Fake Sheikh Day is December 9. It was on that day in 2025 that Paul Atherley first announced that Cascade, the Channel Islands based entity backed by UAE money was to bankroll Pensana (PRE). By March 2026 $15 million had arrived with the rest expected shortly. You know the rest.
Of course we are all in it together. Shareholders in Pensana (PRE) have done their conkers as the seemingly fake sheikh financing deal unraveled leaving a clear fiat black hole and delays to project construction. But what about the directors responsible for this clusterfuck?
With its operations at Longonjo effectively shuttered as it faces a funding black hole after offshore financier Cascade failed to deliver a $150 million investment into its subsidiary, Pensana (PRE) faces not only financing challenges but also a credibility issue. Chairman Paul Atherley urgently needs to answer two questions to reclaim some credibility.
I am sure that Paul Athlerley of Pensana (PRE) will again accuse me of clickbait journalism or of already being pissed at 8 AM and Tim from North London will blame it all on Brexit but let’s start with the sheikh and a lie that was served up earlier.
No doubt the prig Paul Atherley thinks I am seeking clickbait in point out that his company now admits that an RNS it issued in June was a total Porky! For today we must now ask ourselves if pious Paul has got himself mixed up with a Fake Sheikh
No doubt Paul Atherley the chairman of Pensana (PRE) will accuse me of being drunk or seeking clickbait in reporting the contents of a letter confirming that the allegations are being looked into. Atherley is not a man who enjoys scrutiny. He’d rather lash out than answer fair questions. The enquiries centre on an RNS issued on 10 August.
On June 8 Pensana (PRE) gave us an update on its rare earths project in Africa Longonjo stating:
Three weeks ago I suggested on this website that “it might be cute to take advantage of the hiatus at Pensana Rare Earths” (PRE) which had seen the share price nearly halve on lack of news for a promised investment of $165 million from a Guernsey registered outfit called Cascade Investments. No news can be good news and last week Pensana told us that the delay was down to the promise of increased involvement by the State of Qatar and that the promised funds are nigh.
Good journalism and less good journalism. I start with the bad, Optibiotix (OPTI).
I have written to my contact at the FCA as it should be forcing Pensana (PRE) and its mysterious offshore investor into making a statement
Between now and 28th July you can win a week at the Greek Hovel paying just a cleaning and pool fee – by explaining in 300-1000 words why if you had to bet everything on one share on a three year view what that share would be. To see how to enter go HERE and PLEASE KEEP SENDING IN ENTRIES. Fifteenth up is Guardian reading elitist Tim
In an extraordinarily bullish presentation at the Pensana (PRE) AGM last week executive chairman, Paul Atherley told his audience that American titans were falling over themselves to invest in his company, with introductions to Elon Musk and Jamie Dimon suggested. A Nasdaq listing is promised in the first half of next year and Atherley expects his shares, now 99p, to reach 350p obviating the need for a share consolidation to satisfy the listing requirements, .
The week before Christmas I tipped Pensana (PRE) at 25p. I said the shares were “a steal”. They are now 34p after news yesterday and are still a steal!
Three years ago Pensana (PRE), a specialist in Rare Earths and the metals crucial to the development of electric motors, was the best performing share in the London market. In less than 12 months its shares soared tenfold from 20p to over £2 a share.
