PR Newswire
LONDON, United Kingdom, March 04
4 March 2026
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
Pensana Plc («Pensana» or the «Company»)
Increased US$165 million Strategic Investment to support U.S. Mine to Magnet
strategy
Proposed adjournment of General Meeting
Pensana (PRE.LSE) is pleased to provide an update on the proposed Strategic
Investment of US$165 million («Strategic Investment») in support of the
development of the Company’s U.S. Mine-to-Magnet strategy, by Cascade Natural
Resources Limited («Cascade»). This is further to the announcements of 9
December 2025 and 10 February 2026 and the Notice of General Meeting dated 10
February 2026 and increases the total amount of the investment to be made by
Cascade.
Cascade intends to advance the Strategic Investment to Pensana and its group
companies by way of:
· Investment of US$15 million into Pensana by way of a subscription for 13.55
million new ordinary shares at 80 pence per share representing a 3.8 % interest
in the Company.
· Investment of US$150 million into the Company’s wholly owned subsidiary
Sable Min Unipessoal Lda («Sable») which is a majority shareholder in Ozango
Minerais S.A. («Ozango») the developer of the Longonjo Rare Earth Mine for a
38.2% interest in Sable.
· As a result of the Strategic Investment Cascade will own 3.8% of Pensana and
38.2% of Sable.
The Strategic Investment remains subject to long-form documentation and
completion which are expected in the coming weeks.
Alongside the proposed US$160 million ABSA debt funding package (U.S. EXIM
Guaranteed) the Strategic Investment would provide for the construction of the
Longonjo mine, including execution of the recently announced drill programme and
HREE recovery facility, early downstream development initiatives and the costs
associated with the proposed NASDAQ listing along with all corporate costs ahead
of Longonjo’s first production scheduled for 2027.
ABG Sundal Collier, a leading independent Nordic investment bank, has acted as
Pensana’s financial advisor for the Strategic Investment.
General Meeting
Based on the structure of the revised Strategic Investment, the Directors
currently have sufficient authority to issue the 13.55 million ordinary shares
in Pensana to Cascade, free of preemption rights.
Accordingly, it is proposed that the forthcoming General Meeting scheduled for 9
March 2026 will in effect be cancelled and will be adjourned until further
notice (sine die) without the resolutions set out in the notice of meeting being
put to the meeting.
In order to provide an update to shareholders on the Strategic Investment and
the US Mine to Magnet strategy more generally the Directors have arranged for a
corporate update to be given at the same time and venue proposed for the General
Meeting namely 10 a.m. on 9 March 2026 at Simmons & Simmons LLP, CityPoint, 1
Ropemaker Street, London, EC2Y 9SS.
About Pensana
Pensana is developing one of the world’s largest and highest-grade magnet metal
rare earth mines which will produce initially 20,000 tpa of a clean high value
MREC including both LREE and HREE. The plan is to expand production to 40,000
tpa of MREC once initial operations have been established.
The Longonjo operation will extract, concentrate, calcine and chemically refine
the free dig material to produce a high-value MREC which will be railed 273
kilometers in containers to the Atlantic port of Lobito for export.
Pensana is looking to establish a world class fully integrated mine-to-magnet
supply chain in partnership with U.S. partners and with support from U.S.
Government.
The Longonjo mine is located adjacent to the Lobito rail corridor approximately
60 kilometers west of the provincial capital of Huambo in central Angola.
The project is currently under development, comprises an open pit, concentrator
and recovery plants, tailings storage facility (designed to meet the
requirements of the Global Industry Standard on Tailings Management), process
water supply, bulk power supply, mine infrastructure, workshops, offices,
accommodation village, recreational facilities, and other associated
infrastructure.
The information contained within this announcement is considered by the Company
to constitute inside information as stipulated under the Market Abuse
Regulations (EU) No.596/2014. Upon the publication of this announcement via a
Regulatory Information Service, this inside information will be considered to be
in the public domain. The person responsible for arranging for the release of
this announcement on behalf of the Company is Paul Atherley (Chairman).
-ENDS-
For further information, please contact:
Shareholder/analyst enquiries:
Pensana Plc
Paul Atherley, Chairman
Tim George, Chief Executive Officer
Rob Kaplan, Chief Financial Officer
This information was brought to you by Cision http://news.cision.com
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