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PRE Pensana Plc

30.40
0.00 (0.00%)
19 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Pensana Plc LSE:PRE London Ordinary Share GB00BKM0ZJ18 ORD �0.001
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.00% 30.40 0.00 00:00:00
Bid Price Offer Price High Price Low Price Open Price
30.30 30.50
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Miscellaneous Metal Ores,nec USD USD -4.3M USD - -
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 30.40 GBX

Pensana (PRE) Latest News

Pensana (PRE) Discussions and Chat

Pensana Forums and Chat

Date Time Title Posts
13/3/202411:12Pensana (Multi Billion Pound Business in the making)723
26/2/202408:31Pensana - Research for the intelligent8
20/10/202214:22Pansana Rare Earth PLC Angola 20201,874
03/11/202114:48Beware Excellance threads-
20/10/202108:04China floods to cut NdPr production4

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Pensana (PRE) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2024-03-18 16:29:1330.5041.22AT
2024-03-18 16:29:1130.5020.61AT
2024-03-18 16:29:0930.5041.22AT
2024-03-18 16:29:0730.5010,0003,050.00AT
2024-03-18 16:09:4330.506519.83O

Pensana (PRE) Top Chat Posts

Top Posts
Posted at 18/3/2024 08:20 by Pensana Daily Update
Pensana Plc is listed in the Miscellaneous Metal Ores,nec sector of the London Stock Exchange with ticker PRE. The last closing price for Pensana was 30.40p.
Pensana currently has 285,180,873 shares in issue. The market capitalisation of Pensana is -.
This morning PRE shares opened at -
Posted at 11/3/2024 11:49 by mikethebike4
Online Telegraph today :-

British battery metal refiners and electric car gigafactories are being handed cheap power deals by the Government as part of a battle to cut the West’s dependence on China.

Companies will get the energy relief from next month with the aim being to boost domestic production of key minerals needed for wind turbines, electric cars and defence technologies, officials and executives say.

China has an iron grip on global refining, handling about 70pc of the world’s cobalt, 70pc of nickel, 60pc of battery-grade lithium and as much as 90pc for some rare earth elements.

But ministers want at least some of this production to be “onshored̶1; in the UK in future, amid broader western fears that Beijing could threaten supplies during a geopolitical crisis.


With high electricity costs seen as a major barrier, however, insiders said the new measures are designed to make Britain more competitive internationally. Officials also want to deter so-called carbon leakage, where goods are made abroad using more polluting processes and then simply imported here.

It is understood that critical mineral refiners and battery factories are among those set to benefit from the relief, with the promise of the subsidies helping to seal significant investments.

One source familiar with the schemes said: “Helping to level the playing field on energy costs, and the added advantage of supplying green power for these new industries, really does start to shift the balance.”

One businessman behind two refinery operators in the North East said the subsidies had helped to ensure his development were viable.

Paul Atherley, chairman of Tees Valley Lithium and Pensana, which are building plants in Teesside and Humberside respectively, said the changes will cut the price his companies pay for energy from a quarterly average of 19 pence per kilowatt hour (kWh) to “single digits” in September.

Mr Atherley said: “The Government is keenly aware that they’re in competitive situations for locating these plants.

“The competition is coming from Europe, North America, Saudi Arabia – people are offering incentives – but the UK is doing a good job in trying to keep and attract businesses like ours.

“There are two big incentives: one is freeports for chemical parks at Humber and Teesside, and the second is these power deals.”

The battery factory planned by Jaguar Land Rover’s parent in Somerset is also likely to qualify for support, it is understood.


It comes after Nusrat Ghani, the industry and economic security minister, asked a business-led taskforce to examine how exposed UK businesses are to mineral supply chains.

Their answer, delivered at the end of December, was that manufacturing sectors including energy, aerospace, defence and automotive had become dependent on key battery metals, with competition for supplies ramping up under the switch to net zero.

The taskforce identified potential risks to supply chains, such as a high dependency on imports, dependence on politically unstable countries and “a high concentration of mining and refining capacity in one country”, referring to China.

A response published by the Government last Monday says it would be unrealistic to aim for total independence but sets out plans to “maximise what the UK can produce domestically”, with a major focus on so-called midstream activities such as refining.

Ministers have also vowed to look at further “supportive policy proposals to build on the UK’s existing competitive advantages”.

The power subsidies are part of a wider package being offered to energy-intensive manufacturers under the Government’s British Industrial Supercharger scheme, which was consulted on last year.

Combined with other measures, it will exempt firms from green levies, capacity market charges and 60pc of their network fees, slashing the price they pay for electricity dramatically.

The costs of the scheme will be borne by consumers, with the measure expected to add between £3 and £5 to household bills per year.

It follows years of complaints by industrial companies of high electricity costs in the UK compared to other European countries and the US, which they say puts them at a disadvantage.

Steve Elliott, chief executive of the Chemical Industries Association, said energy costs were “the biggest long-standing disincentive for chemicals businesses to invest in the UK”.

He added these can often make up more than half of an energy-intensive company’s operating costs and blamed a large burden of green energy levies for piling extra burdens on firms.

He welcomed support from the Government but warned prices were still well above levels previously seen before the Ukraine war, adding: “UK chemical businesses are still up against extremely stiff competition.”

A Department for Business and Trade spokesman said: “As well as supporting our ongoing work on critical minerals, the British Industry Supercharger, which comes into force next month, will help energy intensive industries such as steel and chemicals be more competitive – in turn creating more high-paying jobs across the UK.”
Posted at 01/2/2024 09:32 by lurker5
The Lassonde Curve relates (merely theoretically - lots of other factrs can dent it) to the market cap. Not to the share price. Their charts are very different. Beware.
Posted at 25/1/2024 17:14 by mhssh
mwj thanks, although my interest is purely academic. Your sale seems most timely and opportune. I guess everyone has seen the Research Tree post on PRE.
Posted at 25/1/2024 12:03 by mwj1959
mhssh - not sure that title is warranted! I (fortunately) sold out of most of my holding north of £2, so have limited skin in the game now. PA won't have abandoned this (they've just delivered a corporate update)as he is likely to have far more upside here, given his very large holding (38%), than he will have in PRE, albeit PRE (at least the Longonjo part of it) is a more advanced project than ALK. A dilutive share placing at £1, weak lithium prices and the lack of definitive news on raising the significant capital to develop TVL have all weighed on the ALK share price in the meantime. It's stating the obvious, but delivering on the latter, as with all development projects (the same applies to PRE), will be key to generating a recovery in the share price from here. This is why I continue to see an investment in ALK (and PRE to be honest) as long-dated option money. Both are for the brave and patient.
Posted at 03/1/2024 18:09 by mwj1959
I have a lot more confidence on the delivery of Longonjo that I do for Saltend (that's not to say that it won't be delivered, more a reflection on the greater financing challenges etc.). And I suspect PA and his merry gang think so too given his AGM presentation was much more focused on Longonjo (compare and contrast with the 22 AGM presentation where Saltend was the main focus). The Angolan government has a vested interest in it happening and at the end of the day it is a relatively "straightforward" mining project with an underlying commodity where there is clear LT demand. This demand is not dependent on Saltend being delivered (it will be producing before Saltend is operational), albeit from a PRE shareholder perspective it would clearly be beneficial if both were delivered, particularly as Saltend is forecast to be a much higher margin business.
Posted at 31/10/2023 22:01 by wiseacre
With an equity funding by the Angolan sovereign wealth fund at 60p a share for Longonjo
it looks like we have big upside and the jump in the share price today should herald a further rise. Give PA some credit.
Posted at 11/9/2023 09:54 by mhssh
I think I posted this before, so I may be repeating myself. What perplexes me is that PA had 13.5m shares (I guess granted free at the start of the project, or at 1 or 2p).
He then presides over almost the demise of the company (14p recently) yet then buys another 1m shares for himself at an average circa 20p. If he has share price-sensitive information which is not in the public domain, then he should not be buying shares, and if he does not then why put in another £200k of your own cash to a project that has been on the ropes for most of its existence?
Posted at 07/7/2023 15:19 by roundthetrap1
So FSDEA finally told PRE "use it or lose it" They, and presumably M&G, got fed up with the promotion and BS of Saltend and said develop the asset you have rather than promote a pipe dream.Get rid of the photo shoots and start mining! PRE had to ditch the BFS because they did not have a reserve (subsequently produced in August '22)and told the gullible that FEED was the way to go. But now they claim the reserve was part of the Longonjo Feasibility Study. If there is a FS, post the relevant detail on the website. Why does the project need more due diligence? Allegedly they were near to finance two years ago - surely ABSA et al have all the info they need. More mandation? The PRE Board and management have lost any credibility they might once have had - no one has been involved with the successful development of a project.In April production was 45000tpa but now it is 38000tpa but with the same 4400t of NdPr Ox.??? PRE Board and mgmt need to recognise their duty is to shareholders and focus on delivering a project!Can TG elaborate exactly how Trafiguras recent announcement will benefit PRE in the next 24 months.
Posted at 01/12/2022 17:15 by mwj1959
Some more detailed comments

A key point that I took away from the Q&A session was that we need to look at Pensana as a two project company - Longonjo is the downstream company and Saltend a midstream company. Both can operate completely independently of the other, are not dependent on each other and are broadly speaking being financed as such. Longonjo can sell into the worldwide REM market, while Saltend can buy REM from elsewhere. But the value to Pensana, according to PA, is primarily in Saltend being developed as margins are likely to be far higher there (60 - 70% EBITDA margin) versus Longonjo at a 10 - 15% EBITDA margin. So the company could exist just with Longonjo, but the icing on the cake comes from Saltend.
On financing:
Saltend - As posted earlier the bond part of the $250m fund raising is not progressing at present and won't do so until the board feels market conditions are more favourable (i.e. the cost of funding are more reasonable - what that exactly means is hard to interpret, but PA was saying that if they had raised the money in the past couple of months it would have cost mid teens % with conditions attached, such as the interest payable being put into an escrow account. Clearly we're not going to get back to the sort of mid to high single digit levels seen 6m+ ago, so I would presume something in the low double digits, 10 - 12%? would be acceptable). So, nothing before Q2 in my opinion. As far as the other $75m goes there continues to be discussions with a whole range of strategic investors (PE, hedge funds, closed end funds, royalty companies etc.) with a broad range of instruments being considered, such as convertibles, royalty payments etc. I didn't ask whether all the moving parts of the financing needed to be completed at the same time. Overall, it is clear that PA was far too optimistic in the Crux interview, which he freely admitted.
Longonjo - A very different project financing challenge, but also likely an easier one. Raising the bond / loan package, which will be guaranteed by UK Export Finance, is being co-ordinated by ABSA, who are speaking to three bilateral government agencies, two South African and one American. The level of interest rate is not subject to the vagaries of the bond market and as such a much more competitive rate should be achievable here. Discussions are progressing faster than thought and are in their final stages. So, takeaway here is more positive than for Saltend.

Putting the two together and the obvious conclusion is that we're not nearly as advanced in the process are some thought and those who voiced concerns were right to do so.

Given this far from ideal situation someone (definitely of the disgruntled investor type)asked when the company would run out of money. A valid question to ask. PA said that it wouldn't run out of money because there were supportive shareholders, who would continue to fund the company. But there would need to be a fund raising in Q1, unless some sort of miracle happened on the financing front. How much would that be? The Q wasn't asked, but $10m was raised last time around in August. How the burn rate has changed since then I don't know.

The state of the share price was also raised, which PA addressed by showing side 26 in the AGM presentation (hxxps://pensana.co.uk/wp-content/uploads/2022/12/AGM-Presentation-1-December-2022-.pdf). He said that what we were seeing was "typical" for a company such as Pensana. It's all about the Lassonde Curve! Private investors, focused more on ST returns, disgruntled by the lack of progress on financing etc. having been selling out, whereas institutional investors, far more focused on the LT upside, were looking to buy at current "distressed" levels. Time will tell whether II are smarter than PI!

My overall conclusion is that while the market fundamentals underpinning the company continue to be extremely attractive and the potential upside for equity investors remain substantial over the LT, but only if financing is achieved. Ultimately I think it will be (even if ultimately they have to accept higher rates on the bonds than is optimal), but there is likely to continue to be significant uncertainty around this for the foreseeable future (quarters rather than years clearly), which is likely to weigh on sentiment towards the share price in ST, even after the declines we've already seen. For those LT investors, hoping that the Lassonde Curve will out, this will likely provide a good entry point.
All my opinions of course!!
Posted at 25/11/2022 17:26 by mikethebike4
I get the impression from the list of share dealings today that PRE share price is being manipulated
Pensana share price data is direct from the London Stock Exchange

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