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Sun drum. I made my first post on adfn as hamiltonengineering in March 2021 when the so was precisely 180p

Sundrum, as you know I have been calling this correctly since the SP was 180p, though I happily admit I thought it was a gunner 12 months back. How you must wish you had taken my advice. Letter of intent, green bond, non binding term sheet, the Mou with who, Great Wall, ATF bonanza, the incredible Coola, are you able to join the dots? And what on earth has happened to Saltend? That’s gone rather quiet. And Alkemy. Where’s the promised finance and feedstock? Neither company has ever released a negative RNS, a poor drilling result, a financing difficulty. Yet in the case of Pre the SP has crashed from 240p to 16p. On lots and lots of great news! Why???

SP telling us that either there is another imminent cash crisis or that financing efforts have hit the buffers. Directors must be concerned about their monthly bonanza. Not looking good for the school fees either. Last chance saloon maybe. The board has to make an announcement now.

More chance of making a buck in the Crown than by holding Pre! The SP is sending a very clear signal, financing efforts have come to nought. Ditto Alkemy. Reckon the board of both companies will come clean very soon, no point in playing the game when the cash has run dry.

Amazing how the months skid by. Another $40,000 for George, $30,000 for Tim etc etc. And even £5,000 for the Baroness. For which not even a squeak about the financing. If the Export Credit Agency has turned this down surely the company has a duty now to inform the market? It might halve the share price but at least everyone would know where they stand. I suppose the problem is the AWF won’t be best pleased, assuming they’ve been fed the same diet as the market. And the company can see the bottom of the cash tin appearing. Hmmm.

Why would a syndicate of banks put together a loan to make a margin of what, 3, 4, 5%, taking all the downside but with no upside? In reality an equity contribution by AWF makes little difference, if the project fails the banks will lose the lot. Plus the $200m capital cost is fanciful, plus the Chinese are controlling ndpr prices. Plus management have no proven record of delivering on a project of this scale. I remain convinced the company is doomed.

China, you’ve lost me. A share that has lost 90% in two years is not an investment. It’s a disaster. If you bought Pensana shares to pay for your grandchildrens’ education you were totally irresponsible. Reckless even.

So China, let’s speculate that your grandchildren hold 100, 000 shares each. And let’s assume they did not take my advice and sell at 180p (grandpa told them they were sitting on a 20 bagger). Ignoring my advice and listening to you has cost them £160,000 each. Another six months and they’ll be using them to light the barbecue!

Appointing mine staff, shipping accommodation blocks, either extraordinarily reckless or they are 100% confident that finance is imminent. Which is it to be?!

Mumbles. Over time the share price will fall if there are more sellers than buyers. The current sp is not the outcome of shorts or some sophisticated arbitrage. It merely reflects the fact that the board does not have the experience, track record or latent ability to get a financing over the line.

Let’s hypothesise that there has been a major setback with the financing. A bank, credit agency or investor has dropped out. The company has not told the market. The market believes committed finance is imminent. Could that fairly be described as tantamount to fraud? What might be the board’s motive for hushing up such a hypothetical setback? Personally I think fraud is an inappropriate term, however I don’t think that at any time in the last three years the market has been informed in a wholly accurate and up to date manner.

I don’t think these people work for Pensana. If you look at their LinkedIn profiles they have other jobs. it’s all smoke and mirrors, the green bond, the Mou with who, the non binding term sheet. Plus there will be people posting on these share chats on behalf of Pre, though even they seem to have given up. Every week that goes by the baroness takes a grand, the execs 20 grand, why wouldn’t they fuel the gravy train?

Tony I’ve taken a closer look at the veg. I think it could be weed. Maybe the septuagenarian Athers has finally hit on a money making scheme!

I think the photos are great. I particularly like the one of the Community Engagement Meeting. Looks like the guy in the white hat has drifted off altogether!

Colin, would that be the same Colin who told me I was a muppet and that I should go buy some shares? When they were 82p?!

China you’re right, I have been peddling lies, untruths and unfounded speculation since the share price was 180p.

Another month slides by, another $200,000 shared out to the directors. And they won’t be paying UK tax and NI on that! Since they first announced financing was at an advanced stage they’ve scooped $5 million, I wonder for how long they can fuel this gravy train!

If other companies follow the footsteps of Pensana we are all doomed!

I’ve just written the Coola update. Drilling results have been (once again) spectacular. We are now able to clearly define the ore body. Probable ndpr reserves are now twice original estimates and grade improvements are notable. We have also run a third road to site, accommodation blocks and extension leads are in place. No mention will be made of Saltend, that cunning but ultimately unsuccessful ploy to extract cash from the ATF. Finalisation of finance for Longonjo is expected shortly. So no need to wait for the next RNS, you just read it!!

On behalf of the Board I extend my thanks for another hard earned monthly payment of $250,000. It’s been a tough 4 weeks. We haven’t got any finance yet but an extension lead is now in place at Longonjo, we have resurfaced the access road again and drilling results at Coola have yet again been incredible. Hard life eh?!