I attended the AGM today along with four other shareholders....

I attended the AGM today along with four other shareholders. Very small AGM. In attendance for Pensana was Scott the company Secretary, Graeme the General Manager, and Dave who led the meeting.

Paul Atherley is currently travelling through Germany and the UK discussing the project with potential financiers. Tim George is in South Africa which is where he is based.

Myself and another shareholder made up about 95% of the questions in total, and I asked maybe 80% of the questions in total.

I'm going to run these notes as per how the AGM progressed, I wont be chopping and changing them by category so you might need to read through the entire post.

Starting off all three resolutions were passed easily.

The company is in continued discussion as per the annual report to sell its asset in Tanzania. I'm not sure if they have actually had a concrete offer, I'm going to go with no they haven't, however a figure of $2.5mil USD was thrown around of the potential fair value of the asset.

To list on the LSE Pensana must go through a court hearing which is standard procedure to discuss why they want to list on the LSE, if approved the scheme of arrangement which is around 180 pages will be released. While the AGM was ongoing this was approved, expect an announcement today.

The next steps involve shareholder approval on the 15th of January and then a final court hearing.

LSE Listing Price: The company is trying to obtain a waiver from the ASX which allows it to list at 20cents, which is the minimum listing price on the LSE. I'm not sure on the intricacies on how this works. As far as I'm concerned, given the current share price is 18c, and the company intends to list at 20c, seems 20c should be the share price floor. All in my opinion not financial advice!

Discussions on cap raising was difficult because Paul Atherley was not available to comment eg my questions regarding Fidelity.

First drilling results have been dispatched from site, they need to make there way through Namibia. Forgot to ask why they need to go through Namibia. Drilling results could be reasonably expected in January.

The 60t bulk sample was obtained through digging a 4 - 5 metre trench through the resource. This is expected to arrive in Australia on January 20. The 60t bulk sample was sent to port using the rail line. So the company already had a first look at the logistics in action.

I discussed recovery rate with Dave, essentially as expected further met tests will look to improve recovery rate and maintain product grade and quality. This will be discussed with customers.

An announcement regarding the company's operations is expected Monday December 2nd.

There are 6 major players in China which own a host of refineries, the number of refineries was unknown.

Environmental assessments and hydrowork are ongoing and are usually performed after the PFS, the company is already ahead at this stage, these will be used to apply for the mining licence. I questioned the existence of Thorium which has not been touched on by the company. It is a non issue, discussion of Thorium will make up part of the environmental assessment which is submitted.

Roskill will be reissuing their NdPr forecasts in a few months, I questioned the metrics if the NdPr price doesn't rise. Was told the project is currently viable as is (matches my calculations) however that viability from a personal opinion would obviously be quite difficult to obtain financing for if prices to remain the same. Of course however the company is going by the respected analysts at Roskill and the EV boom and expecting the NdPr price to rise, no surprises there.

We were shown drown footage where we can easily see how close the rail is to the project, pretty amazing to have a world class under utilised rail 4km away.

In regards to drilling, everything you need to know is in recent drilling announcement. Company will use the drilling results to form a revised mineral resource estimate.

Slight modifications may need to be made to the flowsheet if indeed the company wants to implement fresh rock mineralisation in production. Drill and blast would be required. However intention is to extend the indicated resource out significantly from the current drilling and use the weathered mineralisation. Further studies will be performed on the measured category to form an ore reserve. The company intends to use the next MRE to significantly extend the mine life which will continue to improve project metrics.

There is a very close power station (within eye distance) which can be used for powering the site during construction.

Random facts:

• The company has excavated 43 pits to look for material for tailings storage and project construction.
• Concentrate grade is around 35% (maybe slightly lower) as NdPr is prioritised. Refineries actually lose money processing some rare earth material and as we all know NdPr is where the value in this project is.
• The governor of Huambo is extremely supportive of the project.
• There are currently 30 people on site.
• Tim George was indeed at the Angola Mining Conference
• The company is aware that shareholders expect more information and more updates and the board did discuss this
• The PFS was delayed slightly as the ASX had to review the document as well as other small issues. ASX may have had some questions around the use of inferred resource in the PFS thus 20% figure for inferred and 80% indicated was used in the PFS.
• Farmers near the site are more than supportive of Pensana, would be paid some compensation if the project goes ahead and are effected by it.
• There is currently a drone survey using a magnetometer