Member Info for Theorist

Reptile. Do you honestly think Biden gives a monkey about Lobito. He wouldn’t even know where it is. They’ll probably take the railway down to Dar.

Publican. If you look at La Mancha’s charter they are about minority investments in quoted companies, I guess the quoted bit is important to them for valuation and liquidity. Certainly they would not wish to consolidate their investments or become a borrower. I think that undoubtedly they will be looking for a finance solution and they definitely will not want a majority stake or a delisting. Glencor could be the problem for pi’s, they don’t have any of the strictures of La Mancha or Orion. Glencor could simply offer the banks 25 cents on the dollar and take control through the debt. I would say that is the biggest threat. Btw I have never owned a share in this company.

Publican. I think your analysis is flawed. No blinder was pulled. The cornerstones were forced to commit the $20m to hold the line. The market cap is now so small the benefit of wiping out pi’s is dubious. You cannot realistically mothball a mine that is incomplete and has a few hundred million of bank debt. We know that the project will need more equity to get over the line. There will be substantial dilution, that is inevitable. I can tell by your language that you have no corporate finance knowledge or experience. The banks may well prefer for HZM to remain in situ, it increases their restructuring options. Likewise the cornerstones are unlikely to wish to become the new borrowers. I think keeping HZM in place will work for them too. This is not a Sirius/Anglo situation.

Contrarian, it’s the old adage that if you owe the bank $100 you have a problem but if you owe them $1m they have a problem. I think you would have to grudgingly agree that the banks are in a nightmare situation here. Take an absolutely massive hit or stump up the remaining cash required?? Cost of the debt irrelevant. The company could be in a much stronger negotiating position than you evidently think. I worked the banking side of the fence for many years. The banks will be willing the company and the cornerstones to come up with a plan that avoids taking the hit. There is bound to be an equity component in that plan but maybe quite small, say $50 to $75m. Speculation of course.

Pwlx. When you study the form guide and see DNF for the last four races maybe you need to look for another horse? Or you could study the RNS’s for Pensana over the last four years and see if there is a single promise or commitment that has been fulfilled? The single most important consideration for every investment you make should be the track record of senior management. Are they winners or losers? You are entrusting your hard earned money to these people. You should analyse their past ventures, listen to historic interviews and presentations and seek to match these with the outcomes. And if you’re not seeing a fit stay clear.

China. Saltend will never, ever happen. That was just a sleight of hand to see if there was a Government windfall.

Pwlx yes I do remember telling you that, when the sp was 180p. So 2023 has been and gone. No feedstock. I’m sure 2024 will be the same. As of China. If you got in at sub 80p and rode it all the way to 280p and all the way back down to 80p without taking a profit you’re going to be part of a very tiny minority. Please don’t tell me you are a member!

China. Probably your funniest post. Finance and feedstock is imminent for Alkemy too! That’s been the case for both companies for more than a year. If you’re selling Alkemy at 80p you are highly likely to be taking a big hit. These shares were 280p. If you’re selling Pensana, ditto, they are at around 10% of their peak. Maybe investors are finally smelling the coffee.

Pwlx. Still fantasising I see! Don’t ever say you weren’t warned.

Apologies Sundrum.

Sundrum you’re a halfwit. All I was doing was paraphrasing what the company said in its 31st March 2023 RNS. To quote:

“ The Group does not currently have sufficient funding to meet its outstanding creditors and is dependent on securing immediate term funding…..the Group is dependent on the continuing cooperation and forbearance of its suppliers while funding is secured..”

Mumbles. I do not recall ever saying anything about administrators. I do however recall saying the share would go to 15p. Lewis is spot on. There is a real issue about trust. In the last four years the company has never met a self imposed deadline. They have been in the final stages of finance for almost a year. Clearly there have been serious setbacks but the company has never ever disclosed a problem. Nobody has the feintest clue about what is going on. Time for Atherley to hold his hands up and acknowledge failure, this is becoming too painful to watch. It’s like watching the black knight in Monty Python!

Next week marks the second anniversary of the agreement Pensana (apparently) signed with Equinor to build a low energy hub at Saltend. No doubt they will all be clinking glasses at the refinery. World beating drilling results from Coola must also be due soon, I think they are released every 6 months. Forthcoming anniversaries include the green bond and the start of the ABSa due diligence process. Maybe someone at Pensana just puts all this stuff on some kind of loop and then sets the frequency with which the announcements are given. Maybe there is nobody there. Other than the 80 full time engineers at Saltend and the 50 at Longonjo they told us about. Guess all this stuff is still valid because it has never been corrected or amended? Time to resurface that road again.

China. An absolute classic! Btw it might amuse you to know that i went to an associated school in Sydney. Obviously upon leaving I became both Chinese and Israeli, started a couple of wars and took up golf!

China old boy. Atherley ramped the shares with a series of extraordinary interviews and media hype, realised the proverbial was about to hit the fan and legged it. A lot of money was squandered. Sorry I should make it clear I am referring to BE not Pre. I realise that for inhabitants of Jonestown it was difficult to see the truth. There could be just one reason why Pre isn’t getting finance. Has that ever occurred to you…..or fellow disciples Lessee, Reptile et al?

China. Berkeley has market cap of £70m and cash of $78m. So this knock ‘em dead world beating uranium project is valued at $10m. You could pair it up with Alkemy, the about to get feedstock (tomorrow) punch the lights out lithium refiner, and you’d have a business with a combined market cap of almost £20m! Enough to pay Atherley £500k a year for 40 years!

Mumbles what you do know now is that the news flow from Pre is not reliable and cannot be trusted. Obviously the financing has run into a serious problem. Due diligence has foundered, probably on the capex numbers and resource data. The company tries to buy time with sideshows. Amazing drillling results from Coola. Announcing the upgrade of the road (for the third time since 2018). Some waffle about local sustainability. The Mou with Who. Another offtake agreement for material they don’t have. The pattern is identical with Alkemy. Promises of feedstock, world beating this and that. Every Atherley venture has the same blueprint. And ends in ignominious failure. You’ve seen the form guide, this horse has never made the finishing tape.

I don’t enjoy winding anyone up

In reality although he’s an intelligent man he’s a fool.

Now can anyone spot the contradiction here?!!!

Strow, something wrong with those numbers, labour costs are up at least 40% for the period you cite.

So yanki khan or whatever appears for the first time two days ago and makes 14 posts in two days just after Publican says he is going to shut up. He uses publicans language and pedals the same foul mouthed garbage. I suggest they create a new ID, maybe publikhan, so we only have to use one filter not two!