PM8 Peer comparison - Other REE projects analysis, page-12

Btw, I believe Pensana has a good management, right for the job. If these people can't create a good value for shareholders, it would be a big surprise. 

Paul Atherley, the chairman of Pensana, graduated as mining engineer from Imperial College London and has held numerous senior executive and board positions during his career. He has completed a number of acquisitions and financings of resource projects in Europe, China, Australia and Asia.

Mr Atherley was based in Beijing from 2005 to 2015 and developed strong connections within Chinese business, industry bodies and senior government officials, including the most senior levels of the state owned energy companies. Until recently he was the Chairman of the British Chamber of Commerce in China, Vice Chairman of the China Britain Business Council in London and served on the European Union Energy Working Group in Beijing. (see more here)

And Mark Hohnen, founding executive chairman of Kalahari Resources. Neil MacLachlan, director of Kalahari Minerals and Extract Resources. These companies were all taken over for billions of dollars. 

In terms of technical issues, I am happy that Pensana have David Hammond Chief Operating Officer, Geologist with over 25 years international experience, 7 years as Technical Director with Peak Resources (PEK,ASX) Ngualla Rare Earth Project, Tanzania. He has a very good experience on a REE resource.