Member Info for MAA86

Https://pensana.co.uk/wp-content/uploads/2024/10/ESIA-Full-Report-EN-FINALmaio_2-2022-Full-Report-Certified.pdf

Cont:

Pensana’s strategy is explicitly geared toward linking Longonjo rare earth output with U.S. magnet supply and processing partners (e.g., MOUs with ReElement). �

Cision News

U.S. policy (tariffs on Chinese rare earths, defense material rules) is pushing supply diversification, which is why companies like Pensana pitch non-Chinese supply sources to U.S. markets. �

Rare Earth Exchanges

However, the total global NdPr/magnet landscape involves many players (MP Materials, Lynas, others), so simplicity like “China-only” or “U.S. oversupply” is not fully accurate

And to offer a balanced opinion:

It is true that MP Materials (a major U.S. rare earth miner) produces NdPr feedstock, but the statement “the US has more than enough NdPr” is not a factual industry consensus; rare earth supply demand forecasts vary by source and are subject to policy and global market conditions. There’s no official declaration that MP’s output alone fully satisfies U.S. NdPr demand under future scenarios.

⚠️ 2. “Everything in NdFeB can/will come from China”

While China remains the dominant producer/processor of NdFeB magnet materials, the U.S., EU and allied countries are actively developing alternatives and refining capabilities (including partnerships like Pensana/ReElement) to reduce that reliance. It is not yet established that China will supply everything indefinitely—market diversification efforts exist and are ongoing. �

Cision News

⚠️ 3. “US policy will stunt REPM demand growth”

This is a speculative opinion. U.S. policies (such as tariffs, bans on Chinese sourced magnets in defense systems, and incentives under critical minerals legislation) are intended to bolster domestic/more diversified supply—not to reduce overall demand—so this claim is an interpretation, not a fact.

⚠️ 4. Comments on ESG / radioactive waste disposal strategy

Pensana has to manage radioactive tailings and regulatory obligations like all rare earth developers. Whether the company “has not bothered to publish a permanent disposal solution” is an opinion rather than a properly documented regulatory finding (i.e., no authoritative source labels Pensana’s ESG conduct in those exact terms).

And to add:

But he was not ousted for incompetence; he left voluntarily and was credited with helping grow the company and secure key funding and regulatory progress.

Jeez you are relentless with this Berkeley Energia story Theorist. Had to use ChatGPT as I don't have a clue but in summary:

Summary: Atherley’s time at Berkeley Energia saw progress and challenges. The mine project has still not reached full production, but this outcome reflects broader industry, regulatory and political hurdles rather than a simple personal failure on his part.

Theorist - Why would M&G take more at 80p? They could have easily made a nice return but choose to take more. The 100m strategic investor is interested. Your clearly knowledgeable and come with some constructive analysis but your last attempt is pure FUD.

They're really trying to get this to 80p. I wish they would just get it over with restart the price recovery!

Good call Mumbles. It's getting a bit personal with naming individuals on message boards who are not here to defend themselves. I do believe your input is needed here so I hope we hear from you again soon.

Theorist. What is your end game here?

I think it's pointless now to keep going over the recent equity raises. It's done. You hold and hope it adds to shareholder value or sell up if you've lost trust in the BOD.

Well said Mumbles. The question now is do we wait for 80p or take the plunge now???

So PA is not allowed to have friends now? Also, if you can prove any insider dealing then report it. Otherwise put up or... you know the rest..

What you trying to say? Dump PRE, buy ALK?

Apologies for the repetition in my sentences. Rushing my replies between meetings.

Well said Vali. The market is sticking it to PA. Is the market going to stick it to PA and take it under 80. What a rubbish end to what was a great year for the company.

Nobody knows. Anyone who I know that attended the AGM are equally puzzled. Everyone was buzzing after the AGM but are now left puzzled. What's to stop the strategic investor coming back now and wanting a better deal?

Keep going lads, we'll get that 80p one way or another!

Subscribing to more shares at 80p? This was not mentioned with the previous strategic investor announcement. Maybe M&G not happy with the dilution so wanted more of the action at 80. I do wish I could get some more at 80p.. Who knows, it normally bounces after a M&G announcement but not this time so we may get the opportunity.

Theorist you said we would be bankrupt a few years ago. How can any readers take you seriously. I could easily say this is classic Theorist...

For god's sake I'm getting flashbacks of 2021. The question does arise why they didn't raise this small amount when the share price was much higher?