Looks to me they are near broke, have a toxic, low grade ore and no path to production.
The first worrying information is in the latest half yearly (ref 1). To quote p8:“We draw attention to note 3 to the half-yearly financialreport which indicates the Directors considerations concerning the Group’s ability to continueas a going concern. The matters explained in note 3 indicate that the Group will require additional funding to meet its liabilities as they fall due for a period of at least the next 12 months, that the required capital has not been secured at the date of this report and the availability of such funding is not guaranteed.”
That was last December and things were no better by May this year it seems (2):
“UK-based Pensana plans to build, subject to funding, a US$125-million sustainable rare earth separation facility”
So they areproducing nothing, have no project funding, serious questions about liquidityand unproven technology. What’s to like compared to such as Lynas (3)??
They also have 7 times the Th per kg of NdPr compared to Lynas (4) and low grade ore in a high risk African state.
Maybe the best news is that owners of this dog are likely to be put out of their misery pretty soon.
Sources:
1. https://pensana.co.uk/wp-content/uploads/2021/04/Pensana-HYR-31-Dec-2020-Interims-for-release_FINAL.pdf
2. https://www.greencarcongress.com/2021/05/20210502-pensana.html
3. https://finance.yahoo.com/news/pensana-rare-earths-asx-pm8-034954875.html
4. https://treo.substack.com/p/pensana-acknowledge-radioactive-materials
