being mentioned.
Padded cell anyone?
Yes i did Theo.
The RNS is worth a read and it appears that TMC's report was well received by its intended audience ABSA et al.
You call the project 'nonsense'. By contrast TMC undertakes a comprehensive review and reports that:
TMC is of the opinion that the level of work undertaken for the project schedule and plan of execution is commensurate with the requirements of a BFS and the work undertaken is comprehensive and will be the basis for a potential successful project execution.
chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/https://pensana.co.uk/wp-content/uploads/2024/01/2024-24-01-Technical-due-diligence-report-on-Longonjo.pdf
My invitation stands Smartpunter.
If you post on here i will post my views on the RBW Board.
DP/SP, I fully support your statement on this
Oh so you thought the “no fatal flaws” report was encouraging??! Never seen that language in a professional report before.
You seem fine posting about RBW on this forum so I don't see what your problem is.
Smartpunter why are you posting here again?
Can i suggest that you go back to pumping RBW on the RBW Board?
Otherwise i will respond by posting on the RBW Board and point why i was was right to call out RBW as a short and question the share sales by Chairman Zero.
Next raise at 5 pence per share?
Your call.
The losses are relevant as they have to be remade with profits before dividends can be paid. If the plant is only making $20m profit it will take years before a dividend can be paid.
Dumbo - Remind me. How many pre-revenue rare earth companies are in profit?
60m loss in the accounts, plus about $20m on the bridge loan.
A little harsh even by your standards Theo!
Agree that financing is taking longer than hoped for and appreciate that you have an axe to grind however a quick browse of the RNS suggest that the project is in good shape..
https://pensana.co.uk/technical-due-diligence-report-on-longonjo/
Pensana have two very supportive major shareholders in place that reflects their confidence in the strategy and growth prospects of the company , rather than taking any notice of a random anonymous internet troll.
28 APRIL 2023
M&G, which is one of the UK’s leading investment institutions and Fundo Soberano de Angola (“FSDEA”), which is the Angolan Sovereign Wealth Fund, remain strongly supportive of the Company and its business plan and have each requested and been granted the right to participate in any future equity or other fund raising undertaken by the Company on a pro rata basis for the next two years.
https://pensana.co.uk/wp-content/uploads/2023/04/RNS-Issue-of-Shares-to-M-G-and-FSDEA-_28-April-2023.pdf
The silence from the company tells you all you need to know. They tell you what they are trying to put to together but don’t tell you when the plan falls apart. ECIC project funding is very rare. It’s usually small ticket. ECIC state that one of their project funding requirements is that the borrower has a track record of delivering on similar projects. I think Pensana have got a bit carried away. As we approach the first anniversary of the company’s announcement that financing was at an advanced stage we might wonder what happened with the $220m equity investment that formed part of the 3rd April 2023 announcement. Obviously it was rejected by the investor’s committee. Fair enough, you win some you lose some, but why hasn’t the company informed the market? They seem to be serially incapable of being open and candid, but perhaps that’s all part of the plan? They have burned through what, $60 or $70m of investors money getting absolutely nowhere, directors are doing extremely nicely thank you, costs worldwide have soared, Longonjo cost has plummeted (apparently), it’s all a nonsense.
The funding is conditional on getting Export Credit Agency backing.
Can anyone confirm this is now in place?
They have project funding, so it's irrelevant.
"We must accept finite disappointment, but never lose infinite hope"
Are you discussing your beloved Rainbow's relentless fall from 17 p to 10p over the past 6 months?
VanEck Vectors Rare Earth/Strategic Metals ETF Index (REMX) is up 21%, steadily from 43.5 to 52.61 since start Feb. If this rate is maintained, the index will be back at its all-time high sometime Sep/Oct 24.
Statista now forecasting Nd and Pr oxide prices to hit US$77.5K and US$94.5K/mt by 2025. (Currently US$50.4K/mt and US$50.4K/mt). That's a 55% increase in Nd oxide, and a 88% increase in Pr oxide in a year or so.
Which considerably sweetens the investment cases for Longonjo, Coola and Saltend.
Not surprised PA is dropping gentle hints that if UK govt isn't interested in critical metals refining here, other countries most definitely are: Mr Atherley said: “The Government is keenly aware that they’re in competitive situations for locating these plants. The competition is coming from Europe, North America, Saudi Arabia – people are offering incentives – but the UK is doing a good job in trying to keep and attract businesses like ours".
I suspect PA is thinking what we all know - that HMG is abjectly failing on all fronts to "keep and attract businesses"in the UK. Subsidising selected manufacturers' energy costs directly from the taxpapyer's pocket is a cunning wheeze for some, but an utter ondemnation of (the total absence of) government energy policy and investment for the last 30 years.
"We must accept finite disappointment, but never lose infinite hope"
Well said Greek - got to be one of the best investments on the London market as it stands - great entry given all the recent updates and insights - imho