Member Info for OscarGolf

Paul Atherley told the shareholder meeting on 9 March 2026, that Cascade is owned by two large funds.

So, what do you think are the names of the two large funds?

Is it the Qatar Investment Authority and Kulczyk Investments, which are two of the investors in QKR Corporation, which was founded by Lloyd Pengilly (who is a director and the Chairman of Cascade)?

If so, why not name them?

Why keep the names of the two large funds a secret for over six months from 9 December 2025 onwards?

That's a bit rich, coming from the boy who's an intern in daddy's firm.

Cascade Natural Resources Limited is a newly incorporated SPV that is registered in Guernsey, where the identity of controlling shareholders is not publicly available information.

Given that Cascade is investing US$165m in Pensana plc, which is listed on the LSE Main Market (and therefore has disclosure requirements), why is Cascade so secretive about its owners and the providers of finance?

If Cascade names (a) its owners and (b) the providers of finance, the market can assign a level of credibility to the likelihood of completion of the sale of 38.2% of Pensana's shares in Sable for US$150m.

Conversely, if Cascade doesn't name its owners and/or the providers of finance, the market can't assign much credibility to the likelihood of completion of the equity investment. Hence, the current share price of Pensana, despite the announcement of the US$165m Strategic Investment.

And, if Cascade and/or the Sheikh is a fraud (and I'm not saying either is a fraud) and the providers of finance are not named, the genuine investor (e.g. QIA) won't know that they have been unwittingly involved in the fraud and won't be able to alert anyone that they are not really involved in the fraud (like the QIA did in the Lekoil fraud - that is how the fraud was exposed).

So, it is time for the secrecy to stop and for Pensana to announce the names of (a) the owners of Cascade and (b) the providers of the finance.

That article in the Peninsula Qatar does NOT confirm that those behind the Cascade deal are indeed legit, because it does not reveal the identity of the shareholders of Cascade.

Rather, it is just a rehash of Pensana's RNS announcement on 18 June (albeit 11 days later) and only names the directors (not the owners) of Cascade.

And, it gets the Chairman's name wrong: "Chairman of Cascade Lloyd Bingley, also welcomed Dr. Al Hajri to the Board".

Some quality journalism that is. Late, inaccurate and with no new information (only info in the RNS).

Is Sheikh Dr Badr bin Dalhim Al-Faheid Al-Hajri the appointed representative of the Qatar Investment Authority (QIA; Arabic: جهاز قطر للإستثمار), which is Qatar's sovereign wealth fund, on the board of directors of Cascade Natural Resources Limited (as Kutzzzz suggested in his post at 16:18 on 18 June 2026)?

If so, does the QIA acknowledge that he is their appointed representative on the board of directors of Cascade Natural Resources Limited?

As normal due diligence (especially after the Lekoil scam in 2020 when fraudsters posing as representatives of the QIA offered a fake $184 million loan), has Cascade or Pensana confirmed this directly with the QIA?

SunDrum,

If you don't think he's a "Fake Sheikh", you shouldn't write it on the internet, because there is a risk that readers will not realise it is sarcasm.

Also, at 10:40, you wrote "3rd time".

At 10:46, you wrote "5th time".

Maths lesson => 3 + 1 = 4

3 + 1 does not equal 5

You wrote, "a new Fake Sheikh sting".

On 18 June, Pensana announced "that Sheikh Dr Badr bin Dalhim Al-Faheid Al-Hajri has joined the Board of the Qatar-backed Cascade Natural Resources Limited", but:

1) his own LinkedIn profile shows him as simply "Badr Alhajri"; and

2) yesterday, the Gulf Times reported his appointment to Cascade's Board (only 11 days late - but better late than never) and called him "Dr Bader Bin Dalham al-Fahad al-Hajri". The word "Sheikh" didn't appear in the article.

https://www.gulf-times.com/article/728339/qatar/dr-bader-al-hajri-appointed-to-cascade-natural-resources-board

Is he a real Sheikh, or a "Fake Sheikh" (as SunDrum suggested in his post at 16:04 on 18 June 2026)?

Stoops,

You are obsessed with me. All 36 of your 36 posts on LSE are either to or about me. Get a life!

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

On 18 June, Pensana announced "that Sheikh Dr Badr bin Dalhim Al-Faheid Al-Hajri has joined the Board of the Qatar-backed Cascade Natural Resources Limited", but I've just checked the Guernsey Registry again today and, 11 days later, he is still not shown as a director at the Guernsey Registry.

Is there a problem with his appointment, such as identity verification?

Has Pensana seen evidence of his appointment as a director of Cascade Natural Resources Limited?

If not, why did Pensana announce his appointment as a director of Cascade Natural Resources Limited without seeing evidence of his appointment (such as his appointment being shown at the Guernsey Registry)?

If I had been Pensana's legal adviser, I would have strongly recommended that Pensana saw evidence of his appointment (such as his appointment being shown at the Guernsey Registry) before Pensana issued an RNS announcement about his appointment as a director of Cascade Natural Resources Limited.

https://portal.guernseyregistry.com/e-commerce/company/1233512

Since there is irrelevant song lyrics and commentary on this chat, I will post this relevant and factual information about Pensana.

Here's my take on Pensana's RNS announcement on 8 June 2026:

1) long-form agreement for the sale of 38.2% of Pensana's shares in Sable for US$150m => no explanation why this has been delayed from the timing guidance of "coming weeks" quoted on 4 March 2026, which is 117 days (16 weeks and 5 days) ago. Note that the RNS announcement on 8 June 2026 provides no timing guidance for completion of the long-form agreement, so we now have no idea how long it might take.

2) identity of the owners of Cascade Natural Resources Limited => still a mystery, even though (a) a TR-1 form (which should name any controlling shareholders) should have been submitted by 29 April 2026 and (b) we deserve to know who is purchasing 38.2% of Pensana's interest in Longonjo for only US$150m.

3) offtake agreements with US magnet manufacturers => just a repeat of old information about NON-BINDING MOUs from 2025. So, no progress on getting any binding offtake agreements signed since 2025. Given the various non-binding MOUs from 2025 and the current high demand for ex-China MREC, why has Pensana not signed any offtake agreements (using variable prices if they don't want to fix prices) yet?

4) EXIM guarantee for debt => no progress, because this EXIM guarantee requires binding offtake agreements to be in place.

5) US$160m debt from ABSA Bank or another provider => no progress, because this debt is still just a proposal and requires the EXIM guarantee.

6) NASDAQ listing (and raise some equity funding at the hopefully higher share price at that time) => "The Company's Board is actively evaluating a potential listing on the NASDAQ", so no progress, no firm decision and no timing.

7) ability to pay for committed costs when they fall due for payment => "$36 million has been spent on the direct mine and processing plant development costs [so there isn't much cash left in the kitty, because it had US$19.6m cash as at 31 December 2025 and, in April 2026, it raised US$15m via the issue of shares to Cascade at 80p each] and the main construction programme is now 22% complete", but there is still 78% to go and Pensana needs to receive the US$150m from Cascade in order to pay for that construction programme. I'm concerned that approximately US$135m of capital expenditure is currently committed under the procurement schedule, even though there is no guarantee that Cascade will pay the US$150m. If Cascade walks away, how would Pensana pay for that US$135m of capital expenditure that has already been committed? And, what would be the impact on the Pensana share price?

Paul R (Chinasyndrome),

Was your letter to the FCA along these lines?

Dear FCA,

My name is Paul R--n--w and my LSE username is Chinasyndrome. I manage the club for blinkered Pensana fan-boys on Telegram, where only positive comments are allowed and any negative comments are banned. Recently, I warned OscarGolf for posting negative comments that I alleged were FUD. Then, OscarGolf stopped posting on Telegram, but I removed him from the TG group anyway for posting negative comments on the LSE chat forum. Yes, it was a bit of over-reach, but I have God-like powers in that TG group and it made me feel good.

Unfortunately, I can't stop OscarGolf for posting negative comments on the LSE chat forum and I can't get him removed either. So, please would you investigate him for being critical of my beloved company, Pensana?

OscarGolf raises issues that he says are real issues, but I think they are bogus issues. And, I must be right, because some others in the club for blinkered Pensana fan-boys on Telegram agree with me.

To begin with I thought that OscarGolf was just "a FUD spreading Troll", but now I think that he is "defrauding some poor unsuspecting widows out of their investments". I admit that I have no idea what this means, and that I cannot prove any of my suspicions, but I would like you to investigate every single trade in Pensana shares over the last 3 months, in the hope that you can find some evidence of some naughty behaviour by OscarGolf.

Please team up with GCHQ Cheltenham and James Bond to stop OscarGolf posting bad things about my beloved company, Pensana.

If you don't investigate him, I will write to the Daily Sport about you.

And, if you don't believe me, just ask my friend Dumbo the elephant.

Yours stupidly,

Paul R--n--w (Chinasyndrome)

Paul R (Chinasyndrome),

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

Do you really think that GCHQ Cheltenham would be interested in investigating me? What a fool you are.

I don't raise "bogus issues". I raise real issues, such as the following real issues:

1) what are the names of the "two large funds" (per Paul Atherley on 9 March 2026) that own Cascade Natural Resources Limited?

2) what is the name of the Qatari provider of finance (is it QIA or other party)?

3) On 4 March 2026, Pensana's RNS announcement stated that long-form agreement for the sale of 38.2% of Pensana's shares in Sable for US$150m would be completed in the "coming weeks". Over 16 weeks later, why has the long-form agreement still not been signed?

4) Given the various non-binding MOUs from 2025 and the current high demand for ex-China MREC, why has Pensana not signed any offtake agreements (using variable prices if they don't want to fix prices) yet?

5) "$36 million has been spent on the direct mine and processing plant development costs [so there isn't much cash left in the kitty, because it had US$19.6m cash as at 31 December 2025 and, in April 2026, it raised US$15m via the issue of shares to Cascade at 80p each] and the main construction programme is now 22% complete", but there is still 78% to go and Pensana needs to receive the US$150m from Cascade in order to pay for that construction programme. Approximately US$135m of capital expenditure is currently committed under the procurement schedule, even though there is no guarantee that Cascade will pay the US$150m. If Cascade walks away, how would Pensana pay for that US$135m of capital expenditure that has already been committed? And, what would be the impact on the Pensana share price?

Go ahead and write to the FCA, but you will be wasting the FCA's time and good taxpayers' money, because I haven't bought or sold any shares in Pensana for a long time.

I own a substantial number of Pensana shares and my objective is to educate other shareholders and put pressure on Pensana's management to complete the key milestones (e.g. secure equity finance, secure debt finance, sign offtake agreements), comply with the UK Listing Rules and keep the market updated about its key milestones, especially when it has missed its own guidance on timelines.

So, go back to watching Dumbo, because, like that elephant is ridiculed for his oversized ears, you should be ridiculed for your undersized brain.

Each Zinnwald Lithium Shareholder (excluding AMG Lithium) will be entitled to receive for each Zinnwald Lithium Share:

5.0 pence in cash; and

0.001577 New AMG Shares.

Based on the volume-weighted average price of an AMG Share for the 30-day period up to and including the last Business Day prior to the announcement of the Offer (13 May 2026) of €36.60 and the GBP:EUR exchange rate of €1.1545/£1 on 13 May 2026, the Offer valued each Zinnwald Lithium Share at approximately 10.0 pence each.

So, the number of New AMG Shares you will receive is fixed by the above fraction, but the value of the New AMG Shares will continue to vary with (1) the share price of AMG Critical Materials NV; and (2) the GBP:EUR exchange rate.

Based on the price of an AMG Critical Materials NV share as at the close on Friday 26 June 2026 of €32.90 and the current GBP:EUR exchange rate of €1.1594/£1, the Offer values each Zinnwald Lithium Share at approximately 9.47 pence each (being 5.0 pence in cash and 0.001577 New AMG Shares, which are currently valued at 4.47 pence).

So, owing to the decrease in the share price of AMG Critical Materials NV since 13 May 2026, the deal is now looking less attractive for ZNWD shareholders now than it did at the announcement of the Offer.

I have voted in favour of the takeover, because (a) although it is an opportunistic offer and a low exit value for ZNWD shareholders, I'm happy to take the cash and AMG shares and invest it elsewhere for (hopefully) bigger/faster/more likely profits; and (b) I don't want the takeover to fail and the share price to go back to 5p or 6p.

The Court Meeting and General Meeting will both be held on 13 July, so your brokers will close voting about one week before that date. So, whether you will vote for or against the Offer, get your vote registered with your broker before your broker's voting deadline.

Zinnwald Lithium Shareholders will receive the New AMG shares on/after 28 July and the cash by 10 August.

Paul Atherley told the shareholder meeting on 9 March 2026, that Cascade is owned by two large funds.

If the Sheikh represents a Qatari fund, what is the identity of the other large fund?

Then it should be a different code, but, when Paul Atherley said the Strategic Investor was two funds, it is possible those two funds are the owners of the shares in Cascade and that Cascade is just a SPV holding company for the investment into Pensana.

But, if only we had more transparency!

On 18 June, Pensana announced "that Sheikh Dr Badr bin Dalhim Al-Faheid Al-Hajri has joined the Board of the Qatar-backed Cascade Natural Resources Limited", but I've just checked the Guernsey Registry again today and, 8 days later, he is still not shown as a director at the Guernsey Registry.

Is there a problem with his appointment, such as identity verification?

Has Pensana seen evidence of his appointment as a director of Cascade Natural Resources Limited?

If not, why did Pensana announce his appointment as a director of Cascade Natural Resources Limited without seeing evidence of his appointment (such as his appointment being shown at the Guernsey Registry)?

If I were Pensana's legal adviser, I would strongly recommend that Pensana sees evidence of his appointment (such as his appointment being shown at the Guernsey Registry) before Pensana issues an RNS announcement about his appointment as a director of Cascade Natural Resources Limited.

https://portal.guernseyregistry.com/e-commerce/company/1233512

StarBright,

Yes, this classification is appropriate for an SPV, but only if the SPV's sole function is holding shares in other companies without engaging in any active trading or operational activities.

StarBright,

OK, thanks for being so kind as to give me that task. I'll look into it now and respond ASAP.

According to Mumbles and Kutzzzz, I am an AI bot. AI bots aren't good at deciphering sarcasm. So, please refrain from using sarcasm on here.