Pensana Share Discussion Threads

[wiseacre] 30/10/2020 14:02

Disappointing reaction to two week delay in BFS. We have seen a 25% fall in the share price from its peak just a fortnihgt ago. Probably worth topping up at this point.

[wiseacre] 30/10/2020 14:02

Disappointing reaction to two week delay in BFS. We have seen a 25% fall in the share price from its peak just a fortnihgt ago. Probably worth topping up at this point.

[mt262626] 30/10/2020 13:45

I agree, generally speaking a delay in the BFS whilst the 'bigger picture' is being considered is surely a good thing (Coola, Processing Facility etc).Rather it eventually landed thorough and complete with firm conclusions, than with ifs/what/maybe's etc. It's a long game and we're still very much in the infancy stage. More than confident in the news they issued today and with the management team / infrastructure that is in place it's not going to stay sub-£1 for a long time. Especially if the NdPr price hits a forecast $77k per tonne price by 2025 million which I read earlier today. I'll be buying a yacht and a chimp called Bubbles.

[scaramonga88] 30/10/2020 13:31

Lots of negativity on here today for some strange reason - a 2 week delay is very normal and nothing in the grand scheme of things. Very happy with the update, prospects and cash position of the business. Yum Yum price has got to be getting close to tempt you to buy back in and return to backing the business again?So much potential here. Topped up... won't be this cheap for long!

[yumyum] 30/10/2020 11:54

cyberhub....I had missed that 'update' only. Good spot ! Oh dear oh dear.

[yumyum] 30/10/2020 11:52

and your comment above on MP reserves seems wrong to me. 30,000 short tonnes ;-)

[cyberbub] 30/10/2020 11:51

No, an "update" to the BFS will be released by 16th Nov.Does that mean the full BFS?

[yumyum] 30/10/2020 11:41

The only new thing I saw was that the delayed BFS will be released latest 16th Nov. What else was there ?

[chinasyndrome] 30/10/2020 11:30

If you think there was nothing "New" in today's announcement, you obviously have not read it, or you fail to understand what you are reading. Or are like Yumyum, who is deliberately down ramping while promoting a very suspect competitor.

MP does not have an Ore Reserve, It currently has just 214kt of Proven Reserves, and will certainly have to do a lot more drilling before it can upgrade any more of the "Probable" ! or are they going to mind blindly ?

Note Well: SRK only said "Potential"

• February 2020 SRK Technical Memo recognizes the potential for
15+ years of additional mine life (before pursuing an updated
exploratory drilling program)

[yumyum] 30/10/2020 11:25

..and flip-flopping elsewhere....end of July defintely not going the refinery route....but now looking at that. End-July...we will be miserly on issuing shares and treasure each share....oops ...big share issue to Angola sovereign wealth. More flip-flops coming ? Hopefully not.

[yumyum] 30/10/2020 10:56

Market sentiment, BFS late, new process route, possible very expensive UK refinery, distraction of exploration in other areas, COO departed.....massive run up in share price...plenty of profits still to be taken.

[value viper] 30/10/2020 10:28

Guess general market sentiment and today's nothing new recap RNS including delay to BFS means short termers continue to sell - all I can suffice really Hhmm

[yumyum] 30/10/2020 08:00

Chinasyndrome, the 'we' is just because I was quoting from a FVAC document at the SEC in the US. I was too lazy to edit. I have no connection to MP, nor shares in either MP or FVAC.

I am very aware of JORC, drill spacing, resources, reserves etc thank you very much. Pensana does not yet have even an ounce of proven reserves. It will of course.

SRC's MP estimate is valid as from July 1st this year. I doubt SRC would publicly and willingly mis-state something. Maybe you know better than SRC and can teach them how to more correctly estimate current resources and reserves at Mountain Pass.

filament, that is old news.

Looking forward to the BFS in mid-November. I might even buy Pensana shares meantime.

[filament] 30/10/2020 07:18

News-- A new Mineral Resource estimate for Longonjo was reported and contains more than 2.3 times the previous estimate of the Measured and Indicated resources used in the Preliminary Feasibility Study.

[chinasyndrome] 29/10/2020 23:08

Yumyum, You obviously have no idea of what it takes to produce a Ni 43 or JORC compliant Ore Reserve ! And clearly by you continual use of the collective "We" you are someway connected to MP. Provocative ?

The numbers you keep on quoting are OLD calculations based on the pit before it was Rat-holed and US operating costs going thru the roof. To upgrade the Probable to Proven you need to increase the spatial data density ie drill more holes on a closer pattern. To date I have not seen or heard of any New exploration drill rigs on site at MP, So how do you propose they are going to operate beyond six months with only 30kt of doubtful "Ore"

IMO, MP a Mark Twain "Mine"

[yumyum] 29/10/2020 13:12

MP will have cash, not debt, once the amalgamation is done, as far as I understand it many hundreds of millions of dollars. No ?

Note the date here, Chinasyndrome ;-)
As of July 1, 2020, SRK, an independent consulting firm that we have retained to assess our reserves, estimates total proven reserves of 0.03 million short tons of REO contained in 0.3 million short tons of ore at Mountain Pass, with an average ore grade of 8.19%, and probable reserves of 1.47 million short tons of REO contained in 20.8 million short tons of ore, with an average ore grade of 7.04%. Our total proven and probable reserves are estimated to have an average ore grade of 7.06%. In each case, these estimates use the estimated economical cutoff of 3.83% total rare earth oxide (“TREO”). Based on these estimated reserves and our expected annual production rate of REO upon completion of our Stage II optimization project, our expected mine life is approximately 24 years.

The open pit mine is located on approximately 2,222 fee simple acres with approximately 15,000 acres of mineral rights. We believe there is opportunity to grow the reserve base over time with exploratory drilling, which has not been conducted since 2011.

[chinasyndrome] 28/10/2020 22:25

Yumyum, The Reserves you quote for MP were calculated in 2010 !

Since then the mine was operated by other owners who Rat-holed the deposit, ie they took the easy to get at ore. Certainly not Sustainably as they failed to remove the associated waste, that is why they are currently mining Waste to push back the Pit walls necessary to gain access to the Pit floor.

Since 2010 mining costs have increased dramatically especially in the USA, The definition of Ore necessitates the material being mined to cover the cost of all associated activity esp Waste stripping. I seriously doubt that that 2010 Ore can now carry the cost of the Push back, SRK will need to re-evaluate the Ore body (Floating cone analysis) and incorporate any new exploration data ~ which considering they have not yet got an exploration drill rig on site will be hard to do !!! and will certainly not happen by Mid-November.

So it looks as if the Public are going to be offered Shares in a Company loaded up with Debt and very little proven ore. In Australia we call it mining the Stock Market !



To operate

[yumyum] 28/10/2020 16:34

I have not invested in MP yet. Yes, I think more to go for PRE...just not sure the timing.

[etf2] 28/10/2020 14:39

Yumyum, seems fair enough, you’ve already made 100% and there will be plenty of upside still to be had provided the report is good.

MP looks interesting but I’ll be rooting for PRE as I’m in the U.K.

[merie] 28/10/2020 08:53

Market makers tree-shake?Incidentally, a transaction in PRE made by me at 73.70p this morning, at precisely 8.00.30 seconds, is recorded erroneously under Trades as a sell. It was in fact a purchase!

[yumyum] 28/10/2020 08:51

etf2, I did buy about 60,000 shares a couple of months ago at 32p and sold at 65p. My intention is to get back in but I am waiting to see the BFS. Don't get me wrong. I like the company a lot.

MP/FVAC merger looks like completing 16-20 November this year. They are actively working on our Stage II optimization project, which includes installing a concentrate drying and roasting circuit, reconfiguring and restarting the product leaching circuit, recommissioning separation and extraction circuits, and enlarging product finishing capacity to re-establish the full capability to produce separated, individual rare earth products at Mountain Pass. Upon reaching anticipated production rates for REOs and other planned downstream products at the Mountain Pass facility, we expect to produce approximately 20,000 mt of separated REO per year, excluding cerium concentrate, consisting of approximately 6,075 mt of NdPr per year.

SRK, an independent consulting firm that we have retained to assess our reserves, estimates total proven reserves of 0.03 million short tons of REO contained in 0.3 million short tons of ore at Mountain Pass, with an average ore grade of 8.19%, and probable reserves of 1.47 million short tons of REO contained in 20.8 million short tons of ore, with an average ore grade of 7.04%. Our total proven and probable reserves are estimated to have an average ore grade of 7.06%. In each case, these estimates use the estimated economical cutoff of 3.83% total rare earth oxide (“TREO”). Based on these estimated reserves and our expected annual production rate of REO upon completion of our Stage II optimization project, our expected mine life is approximately 24 years.

The open pit mine is located on approximately 2,222 fee simple acres with approximately 15,000 acres of mineral rights. We believe there is opportunity to grow the reserve base over time with exploratory drilling, which has not been conducted since 2011.

[etf2] 28/10/2020 08:36

Chinasyndrome, where do you see the trades that you mention?

[etf2] 28/10/2020 08:34

Yumyum, do you, or did you ever buy Pensana? I only ask because from what I’ve read the company is very progressive and well positioned for future growth. Looks like a ‘buy’ to me.