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Pinochio Paul (pwlx), Yes, the half of the internet that is full of idiots like you!

Pinochio Paul (pwlx) is still £80k up, even if the share price falls 5.4%. What a clown!

Pinochio Paul (pwlx),

At 11:25 on 28 May, when the Pensana share price was 102.00p, you wrote "I'm £80k up".

At 18:11 (after the market had closed at 16:30), on 29 May, when the Pensana share price was 96.50p, you wrote "I'm £80k up".

The Pensana share price fell 5.4% between those two times, and you still claimed to be £80k up despite the 5.4% decrease in the Pensana share price.

Your excuse was "I don’t check the stock price every third minute of the day", but surely you knew, at 18:11, that the share price at market close (101 minutes beforehand) was only 96.50p.

Clearly, you are not telling the truth about (1) your awareness of the share price at market close on 29 May (101 minutes before your post), and (2) your shareholding profit. Your nose is getting longer.

Pinochio Paul (pwlx),

Do some research and then bring some knowledge or valuable input to the discussion. Or just don't post. Either is fine by me.

Chinasyndrome,

The more you post, the more you show your ignorance and stupidity.

No, I am not saying that "all of those souls who were killed or displaced were also stupid".

What I wrote, is that Pensana's management could have foreseen that April 2026 would receive a lot of rain, because it is still rainy season.

Pensana's RNS announcement on 4 March 2026 stated, "Pensana is pleased to provide an update on the proposed Strategic Investment of US$165 million ("Strategic Investment") in support of the development of the Company's U.S. Mine-to-Magnet strategy, by Cascade Natural Resources Limited ("Cascade")... The Strategic Investment remains subject to long-form documentation and completion which are expected in the coming weeks."

However, it is now 92 days (13 weeks and 1 day) since that RNS announcement. This is beyond any reasonable interpretation of "coming weeks" and there has been no update about the long-form documentation and completion of the part of the Strategic Investment that relates to the sale of 38.2% of Pensana's shares in Sable for US$150m.

So, Pensana's new timing guidance (which is currently unknown) must have deviated significantly from the previously issued timing guidance (on 4 March of "coming weeks"), and that new timing guidance (which is currently unknown) is considered inside information. The company must release a trading update via RNS to avoid creating a false market in its shares.

Stoops,

Please save your LSD-fuelled hallucinations and musings for the TG group.

Chinasyndrome,

The more you post, the more you show your ignorance and stupidity.

A UK listed company must publicly update the market without delay if its timing guidance experiences a material change. Under the UK Market Abuse Regulation (MAR) and the FCA's Disclosure Guidance and Transparency Rules, any "inside information" (information that a reasonable investor would use to make investment decisions and is likely to affect the share price) must be disclosed to the market as soon as possible.

If a company’s timing guidance deviates significantly from the previously issued timing guidance, that new information is considered inside information. The company must release a trading update via RNS to avoid creating a false market in its shares.

But, I understand why you don't know that, because you have "managed mines for almost 40 years". That explains your lack of knowledge about the legal and compliance frameworks that UK-listed companies must follow.

Chinasyndrome,

This is my favourite quote of yours, because it really illustrates how intellectually challenged you are.

Regarding the first concrete pours, on 22 May, you wrote, "operations had to been delayed due to the unforeseeable rain events throughout April". When I read that, I spat my coffee out with laughter.

How are rain events in Angola throughout April unforeseeable by Pensana's management?

Didn't they think about checking the Angola rainfall chart by month? It would have told them that the rainy season doesn't end until the end of April and that a lot of rain is expected in April.

Since you mentioned the inference rule modus tollens, here's a relevant example for you.

If rain events in Angola in April are unforeseeable by Pensana's management, then Pensana's management are incompetent (by stating that rain events throughout April are unforeseeable).

However, I think Pensana's management can not be that incompetent. Therefore, it must be you who made up the stupid statement without realising that, of course, Pensana's management would know that a lot of rain is expected in Angola in April (because it is still rainy season).

Pinochio Paul (pwlx),

You asked me to tell you more, so I will.

UK-listed companies are subject to a continuous disclosure requirement designed to prevent the creation of a false market in the company's securities. The UK Market Abuse Regulation (UK MAR) requires listed companies to publicly disclose inside information directly to the market as soon as possible.

Pensana's RNS announcement on 4 March 2026 stated, "Pensana is pleased to provide an update on the proposed Strategic Investment of US$165 million ("Strategic Investment") in support of the development of the Company's U.S. Mine-to-Magnet strategy, by Cascade Natural Resources Limited ("Cascade")... The Strategic Investment remains subject to long-form documentation and completion which are expected in the coming weeks."

However, it is now 92 days (13 weeks and 1 day) since that RNS announcement. This is beyond any reasonable interpretation of "coming weeks) and there has been no update about the long-form documentation and completion of the part of the Strategic Investment that relates to the sale of 38.2% of Pensana's shares in Sable for US$150m.

At a Pensana shareholder meeting on 9 March 2026, Paul Atherley (Chairman) confirmed that legal documentation from Cascade had been received, the process had formally commenced, and it was simple documentation as it was essentially just a sale of shares in Pensana (for US$15m) and a sale of shares in Sable (for US$150m).

So, why is the Sable documentation taking so long?

Is this US$150m part of the deal still happening?

Why hasn't the long-form documentation been agreed and executed yet?

I believe that an update about the part of the Strategic Investment that relates to the sale of 38.2% of Pensana's shares in Sable for US$150m is inside information (because it is information that is precise, not public, and would likely significantly affect share prices) and, therefore, must be disclosed directly to the market via RNS announcement as soon as possible.

Mrcautious,

Zinnwald's RNS announcement on 14 May stated, "The boards of AMG, AMG Lithium and the Independent Directors of Zinnwald Lithium are pleased to announce that they have reached agreement on the terms and conditions of a recommended cash and share acquisition by AMG Lithium for the entire issued, and to be issued, ordinary share capital of Zinnwald Lithium not already directly or indirectly owned by AMG Lithium (the "Acquisition")."

So, it is only the boards of AMG, AMG Lithium and the Independent Directors of Zinnwald Lithium that have reached agreement on the terms and conditions of a recommended cash and share acquisition.

It is not quite a done deal yet. Soon, the offer must be put as a special resolution at a general meeting of Zinnwald Lithium. Then, the shareholders of Zinnwald Lithium will then decide whether to accept or reject the takeover offer.

However, the Acquisition already has the support of Zinnwald Lithium Shareholders representing approximately 50.14 per cent. of the issued ordinary share capital.

Therefore, the probability of the takeover being blocked by shareholders at a general meeting special resolution vote (which would require at least 25% of shareholders actually voting to vote against) is very low.

I believe an RNS update is overdue, because the following three deadlines (told to the market by Pensana in RNS announcements) have passed and there have been no updates about them:

1) it is now 91 days (13 weeks) since Pensana's RNS announcement on 4 March 2026 that "The Strategic Investment remains subject to long-form documentation and completion which are expected in the coming weeks" and there has been no update about the long-form documentation and completion of the part of the Strategic Investment that relates to the sale of 38.2% of Pensana's shares in Sable for US$150m.

2) First concrete pours - The Interim results for the six months ended 31 December 2025 that were announced via RNS on 27 March 2026 stated in the CEO's Review "concrete batching plants are being commissioned for the first concrete pours scheduled for April 2026" and in a later section "The aggregate and concrete batching plants are being commissioned for the first large concrete pours scheduled for March". It is now 3rd June and Pensana hasn't told the market if the first concrete pours (described as a "key milestone") have happened yet or are delayed.

3) 7,000 metre infill drill programme at Longonjo - The Interim results for the six months ended 31 December 2025 that were announced via RNS on 27 March 2026 stated "Two reverse circulation drilling rigs are expected to be mobilised for drilling activities during the dry season from May to October 2026". It is now 3rd June, and Pensana hasn't told the market if the drilling activities started in May or are delayed.

I believe Pensana must update the market as soon as possible about these three key milestones.

Johnpwh,

Under the UK Takeover Code, once an offeror announces a firm intention to make a formal bid, they are bound by strict rules and cannot easily withdraw.

AMG will already have completed its DD process.

Cyfalafwr,

The general meeting date to vote on the takeover offer has not been announced and the notice of general meeting has not been published yet.

It is only the AGM with routine resolutions that has been announced and the AGM announcement states, "The formal business of the AGM will not deal with any matters pertaining to the offer for the Company by AMG Critical Minerals N.V., details of which were announced on 14 May 2026".

So, a separate GM will be arranged soon. Keep a watch on the RNS announcements by Zinnwald.

Hogsnipe,

I appreciate you posting your opinion that PA and the Pensana board don't "give a flying f*** for retail investors", but I don't agree with you there. They need retail investors for liquidity, to keep a bit of stability in the share price. That is why Pensana invited shareholders to a meeting on 9 March. They didn't have to do that.

Also, the biggest risk to existing shareholders (as has just happened to another one of my portfolio companies - Zinnwald Lithium) is that a (hostile or recommended) takeover offer is made (by Cascade or another acquirer) at a modest premium (say 50 to 60%) to the current low share price and existing shareholders won't make the gains that are expected.

To mitigate this risk, we need Pensana's management to deliver on the following milestones (and then the share price will increase and we will benefit from it):

1) execute the long-form agreement for the sale of 38.2% of Pensana's shares in Sable for US$150m

2) complete the first concrete pours

3) mobilise the two reverse circulation drilling rigs for drilling activities during the dry season from May to October 2026

4) make progress with mine construction

5) sign offtake agreements with US magnet manufacturers

6) obtain EXIM guarantee for debt

7) secure US$160m debt from ABSA Bank or another provider

8) obtain NASDAQ listing (and raise some equity funding at the higher share price at that time)

ReMax,

On 9 December 2025, Pensana announced equity funding of US$100 million, but, on 10 February 2026, the equity funding was increased from US$100 million to US$160 million. And, on 4 March 2026, the equity funding was increased by a further US$5 million to US$165 million.

US$15 million Of the US$165 million was received in April 2026, but we are still waiting for Pensana to tell us if the remaining US$150 million is still happening, because Pensana's RNS announcement on 4 March 2026 stated, "The Strategic Investment remains subject to long-form documentation and completion which are expected in the coming weeks."

Since more than 12 weeks have elapsed since Pensana wrote "coming weeks", I think that timeline of "coming weeks" has passed any reasonable definition of that phrase, and therefore Pensana must update the market about the long-form documentation and completion of the part of the Strategic Investment that relates to the sale of 38.2% of Pensana's shares in Sable for US$150m.

The US$160 million debt funding (to be provided by ABSA) should follow later, but that is not secured yet either.

Hello FloatingBye,

Finally, someone is engaging in constructive discussion.

Thank you for providing us with your "Personal interpretation of the discussion (opinion)" that "The Cascade equity investment could take a few months to complete".

Also, your post on 10 March stated, "While no firm timeline was provided for when the $150 million strategic investment will be received, it was confirmed that legal documentation from Cascade has been received and the process has formally commenced. It was emphasised that there is no perceived risk of the strategic investor withdrawing from the transaction. It was also highlighted that processing the long-form documentation at the Sable level, should assist in accelerating the overall completion process, due to lesser governance required."

I was also at the meeting on 9 March, in which Paul Atherley (Chairman) confirmed that legal documentation from Cascade had been received, the process had formally commenced, and it was simple documentation as it was essentially just a sale of shares in Pensana (for US$15m) and a sale of shares in Sable (for US$150m). So, I was left with the opinion that the Sable documentation would take up to 8 weeks, which is in line with the Pensana's timeline of "coming weeks" per the RNS announcement on 4 March 2026.

At over 12 weeks, I think that Pensana's timeline of "coming weeks" has passed any reasonable definition of that phrase, and therefore it must update the market about the long-form documentation and completion of the part of the Strategic Investment that relates to the sale of 38.2% of Pensana's shares in Sable for US$150m.

On 22 May, regarding the first concrete pours, Chinasyndrome wrote, "operations had to been delayed due to the unforeseeable rain events throughout April".

If this is true, Pensana should have informed the market about the delay to the timing guidance it had provided. Pensana didn't tell the market about the delay. Why didn't Pensana tell the market about the delay?

An RNS update is overdue, because the following three deadlines (told to the market by Pensana in RNS announcements) have passed and there have been no updates about them:

1) it is now 89 days since Pensana's RNS announcement on 4 March 2026 and there has been no update about the long-form documentation and completion of the part of the Strategic Investment that relates to the sale of 38.2% of Pensana's shares in Sable for US$150m.

2) First concrete pours - The Interim results for the six months ended 31 December 2025 that were announced via RNS on 27 March 2026 stated in the CEO's Review "concrete batching plants are being commissioned for the first concrete pours scheduled for April 2026" and in a later section "The aggregate and concrete batching plants are being commissioned for the first large concrete pours scheduled for March". It is now 1st June and Pensana hasn't told the market if the first concrete pours (described as a "key milestone") have happened yet or are delayed.

3) 7,000 metre infill drill programme at Longonjo - The Interim results for the six months ended 31 December 2025 that were announced via RNS on 27 March 2026 stated "Two reverse circulation drilling rigs are expected to be mobilised for drilling activities during the dry season from May to October 2026". It is now 1st June, and Pensana hasn't told the market if the drilling activities started in May or are delayed.

Pensana must tell the market if these three key milestones are delayed or not, and still happening or not.

Yet another day has passed with no RNS update.

UK-listed companies are subject to a continuous disclosure requirement designed to prevent the creation of a false market in the company's securities. The UK Market Abuse Regulation (UK MAR) requires listed companies to publicly disclose inside information directly to the market as soon as possible.

Pensana's RNS announcement on 4 March 2026 stated, "Pensana is pleased to provide an update on the proposed Strategic Investment of US$165 million ("Strategic Investment") in support of the development of the Company's U.S. Mine-to-Magnet strategy, by Cascade Natural Resources Limited ("Cascade")... The Strategic Investment remains subject to long-form documentation and completion which are expected in the coming weeks."

However, it is now 89 days since that RNS announcement and there has been no update about the long-form documentation and completion of the part of the Strategic Investment that relates to the sale of 38.2% of Pensana's shares in Sable for US$150m.

At a Pensana shareholder meeting on 9 March 2026, Paul Atherley (Chairman) confirmed that legal documentation from Cascade had been received, the process had formally commenced, and it was simple documentation as it was essentially just a sale of shares in Pensana (for US$15m) and a sale of shares in Sable (for US$150m). So, why is the Sable documentation taking so long?

Is this US$150m part of the deal still happening?

Why hasn't the long-form documentation been agreed and executed yet?

I believe that an update about the part of the Strategic Investment that relates to the sale of 38.2% of Pensana's shares in Sable for US$150m is inside information (because it is information that is precise, not public, and would likely significantly affect share prices) and, therefore, must be disclosed directly to the market via RNS announcement as soon as possible.

Also, there are two other updates required:

1) First concrete pours - The Interim results for the six months ended 31 December 2025 that were announced via RNS on 27 March 2026 stated in the CEO's Review "concrete batching plants are being commissioned for the first concrete pours scheduled for April 2026" and in a later section "The aggregate and concrete batching plants are being commissioned for the first large concrete pours scheduled for March". It is now 1st June and Pensana hasn't told the market if the first concrete pours (described as a "key milestone") have happened yet or are delayed.

2) 7,000 metre infill drill programme at Longonjo - The Interim results for the six months ended 31 December 2025 that were announced via RNS on 27 March 2026 stated "Two reverse circulation drilling rigs are expected to be mobilised for drilling activities during the dry season from May to October 2026". It is now 1st June, and Pensana hasn't told the market if the drilling activities started in May or are delayed.

Pinochio Paul (pwlx),

Your portfolio comprises Pensana Plc and ALKEMY CAPITAL INVESTMENTS PLC, which are both companies in which Paul Atherley is Chairman. You are clearly a Paul Atherley fan-boy.

You accused me of being obsessed with one stock, but you are obsessed with me. 39 of your last 43 posts on LSE are either to or about me. Get a life!