Member Info for Theorist

Mumbles your facts are wrong. We have received news. We have been told of a $150m investment, we have been told the mine is financed and we have been told it’s under construction. Ticklish problem is that these announcements don’t appear to be quite accurate. A minor detail you might say! Whilst I agree he is somewhat strident OscarGolf is absolutely spot on with his comments, which of course leads to personal abuse from the old suspects.

All beginning to look very pear shaped. Serious question marks against equity, funding, offtake and mine construction. If the SP can halve against this market then it must have the potential to halve again. Fact is that nobody really has a clue what is going on.

OG, you have my sympathy and my support, you are up against all the known Pensana plants, aggressively working this board to shout down dissenters and peddle the Atherley line. It is blindingly obvious that a TR-1 is needed and that this will have to identify the controlling shareholders of Cascade. The company is no doubt scrabbling round to find a way of digging themselves out of the whole they have dug for themselves. Sundrum, china, twohits, pwlx, shame on you both for your personal sleights, it is completely unnecessary and inappropriate.

Pwlx, I’m afraid you’re wrong. The TR-1 has to disclose ultimate controlling shareholders, for one very obvious reason. Without this requirement you could just stick a nominee in the middle and the TR-1 would be worthless. If you look at a Blackrock TR-1 it will specify that Blackrock is controlled by Blackrock, ie that Blackrock is the ultimate controlling shareholder. If there was a controlling shareholder behind Blackrock that would need to be disclosed. OG is 100% correct in his analysis. The penalties for failing to lodge a TR-1 can be very severe, that’s a matter for the FCA. Given this transaction involves the sale of 38% of Pensana’s major asset without shareholder approval or resolution this will definitely attract their attention. The radio silence from the company is telling. They have plenty of plants on this board and will be well aware of this discussion. My guess. Cascade is not who Atherley says it is. It is not controlled by two major hedge funds. We will soon find out.

Isn’t everyone missing the obvious? There must be a reason why the TR-1 hasn’t been issued. Is it because Pensana and the beneficiary of Atherley’s largesse wishes to remain anonymous? Is it because the description of Cascade given by Atherley is inaccurate? Or both? You devise a structure that enables you to sell 38% of the company’s major asset without any shareholder having a say or a vote to an anonymous investor at a discount to the implied value. What does it say about Atherley. Or Pensana? If I were a shareholder I would be incandescent. As a spectator I can afford to smile and say I told you so. Leopards don’t change their spots.

Hogsnipe. A very striking post. As you will know my determination to advise people through this board that PA has a long, long history of “misleading” investors in the pursuit of personal wealth has waned. I see RNS’s that just scream at you and still for many the penny has not dropped. This Cascade one is breathtaking in its arrogance and duplicity. The notion that this company could ever be listed on Nasdaq is ridiculous. There are many many professionals out there who know exactly the agenda at Pensana. There are many Pensana operatives on this board whose sole mission is to smother those who really know what is going on. You only have to see who surfaces every time SP posts. Walter would be the director most fitting for the company!

Smartpunter. Your posts re disclosure absolutely spot on. There is the law and there is the spirit of the law. Non disclosure in this case is an extremely strong damnation of the competency and good faith of the Board. Wild West governance. And they talk about a Nasdaq listing. Absolutely laughable.

On 10 January 2024, Pensana and its local subsidiary Ozango Minerais S.A, welcomed the full board of

Directors (“the Board”) of the Angolan Sovereign Wealth Fund (“FSDEA”) to Longonjo for a site

inspection. The six members of the Board were accompanied by the head of investment and key

analysts of FSDEA.

The purpose of the visit was to review the early-stage construction activities being funded by the

US$15 million bridging loan from FSDEA, ahead of conclusion of the main financing.

Am I missing something? 26 months on and not much seems to have changed. Was the January 2024 RNS a bit misleading?? They haven't published anything in the last 26 months to say progress has stalled. Or is this latest RNS the misleading one? All of a sudden they are going to be in production in 18 months! Does ANYONE really believe that? Where are the take-off agreements? They secured financing without any? What has happened with all the MOU's they have announced? Are they dead?

The problem with this company is cost control. There isn't any. Colossal headcount for derisory sales, extraordinary directors' remuneration, they have been absolutely reckless and still are. I have run businesses that have been through lean times where we have had to cut 10 to 20% of the workforce in one hit. The incredible thing is you make the decision and a month letter you are wondering why you ever had the 10 to 20% in the first place. Creo cannot raise more money, so every pound they have now should be treated like gold dust, R & D pruned to the bone, the focus sales, sales, sales. No hiring, no pay increases, haircuts for the board, all obvious and urgent stuff. It is extremely frustrating. Without urgent measures the company will not survive in its present form. Sales may be going up but cash is coming down.

Mumbles. Take 10 minutes out of your life and listen to each of the Atherley Berkeley Energia interviews on YouTube. Give me your honest truthful opinion. Can Atherley’s Pensana claims and statements be trusted?

You don’t have to be a rocket scientist to figure out where the sp is heading if you place a ton of shares at 80p. Nevertheless what should worry shareholders is that we have seen some massive prices paid for a foothold in RE, eg LCM, but nobody is interested in Pensana. Despite its ridiculously low capital costs and world beating resource. I wonder why that would be. Most things that are too good to be true aren’t!

Mumbles, bung an email to Neil Maclachlan, he can tell you exactly what PA’s role was.

Mumbles absolutely wrong. PA did not report to Jenny Fear. She was quite junior. You are right only on one count, PA was not THE executive director as he claimed on the Pensana website.

Mumbles. Btw Paul was not in the Perth office.

Mumbles. This pathetic. Why doesn’t he say he was an executive director and admit that by saying he was the executive director he was misleading?/ Now he says he was executive director. Atherley from accounts. He should get together with Rachel. I think it is absolutely disgraceful. Oh and did you ask him about the first class honours? Come on Paul, let’s sort this one out too!

Mumbles. Two points. One, you haven’t a clue whom I am and the conjecture amuses me. Two, there’s a massive difference between claiming to be an executive director, a common position, and claiming to be the executive director. For those not in the know the latter implies you ran the show.

I think everybody knows that this board is extremely well populated with Pensana stooges. They also know or should know that there are people here seeking to further the company’s PR objectives. Mumbles you confirmed yourself that Atherley was following the chat. So one question, Is this statement by Atherley correct; I was the executive director of the investment banking arm of HSBC Australia. Not a director, not an executive director, not an employee, THE executive director? Go on Paul, answer that.

Open offer a tedious pain in the proverbials with no certain outcome, unless it's underwritten. M & G irresistible for PA. A big problem solved, tiny issuance costs and he can trumpet to the world his institutional backing or endorsement. There would have been a negotiation on price but with M & G holding all the cards. The problem PA has is that within the industry his reputation is appalling. Nobody believes a word of anything he says. There is suspicion and uncertainty about the resource, the process and the cost. As others like to point out, and I certainly don't blame them (I'd be worse!) I got HZM wrong, I believed the hype, the leadership was respected, the outcome quite extraordinary. If you wind back and listen on YouTube to PA's interviews at Berkeley Energia, Leyshon, Murchison, one thing you could never say is that you weren't warned. Just sayin'.

China has two mates. The other is in the foyer of the Natural History Museum.

Taking up the challenge to write down all Paul's successes. Not sure I'm going to need a pen! There's some peachy old interviews on youtube you can watch, they are playing them again just the name of the company has changed. The Berkeley Energia concrete pour, that's a classic, there's a few gems amongst the Leyshon interviews, Murchison, some good stuff there, for more recent entertainment switch back to Pensana, try the "finance is imminent" one from 3 years ago. Its an astonishing flow of brazen bxxxxxxxit.