Member Info for Hogsnipe

Pensana still have a declared intention to add a NASDAQ listing (originally in the 1st Q 2026, but we'll ignore the timing for now).

With PRE's highly irregular daily trading for the last 6 months and longer, there is no way Pensana will meet the new 2026 NASDAQ uprated conditions for a listing to be granted - the minimum standards are broadly: a minimum bid price (post-split), a minimum level of free float, a minimum market value, an established record of regular, normal, non-engineered daily trading tape, no apparent price manipulation, no faking the free float or masking poor liquidity.

Pensana fails on every count.

Fortunately for Pensana, they have also indicated that a share consolidation is also on the way, aka: a reverse-split of 1 share for X shares.

They failed to say if the split will be at a premium, or discounted, or neutral.

We can safely assume that Pensana is currently deeply involved with many unresolved and pressing issues: offtake agreements, strategic partnerships, debt facilities, equity tranches, government guarantees and project financing.

It is also under stress with a looming Longonjo construction finance cliff-edge, delays in financing confirmation, and a steadily falling share price/valuation.

Facing this weak market sentiment - the reverse-split is practically and unavoidably going to be at a discount.

It also has to take place BEFORE any RNS annoucement that finance is finally in the bag, and the resulting revaluation of Pensana.

So where to from here?

The only thing which is absolutely certain is this: the moment Pensana completes financing and the Board has a 100% guarantee that the cash is in its bank account, they will not RNS the fact, unless the discounted reverse split has already gone through.

For obvious reasons these two events will be hot on the heels of each other.

As a starting point, AI modelling suggests that from a starting PRE SP of 95p, a reverse-split ratio of 1:20 at a discount of 20% and a post-split price of £23 looks reasonable, though possibly optimistic depending on the market and how NASDAQ and PRE's institutional investors respond too the new "optics" of Pensana (ie: it will look and behave like an established miner, as opposed to a penny-share junior). All Pensana needs to proceed with the split is a simple majority vote, to pass an Ordinary Resolution (though I'm not sure if Pensana's Articles of Association have any naysay on this).

So joining up the dots - when the Ordinary Resolution vote is called, Pensana has already got financing fully in the bag.

Twohits - Crooked was your word not mine. Anna Mann - Pensana's Business Development Officer - start date May 2026, just before Cascade appears on the scene....

She has bang-on credentials - in US govt financing, US critical minerals policy, emerging market expertise and supply chain development. WIth DFC she worked on Qatar,UAE, Saudi Arabia and Jordan portfolios, and before DFC she held roles in Middle East regional investment initiatives. All in all a 100% perfect fit for Pensana - but a bit too good to be true.

You said I need to ask the question why would she leave the DFC to join a crooked outfit? Not sure what the relevance of that is to any of the recent discussion, so I won't bother.

Perhaps you need to ask yourself the question - did she leave DFC for Pensana, or was she placed by DFC in Pensana pro-tem.....

Anybody notice the 78 AT trades placed between 12:06 and 12:10 today - all for 1 share sells? Probably just a really small investor wanting to dispose of his 78 shares very unobtrusively......wouldn't want to crash the SP would we?

Twohits - who are you talking about re: leaving a job with the DFC to join a crooked outfit? Or not.

TGL - if LinkedIn says so I'm sure it must be true. I don't use it, I don't like it - so I can't read your link. See my post to Mumbles if you care to investigate the underlying reality of whatever it says in LinkedIn - you should.

The website

https://www.tin-network.com/

has already been considered flakey by others here. It has every hallmark of a front or shell or SPV website, set up for a specific objective. Created very recently, no identifiable owner, privacy-hardened (wonder why?), lots of 404 (page missing) errors suggests it was built in a hurry. Here's all the warning signs you should have looked into before putting it forward as a regular website:

No WHOIS ownership data (privacy‑shielded)/No organisational disclosures/No corporate registration number/No physical address/No team, board, or management information/No legal pages (privacy policy, terms)/No external backlinks/No historical presence/No media references/No structured metadata

Lastly, you say TIN is evidence of a connection with Darwish Holding. It isn't. TIN is simply a family business Qatari enterprise jointly owned by the Al-Hajri family and the Darwish family and another owner - Madewa Family Hedge. It is a shared investment vehicle. You are confusing TIN with Darwish Holding (a major well-established Qatari conglomerate) and there are no grounds to support any involvement of the latter.

Mumbles - you express surprise at the "fake Qatari sheik argument" - me too - it's not an argument that I proposed or originated. OG has already pointed out that "Sundrum was the first one to mention the possibility of a fake investor in his post on a different thread at 16:06 today, when he wrote, "a new Fake Sheikh sting". So let him know you're suprised - not me.

Yes I refer to the difference between true Royal Sheikhs and the lesser Tribal Sheikhs - just to clarify, not to deride or impugn either.

Neither am I implying that the last PRE RNS is a fake - where did you get that one from - who in their right mind would imagine that? Same about the reality of the financing.

What I am disturbed about is the divergence between the RSN optics - smooth, reassuring, all-good-news, step-forward etc etc and the realities behind the words. If you ask the simple questions - who, when, where, what, how - you'll make very little progress retrieving ANY factual information about most of the Qatar-related content of the RNS.

My beef is that an RNS is supposed to inform and explain - all this one does is compound the vagueness and confusion behind the SI, Cascade and gets us no further forward at the end of the day.

ReMax - you'll wait a very long time for me to rise to the bait of your "ignorance" insult. While you're waiting - do please enlighten us with a straightforward answer to this question: Sheikh Dr Badr bin Dalhim Al-Faheid Al-Hajri has a PhD - when was it awarded, by which institution and for what piece of work?

Sundrum - Emir is only used in Qatar. The Qatar Emir actually has 3 wives, only his first wife (2005), is actually a member of the Al-Thani ruling dynasty, and she is termed the "First Lady" of Qatar. His second wife (2009) is not from the ruling Al-Thani dynasty, she is from the 'influential' Al-Hajri tribe, hovever, she has NO public-facing royal role. Similarly his 3rd wife (2014), is from the Al Dosari Tribe and has no public role.

There is zero evidence our mystery man is directly blood-related to the second wife, indeed he is from a sub-clan of the Al Hajri tribe - as evidenced by his compound name 'Al-Faheid Al-Hajri' which is more linked to Saudi or cross-border Gulf tribal background, certainly not to the Qatari ruling elite.

Lastly - the Al-Hajri tribe is huge, and though all share the Al-Hajri name, most are unrelated by living connection to others.

If there was an al-Thani angle - you can bet it would have been trumpeted in the last PRE RNS - so forget that line.

MAA86 - re your "Fake Sheikh" remark. I didn't say the SP hit comes from a Fake Sheikh scam. That's a red herring. You surely must question why Pensana is hiding so much important information at this crucial stage in its development?

MAA86 - re honorific use of 'Sheikh'. Apparently there is no public record of our mystery man ever being a "royal" Sheikh.

He IS from the high-status Al-Hajri family tribe - which makes them prestige but NOT Royalty. Al-Hajri is a major Gulf tribe, one of the largest and oldest tribes in Qatar and east Saudi - but not royalty by blood.

Sundrum - clever word play and sarcasm only gets you so far - what is your question?

Sundrum - mystery man's relatives - NONE in the royal Al-Thani ruling family. None in the Al-Saud family. That's Qatar AND Saudi Arabia sorted.

He ain't even a proper Sheikh in any royal sense....

Next?

Kutzz - yeah - a whole $15m dollars - what I haven't forgotten is also on the same scale - the pitiful "contribution" HMG made to Saltend development back in October 2023 - a massive $4.8m injection from the Automotive Transformation Fund - and a fat lot of difference that made too... The whole of the Humberside project proved to be nothing more than smoke and mirrors. NASDAQ listing is headed the same way if Pensana allow the current bot-fest in its share trading to continue unabated.

Sundrum - estate agents?

End of post should read:

Summarising - the market smells a rat. The run on PRE SP after the NYSE could be because:

“If this is real sovereign money, why can’t they just say who owns Cascade?”

“Why is the only named person someone with no corporate history?”

“Why is the funding still not confirmed?”

“Why does every new detail make the story murkier, not clearer?”

Indeed.

OK here we go: who's the man? - Sheikh Dr Badr bin Dalhim Al-Faheid Al-Hajri - that's who.

Apart from Cascade he has:

No additional corporate directorships

No government‑paid roles currently active

No board memberships of sovereign funds, state entities, or private companies

No paid advisory roles

No charitable trusteeships or NGO positions

His background includes senior positions within Arab League and Arab Economic Unity Council institutions (but only according to Pensana), however they are historical, not current paid roles. Cascade is his only primary current directorship.

Any other roles he may hold are not publicly disclosed, not paid, or not within registries accessible to public search (eg: internal government advisory positions in Gulf states).

He has only one other role: President of the Arab Federation for Artificial Intelligence (AFAI). According to the Gulf Times (Qatar), 3 Mar 2026 he was

elected President of AFAI by appointment made at an EGM of the AFAI Board, his remit is:

Building unified Arab AI regulatory frameworks, Developing training and research initiatives, Supporting Arab technological integration, Building partnerships with universities and research centres, Strengthening the Arab presence in global AI policy.

Purest waffle.

Apart from Cascade (??) and AFAI (??) he has no business background:

No specific job titles within the Arab League or AEUC are listed

No corporate directorships prior to Cascade Natural Resources

No sovereign fund roles

No ministerial or ambassadorial titles

No academic posts

No private‑sector executive positions

There is no clear, authoritative public record placing Sheikh Dr Badr bin Dalhim Al‑Faheid Al‑Hajri in formal Qatari government posts (minister, deputy minister, ambassador, etc.), or any named leadership roles in sovereign‑investment entities (eg Qatar Investment Authority, Qatar Holding, QIA subsidiaries). No official government communiqués introducing him as “representing the State of Qatar” in a formal capacity.

There is also no information how many people work for AFAI. Staffing numbers, headcount ranges, or organisational charts zilch.

AFAI has only 2 news releases in the last year -both focus on statements or activities by its President, Dr Badr bin Dalham Al‑Hajri.

No formal “press release archive” or institutional newsfeed for AFAI appears to exist. AFAI has no press office, no annual reports, no website/news archive, no other announcements, events, or policy releases, and no staffing, programme, or funding disclosures

So here is a man with no Google footprint; from an organisation with no staff; joining an SPV with no history.

Summarising - today the market has smelled a rat. The run on PRE after the NYSE asks:

“If this is real sovereign money, why can’t they just say who owns Cascade?”

“Why is the only named person someone with no corporate history?”

“Why is the funding still not confirmed?”

“Why does every new detail make the story

Fair comment from REExchanges - whatever next?:

https://rareearthexchanges.com/news/pensanas-longonjo-project-advances-can-angola-become-a-pillar-of-the-non-chinese-rare-earth-supply-chain/?trk=public_post_comment-text

I thought for once this is a well-balanced and fair assessment of Pensana/Longonjo's current position as an emerging US vertically integrated supplier.

No comments about the massive below-bid 342K trade at 1:12pm today?

From our P3 trader of course ....

Analysis suggests that liquidity of PRE shares has collapsed at the current price range 89p to 92p. Algo trading at this level has nowhere to go, and genuine trading seems to have just about evaporated with all holders just waiting. Lack of news is preventing new entrants.

Effectively someone just "bought the book" to take all of the remaining float out of the market at 89p to 92p

So next week, either the algos try to resume play by raising the ante to where they might find some more sellers - about 94p-98p and it's business as usual.

Or someone knows something, and today they bowed out, because the price my be headed even higher - say 105p and upward, at which point the current SP manipulation gets much trickier and more difficult to conceal.

OG/FloatingBye - you're labouring under a massive misapprehension - that PA and the Pensana board give a flying f*** for retail investors. They don't.

They want you all GONE-OUT-ASAP. They only want big boys aboard the SS Pensana.

That's why the share price is where it is. That's why it's been kept there artificially for the last 8 or 9 months. It's a sustained bottom-scrape to dishearten all the remaining private LTH's and the seed-corn investors into selling up now, so an inventory can be accumulated by someone, somewhere for more corporate investment in the near future.

PRE valuation however can't be so easily supressed at the current level for much longer because project de-risking is evidently well underway, so unless there are some black swans swooping in that none of us know about - the SP has to rise.

So all you need to do is wait until PRE liquidity finally evaporates completely, and PA and the Board are forced to get off their arzez and make the NASDAQ listing ambition viable again. This will need substantial daily volumes arising from legitimate, real, normal dealing (not the present AI/BOT low-volume garbage trading that goes on from day-to-day), which in turn requires the PRE SP to move towards its free-market price.

Well, there you go - you deserve no loyalty from Pensana for your commitment, they neither need, want or intend to keep you personally informed and your sole benefit from where you stand now, is to take a juicy cash gain as reward for the long-suffering pain of being a PRE retail investor, when the time and price is right, and walk away to pastures greener, with a big smile on your face, and a raised middle digit.

12:14, 12:15 - our P3 trader (always O and always 3 digits in the price) buys 2 big lumps - 50,000 shares. Purely coincidentally (not) folllowed by a 100,000 sell by another trade 1 minute later at 12:16:22. How odd?

But look again... P3 is at it again at 12:21, 12:25 and 12:27 with 3 more big buys - 50,000, 40,000 and 35,000 shares - total 125,000 shares bought.

But what's this? At 12:28 - 1 minute later here's another trader, dumping (how odd) 125,000 shares.

Just another routine day's trading at PRE - move on, nothing to see here.....