Member Info for SmartPunter

Expect a Friday share price ramp. Tiny buys at remarkable increases.

This was for Saltend

>>The ridiculous thing is that note 24 stated

Not for the first time. Previously Pensana paid management hundred of £K bonuses for successful completion of the project finance and start of build.

The bonuses were repaid to Pensana a year later when the reality became clear. The bonus payments were in the accounts but the bonus repayments weren't communicated by a RNS .

It was "Full funding approvals secured. In construction" in Pensana-Corporate-Presentation-October-2025.pdf

So you have:

October 2025: "Full funding approvals secured. In construction." → Reality: conditional ABSA term sheet + EXIM LOI + an unfunded equity gap. Six weeks later, a $165m raise.

March 2026: "Funding secured — US$165m equity + US$160m EXIM-guaranteed ABSA debt." → Reality: $0 of the $165m received at the deck's date, the $150m subject to unsigned long-form documentation, ABSA still "proposed," and — in the very same month's interim accounts — a going-concern material uncertainty stating survival is dependent on securing funding it did not yet have.

Funding secured

US$165m Strategic equity

investment alongside US$160m

EXIM guaranteed secured debt

from ABSA

This is the March 2026 Pensana presentation.

>>21 Apr 2026 CHANGE OF BENEFICIAL OWNERS

Funny how PRE never mention the change of ownership of their investor.

2. DATED TIMELINE

-----------------------------------------------------------------------------

CASCADE (Guernsey, CMP77418) PENSANA (PRE) — RNS / filings

---------------------------------------- -----------------------------------------

09 Dec 2025 Strategic equity investment

first announced

27 Jan 2026 INCORPORATED. Non-trading

holding co (activity 10.5.7),

CSP-administered (FPC Cat 5),

audit-exempt indefinite,

AGM requirement waivable

10 Feb 2026 "US$160m Strategic Equity

Investment"; Notice of GM;

Cascade named as subscriber

10–11 Feb 2026 Resolutions filed/registered:

waive AGMs; audit-exempt

indefinite

04 Mar 2026 Raised to US$165m; GM

adjourned sine die; US$15m

issued free of pre-emption

(no shareholder vote)

09 Mar 2026 GM formally adjourned;

corporate presentation held

27 Mar 2026 Interim results (Note 20

subsequent events; Note 18

related parties)

17 Apr 2026 Receipt of first US$15m

tranche confirmed;

13,992,537 new shares at 80p;

admission ~27 Apr; enlarged

capital 353,515,226

21 Apr 2026 CHANGE OF BENEFICIAL OWNERS

(filed AND registered)

28 Apr 2026 TR-1 published — M&G Plc

(dilution-driven). No

Cascade TR-1.

08 Jun 2026 Longonjo construction/offtake

update — no confirmation the

US$150m Sable tranche has

completed

18 Jun 2026 "Qatar-backed" Sheikh

appointed to Cascade's board

Oh yes, the canceled feasibility study.

Yes, its waste Sulfuric acid from copper production by Phalaborwa Mining Company, but they ensure is pure before delivery.

The point is the supply is secure and cheap. And the demand is very low.

As the Phosphor-gypsum stack is already cracked by the acid making process, only a tiny fraction of sulphuric acid is required compared to traditional RE recovery in mining.

Both RBW's project have a adjacent copper plant providing vastly more waste sulfuric acid than is required for direct, low cost, piping to the project, Sulphuric acid was selected because its cheap and available locally, in abundance, at a low price. Other acids have a slightly better REE recovery rate.

The sulfur shortage will end with the reopening of the Strait of Hormuz, it affected mainly African miners

Pensana have a history of making plant orders that never happen. This is the October 2022 order for the long lead time items that were never delivered and, of course, never paid for.

https://www.lse.co.uk/rns/PRE/saltend-and-longonjo-operational-update-ucm1uvzheqglqwp.html

On the name itself. The full RNS version is "Sheikh Dr Badr bin Dalhim Al-Faheid Al-Hajri." That "Al-Faheid" element actually cuts against the "senior representative of the tribe" claim rather than supporting it — it pins him to a specific lineage branch within the larger Al-Hajri grouping, i.e. it identifies him as a member of a section, not as a head or spokesman of the whole tribe. Nothing I can find shows him holding any recognised tribal office.

The most useful single data point is the 2020 echo. The exact same name surfaced six years ago in a completely different context: a Nigerian security NGO (AGED-Network) publicly claimed it had secured $1 billion from the government of Qatar through its relationship with "Sheikh (Dr.) Badr Al-Hajri," who had personally visited them in Abuja. That money does not appear to have materialised in any traceable way."

Can't find any evidence of a Phd either

There you go, 20k buy

Can't get a quote to buy this morning. only trade was a 5k buy, so why do MM's have no stock?

Its hidden, quite deliberatly.

OG

Company Name: Cascade Natural Resources Limited

Jurisdiction: Guernsey

Registry Source: Guernsey Registry Portal

Registration Number: CMP77418

Incorporation Date: 2026-01-27

Company Status: Active / Normal

Entity Type: Non-Cellular Company

Registered Address: Plaza House, 5th Floor, Admiral Park, Elizabeth Avenue, St. Peter Port, GY1 2HU, Guernsey

Resident Agent: Artemis Trustees Limited

Agent Status: Licensed Fiduciary

Next Validation Deadline: 2027-02-28

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

>> I'm concerned that approximately US$135m of capital expenditure is currently committed under the procurement schedule

No company is going to start building a $150m mine plant on the promise of future payment unless its funded. That capital expenditure is not committed or a liability.

It has not been ordered and its not being built.

Should drop very soon.

"Shut up you are not a investor" is a pathetic response to valid questions.

But that's all you have got.

>>What changed your tune?

Earthworks. Lots of mud moved over the last few years and some tents.

Not a mine, but some have fallen for it.