Member Info for SmartPunter

Until RBW print their DFS, thats correct.

Although there is a pilot plant that proved the production of 55% TREO MREC from PG economically.

The point is, MP are not capable of doing it.

RBW are in discussion with a Saudi company and extracting REE from fertiliser waste - Phosphogypsum.

MP have no experience in this area. I think this is another bullsjit Trump stunt like Greenland and Ukraine.

>>why is the company talking to EXIm if the mine is already funded

It was approved, based on conditions.

>>And how is it with all the inflationary pressures in the market that the cost of the mine has not increased

According to the company that did the verification, its was performed two years ago. Hence no inflation after it was reported 2 years later. Although the company that performed the test has no REE experience. And Longonjo is not listed as one of their projects.

>>Is there a BFS?

It was cancelled years ago

Https://x.com/michaeldweiss/status/1991201141858750671?s=20

But officials on both sides of the Atlantic are scrambling to put distance between themselves and the alleged plan, refusing to confirm whether anything resembling the proposal exists.

One senior US official, speaking on background, brushed off the document as a “maximalist Kremlin fantasy,” the kind of outlandish wishlist Washington believes Moscow circulates to test Western nerves.

Other Trump administration officials contacted by Kyiv Post on Wednesday offered the diplomatic equivalent of a blank stare, declining to confirm or deny that such a plan had ever been drafted, let alone circulated.

Across Europe, skepticism hardened into outright scorn. Several Western diplomats described the rumor mill as yet another attempt by Moscow to manufacture momentum for a deal that Kyiv would never accept and the West would never endorse.

The mood in Brussels, Berlin and Paris leaned more toward annoyance than alarm, with diplomats calling the entire episode a “familiar Russian parlor trick.”

https://www.kyivpost.com/post/64561

George said, in the most recent interview, they have already built another Pilot Plant. He did not give explicit date for the DFS, just that its doesn't delay the production timeline due to other tasks that need to be done.

Simple.

They are desperate for REE and very few other options exist that can be in in production for the next few years. Low cost production, even better.

Https://www.reuters.com/business/aerospace-defense/new-rare-earth-crisis-is-brewing-yttrium-shortages-spread-2025-11-14/

Ytttrium 270k per ton. SA plant producing 240tps = $65m per year

Very good.

Few highlights:

Second Pilot Plant built (technically third)

Target is to Separate SEG+ in US (maybe Europe)

Brazil PEA finished end Nov, publish Dec.

Construction 2027, full production 2028.

Delayed DFS doesn't affect production time line due permitting timescale etc.

CAPEX expect to be reduced from $326m

4000tpa NdPr 120 tpa Tb, 40 tpa Dy both projects.

Floor price aiming for $110 NdPr. Dy and Tb consistently hitting 3x Chinese prices (so $500k and $2.5m per ton) in Europe already

In 5 years time RBW MCAP will be $5-6bn based on SA and Brazil alone. Other projects to come.

Getting back to the question; why is the share price falling?

Because all of that is a complete unknown risk. A load of answers that may or may not be true but back up with zero solid evidence. Just opinions and statements.

Mumbles, these facts are sourced from you. So they are opinions.

Pricing, you are quoting separated REE. There is no specification of pricing in any of the many MoU's.

>>It describes Chinese practices, Chinese waste issues and Chinese regulation.

The issue is dust, in an open cast mine with a town of 100k people 1 mile away.

>>**2. The radionuclide issue was addressed months ago.**

Words.Where is the pliot test plant, or Feasibility Studies of MREC production . Actual test of the content?

>>Longonjo has ~14,000 t of yttrium vs 139,000 t NdPr equivalent, so it adds meaningful uplift to in-ground valuation.

Whats the full metal content including Thoruium and Uranium?

Mumbles

Thats is my understanding, from the wording of the funding RNS. When will Pensana announce the order contact for the processing plant?

>very recent open letter from the company regarding Radio Nucleides

Where is this?

Mumbles, Something like this?

https://www.bbc.co.uk/news/resources/idt-66cdf862-5e96-4e6e-90b8-a407b597c8d9

Your comments about the design of the processing facility and mine are pure conjecture, there is no published information after the BFS was cancelled a few years ago. Awards and claims of due diligence by anonymous sources are worthless. Fact is, Saltend was canceled. Why? the mine has been 'shovel ready' for 5 years. Everything is peachy.. yet there is still some mysterious problem

>>No miner drills out his ore reserves beyond 20 years unless they are supremely confident

Junior miner do all sorts of things to support the share price when they cannot do anything substantive instead.

I looked at past RNS.

The alternative separation strategy haz been in planning since they moved the pilot plant back to SA.

K-Tech hasn't been mentioned for a year.

I doubt they will go the MREC route. I expect solvent separation yo NdPr and SEG+ group. This will take up to 20 stages and is efficient performing this task. CAPEX $15M on top of what we are expecting.

Then chromatography to get the individual REE from SEG+. This is its optimal process, picking single elements.

The economics make much more sense now Yt, Dy and Tb are x3 China prices. These extra elements will be 40% of the increased income over the PFS. $20m each?

This is an issue because the processing plant is necessary to produce sell-able REE.

The intermediate product MREC, is not "Highly marketable" and in fact MP Material recently sold *zero* of their MREC production. China has basically banned its import and processing. There is nobody to buy or process it.

This means the MREC to be produced (without piloting the complex process first) has to be shipped to the USA to a new and un-proved process with a company that PRE don't have a off-take contract. Then there is the complexities of shipping radioactive materials to the US which could take years for permitting and approvals.

The whole point of Saltend was to provide a path to production and profitability. Now its gone.

> I do get bored

Oh dear, don't respond if its too much effort.

My understanding is they do not have funding to get into production. Hence the three raises since funding was 'approved' and the lack of a plant order.

They do. however, have a DFC grant for a stage 2 expansion feasibility study and the $5m should cover some drilling. I don't see the need, personally, they are supposed to have more that enough resources already.

12 months?

Don't you think they should get a move on and order the plant?

As for that share price, tell them to produce a credible prediction a least based on very optimistic prices not complete fing fantasy.

There is not 57 or 59 holdings. There is more. Some are currencies.

If that the extent of your analytical abilities I'm not surprised you don't understand that PRE do not have the funds and are not building the processing plant.