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Looks like the target is now 100p. The 20 and 30 day moving averages have also upticked - maybe today's drilling RNS is at last swaying the doubters and waiters this is no longer a junior mining sideshow?

Keep the news coming lads - we want to see more.

How about dragging this chat room into the 19th century, and allowing Tabs in LSE text?

I believe they have become very fashionable among advanced communities of Imperial wet ribbon tyewriter users.

While you're at it - could you possibly add a library call or two to handle EXCEL and WORD tables - yes I know Microsoft EXCEL is nothing more than a modern fad, but it has been around for - gosh who'd have thought it - 42 years.

Extra bonus please - a picture is worth a thousand words as GROK would put it - and I know it would mean your moderators would have to put in a little more effort than religiously filtering out that great old northern city S-c-u-n-t-h-o-r-p-e - so please allow jpegs?

Finally - to help those of us who've been here a while and have good recall of previous posts and who said what, surely you can provide a less primitive form of Search than scolling slowly backwards through tens of thousands of posts, just to even reach the time period when the post you're looking for might have been posted? Now4real or QueryBox provide ready-made chat widgets that can be embedded into a site in minutes.

And a very good day to you sir.

Sundrum - great! Another RE index to add to the list:

Sprott SETM - UP 46% since the Nov 5 low.

Wisdom Tree ETF - UP 107% since then

REMX - UP 42%

Nasdaq SETM - UP 49%

MVIS - UP 130%

REGB Vaneck UCITS - UP 38.7%

NdPr oxide price - UP 36.5%

and Pensana?...…. DOWN by 4.4%

- it ain't natural.

Novice - I doubt very much if "making stuff up as they go along" is going to keep Pensana's sponsors of the Coola/Sulima West project happy.

In March 2025, Pensana received a US$3.4million Technical Assistance Grant from the US International Development Finance Corporation (DFC) specifically for studies into the development of Coola and its potential for downstream processing, to accelerate the path to a resource definition.

The DFC and no doubt FSDEA too, surely want he JORC potential verified ASAP for both Coola and Sulima West in order to promote and de-risk potential future investment in Longonjo output refining capacity. As of course must Pensana's offtake customers, and supply chain partners in the US.

Pensana's Coola Exploration Licence was issued in May 2020, 6 years ago, but understandably the lack of funding during the wilderness years 2020-24 meant Longonjo had to take priority. Pensana also owns a 90% interest in Coola compared to 84% (possibly down to 64% after dilution), in Longonjo.

I believe that first Coola licence (2020) was only for 2 years, subsequently extended to a total of 7 years, so expires in15 months in May 2027.

Not a lot of time left to complete the full delineation drilling for a JORC estimate, but I believe Pensana is speeding up on-site evaluation using a SciAps X-555 REE Analyzer (X-ray fluorescence spectrometer) to bypass the external laboratory sample analysis delay loop, to rapidly set ore boundaries and locate drilling hot-spots to speed the final-stage drilling delineation and drilling

The clock is ticking, so the pressure will be on Pensana to publicise any early good news. This has to come soon anyway, to keep their stake-holders onboard, happy and confident.

I'm optimistic there will be a Coola RNS timed to put a rocket under the Nasdaq listing.

Total volume of 1.3 million shares is 7 times yesterday's. Total deals 585, of which AT 319, O 264, UT 2.

Overall Buy/Sell ratio = 1.6 to 1. AT trades Buy/Sell ratio was 2.5 to 1. O trades Buy/Sell ratio was neutral at 1 to 1.

Just 40 trades accounted for 60% of all volume traded (780,000 shares), while 257 trades (that's 44% of all deals today) accounted for only 1% of day volume (13,000 shares).

On Oct 11 25, Pensana announced it had finished the JORC drilling program at Coola 30km noth of Longonjo:

"I am pleased that we have completed the drilling program at the Coola carbonate complex in partnership with SOEMTO before the rainy season. We will announce the findings in the coming weeks," said Grant Hayward, Exploration Manager at Pensana.

My friendly AI chatbot assures me that:

"The average time for a mining company to receive assay results after finishing a drilling program is typically several weeks to several months, commonly ranging from 3 to 12 weeks"

So here we are almost exactly 12 weeks on - every reason to believe the results are already in the bag, back at Pensana HQ, wherever that might be.

Any views on what Pensana might do about announcing them, if the results are good or if they are bad, in view of the current (depressed and depressing) SP and the upcoming Nasdaq float?

The other drilling survey (Longonjo reserve enhancement) announced mid-Nov 25 starts around now in early 2026, but Pensana isn't going to wait till all the those results come in, but plans to strategically 'drip-feed' results, released throughout 2026 as they become available, or more likely - when the time is right..

StockGenius - have you looked at the Pensana website Longonjo galleries? Photo resolution is better than their news releases - zoom does show quite a lot of workers in many shots. It's here: https://pensana.co.uk/longonjo-site-activities/

Certainly agree with you the SP resistance is a puzzle. I'm coming to the view that PRE share trading isn't as liquid as it looks. I'd imagine PIs are now entrenched and disinclined to buy or sell - just waiting for pay day. As the Nasdaq has preferences about any intending listing company's liquidity (should be consistently above 0.1% (average daily volume/shares in issue) and the PRE register is soon to balloon to 430M+) - maybe there's an issue here for the Nasdaq listing?

Today's trading volume is well down - usual abnormal trading - mostly bot's calling the tune, and over 100 tiny O trades. I doubt if there's much regular trading going on at all....

Fregatr - what's unbelievable is that PRE is the only RE share to have gone down in value (-3.4%) since Nov 5 2025.

MP is up 19%; Lynas is up 13%; even RBW is up 0.5%.

All the RE/CMs index funds have boomed since Nov 5 25. REMX +40.3%; WREE +88.7%; CRITB +37%

Index price of Neodymium - up 16.5% since Nov 5 25

You only need to look at today's individual PRE trades to see why the PRE SP is running contrary to trend.

It's a madhouse - totally dominated by bot trading, and hundreds of O trades for bugg*r-all shares.

130 O trades placed for tiny numbers - in 1 second, at 08:20:14 - thats 26% of all deals placed today!

That's the way it has been for months now. And no-one seems the least bit bothered - that's what's unbelievable.

Https://global.morningstar.com/en-gb/news/alliance-news/1766072678230128900/pensana-says-shareholders-back-longonjo-proposed-nasdaq-listing

Headline:

"(Alliance News) - Pensana PLC on Thursday said Angola's sovereign wealth fund has agreed to a staged conversion of its bridging loan and hailed ongoing shareholder support for its proposed plans to develop a US mine and list in New York"

So Theo's right in one sense - you just can't believe everything that gets written about Pensana can you?

Apparently Trump is keeping a a very tight lid on the recent astonishing discovery of vast quantities of extremely high concentrations of beautiful, beautiful REs just 6" below the surface of Central Park. He's currently locked in secret negotiations with PA to load him with total responsibility for the entire project, given the political risks of a massive New Yorker backlash against the new mine. No - really - I read it on LSE, so it must be true...

Like actors on a stage KeithKarl seems to have performed an "exeunt stage left" and no longer plays a part in the PRE production.

He came, he rabbited, he left.

Please come back KeithKarl - I'm sure Theo, Dumb, Smart, AS1971, Eloro, Hamilton, and the rest of the guys miss you.

Sundrum - I had a quick look at USB (Bancorp) recent trading, to see what might be behind the last 2 month's surge in SP - and I learned that the NYSE classifies trades more rigorously than the LSE. Like PRE since Jun 2025 - USB trading also has huge numbers of tiny trades of 1 or a few shares, among the expected size deals. These are all type "basket idx". Appears to be a way for large investors and balanced protfolio brokers to maintain their portfolio component ratios by combining all the buys and sells required to rebalance all their portfolio holdings in a single order, which triggers many small orders after being automatically executed as one.

I don't think offers any explanation for the Pensana small trades, unless somewhere there are investors with balanced funds of RE stocks which operate as a single RE portfolio (Chima maybe??) . PRE doesn't even appear in the REMX or Wisdom Tree component holdings as far as I know.

I've just looked at the Dec 29 day's dealing for PRE, and there were 506 trades, of which 371 trades fall into the small number group. Many of these are for just 1 share, but there was a string of 31 trades in 5 seconds just before the US NYSE open at 2:30pm - and every single one was for 454 shares. When PRE opened at 8:00am, there were 120 O deals (not AT which is rather strange) in the first 4 minutes all for less than 50 shares. Definitely something fishy going on - possibly to do with keeping the PRE SP well down, so that the Q1 placement on the NASDAQ gets a good reception?

Novice - thanks for the question. Yes, I am still trying to clarify what is going on with PRE's manifestly weird daily trading patterns, and why the SP has been way off-trend since November.

First - have a look here:

https://ibb.co/svjLKMrM

Its a composite overlay chart of PRE SP since Jul 1 2025, + Nd Pr indicative pricing chart + the two RE indices (Wisdom Tree ETF and REMX) which have hitherto performed quite well as PRE SP trend indicators. I've not made any attempt to reindex them all vertically - I just wanted to line up and see the shape and direction of the four charts across the same time base.

By my (admittedly rough) estimates, PRE should be around £1.39 (worst case) to £1.48 (best case) at the moment, had the SP followed the others from the China-RE-sanctions panic peak in mid-October, then the post Trump/Xi reprieve deal at end Oct, leading to a general drop over the next 2 weeks to mid Nov, but then followed by sustained recovery all the way up to near the mid Oct peak (when Pensana was £1.81) again.

Whereas, Pensana continued its steady fall to the current low of 88.2p.

Why? What little real news in last Q 25 has been resaonably encouraging, if not even positive.

My own views are that 3 factors are at work - geopolitics, Pensana Board's rapidly evolving strategy, and outright share price suppression.

Too long to explain here, but I'd be interested to hear some feedback - particularly on the latter?

Happy Christmas to everyone else.....

DP - yes they do - here's an example of an RNS/TR-1 by one of PRE's nominee account investors - Rene Nominees (IOM) Limited, notifying another company they invest in:

https://www.lse.co.uk/rns/holdings-in-company-p7eidg20sgtkjkz.html

It all depends on the size of an individual's holdings within the nominee account and whether the voting rights have been assigned.

Mumbles: I'm not privy to the individual holdings within PRE's nominee investors, but there are 8 of them in the PRE register, all of which hold more than 3.0%. It just seems very curious that only 1 of them has ever posted any TR-1s - and that's M&G. If Pensana has received more they aren't available on their website.

Anyone able to cast any light on 'SELECTION INVESTMENTS LIMITED', which jumped in at Number 9 in the list - a completely new entry since I last looked in October - holding 9.5M shares or 3.1% of the voting stock? Companies House can't find anything except maybe a registration on the Gibraltar bourse.

I thought the LSE regs required a TR-1 form to FCA and PRE if any holder goes above/below 3% of the voting stock?

Also, LSE regs require PRE to provide all of the Company Holdings Notifications (TR-1's) it receives, for viewing on their website. All I can find there and this board's RSNs relates only to M&G holdings.

Another new entrant at number 19 is 'US BANK National Association' - apparently owned by US Bancorp - the fifth largest federally chartered bank in US - with 2M shares. Interestingly, two other US holders - Bank of NY and State Street Nominees/State Street Corp have jointly shed 11M shares since March this year - the only 2 in the top twenty PRE register to reduce their holdings significantly.

Here:

https://pensana.co.uk/wp-content/uploads/2025/12/Pensana_AGM-presentation_December-2025.pdf

All I can read into the recently announced tripartite deal between Saudi USA and MP Materials to build s rare earth refinery in Saudi, is how absolutely desperate he must be to get RE feedstock minerals supply volume into the US in the next few years.

US govt is on the hook for 50% of the capital cost (not MP Materials who are just the technology providers), yet the total export of RE's from Saudi in 2023 was US$171 (not million that's single greenbacks...) and total JORC proven reserves of REs in Saudi are zero. There are no JORC-backed proven RE reserves in Saudi, everything is at the exploration stage. Ma'aden's main business is fertilisers and some precious metals production, it has no detectable RE history.

If Trump is this desperate for RE raw materials, then the case for Longonjo has to be very much improved - the US is already involved in strategic investment all along the Lobito Corridor and US companies are actively in preparation to build several African RE/critical mineral refineries base on US tech.

PA's recent move to prove how big the Longonjo reserves are, is both timely and astute and could place Pensana right at the head of the queue for further major US supply chain investment. If the +1BnT reserve figure is proven for Longonjo - and that will be known in a matter of months - Pensana/Longonjo will assume a very high profile in the US.

The question has been asked - how will the Pensana $11million re-drilling program over the Longonjo deposits be funded? Certainly not by the US US$3.4 million U.S. government grant (2024) - that is expressly for the design and feasibility work to meet an objective of doubling Longonjo refinery throughput, adding downstream refining in Angola, and advancing the Coola project, and it's too small to cover the drilling program anyway.

As Chinasyndrome points out, there is no apparent need to do further drilling - Longonjo is already economic for the next 20 years. So how come Pensana thinks it's worth $11m, to reinforce the JORC estimate? Here's my take:

- Trump has taken two very direct steps to change the whole RE economy - not only a 20% US Govt direct investment in MP Materials, but more importantly - he has grasped the importance of RE floor/mimimum price guarantees in under-pinning US home investment in mine-to-magnet chains. This is the only possible answer to China's RE price dumping, and one which Australia and other countries are now in the process of following. Floor pricing in the US is all well and good, but does nothing to facilitate Pensana's refinery and magnet manufacturing ambitions outside the US. We know now after 4 years of waffle, that the UK government has neither the means, motivation, nor the vision to tackle Chinese market malpractices to get RE industrial development off the mark in the UK. So goodbye Saltend. Hello US.

- Angola wants to advance its position up the supply chain from just being a humble ore-shipper to secure value-added exploitation of its RE resources. The US has recognised the importance of the Lobito corridor as a potential key to many of its critical minerals source problems not just REs. As have a number of US companies with their eye on supplying the infrastructure Africa needs. ReElement Tech and Novare are committed to building a series of refineries in Africa relying on the US Govt's declared intention to fully establish the Lobito Corridor as a conduit for critical minerals export to the US. As yet the precise locations and functions of these refineries remain to be finalised, but they plan to start building by Q1 2026.

- clearly ReElements need to be nearest the best deposits, and those which are most economically exploitable within the shortest possible time frame but also over a decades-long reserve life. Here is where I see the payback for Pensana - it's going to spend US$11m to de-risk refinery development close to Longonjo. If Pensana are successful and the JORC is revised to US$1billion, Longonjo emerges as an anchor project with multi-decade feedstock supply from one of the world's largest RE deposits, simply a no-brainer for a large-scale refinery build.

- without Pensana's re-drilling, the US refinery companies face having to juggle multiple material sources and complex location issues, so I would not be surprised to learn that there is some US and some Angolan SWF 'behind the scenes' support for what is obviously a major de-risking project for all of them.

- lastly, there is a timing issue. If the west is successful in investing in secure, end to end supply chains covering RE mining, extraction, processing and refining to metals, the balance of supply and demand will eventually count against any late-entry investors who will face reducing prices (even within a floor/mimimum pricing RE economy), so if Pensana can secure its early position by raising Longonjo to one of the world's largest RE deposits, it will consolidate its current pole position.

Other news: Both RE Index ETFs now heading back to previous peaks. MP Materials just re-rated by JPM to target $74, from current $58 = 27% hike. Applied to Pensana - 120p here we come...

AT, BOTS and signal trades all day long. Finished the day in positive Buy:Sell at 1.3 to 1, but SP drops - go figure? Both RE ETF indexes continue slowly moving up, and MP had a SP rise. Very little US buying or selling interest after NYSE open. Looks like whoever's manipulating the trading is carrying on as before. Can't see much interest from private investors either buying or selling. So my guess is a slow tree shake and keep accumulating PI drop-outs until next bit of PRE news - COOLA announcement should do it ? Board possibly sitting on those results till enough shares have changed hands. We wait.....