Chris Heminway, Exec-Chair at Time To ACT, explains why now is the right time for the Group to IPO. Watch the video here.
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Why does PRE seem to have the most haters compared to all other REE hopefuls?
Secretary of State for Business Kwasi Kwarteng launches UK Critical Minerals Strategy at Pensana's Ground Breaking ceremony at Saltend
The Rt Hon Kwasi Kwarteng MP, Secretary of State at the Department of Business, Energy and Industrial Strategy, attended Pensana’s Ground Breaking ceremony at Saltend to launch the UK’s Critical Minerals Strategy, and to also endorse Pensana’s project.
Kwarteng’s demonstration of strong government support for Saltend and the Company is confirmation of the importance of Pensana’s aim to create the world’s first independent and sustainable rare earth supply chain. Located in the Humber Freeport in Hull, Saltend is set to become the world's first rare earth processing facility powered by offshore wind, producing the key components for electric vehicle and offshore wind original equipment manufacturers with low-embedded carbon.
Pensana Chairman Paul Atherley commented:
“It is a great privilege to have broken ground on the world’s first independent and sustainable rare earths separation plant. This is a huge milestone for both Pensana, the Humber region and the UK, as part of our ambition to establish a critical magnet metals supply chain to secure the green energy transition.
“Securing ATF funding is a key development, demonstrating the UK Government’s support for this important project in line with the newly launched Critical Minerals Strategy. Pensana is set to play a vital role in transforming the UK’s electric vehicle and offshore wind industries, by producing low-embedded carbon magnet metals and creating high value local jobs.”
Kwasi Kwarteng MP, Secretary of State at the Department of Business, Energy and Industrial Strategy, commented:
“Pensana breaking ground today has been made possible in part through government support and shows how our plans to secure an internationally competitive electric vehicle supply chain in the UK continues to gain momentum. This incredible facility will be the only of its kind in Europe and will help secure the resilience of Britain's supplies into the future.
“That’s why we’ve also launched the UK’s first Critical Mineral Strategy, setting out plans to develop robust supplies of minerals that are key to our economic success and national security. The strategy will bolster our resilience to market shocks and geopolitical events, while supplying key industries such as automotive and defence.”
Https://pensana.co.uk/longonjo-site-activities/
Quite right Theo, nothing to see here. Probably all generated by AI.
AS1971, you don’t have to worry. Investors and shareholders might have got the impression that all these people work for Pensana. They don’t. They are, I think without exception, consultants that Pensana may or may not use, they are not on the payroll. A bit like the large team working on Saltend. And the non-binding term sheet. The green bond. Did you know that Atherley’s share grants, all 4 million or so, originally had a vesting condition that construction at Longonjo had to start by May 2023? So you might think they would extend that. No, they just waived the condition, all shares now fully vested.
Is that a joke? Who is paying all these people and from where are funds being sourced???
Greek - it looks impressive, but I doubt this lot are currently on anyone's payroll. More likely they are just placeholding for future freelance/consultancy/part-time/fixed-term contracts with Ozango Minerals until the money comes in.
Nice to see Dumbo has crossed the floor and joined the ranks - wondered why we haven't had any posts from him recently!
Anyone here care to pass on any feedback/commentary from the PRE Telegram board concerning the finance standstill? Yes, I know I could join the group and find out for myself. In fact, I did briefly, but within a day I was getting text messages from a new friend in Russia, so I closed out and uninstalled the app.
There seems to be lots going on in the background all with the anticipation of funding being available to pay for it all. I wonder what’s taking them so long to get it finalised- feels like this has been going on forever
Https://www.express.co.uk/news/world/1886188/china-rare-metal-gallium-price
Accidental long term holder...
Lack of excitement as funding yet to be confirmed. All we have at the moment is a non binding term sheet. Should funding materialise then I would hope we can Reach circa pre 2023 interims levels.
What does everyone think of the price given the lack of excitement over funding? Given the ATH, are we expecting this to rally from where it currently sits.
You should know lessee you are one.
theo the company has three executive directors pa, ceo tim george and cfo rob ****** and four none exec directors. i assume that you are referring to the exec directors spending company money on business class air fares to visit family and friends? care to share the details?
MAA86 - an assertive first ever post. Welcome aboard. What's your interest in Pensana? You a shareholder?
Theo i share your frustration over the financing and the corresponding delays in the project development but given the tight financial situation the Company finds it self in i am alarmed by your understanding that "The directors are having a ball, lots of nice business class trips to see family and friends, all serious business of course,"
Can you elaborate on this? Which Directors and which trips are you referring to?
Have a break lads. It's a bank holiday weekend. Come back on Tuesday.
Tuesday will be the anniversary of the company’s declaration that financing was at an advanced stage. More recently we had the cryptic non-binding term sheet, all interspersed with the usual guff, amazing results from Coola, some garbage about infrastructure, anything to kick the can down the road. So is there an informed market? Does anyone really have even the faintest clue about what is going on with the financing. At some point very soon the company has to come clean, admit that talks have broken down and new finance options are being explored. The directors are having a ball, lots of nice business class trips to see family and friends, all serious business of course, four years on the gravy train, sadly for them this is going to hit the buffers very soon. Just leaves them with Alkemy, another Atherley get rich quick stunt.
Interims from 2023, anything look familiar?
"The Longonjo earthworks and civils contractor, Grupo Nov, mobilised to site over the period. Ground clearing of the area for the main construction camp has been undertaken. The fabrication of the construction camp buildings by Bushtec at their plant in South Africa, was completed and is scheduled for delivery to site during Q2 2023. Kick-off site sessions were held with the sub-contractors appointed for site electrical reticulation (Electra) and main HT/LT sub-stations (Enerline), who completed their pre-mobilisation site inspections alongside the Pensana owners’ team. Contractors associated with the process water supply (ERM), tailings storage facilities (SRK), and waste management services (AES) have participated as part of the ongoing detailed design development workstreams."
A contrary view doesn't have to be "schadenfreude". Happy ears are a lot worse.
I suspect you are close to one or more of the managemnt team and see it on a personal base. If you're happy with your investment, great but you should always challenge them to do more and add more value for you as a shareholder. So far they have reduced shareholders value from LJ from over £1.50 to 60p. The going concern statement highlights that more will be needed from the finance perspective yet you are in denial.
Honesty would be appreciated if you are that balls deep that you can't contemplate failure. More respect for that than waffling on about rainbow on the PRE board.
Mumbles, sense at last, so would you agree the 11 mill can't be touched by plc. If so what are the consultant bills owed, and if not for LJ then where? This is what the 2 mill loan from directors is for (well yet to be confirmed as per going concern statement). Transparency would be nice on the terms of the loans also. If the loans are a gesture, why not take 2 million of shares at current sp or a slight premium . This would show genuine belief and good faith.
To be honest surprised this only dropped 1.xp. as I think the current cash position at plc level is worse considering there will be no revenue for years still even with finance and mine.
Now some will argue offtake will be front loaded, not in my opinion until they are further down the construction path
I did raise a question, "If Saltend has a processing of capacity of 40,000 MTs p.a., from which 12,500 of separated Rare earths are obtained. what happens to the balance, 27,500 MT's, does it go to landfill?"
Answer; "it ispredomnantly Gypsum for which their is a market". not a huge income but another revenue stream, inaddition to the lanthanum and Cerium. Together, they will probably pay Saltends wages, and have to be disposed of anyway.
Hi lewis, it should be clear that the 15 million "Bridging loan" is part of the fiancing structure Longonjo, belongs to Ozango limited and is not accessible to PRE. As at Dec 31, 4 million was already spent as you say, as of 27th March 7.5 million is spent. Since last years unfortunate interims. they have raised $10,000, plus received $1,500,000 of tax credits, (which i referred to as 2 million, and was questioned on my honesty previously). So $11.5 million, and had some debts to cover from that.
Other than that I agree with most of every thing you say. As far as i am aware, costs external to Longonjo are on close to a care and maintainace basis, except where PRE also has obligations to the Angolans and Longonjo, as per the existing contract all product ex Longonjo is obligated to PRE, and they are responsbile for markting the product, also some funds are need where PRE have work programs to comply with license obligations for the Coola and Sulima licenses and also to keep the Saltend part of the project warm. i woudnt think these are too high in the big picture. Obvious salaries need to be paid,
Oh please do move on Lewis. The only reason you are posting on this Board is some form of childish schadenfreude. You are trying ever so hard to gain pleasure from down ramping Pensana. You sold out. You broke even. well done. Move on.
Hogs,
The directors would have had to raise against PLC to keep pre a going concern if they had not offered 2 million for next 6-9 months.
Clearly Angola don't want the 15mill (4 already drawn) to be used outside of the Project.
This needs clarifying as it implies overheads at plc are 3-4mill a year.
It also implies contractor bills as per RNS are outside of the Project and cannot be paid for at the project level.
They need to go into "cost of living" mode and only spend what is necessary. Stop the non-LJ spending and get this Project done.
Economics today are not favourable alongside Project failures such as HZM so financiers will either say NO or want a larger risk profile piece if the pie.
As for HMG, I've said it on other boards. HmG should ring fence 1 billion and use it to secure against failure and cost overruns to ensure projects like this, rainbow, mka and so on get off the ground. All of these cos have their challenges.
The Lassonde curve is an interesting one as there have been a few false dawns and where does the peak go with a project valued at 60p, the ndpr prices in the doldrums and hzm dark cloud? Not likely a move above £2 as the traditional curve would suggest.
Decision delays and further required guarantees will make or break this project.