Member Info for OscarGolf

Paul (pwlx),

Your posting history tells us a lot about your character. It reveals that:

1) You are a Paul Atherley fan-boy, because, as well as owning shares in Pensana, you posted that you own 45,000 shares in Alkemy Capital Investments Plc, which is another company in which Paul Atherley is Chairman. Therefore, it is clear why you don't like me to be critical of Pensana's management.

2) Your posts don't include a single shred of knowledge about anything. You like to pick fights with posters on the PRE and ALK chat boards, but don't bring any knowledge or valuable input to the discussions. What a loser!

It's more enjoyable to be outside the tent p1ssing in than inside the tent p1ssing out.

Chinasyndrome,

Not only are you are a blinkered, Pensana fan-boy who can't tolerate any criticism of Pensana and doesn't know when he has lost an argument, but also you are an Aussie redneck who has "managed mines for almost 40 years". That explains your lack of knowledge about the legal and compliance frameworks that UK-listed companies must follow.

Mumbles2021,

My advice to you is to stick to subject matter than you have some knowledge about (if any) and do not offer ignorant opinions of matters that you know very little about (e.g. CapEx/OpEx, DTR, UK MAR, listed company compliance regime, etc.).

And your Foxtrot Oscar jibe is rude and unnecessary. You shouldn't try to bring the discussion down to that level.

Chinasyndrome,

You are a blinkered, Pensana fan-boy who can't tolerate any criticism of Pensana and doesn't know when he has lost an argument.

Q) You asked, "Total ignorance or deliberate false and malicious information designed to damage?"

A) Neither. I am the opposite of ignorant and I post only facts or supported opinions. My objective is to educate other shareholders and put pressure on Pensana's management to 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.

Q) You asked, "Everything he has posted to date has been proven wrong, and every time he then comes up with a new grievance based on his own personal? opinions. A sponsored provocateur or just a half smart idiot seeking attention?

A) Neither. I am not sponsored by anyone and I am an intelligent and experienced investor in the natural resources sector.

1) You wrote, "An RNS is not required until a material change has been crystalized, delays are not material changes" but this is incorrect. Continuous disclosure under UK MAR means that, if a listed company gives timing guidance and that changes, the company must issue an RNS announcement to notify the delay and any revised timing guidance. On 4 March 2026, Pensana's timeline guidance of "coming weeks" has, by any reasonable definition, passed. Therefore, Pensana's management must announce an update on the part of the Strategic Investment that relates to the sale of 38.2% of Pensana's shares in Sable for US$150m.

2) You wrote, "The process pad is most certainly in plain site [should be sight], we get a satellite image of the process pad every few days, you don't have to scour the internet, they are posted on the TG group of which you are still a member", but there are only 495 members of the TG group and therefore that is not an effective way of keeping the market informed about progress (or lack of progress) on key milestones (as defined by Pensana). Official RNS news is the only platform in which listed companies must notify news relating to material events, such as the first concrete pours (described as a "key milestone" by Pensana). Shareholders are not expected to have to join TG groups, visit Angola, or scour the internet to find out if concrete has been poured.

3) You wrote, "The 7,000m drilling is not part of the planned Billion-ton exploration program, it is for production grade control and is therefore OPEX not CAPEX". This shows how little you understand about OPEX/CAPEX.

CapEx under IFRS is the funds a company uses to acquire, upgrade, or maintain long-term physical or intangible assets expected to yield economic benefits for more than one year. The 7,000m drilling will yield economic benefits for more than one year. Therefore, these costs are capitalised on the balance sheet (CapEx) and recognised over time, rather than expensed immediately (OpEx).

Pwlx,

Pensana described the first concrete pours as a key milestone and gave timing guidance for its completion as March (in one place) and April (in an earlier part of the same document). And, it necessary for other work to take place (as planned). Therefore, it is clearly a "key milestone" that is material news.

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 22nd of May and Pensana has not told the market if the first concrete pours (described as a "key milestone") have happened yet or are delayed.

You can hold shares listed on the Euronext Amsterdam in a UK Stocks and Shares ISA. Under HMRC rules, foreign shares are eligible for an ISA wrapper as long as they are officially listed on a recognised stock exchange, which includes Euronext Amsterdam.

But, while legally permitted, not all UK ISA providers offer access to the Amsterdam market or allow foreign shares. So, check with your platform.

ISAs cannot hold foreign currencies. When you buy or sell shares listed on the Euronext Amsterdam, your ISA provider will automatically convert any dividend received from Euros to British Pounds, which usually incurs an FX fee.

While an ISA protects you from UK income and capital gains tax, it does not exempt you from foreign tax. Dividends from Dutch companies may be subject to a Dutch withholding tax before they reach your account.

Chinasyndrome,

1) you wrote, "everybody must assume that it has not yet been finalised until told otherwise. Only then might we expect an RNS", but that is not how continuous disclosure works under UK MAR. On 4 March 2026, Pensana's timeline guidance of "coming weeks" has, by any reasonable definition, passed. Therefore, Pensana's management must announce an update on the part of the Strategic Investment that relates to the sale of 38.2% of Pensana's shares in Sable for US$150m.

2) The fact that "first concrete pours" have not yet commenced on the Process pad is NOT in plain sight for everybody to see, because official RNS news is the only platform in which listed companies must notify news relating to material events, such as the first concrete pours (described as a "key milestone"). Shareholders are not expected to have to scour the internet to find answers.

You wrote, "operations had to been delayed due to the unforeseeable rain events throughout April". How are rain events throughout April unforeseen by Pensana's management? Are you effectively stating that they are incompetent? 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.

You wrote, "nothing significant warranting an RNS", but listed companies aren't allowed to just let their own timelines pass without updating the market about delays and any revised timing guidance.

3) You clearly don't understand Pensana's drilling programme. It is not "Production drilling". It is exploration drilling "to increase Longonjo resource to over one billion tonnes". So, it is NOT considered to be a normal day-to-day operation. It is a significant capex project, and does warrant an RNS about any delays to the timing guidance previously provided.

4) I have NOT previously claimed to be an 'expert on commercial law'. You need to check my previous posts.

Chinasyndrome,

You wrote, "Mind you by his own admissions, Pensana have done nothing wrong", but that is incorrect.

I think Pensana's management has done something wrong and, since you appear to have forgotten what they have done wrong, I will explain again.

A company with a London Stock Exchange listing is 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 as soon as possible. Issuers must disclose inside information (information that is precise, not public, and would likely significantly affect share prices) directly to the market as soon as possible.

1) 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 more than 11 weeks since that RNS announcement and Pensana's management has not updated 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. [Chinasyndrome, to make it clear for you, I believe this is a wrong act by Pensana's management, because (a) this is "inside information" and (b) the timing guidance of "coming weeks" by any reasonable definition has passed]

2) 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 22nd of May and Pensana has not told the market if the first concrete pours (described as a "key milestone") have happened yet or are delayed. [Chinasyndrome, to make it clear for you, I believe this this is another wrong act by Pensana's management]

3) 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 22nd of May, so Pensana's management should have released an RNS update announcement to tell us if the drilling will start in May or is delayed.

Twohits,

I prefer to avoid trading insults. I only insult those who insult me. I give as good as I get.

Since you have called me a "Ghastly little weasel", I took a look at your posting history and it reveals that you post mainly one-liners consisting of snide comments or insults. Therefore, you are the Ghastly little weasel - not me.

Here are some quotes from your recent posts:

- "No further comments from me, you are an imbecile"

- "your knowledge is reliant on AI, you are an imbecile, the more you speak, the more you demonstrate your lack of knowledge"

- "you absolute muppet"

- "Lol - the black knight speaks again"

- "You’ve not been doing this for long have you?"

- "To watch loud mouth idiots get burnt?"

Paul (pwlx),

I just took a look at your posting history and it reveals that:

1) You are a Paul Atherley fan-boy, because, as well as owning shares in Pensana, you posted that you own 45,000 shares in Alkemy Capital Investments Plc, which is another company in which Paul Atherley is Chairman. Therefore, it is clear why you don't like me to be critical of Pensana's management.

2) Your posts don't include a single shred of knowledge about anything. You like to pick fights with posters on the PRE and ALK chat boards, but don't bring any knowledge or valuable input to the discussions. What a loser!

Oh dear, Paul (pwlx), the muppet has appeared. He hasn't got a clue about anything, but likes to argue regardless of that fact.

Chinasyndrome,

I own a significant number of Pensana shares and do not plan to sell my Pensana shares until 2028 or 2029. I am not a day trader or a shorter and don't care about the share price today, tomorrow or at any time in the next year.

Until 2028 or 2029, I will try to hold Pensana's management accountable for delivering the key milestones, which will create value for shareholders.

Lfc98,

My objective is to put pressure on Pensana's management to 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.

For example:

1) it is now more than 11 weeks since it announced "long-form documentation and completion which are expected in the coming weeks".

2) 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". We are now in the middle of May and Pensana has not 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 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 20th of May, so it would be good if Pensana would release an RNS update announcement to tell us if this is still expected to start in May or is delayed.

TheGreekLizard,

I do not plan to sell my Pensana shares until 2028 or 2029, so there is no risk of me "transferring wealth from the impatient to the patient", but that does not stop me from being impatient.

An RNS announcement with an update about the transaction relating to the sale by Pensana of 38.2% of its shares in Sable for US$150m is overdue, because it is now more than 11 weeks since Pensana announced, "long-form documentation and completion which are expected in the coming weeks". Listed companies have an obligation to keep the market updated.

TheGreekLizard,

You wrote, "the coming weeks, could be 4 could be 8 weeks", but it is now more than 11 weeks since that phrase was used.

I am just going by Pensana's guidance relating to the timeline and wondering why it has not happened yet.

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."

Ian (Mumbles2021),

You wrote, "in this case, i am fairly certain you are just WRONG". That is a very general, unsupported statement.

Please explain exactly what you think is wrong about my application of the UK Listing Rules to the transaction relating to the sale by Pensana of 38.2% of its shares in Sable for US$150m.

Kutzzzz,

You wrote, "frankly you’re wrong". That is a very general, unsupported statement.

Please explain exactly what you think is wrong about my application of the UK Listing Rules to the transaction relating to the sale by Pensana of 38.2% of its shares in Sable for US$150m.

TheGreekLizard,

If Pensana Plc has engaged Simmons & Simmons to advise them on the application of the UK Listing Rules to the transaction relating to the sale by Pensana of 38.2% of its shares in Sable for US$150m, I am certain that Simmons & Simmons will have advised them exactly as I have posted below.

So, when the binding long-form documentation is signed (which, therefore, must not have happened yet), Pensana is required to release an RNS announcement with the specified disclosures.

Chinasyndrome,

The "Scab" insult was unjustified. Please avoid using insults in your posts.

In your post, you have shown your lack of understanding of the UK Listing Rules, because:

1) The exclusions you posted are all irrelevant to the transaction relating to the sale by Pensana of 38.2% of its shares in Sable for US$150m;

2) the additional test for a mineral company is irrelevant, because a transaction is classified as a significant transaction where any percentage ratio is 25% or more, and the consideration test is already more than 25%, so additional tests are irrelevant; and

3) you have compared the US$150m consideration to Longonjo's "Reserves" Enterprise Asset value of US$5 Billion, but the UK Listing Rules do not consider the measure of Enterprise Asset value of reserves. Instead, they use volumes of reserves [but this is irrelevant anyway, as I explained in (2) above.]

I am an expert in the application of the UK Listing Rules, so there is little point in you trying to argue with me about them.