Member Info for Chinasyndrome

Correct, it has become a tit for tat, at least this discussion is relatively 'civil'. I think we can all acknowledge that tbow has a valid concern based on his previous experience with other companies, while Mumbles and I are looking at the longer-term strategic outcomes of this transaction.

At the end of the day, it boils down to what each individuals perceptions are~ potential loss vs promised gains. And we should all agree that neither are certain, especially in today's World, where Geo-political events can often gazump even the best laid plans of mice or men.

So, it all boils down to how each individual prioritises his own perceived risks, if an individual's analysis points to an unacceptable level of risk they should probably sell or at least take out some insurance, unless of course they enjoy a dose of ulcers! For those of us who are willing to recognise and accept these risks, now seems to be the last opportunity to buy for risk FOMO.

If UK law is anywhere near being the same as Australian law, Directors first duty is to the Company, and they must always act in the best interests of the Company. Beholding to shareholders could lead to all sorts of conflicts,

I am pretty sure they did explain it, probably not very clearly, but M&G had a pre-existing agreement that they could maintain their respective % holding if/when any future SI raises were done. Perhaps the FCA should bring in a ruling requiring all companies to make similar offers to all shareholders ?

I can see where you are coming from, but to judge any Company or Director on the record of others is a big call. The great majority of Mining exploration companies fail to bring their projects into fruition. That Pensana has reached this point is solely down to the foresight and capability of its Management. Their conviction has now been reinforced by Cascade and the DFC who have performed extensive due diligence on the Data and obviously like what they see.

I think all shareholders would like to know the whole story right now, but that is never going to happen while Geo-political and Corporate finance interests are involved. All we can do is put some trust in those who have already steered us to this happy conjuncture.

Tbow, That sounds like a very Enid Sharples type of observation, no wonder you sound jaded if you have been invested in that lot.

Tbow, that is a very serious claim to make! do you have proof? or any history to back up said claim? Have you made your concerns known to those Directors? or is this just your considered Opinion?

There are two 'Independent Directors' on the BOD, they both have a duty to consider what is in the best for ALL shareholders. Obviously, they are well aware of the current situation and have voted 'unanimously' to recommend all resolutions.

Tbow, Or perhaps it says more about your failure to recognise the opportunities that this vote will open up for accelerated growth.

If you feel so disenfranchised, perhaps you should follow your convictions and move on ?

Novice, "completely made up" ! You sound like you are either very naïve or an extreme conspiracy Theorist. Nobody in their right mind could ever contemplate a scenario like that. It would require deceit on epic proportions. Or are you forgetting that the Angolan Government and M&G will have all have done their own DD on this transaction? Seriously do you think that the Angolan Government would contemplate being party to a scam that would risk jeopardising all of the effort that they have put into showcasing the Lobito Railway, which is a keystone project not only their own Country, but to develop the whole of Southern Africa?

Even at a strictly commercial scale, who would gain from such deceit? certainly not PA. Even if he could sell out now, his name would be mud and he would certainly be bankrupted by the ensuing civil actions.

Sorry but your suggestion is totally ludicrous!

Another good question Novice, If you plug that US$160M Equity into a financial spreadsheet, and use it to replace the original CAPEX debt, you will soon see what is going on, it generates a roughly 40% increase in NPV10! I am surprised that the recommendation is only in bold and was not highlighted and underlined as well.

Why does everybody assume that this is Official ? CMI is not a US Government agency, remember the Reuters story a couple of weeks back ?

For those who still have doubts that Longonjo is not on the DFC's radar:-

https://www.dfc.gov/investment-story/expanding-rare-earth-processing-angola-production-us

This area was extensively explored by both Anglo American and CRA back in the 80's , Mincomp drilled at Netley Hill in the 90's. Lying at the nose of the Adelaide Geosyncline the area has historically hosted a number of small but rich strata bound Au/Cu deposits, but falls short for any evidence of large Porphyry systems.

Well said TGL, KK you obviously bought into and recommended Pensana to others based on patriotism, I fully respect that. However, now that the plans for Saltend have been shelved. You no longer have any emotional ties, so why persist? especially in these highly volatile times.

As to EXIM, it would be ludicrous for the US to now abandon all of the time and effort that they have invested in securing a stake in what is shaping up to be the only short-term answer to their predicament ie the rapidly approaching shutdown of Western manufacturing industries when China finally pulls the plug on its rare earth exports.

Longonjo is the only NEW source of RE's that is currently in construction, which is capable of delivering BULK NdPr into the Western magnet market. The US has already invested heavily in Angola. Angola is one of the few countries that Donald has not upset in his pursuits, and its government is fully supportive of the plan. For EXIM to walk away at this late stage would be totally nonsensical!

Nice try Nigel. However, I don't think the companies you advertised could be responsible for the several hundred small HFT trades that we are seeing every day. Not when they are seen to occur in strategic batches all timestamped at precisely the same millisecond, and what would be the point in placing '0' bids? and if was indeed the case, why are we not seeing these practices applied across the whole Market ?

Thomas, or should I say Christopher? now that he is working for you. You are fabricating a non-issue out of a lie, in most jurisdictions even in Singapore, that's called slander.

For somebody who professes to be knowledgeable about the Rare Earth mining Industry. Your repeated, unfounded and unsubstantiated claims about Radionuclides, clearly demonstrates that you are either totally ignorant on the subject, making it up, or that you are unable to understand even basic mathematics. There again what could we expect from a Librarian with no scientific or engineering qualifications!

Every operation that mines an Ore and extracts its valuable contents, end-ups with a remaining waste product; total tones in = total tons out. In Longonjo's case, for every ton of Ore that is mined, they will end up with roughly 5 kilograms of MREC; and 995 kilograms of Waste. That Waste will contain the same few hundred grams of Thorium and Uranium that was originally there in the Ore; it is simple primary school maths, assuming that you got past your 2+2?

Pensana has stated on numerous occasions, that this Waste (which contains all of the Radionuclides as it did in the in-situ Ore), will be emplaced, contained and finally sealed within a fully engineered Tailings storage facility, which is currently under construction.

Neither the concentration, locality nor the environmental impact of those Radionuclides will have changed dramatically or detrimentally in any way. In fact, containing them in an engineered structure within the mine site will now prevent them and any other potentially detrimental pollutants from in future leaching into the water-table, as would eventually have been the case if the mine were not developed. This is precisely what Lynas and MP have been told they must do with their Waste and Radionuclides by their respective Regulatory bodies.

It is a great pity that you do not have the guts to take issue with this same subject with your paymasters, where it is already a significant and well recognised problem. All of those RE mines in Laos and Myanmar with CCP sanctioned Chinese operators who don't even try to contain their pollutants, simply pumping their waste and all of its contained poisons straight into the nearest creeks. It won't be too long before the Irrawaddy, Selwin and Mekong rivers become dead zones ~ what price ESG then?

But no, dogs should never bite the hands that feed them.

Hogsnipe, The old adage "you can fool some of the people some of the time..... and some of the people all of the time" is clearly correct. Only a fool could look at that photo of extensive land clearing and then make the comment ~ "where are the workers" !!! or does the 'Genius' think that Africa still runs on manual labour.

US$2 is currently just under £1.50

US$3 = £2.25

So, IMO it is either an easily achievable rise in the SP over the next month or a 1 for 2 consolidation ?

Hi Sundrum, good of you to point out that Mr Hidayat is about as qualified as Mr Ecclestone, to analyse or comment on anything to do with Rare Earths. His qualifications are in Media studies! having spent most of his time conducting "opinion polls" and reporting on local politics. To give him credit at least he is a journalist rather than a Librarian. But just like Chris he has no compunctions about mixing up his supposed 'facts' to match his storyline. In his very next article he states that there will be an Oz floor price of US$55,000/t (half of Donald's), so how can he even contemplate his suggestion made about PRE just 2 weeks earlier that "sustained pricing below $40-45 per kilogram for NdPr oxide."?

While Indonisia is not in the same league as China, it does aspire to becoming a Rare Earth producer (Discovery Alert 25 Aug 2025). Their biggest problem in achieving those goals, is in Indonesia's atrocious ESG compliance and historical corruption record. If Mr Hidayat really wants to make a name for himself, perhaps he should apply his investigative journalistic talents to exposing what is actually happening in his own Country?

Dumbo, back again and still distorting and omitting salient facts: From the very same article that you quoted, in fact, just 1 line above:

" Conservative modelling assumes NdPr pricing of $50-60 per kilogram for base case scenarios."

Now even the Chinese are paying US$86,500/t while the US price is well North of US$100,000/t. So, in truth Revenue is going to be at least US$40-60/kg higher than the article suggests. And that extra revenue is pure profit ~ that's US$50M pa, straight off the top, and that is before the HREE and Yttrium credits are added on.

Back onto ignore for you and captain Zero.

Financial Projections and Economic Modeling

Project economics for the Pensana Longonjo rare earth project depend on sustained rare earth pricing, operational efficiency achievement, and successful market penetration. Conservative modelling assumes NdPr pricing of $50-60 per kilogram for base case scenarios.

Phase 1 Economics (20,000 tpa MREC):

Projected annual revenue: $200-300M (depending on pricing and product mix)

Operating costs: $150-200M annually (including mining, processing, logistics)

EBITDA margin: 25-35% at normalised pricing levels

Payback period: 6-8 years from commercial production