Member Info for Mumbles2021

50 million plus, basically enough to cover equity requirement for bond issuers at Saltend. ill commit to full funding for Saltend by Monthen. I'll be honest im less certain that the bonds for Saltend will be in place by then. My bet to you would be valued at about £110.00, not silly, and no good reason to welch by the loser. i certainly dont subscribe to the nil capital raise scenario.... the Equity has to come from some where, no bond issue would fully fund, they may as well do the project themselves. if you take all the risk, you get all the upside!!

bets still open, including capital raise if you want.

To be fair, on my side the bets have been offered, not accepted. nor did anything involve myself or Theo being quiet on any board. My own request was that if i was correct that the ground breaking would take place before the end of the month. i would be happy to receive 1/2 a case of an excellent Amorone, at a very good price. As i am going to the ceremony on Thursday and the bet hasn't been accepted, i assume i will be buying my own. As with all bets (and investments), we are responsible for our own actions/decision s and the consequences of same.

TDav, the last AGM authorised the issuing of approximately 75 million shares, of which approximately 12 million were consequently issued to M&G. What you suggest would require an EGM to get approved. Not impossible, but it isnt going to be sneeked in or put forward as a “Fait Acomplait”

Theo, the discussion was regarding ground breaking.

Amarone, not Amazon !!!!

Tony, actually it wasnt Dao, it was me Tony. I want half a case of Amazon, if im proven to be right. the other side of the bet hasn't been advised as yet

Theo, i dont have the details, but with equally the same confidence as yourself ( i.e. with no technical details to back it up), i very much doubt that Wood Group, Baroness Andover, Jeremy Beeton etc would allow themselves to be, then remain, attached to such statement s by the company if they couldn’t be backed up.

To settle this, find attached the process from the UK intellectual property office is attached. DP for your interest, it is 18 months before a number is attached.
https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/341899/discussion-patent-applications.pdf

Of interest the document also states the following, whether this is applicable in PRE’s case i dont know . “Publishing a patent application is not the only way of disclosing an invention and preventing others from gaining patent protection for it. For example it is possible to disclose details of an invention through a personal or company website or by using a commercially available technical disclosure service. Once you have made the details of an invention public in one of these ways, you too will be unable to obtain a patent for the same invention in the future.

DP, my statement was passed on, word for word, as I was advised by the company. Make of it as you will.

DP nobody published their patents processes before they are approved. what would be the point in a patent if the contents are in the public domain before any protection is gained.

DP, i didnt ask

It is actually patent applied for. I have had that confirmed from the company

DP, that is total representation the RE recover is 45% for the concentrate x 72% for the MRES x 92% after separation. Ie after separation of the 41,000 mts of Mixed rare earth sulphate is processed, 12,500 mts of rare earth will be produced out of a potential 13,500 MT's. Of the potential maximum from from the mine 30% will be recovered. But from the MRES shippped from Angola 92%

TDav i have to take issue with your comment “so perhaps it is most reasonable to assume that they do not, and to assume that this poses a risk to funding.”, why is it reasonable to assume they don’t have a process. The FEED for both plants was completed in October, this on its own is affirmation that they have a process. Unless of course you are accusing PRE of being a completely fraudulent operation.

I was definitely referring to the work for Longonjo, however i also mentioned that if they were using a licensed process (surprisingly mentioned by DP) then the process design, and concept were already proven. WOOD group have carried out the FEED, which will have been put together as per the BASIS OF DESIGN agreed between the Client (PRE) and the engineers. WOOD group are world class engineers who i would trust to come up with a working solution using tried and tested processes. in addition SRK Consulting were used as part of the design process. SRK having experience with considerable projects including rare earth separation. Laboratory bench tests can be just as helpful when testing proof of concept for reactions especially when the actually process is an adaption of an existing chemical engineering process such as floatation and flocculation. Whilst it isn't conclusive, i am happy with the way the design and feed has been performed. Its up to others to make their own minds up

To add some context to the OPEX costs per ton, based on Info in the Pensana publications. the overall OPEX per MT of NdPr produced is $44/kg. broken down into MRES from LJ, the same documents states $135,000,000 for LJ OPEX to produce 41,000 MTS of MRE Sulphate. this works out at $3,300/kg. this comparing favourably to a probably Ex works price of $9,000/MTs +/-. Further separation costs at Saltend are $5,200/kg to produce 12,500 Mts of various separated rare earths, predominantly Lanthanum and Cerium. If all these costs are consolidated and applied only to NdPr production, the OPEX cost per ton across both plants works for NdPr only works out at $44,000/MT. All the above is in this document https://pensana.co.uk/wp-content/uploads/2022/05/FEED-RNS-ANNOUNCEMENT-MAY-2022-V22-FINAL.pdf

DP reagents definitely play a large part, as well as transportation, labour and energy, but the reagents dont have to be imported in ready to use form. my understanding is that the volume of reagents to be imported to LJ is in the region of 60,000 MTs p.a. However the reference to NdPr alone for LJ is irrelevant as the end product is 41,000 MT of mixed rare earth Sulphate with a RE content of 30-35%. and NdPr, coming-out at around 1/3 of that. if applied to the whole project LJ and Saltend, reference also has to be made to the recycling of reagents, which obviously reduces that amount of reagent to be purchased compared to that use in the process.

Theo, apologies for the delay. not been reading the board as quite frankly it isn't very helpful these daysl. But i will say my respect for you has has gone up enormously. Nothing too onerous, half a case of "Casa Giona Amarone della Valpolicella 2018", says that ground breaking at Saltend will be done before 28th July. https://www.vivino.com/GB/en/salvaterra-casa-giona-amarone-della-valpolicella/w/7069173?year=2018. what are you offering on the other side of this wager. we can arrange delivery one way or another via messaging.

DP as you correctly point out, if it is a licensed process, the pilot testing and development has already been completed and proven.