Member Info for SunDrum

AGM

Resolution 2 - Remuneration Report passed - 99.85% for.

Resolution 3 - Remuneration Policy passed - 99.57% for.

Thought I'd drop in to see what's going on. Theorist and SmartPunter plumbing new depths of hate and vitriol reminds me how happy my life is.

See you again in a few weeks. Have a great Christmas.

Hogsnipe - Selection Investments is PA. Moved his shares.

Novice - you have an unconventional approach to persuasion - abuse the source of the information you want access to and expect them to comply. It seems an alien approach to me but we evidently inhabit different worlds.

I have told you where a network of 500 shareholders reside. Because many are known to one another there is a high degree of trust and the intelligence shared is up to date and second to none. If you can’t be bothered to either attend the AGM or join a group where the most up to date information is shared, I can only conclude you are not a serious investor.

Frankly, I am bored of trying to educate people like you, who probably own no more than a few thousand shares and choose to make decisions based on knowledge acquired in this misinformation swamp.

And that is why gentleman, you make the effort to attend the AGM. I and others did. I am not doing your DD for you. I wish you well with your investment.

Novice - Pensana have no intention of being a mine and ship operation and every intention of capturing value downstream. You are right about ReElement though - that will be a game changer.

I just wish more people put the effort in and attended the AGM instead of second guessing.

China - Imagine how shareholders would react if the Board of Directors prioritised sentiment over sound decision-making and insisted on building the plant in the UK. Fast-forward 24 months: the UK government will likely have released its fifth Critical Minerals Strategy, offered a token £20m to support domestic businesses, and continued debating policy from oak-panelled meeting rooms—while energy costs remain among the highest in the developed world. Meanwhile, the US government will have backed multiple projects with multi-billion-dollar investments, establishing a full mine-to-magnet supply chain and generating substantial national revenue.

As a UK citizen, I’m exhausted by the ongoing ineptitude shown by successive governments. The current group responsible for the UK’s industrial strategy are especially ineffective. Milliband, Kendall, and Kyle have no technical qualifications, no private-sector experience, and are career politicians. By contrast, China’s 24-member Politburo includes several highly accomplished engineers and scientists. It’s hardly surprising that we’re being left behind.

On a personal level, it saddens me to see the UK reduced to a shadow of its former industrial strength. But as a pragmatist, the Board has absolutely chosen the right path. They are on the verge of securing substantial underwriting from the US government and attracting interest from major US funds eager to participate. When you compare that to the challenge of persuading uninformed UK policymakers to offer minimal support—and investors who struggle to justify backing UK industry—the difference is stark. There really is no contest.

Mwj - with very good reason, wouldn't you say?

Deborah - the tone was extremely positive - in fact there wasn't a word of dissent from shareholders as every question was answered and more. Reflecting on the meeting, I find it extraordinary that the whingers and whiners would prefer to talk nonsense on here rather than see the whites of the BOD's eyes. You can draw your own conclusion as to why that is.

Bott - having just emerged from the Pensana AGM I can safely say your post is the most ill informed load of nonsense I've ever read on this board. And the bar is extraordinarily low on here. Congrats.

Deborah - You have overlooked a way to get the share price to the $4 requirement, without consolidation.

Keith - I believe you are who you say you are and you want Pensana to achieve. The problem with your posts is that when a new potential investor reads the posts on this chat board they will read the negative comments and may be dissuaded from investing, thus having a negative impact on the share price. Given your objective, that would be counterproductive would it not?

Have you considered joining the T3l3gram group? The invitation link is on the Pensana F@cebook page. It is a private group with c.500 other shareholders on it.

Karl - will you be attending the AGM to address your worries, concerns and questions?

Hahaha! Fair point on the boat thing - that happened on one day and won't be happening again. The thing about a meme stock - not sure I agree with that given the profile of the average investor on there. And I have never seen anyone tagging an influencer. That is just not a thing.

Deborah - There wouldn't be any squabbling if there weren't serial downrampers. They've been at it since 2021 - utterly bizarre if you actually take a step back and think about it. It is deliberately done to have a negative impact and that is why most of the quality debate and discussion takes place between the c.500 shareholders on the T3l3gram group, not on here.

The fun for me was in identifying Theorist and Smartpunter. Once identified, I was left feeling deflated.

In many ways I expected more worthy opponents but once I rationalised my feelings, I came to realise there is a reason someone chooses to become an internet troll. After all, balanced people don’t behave that way.

For the uninitiated, these are the identities and motives of the two Pensana trolls;

Theorist - Christopher Ecclestone who works for Hallgarten. Motive - he was overlooked for work at Pensana and was upset.

Smartpunter – Peter Wegrzyn who is unemployed but until recently worked for Archax. Motive - he was upset because a Pensana shareholder pointed out a problem with a company he was a shareholder in.

All quite sad really. One point I agree with Theorist on though – this is all remarkably dreary and for that reason I won’t be responding to him moving forward (Peter has already been filtered).

Do your worst gents. It won’t make the blindest bit of difference.

Your nightmare is my opportunity. And anyone that has done proper research will see it precisely the same way.

Given Stonegate estimates a fair share price of c.£3.70 (between £2.50 and £5) before the company moves into production (which will happen in c.12 months), you make a good point. Also as per their report, if the Company traded at an EV/NAV of 1.0x the Company would be c.£7 per share.

https://stonegateinc.com/wp-content/uploads/2025/10/PRE-Research-Report-Initiation-1.pdf

Have you looked at the wider sector? Everything's down.

Deborah - that's what the filter button is for.

Don't worry pwlx, Smartpunter is doing the Chairman's bidding by weeding out all the non-serious, fickle retail investors who can't be bothered to do any proper research and due diligence. There are plenty of US IIs to replace them (see the latest published register), which is precisely what Paul A has stated on record he wants.

As the company becomes the 3rd Western NdPr producer, in about a year's time, the shareholder register will continue to change to reflect a shift in investor risk appetite and overall company maturity and their profile will organically change from the high risk, speculative retail investor to a different class of investor - the IIs, Funds etc.

This will happen naturally but with luck Smartpunter's posts will accelerate the process.

Long may it continue. Hence the reason why I don't respond to his posts anymore.