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The key point from the RNS is that the US$100m strategic investment is being directed entirely into value-creating workstreams. The largest uplift comes from the upgraded Dy/Tb/Y separation circuit, where the company estimates around US$50m a year in additional margin — roughly US$480–500m in NPV over the life of mine. That single upgrade alone generates value several times greater than the capital being allocated to it.

A further US$11m is committed to drilling, with the stated aim of tripling the resource, which would place Longonjo among the largest rare earth resources globally. That level of growth feeds directly into long-term production and overall project valuation.

The remainder supports Pensana’s positioning within the US mine-to-magnet supply chain, where downstream margins are materially higher than mining alone.

In short: US$100m is being used in areas expected to unlock value many multiples of the investment — with roughly half a billion dollars of NPV coming from the Dy/Tb/Y circuit alone, plus the impact of potentially tripling one of the world’s major rare earth resources.

This is additional funding to generate additional NPV, the mine is funded. the 11 million drilling program should tripe the reserves, the 30 million capex for the separation circuit and with ad 50 million a year or 480 million NPV a year over the length of mine and fund investment in the down stream US separation business bring margin from mine to magnet so facilitating phase 2, tripling reserves, adding 1/2 billion to the NPV for increasing the NPV from 1.75 billion to 2.25 billion, this is probably the best value investment that anyone is going to get.....

The 100 million has nothing to do with the current mine construction, it is to do with the drilling program, 30 million for the additional recovery circuit, and investment in separation in the US down stream sector for the full mine to magnet supply chain...The EXIM is virtually done, $160 million, the FSDEA has put up 40 million and still 13 million to stump up thats 213 million...... plus 100 million tha tis 313 million and another 3 million fo G&A costs. you can interpret it how you like. this is all in the presentation and the AGM summary.... i cant post it on here

SUNDRUM, I AGREE, IM DONE WITH THIS SH*T ON HERE...........

Sundrum, projects dont get built with white papers and fresh air. they need capital, which was not forthcoming from either UK capital markets and no enabling policy from the UK government. Funding came from Africa and the markets are coming from the US. Neither UK nor Europe have provided ANY support.

Yes there was Betrayal, it was betrayal of the Pensana board of directors and shareholders, not by them....... Thats enough of my input on this subject. I have expended enough of my time trying to explain the facts...... People will believe what they want to believe and make their own decisions accordingly.

Good morning Keith, i see the tin hat brigade came out in force yesterday, don’t mind them they see reds under every bed. If you are still reading this thread, and I wouldn’t blame you if you’re not.

Regarding your wife’s visit to the saltend site, i have been thinking about her not finding any mention of Pensana, As i also said i have visited the site , been in the PX Saltend visitors centre and done induction courses to allow me in for Pensana events. But i have just realised that Pensana isn’t the entity that holds the lease nor does the sign on the gate mention Pensana. It says Saltend Magnet Metals Limited, which a wholly owned subsidiary of Pensana, Consequently the security guards would only be aware of the Saltend company, probably looking completely blank at the mention of Pensana

In respect if the cancelling of the Saltend Project, Saltend magnet filed the accounts for 2023/24 beginning this year with the accounts presumably for 2024/25 presumably being ready for the inclusion in the Pensana consolidated accounts due by end October. But not needing to be posted before the beginning of next year.

One of the most valuable weapons in a companies armoury is optionality. And whilst it was looking increasingly likely that the Longonjo export focus would be the US there was still the possibility that Europe may decide to support a separation hub. Pensana was a fully engineered, permitted site, but planning permissions need re validating and company accounts need to be maintained.

My own view was when it came to filing the accounts it was decided that the chance of the Saltend coming off was far less than the cost of maintaining the option, which according to the last company accounts is in the region of £100,000 per year. and that as soon as that decision was made the market was made aware. The company is registered at Companies has under SALTEND MAGNET METALS LTD

Company number 14062786

No skulduggery in any way. I also admit is was a disappointment to me as well having grown up in that area , with my daughters who both live in the area buying shares. They are not too dissapointed being 400% up. But disappointed none the less.

Hi Keith, thanks for the candid response. this morning up turn is based on the RNS released, this increases the Dysprosium and Terbium recovery from the Longonjo resource from a declared 9% of the actual content to closer to 50%. this is significant because the the Chinese embargo on Heavy rare earth elements (Dysprosium and Terbium) has increased the price to $208/kg and 918.50/kg respectively. this equates to approximately $54 million dollars year in additional revenue for very little additional capex. Over the mine life the Net Present Value (8% DCF) is an additional $ 480 million USD. in addition to me, neither the news on the additional drilling program could be released nor additional CAPEX for the Dyprosium / Terbium recovery circuits unless the funds were, or are going to be made available. Looks far more like the culmination of detailed use of funds discussions that are being agreed prior to a strategic investment in the company.

The previous data sheets showed only 9% recovery for Dy and Tb, this new circuit looks to increase that to 50%. An NPV8 OVER A 20 year mine life equals an additional 480 million USD, or £1.17 on the SP

Apologies Keith for not reading you post properly. I had considered setting up a substack page. Your comment about difficulty logging in to LinkedIn suggests that i may take the idea more seriously

Good morning Keith, really appreciated.. I am also retired and filling my time researching, and doing consultancy, based on my experience in the commodity trading sector , sub Saharan markets and since 2020, th the transaction economy. Ian Brown Energy is LinkedIn handle. It is based on my experience and easier to remember than IanBrown1234567788 or whatever they had me down as before That is all. The share price currently is enough to shake anyone’s faith compared to a month ago. But thanks for taking the time to have a look. I hope you found it worthwhile

Some brokers, Trading212 and IG to make 2, are emailing investors asking to borrow their shares for a small daily interest. Please remember: once lent out, those shares can be used for shorting, which can pressure the price of your own investment.

With Pensana’s fundamentals stronger than ever — financing in place, construction advancing, and the future looking brighter than at any point in the last five years — this is exactly the wrong moment to hand out stock that could be used against you.

The interest offered is tiny. The potential downside isn’t.

Deborah.... absolutely spot on!!!!

Thank you ReMac, but my actual thoughts are much simpler than that.

Karl, the drilling programme has zero impact on getting into production. The Longonjo build is already funded and on its own timeline — this work sits completely outside the critical path.

Which is exactly why the timing is interesting. Pensana doesn’t have $11m lying around for discretionary drilling, so if they’re starting in early Q1 it almost certainly means new funding is in place or about to be announced. You don’t authorise that spend unless you know where it’s coming from.

And with a 137,000-tonne NdPr reserve already giving 20–30 years of output, nobody drills now unless a strategic party wants to underpin a much longer mine life — 80–100+ years. It may not have been announced yet, but it’s hardly unreasonable speculation.

Not touchiness — just understanding how the company operates.

Anyone can check who I am and decide for them selves whether I’m credible or not:

www.linkedin.com/in/ian-brown-energy

Production is being slated for late 2026/early 2027.....it isnt a secret.....

Because Karl, i am assuming they have got it..... and that the drilling program is pertinent to the discussion being had. One thing this company doesnt do.... regardless of AS1971 et al. who add nothing to these conversations. if you had spent as much time a si have over the last 5 years keeping track of the stock you would also understand how the company operates. i dont expect you to beleive every thing i say verbatim, but i dont hide behind anonymous handles. you can find out more about me and whether i am credible or not at www.linkedin.com/in/ian-brown-energy

Best thing i ever did was put SP on filter.... i will not responding directly to any more of his drivel unless i am specifically requested to. Im assuming it SP, as it could be any one of 3 who are all filtered now. What these guys are crying for is a platform. deny that and they are struck dumb!!!!!!

Question is: Pensana dont appear to have $11 million in free cash to spend on a drilling program, especially on a resource that already has a 20 year mine life at full production (with 4500 Mts p.a of ndpr oxide per annum and 137,000 Mts of JORC assessed reserves it is nearer 30 years). All their financing is committed to the mine development. As the drilling program is due to start early in the new year, is it going too far speculate that Pensana are accessing some new funding soon, of which an extended mine life of 100 years or more would be strategically advantageous to the the new investor

If you are intrested in my opinion one way or another you can find it on my linkedin page www.linkedin.com/in/ian-brown-energy

I have nothing to hide, my profile is open on RareEarth Exchange, the Pensana Telegram group and Pensana Facebook group........ it is quite frankly tedious and i have better things to do

Theorist probably would be seen dead with PRE Shares. He has pathological and irrational hatred of all things Pensana. Apparently he took umbrage at Pensana not engaging his consulting company......

Looks like Chris has been co-opted to the cause with Peter......