Member Info for OscarGolf

SunDrum,

I can be a shareholder and be critical of recent events (missed deadlines, secrecy of identity of Strategic Investor, lack of RNS updates on US$150m sale of 38.2% of Sable, etc.), because I am a long-term investor focussed on the share price in 2028 or 2029. I don't trade this share and, therefore, I don't care about the current share price.

I just write things that the rest of you think, but dare not say.

MAA86,

Holding M&G plc shares would not expose him to Pensana, because M&G plc does not own shares in Pensana. It is their investment management funds that owns shares in Pensana and they are owned by the investors in those funds.

I have been a shareholder in Pensana since 2021 and I treat anyone on here as a shareholder or potential shareholder.

MAA86,

I don't know whether SmartPunter owns shares in Pensana or not. Do you?

Meanwhile Chinasyndrome is more worried about a few high frequency trades yesterday (despite tiny volumes) and the 2018 history of Pensana. What an idiot!

SmartPunter,

I hope you are wrong. But I understand your concerns, because it is very odd that the identity of the Strategic Investor is still kept secret by both Pensana and the Cascade SPV.

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 85 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 28th May and Pensana has not 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 28th May, so it would be good if Pensana would release an RNS update announcement to tell us if the drilling activities are still expected to start in May.

Treasureisland,

I think that any rumour you have heard that M&G has been selling Pensana shares is incorrect.

It is unlikely that M&G has sold any shares (except an insignificant number), because:

1) M&G's last TR-1 form (announced via RNS on 28 April 2026) showed they owned 34,000,000 shares on 27 April 2026;

2) M&G would have to submit another TR-1 form if their holding dropped below 9% (i.e. below 31,816,371 shares) and they haven't done so (and are regular submitters of TR-1 forms - unlike Cascade);

3) The STATE STREET NOMINEES LIMITED holding (which comprises mainly M&G's shares) were as follows and haven't changed much:

35,165,271 as at 31/03/26

35,596,788 as at 30/04/26

35,622,846 as at 08/05/26

35,782,903 as at 15/05/26

35,584,666 as at 22/05/26

4) since 22/05/26, only 858,138 shares were traded on Tuesday 26 May and only 388,261 shares were traded on Wednesday 27 May.

Treasureisland,

I think that any rumour you have heard that M&G has been selling Pensana shares is incorrect.

It is unlikely that M&G has sold any shares (except an insignificant number), because:

1) M&G's last TR-1 form (announced via RNS on 28 April 2026) showed they owned 34,000,000 shares on 27 April 2026;

2) M&G would have to submit another TR-1 form if their holding dropped below 9% (i.e. below 31,816,371 shares) and they haven't done so (and are regular submitters of TR-1 forms - unlike Cascade); and

2) The STATE STREET NOMINEES LIMITED holding (which comprises mainly M&G's shares) were as follows and haven't changed much:

35,165,271 as at 31/03/26

35,596,788 as at 30/04/26

35,622,846 as at 08/05/26

35,782,903 as at 15/05/26

35,584,666 as at 22/05/26

Yet another week 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 12 weeks 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 27th May and Pensana has not 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 27th May, so it would be good if Pensana would release an RNS update announcement to tell us if the drilling activities are still expected to start in May.

Yet another week 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 12 weeks 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 Unaudited 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 27th May and Pensana has not 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 Unaudited 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 27th May, so it would be good if Pensana would release an RNS update announcement to tell us if the drilling activities are still expected

SunDrum,

You're so humdrum.

SunDrum,

Save it for the TG group!

SaltendBob,

While I was a member of the TG group, there were no RNS announcements by Pensana, and the many users posting "RNS tomorrow" were wrong 100% of the time!

I wish I had not bothered to join it and read the stupid posts by the 494 other members, because they only welcome positive comments about Pensana (e.g. share price predictions of 698p per share by the end of the year) and all pile in to defend against any negative comments (only from me!).

Typical posts on the TG group are:

- photos of beer glasses (full and then empty) -> very tedious and irrelevant.

- screenshots several times per day by J--n M---- of London South East's level 2 Pensana share price info (which is against the terms and conditions of the level 2 data service!).

- running regular polls of what users think will be the Pensana share price at the end of the trading day, with two multiple choice answers of either under 100p, or over 100p. They stupidly didn't realise that, as happened on 15 May, the closing price could be 100p and they were all wrong. LOL

- endless discussions about tiny share price movements on tiny volumes (what a waste of time!).

- links to articles about rare earth minerals from random sources on the internet (it is far better to subscribe to quality timely sources of rare earths news elsewhere than rely on this bunch of fools).

- endless discussions about the share price spread and how the share price is being manipulated by bad actors, such as market makers, AI bots, algos, Chinese spies, etc. They don't seem to realise that Pensana's shares are traded on SETS (which is the London Stock Exchange’s flagship electronic order book for highly liquid securities, including the FTSE 100, FTSE 250, ETFs, and some AIM-listed stocks) and, therefore, users with DMA can place orders directly into the central electronic order book and participate in auctions and it is much harder for the market makers or others to manipulate prices.

- daily posts of "RNS tomorrow" and, of course, they are wrong 99% of the time.

- asking AI to calculate how many days it would take for the SP to grow from 102.8p (close on 22 May) at 5.87% per day to reach a share price of 698p. As if any share has ever risen in a straight line at 5.87% per day for 34 consecutive trading days. Fantasist muppets!

And, worst of all, on the TG group, which is managed by Chinasyndrome (Pom redneck), I was warned several times that I "will be binned" for posting criticism of (a) Pensana's lack of communication with shareholders, (b) Cascade's lack of TR-1 form, and (c) Pensana's missed deadlines. I was accused of (1) posting FUD (that really upset the blinkered, Pensana fan-boys in the TG group), and (2) "cherry picking of the FCA's Regulations and ignorance of the exemptions" (even though I posted the relevant rules and explained why the exemptions didn't apply).

Chinasyndrome,

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

On 22 May, you wrote, "please sight [should be cite - clearly you're not good at spelling because on 23 May you wrote "in plain site" when it should have been sight] any examples where other companies such as BHP, RTZ, Anglo, Lynas, Mountain Pass report every time a drill rig or any other bit of kit for that matter, is mobilised".

It is wrong to compare a minnow like Pensana that is far from production (mine site not constructed, US$150m equity finance not secured, US$160m debt finance not secured, no offtake agreements in place) to companies such as BHP, RTZ, Anglo, Lynas, Mountain Pass, that have large market capitalisations and are established producers.

Starting a drill program is a key milestone for a minnow like Pensana. That is why:

1) Pensana released an RNS announcement on 17 November 2025 that was entitled "Major drill programme to increase Longonjo resource to over one billion tonnes"

2) Pensana released an RNS announcement on 21 January 2026 that was entitled "Update on Longonjo infill and resource expansion drill programme"

3) Other small cap explorers/developers announce the mobilisation of drill rigs and commencement of drilling programs (e.g. FIRST CLASS METALS PLC released an RNS announcement on 19 February 2026 that was entitled "Drilling preparation commenced at Roy on the Sunbeam Property")

https://www.londonstockexchange.com/news-article/FCM/roy-drill-mobilised-drill-preparation-commenced/17467446

You have "managed mines for almost 40 years", but you don't know when UK-listed mining companies should announce the mobilisation of drill rigs and commencement of drilling programs. Says it all.

Chinasyndrome,

You were you born in Worcestershire, now live in Australia, and have "managed mines for almost 40 years". So, you are a Pom redneck. That explains your lack of knowledge about the legal and compliance frameworks that UK-listed companies must follow.

Well, I'm afraid that BigReveal will be wasting his time, because I'm not Theorist.

You blinkered, Pensana fan-boys think you know everything, but you're all clueless!

Paul (pwlx),

There's no split personality. I have consistently been a significant shareholder, who wants long-term gain, but is critical of current performance and communications. Anyone can check my posting history and confirm that, and discredit your assertion.

Paul (pwlx),

Wrong again!

I have a significant number of Pensana shares and will continue to be a shareholder until 2028 or 2029, so you had better get used to me posting here.

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.