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ATs fighting a losing battle today - Buy:Sell at moment is quite adverse - 0.5:1, but hey the SP is up 6% - go figure...

On the other hand - the REMX RE ETF Index ismoving back up again today- hooray!. Wonder if there's any possible connection?

Been looking for aerial photos of work at Longonjo, but only recents are Pensana site ones.

See here if you want a look:

https://imgur.com/a/gQGbOtN

I like the shot of the Longonjo site with the RE deposit in the distance.

To me it looks like they've got as far as initial ground prep for the startup plant area cleared, levelled and maybe compacted.

No sign of them getting into the ground yet.

However, as you have to know the ground support needed for major items like ball mills and/or crushers, before you can dig foundations, I suspect PRE is out there in the market for purchasing some really big ball mills or hydraulic crushers, not to mention the flotation plant. Guess where most of these are made? China of course. Though there are alternative suppliers, the lead time is reckoned to be anything up to a year or more. You cannot get this plant off the shelf.

Pensana claim construction will be finished in 2026 ready for commissioning 2027 - which to my mind seems like pushing it a bit, given the plant lead times. I've watched Kevin in Grand Designs so I know what can happen....

Anyone with better information - could you please enlighten us deviants on LSE?

Mumbles - they could, but I was talking about £1/4M buys not sells. Today's trading looks equally as odd as yesterday so far.

Over on ADVFN, for some odd reason they mainly list PRE deals to 1 decimal place on the order price. Sometimes ADVFN show a few deals to 2 decimal places and also a few at 3 decimal places. I don't know if they source their Trades data from a number of sources perhaps including diferent brokers - I know Hargreaves & Lansdown display 3 decimal places on their trades for example.

I noticed a significant number (19) O sells today - all to 3 decimal digits totalling 40% of the days sell trades, at 200,675 shares sold - roughly £1/4M (again). So you could be right, but our remortgager must be kicking himself he didn't sell up yesterday!

On a less speculative note - the RE metals ETF Index is today down 10.4% on its August 8 high - which exactly matches where PRE is today from its high on Aug 8.

Would anyone here support my view that PRE is just tracking the REMX index?

Bit odd that, on only minor appointment news, PRE zeppelined as much as it did today.

PRE still ended the day on a positive Buy:Sell ratio of 1.25:1.

AT dealing (selling) was entirely at odds with O dealing (buying) all day.

ATs had 41.8% % of traded vol and were predominantly on the sell side, accounting for 68.3% of all Sell vol with a Buy:Sell ratio 0.44 to 1, and only 24.2% of Buy vol.

Os were strong buyers accounting for 58.2% of all Buy vol with a Buy:Sell ratio of 3.14:1, and made 75.8% of all Buy vol.

Trading pattern has been 5 or 6 bouts of bunched AT sells to weaken the SP, mostly followed by buying sprees.

Large trades paint an interesting picture - In the afternoon 7 (related?) buys went through, all for either 21K or 42K (£5K or £10k punts at the bought price) - a total investment of £1/4million.

Large Buys (>15000 shares) - O deals scooped 44.7% of all buying vol in 12 trades

Large Sells (>15000 shares) - AT deals accounted for 25% of all selling vol in 8 trades

So the driver continues to be substantial accumulation in O deals, supported by AT raids on the SP to trigger stop-loss sells and worried retail holders.

But why the SP drop? - see the REMX RE ETF Index - it's down by 6.5% since Aug 8.

Tommorow's another day....

Anyone know what Karen Brown has been doing since her directorship at NEO was terminated in 2021?

Just askin'....

TornadoTony last post (bugles sound) 11 Jul

Theorist last post (theoretically) 1 May

Forgotten but not gone?

Returning to this topic, there's an excellent post (over on ADVFN PRE chat board (credit to Mumbles1311) which readers of LSE might have missed, so I've copied it here in 2 parts. This is Part1:

Personal perspective only

This note represents the personal views of a Pensana shareholder. It is not issued on behalf of the company and should not be read as company guidance. I share it simply to explain why I heavily invested and why I continue to hold — because, in my view, the potential uplift from today’s valuation is extraordinary.

1. China’s Strategy

For decades, China has maintained its dominance in rare earths through a dual chokehold:

- Control of heavies (Dy/Tb): China supplies ~95% of the world’s dysprosium and terbium, the heavy

rare earths essential for stabilising NdFeB magnets at high temperatures.

- Separation/IP lock: China not only controlled material supply but also imposed strict bans on the export

of separation technology and know-how. Even when ore was available elsewhere, the capability torefine and separate into usable oxides remained almost entirely within China.

- Narrative trap: Meanwhile, lanthanum (La) and cerium (Ce) were dismissed as low-value by-products(~$1,000/t), reinforcing the myth that only Chinese heavies could keep high-performance magnets

viable.

2. ReElement – Innovative & Scalable (Immediate Impact)

ReElement, built on Purdue University’s chromatographic separation technology, has shown that ROW can now develop its own modular, scalable separation capacity.

- Technology breakthrough: Innovative, U.S.-owned, scalable — bypassing China’s separation/IP stranglehold.

- Political momentum: Alongside Pensana, ReElement spent last week in Washington for multiple high-level meetings.

- Downstream pull: Already signing agreements with multiple magnet makers.

- Timeline: To validate these commitments, ReElement wants credible large-scale non-China feedstock by 2027.

■ Pensana is the natural fit, delivering feed at scale and on time.

3. Toyota Tsusho – Innovative & Game-Changing (Long-Term Anchor)

Toyota Tsusho has signed an MOU for 20,000 tpa of Pensana’s MREC. This is about more than NdPr

— it is about re-engineering magnet chemistry itself.

- Game-changing chemistry: Toyota Tsusho has developed patented magnet technology to displace Dy/Tb by substituting La and Ce.

- IP moat + alignment: Tsusho has not announced whether this technology will be made more widely available. If it is commercialised externally, licensing would be the most likely route. But the fact that Tsusho already has an MOU with Pensana means they are positioned not just as an innovator, but as a first-mover with secured feedstock to underpin their technology.

- Industrial scale: Beyond the $1.5bn Indiana EV plant, the true driver is Toyota’s global EV and Japanese/Asian magnet supply chains.

Part2:

- Feedstock gap: Toyota Tsusho India’s feedstock is politically locked to Indian domestic use. Pensana fills the gap for Tsusho’s international programme.

- Timeline: By 2027, Tsusho wants secure NdPr/La/Ce streams to anchor its global EV rollout.

Pensana is one of the only projects that can deliver.

4. Pensana – The Upstream Enabler

Pensana’s Longonjo project is funded, under construction, and targeting first production in early 2027.

- Capacity: 40,000 tpa MREC (~12,500 t TREO, including ~4,500 t NdPr oxide).

- Unique geology: Longonjo is a weathered carbonatite with a virtually zero strip ratio (~0.25:1) and a high NdPr content (~36% of REOs). This makes it one of the most economically viable rare earth projects in the world.

- Strategic fit: Provides the upstream feed both ReElement and Toyota Tsusho want.

- Geography: Access to hydro power and the Lobito Corridor reduces both cost and carbon footprint.

5. The Timeline – Why 2027 Is the Catalyst

- ReElement: Wants feed by 2027 to demonstrate industrial throughput and validate U.S. MOUs.

- Toyota Tsusho: Wants NdPr/La/Ce by 2027 to deploy Dy/Tb-thrifted magnets in EV production.

- Pensana: First deliveries scheduled for early 2027, positioning it as the only upstream project able to satisfy both companies’ requirements.

■ 2027 is the convergence point. Pensana is uniquely aligned to deliver what both partners want.

6. Why the Valuation Wants to Re-Rate

At £1/share (~$390m market cap), Pensana is still priced like a speculative junior. The fundamentals tell a different story:

- NPV (bankable plan): A 20-year mine life at a 10% discount rate values NdPr production at $4.5bn+.

This is based on ~90,000 t NdPr mined, not the full resource base.

- Resource value (longer-term optionality): The total recoverable NdPr (~139,000 t) equates to ~$13.2bn at $95,000/t midpoint pricing.

- Partner alignment: MOUs already cover 100% of Stage 1 + 2 production.

- Implied share price: On 300m shares, the NPV equates to ~£10–12/share.

- Optionality: Coola and Sulima West licences represent further expansion potential.

■ Note: The $4.5bn+ NPV is calculated only on the 20-year mine plan. The $13.2bn resource valuation reflects the entire 139,000 t recoverable NdPr resource and represents long-term optionality.

Closing Line

ReElement brings political momentum and near-term credibility. Toyota Tsusho brings industrial chemistry and long-term scale. Pensana delivers the upstream supply — with unique geology that makes it one of the most economically viable rare earth projects in the world — on the exact timeline both require. This is not official company commentary — it is simply why I, as a shareholder, continue to hold.

Pensana is already funded, under construction, and aligned with both immediate and long-term demand.

With its geology, scale, and timing, the potential uplift from today’s £1 share price is, in my view,

immense.

Thanks Mumbles - I checked back on your posts here but must have missed the link.

MikeTheBike and Mumbles1311 over on the ADVFN PRE board have started an interesting discussion about the strange bouts of tiny trades - anything down to 1 share, but up to maybe 200 shares which have become a regular fixture in PRE trades over the last week or two.

I spotted a weird example on Mon 1st Sep - a 10 second burst of entirely O sell trades - 72 of them! All for trivial numbers of shares from 8:18:58am to 08:19:08 am.

Almost immediately following these, a run of 9 AT buys for a total of 53,500 shares went through from 08:19:30am (1 AT buy of 1500) then 8 AT buys all in the same second at 08:22:35am for 52,000 shares.

Similarly on Thursday 28 Aug there was a ton of small O buys at the start of trading at 08:03:06am immediately followed by a string of AT buys for a total 77,000 shares from 08:04:58am to 08:08:59am.

One suggestion is that the small trades are brokers testing bid-offer pricing and the spread before running through a batch of buy orders on AT.

I've also spotted a case where a clump of small sells increased each time from 2 shares s up to about 400 shares. in about 16 steps.

Any Level 2 traders here who know what this is all about?

Mumbles2021 - there's an excellent post on ADVFN's PRE share chat dated:

31/8/2025 07:25:05 Pensana: Breaking China’s Grip and Why the Valuation Wants to Re-Rate.

Poster is Mumbles 1311. It's long, but extremely informative and well researched.

I don't want to intrude into anyone's online aliases, but would you have any objection, for any reason, to me copying the post over here for the benefit of LSE posters? Credit would be given to ADFN and the original poster of course.

Thanks

Who is the LSE webpage idiot who decided it was perfectly sensible to lose your entire in-progress message without warning if you just navigate away from your draft to have a look at something else? For God's sake LSE, get a proper programmer who knows how to make your in-progress drafts persistent or at least give us a "Are you sure you want to wipe out the whole of the message you're busy inputting by leaving this page?" warning if we try. Done ranting. Back to doing everything in Notepad and cutting and pasting into here....

MAA - which 123 trades are these - what time were they? Why odd?

Not so much an issue whether it's good or bad, my concerns are whether or not daily PRE trading at this time is as normal as any other share, or if it's currently a 'play' for some vested interests using their ability to ramp or deramp the SP through algorithmic / AT trades. Hence the earlier discussion of PA's stated policy of shedding retail investors to build up institutional large holders and how he can achieve that if said retail investors won't sell up.

The long term outlook for Pensana still looks good now, but we have not seen any recent news which would account for the rapid escalation of the SP seen over the last week. So there's a feeling that somewhere that future news may be leaking out, or there are significant changes afoot in PRE which it doesn't want known yet, but needs to prepare the business for? Pensana is notorious for keeping its retail investors in the dark as far as possible - that's why this and a few other boards are very active gleaning pointers to where PRE is going.

Welcome back Deborahm - good news today on the SP - your £1.20 entry point is now in the bag?

No, there's been no recent news from Pensana regarding the fate of Saltend.

Don't ask your friendly local AI Chatbot about recent Saltend news either - I did and got this cr*p:

Progress in 2025

Funding secured: In March 2025,

Pensana's project proposal for Saltend received first-phase backing from the £1 billion Automotive Transformation Fund,

an investment for the UK's electrified vehicle supply chain.

Site groundbreaking:

Pensana broke ground at the Saltend facility in July 2025 and has also secured ATF funding.

... all garbled rubbish.

No - the comments here on Saltend are the speculative, and the logic that Saltend is doomed is based on:

- total lack of up-front significant commitment by HMG to Pensana or critical minerals supply chains in the last 4 years

- absence of any significant finance inputs from UK institutionals, apart from M&G

- change in policy by the Angolan government, who now want to actively capture the value end of the supply-chain of RE's

by building Angolan RE refineries for Angolan RE mines

- involvement of US Govt to enable Pensana to double Longonjo's planned output their substantial grant to start this work

- commitment by AREC and Re-Element Tech to build a fleet of refineries in Africa, including along the Lobito corridor

- Re-Element's refining tech is chalk-and-cheese cf : Pensana's Saltend chemistry/design and PA/PRE Board can't afford to re-design,

repeat pilot testing and re-permit the process if the Re-Element tie-up turns into a full-blown partnership

- thanks to our new government, the international business community no longer sees the UK as a viable inward investment,

and the UK will soon be so hard-up there will be no internal UK industrial investment anywhere here either.

- it's somewhat dubious to believe that, should the US become Pensana's biggest customer, it makes any sense at all to ship

Longonjo's ouput from Lobito, all the way to Saltend for refining, then all the way over to US east coast, when Trump

wants RE metals refining reshored to US. It makes sense to refine up to high value concentrate at Longonjo,

then directly ship this straight across the Atlantic to the US.

- speculation about the chances of PRE abandoning the UK and re-listing on the NYSE and trading as a US company,

which would leave a new UK RE refinery at Saltend pretty much a dead-duck - and no great loss for PRE considering

PRE's total investment in Saltend so far has been pitiful.

EyesRight - made me laugh.

MAA not AI - more Rip Van Winkel catching up on old news....

Here we go again - Bot trades driving all the action, SP was doing nicely at 124p at 12:18, then AT trades hammered in nearly 90,000 sell volume by 12:45 - SP gets smashed down to 115p and triggers some nice O sells at this probable stop-loss level, and we're off to a a free lunch lads!

Anyone else see a pattern here or is it just me?

Thanks for that Mumbles - make sense.

Here's what I was able to glean from all 635 of today's PRE transactions with 2million+ shares changing hands:

There was what I judge to be a predominance of AT trading, where ATs constituted 55% of all transactions and 47% of all share volume.

Oddly, AT trades were net buyers, while O trades were net sellers.

Large individual Buy trades above 10,000 shares were mainly AT (30 of them) at 45% of Buy volume, compared to only 10 large Buys at 17% of Buy volume

Large sells above 10,000 were mainly O (10) trades at 38% of Sell volume, compared to large AT sells (only 2) at just 5% of Sell volume

On the day's total volume traded, the AT Buy:Sell ratio was 2.7 to 1, compared to an O trades Buy:Sell ratio of 0.7 to 1

So, it very much looks like the bots were on an 'accumulate' kick today, which worked well, because O trading favoured selling.

Some time, I'm going to take a dive into the statistics for the sequence of O and AT trades (which are handily time-stamped to the second throughout the day's trading data), looking for anomalies like bunching together either in sequence or in very short time intervals and see what subsequent effect that has on things like spread, upward/downward SP momentum etc. One for the dark evenings ahead I suspect.

MAA - I'm non the wiser for reading today's RNS re: M&G - care to enlighten me?

Looking at the build up of trades over on ADVFN board, it looks a lot like Monday, though less overall volume

Up about 9% on the day so far, and if we get a boost from NYSE trading after 14:30 again (at 15:20 it's tailing down) , could end the day well over 10% gain.

What I do not like is the sheer volume of Bot trading. Does anyone here know if there's any level of AT trades considered "normal" for a company of Pensana's current capitalisation? I know all about "irrational enthusiasm" but algorithmic trading on PRE seems off-the-scale just now.

When the LSE has closed, I'll download PRE's trading data and do some sniffing around for anything of note.