Ann: Investor Presentation July 2022, page-21

Looks like you have been listening to 'Sheads and her REO mates too long:

Your right about one thing, allowing China to get its hooks into your Registry is like contracting Cancer !, just have to look at GGG and PEK !

In answer to your other incorrect observations:

Even back in 2019, Pensana's PFS showed that Longonjo was profitable, having one of the lowest OPEX's in the World, due mainly to an almost total absence of Waste, and a plentiful supply of "Green" Electricity available at 2c/Kwh. I don't think Peaks Chief Geologist and their Operations Manager would have jumped ship if they had not recognised which Company has the better prospects ?

Angola is in West Africa, not East ! It has just weaned itself off China's Belt and Roads cash-trap, and is now actively seeking European involvment / investment. The Chinese are leaving in droves and their population is now down 90% on what it was.

The Angolan Government is the biggest shareholder in Pensana, having the MREC refined in the UK adds considerable value to their share-holding, more than compensating for the marginal difference they miss out on in taxation.