Share price - General Discussion, page-1432

The strategic significance of Coola is that if Coola or any of the other tenements can be proved up as similar to Longonjo,
then Pensana will be able to double their annual NdPr throughput while still retaining a 20 years plus mine life.

At that point an anticipated EBITDA in the BFS of US$150 million - $200 million per annum,
would become an EBITDA of US$300-400 million per annum.

And that is without any Rare Earth Separation Facility in the UK or anywhere else....

Multiply an in-production EBITDA of US$400million by at least 10 to get a 2023/24 market cap figure for Pensana.

That future market cap figure is about 20 times where we are now!

There is also the prospect of commercial quantities of other strategic minerals in the other tenements.