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Disseminated via PRN on 23 June 2025
23 June 2025
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
Pensana Plc
("Pensana" or the "Company")
MOU with ReElement Technologies to develop
a sustainable rare earth supply chain
Pensana Plc is pleased to announce the signing of a Memorandum of Understanding (“MOU”) with American Resources Corporation (NASDAQ:AREC) (“American Resources”) and ReElement Technologies (“ReElement”) a leading U.S. critical mineral refiner supplying the automotive, defense, and advance manufacturing industries in the US.
Key terms of the MOU include:
Since 2023, ReElement has been refining rare earth materials for customer validation and for commercial sale at its Noblesville, Indiana facility. The company continues to expand capacity, including major development at its large-scale Marion, Indiana supersite, to meet growing demand from U.S. and allied defense and commercial industries.
Mark Jensen, CEO and Chairman of ReElement, commented, “Our partnership and MOU with Pensana represent a major advancement toward building a true mine-to-magnet global rare earth supply chain. Securing mineral independence requires innovation, not imitation - and legacy solvent-based refining methods simply won’t be competitive or scalable in the modern market.
We had the opportunity to welcome the Pensana team to our facilities recently where we discussed production schedules, quality of product and long term vision. We couldn’t be more impressed by their efforts and the opportunity for our partnership together to completely disrupt the global supply chain for rare earth oxides.
Partnering with Pensana allows us to secure a reliable source of high-quality MREC and further demonstrates our commitment to building a domestic rare earth supply chain that meets the growing needs of U.S. industry."
ReElement’s multi-mineral refining platform is uniquely positioned to unlock this opportunity with efficiency, flexibility, and global collaboration. We are excited to begin working with Pensana immediately.”
Tim George, CEO of Pensana, added, “We are thrilled to begin our collaboration with ReElement. Both teams share a clear vision for establishing an efficient, scalable, and resilient supply chain for magnet-metal rare earths – critical to the U.S. and allied defense and commercial industries.
This collaboration with ReElement builds on our recently announced offtake agreement for a similar tonnage of MREC with Toyota Tsusho and our plans for downstream magnet metal production in the UK and Asia.
The signing of this MOU marks another important milestone in Pensana’s journey to build a globally diversified and resilient magnet metal rare earth supply chain.”
About American Resources Corporation (NASDAQ: AREC)
American Resources Corporation is a leader in the critical mineral supply chain, developing innovative solutions both upstream and downstream of the refining process. The company and its affiliates focus on the extraction and processing of metallurgical carbon and iron ore, essential ingredients in steelmaking, as well as critical and rare earth minerals for the electrification market and recycled metals.
Leveraging its affiliation and former parent status of ReElement Technologies Corporation, a leading provider of high-performance refining capacity for rare earth and critical battery elements, American Resources is investing in and developing efficient upstream and downstream critical mineral operations. These operations include mining interests in conventional and unconventional sources, recycling, and manufacturing.
American Resources has established a nimble, low-cost business model centered on growth, which provides a significant opportunity to scale its portfolio of assets to meet the growing global infrastructure and electrification markets while also continuing to acquire operations and significantly reduce their legacy industry risks. Its streamlined and efficient operations are able to maximize margins while reducing costs. For more information visit americanresourcescorp.com or connect with the Company on Facebook, Twitter, and LinkedIn.
About ReElement Technologies Corporation
ReElement Technologies Corporation, a portfolio company of American Resources Corporation (NASDAQ:AREC), is a leading provider of high-performance refining capacity for rare earth and critical battery elements. Its multi-mineral, multi-feedstock platform technology focuses on the refining of recycled material from rare earth permanent magnets and lithium-ion batteries, concentrated ores and brines, as well as coal-based waste streams and byproducts to create a cost effective and environmentally-safe, circular supply chain. ReElement has developed its innovative and scalable “Powered by ReElement” process which collaboratively utilizes its exclusively licensed intellectual property within its partners’ material processing flow sheets to more efficiently support the global supply chain’s growing demand for magnet and battery-grade products. For more information visit reelementtech.com or connect with the Company on Facebook, Twitter, and LinkedIn.
Learn more about ReElement Technologies’ process and technology here - Video.
About Pensana
The electrification of motive power is arguably the biggest energy transition in history and needs rare earths for permanent magnets.
Pensana has spent US$ 70 million over the past six years on exploration, technical and environmental studies on the Longonjo rare earth project in the Huambo district of Angola approximately 350 kilometres Southeast of the capital Luanda.
The Company has successfully delineated a near surface JORC compliant reserve of 22 million tonnes grading 3.04% TREO containing 139,457 tonnes of NdPrO making it one of the world’s largest and highest grade, undeveloped magnet metal rare earth deposits with a mine life of over 20 years.
The Company has recently received approvals for the full financing totaling circa US$ 268 million for the Longonjo rare earth project. The Board of the Africa Finance Corporation has approved its US$ 81.2 million participation in an approximately US$ 160 million syndicated loan facility alongside major South African bank Absa Bank Limited.
The facility will provide senior funding for the Phase 1 development of the Company’s Longonjo rare earth mine (“Longonjo”) in Angola through its 84% owned subsidiary Ozango Minerais SA.
The Phase 1 production will be 20,000 tonnes of a highly marketable clean MREC. The proposed second phase expansion will see production increase to 40,000 tonnes per annum of MREC representing around 5% of the world’s production capable of being converted into permanent magnets for electric vehicles and offshore wind turbines.
The investment will generate hundreds of local high value jobs, give work to many local businesses and once in production will generate substantial fiscal returns for the Government of Angola. The downstream development of the mine and processing facilities to a mixed rare earth carbonate go beyond the conventional dig and ship approach
The Company is committed to developing the Longonjo mine to the very best international standards with the highest level of community engagement and has published a blueprint for sustainable rare earth development which is available on our website. Pensana_Blueprint_for_Sustainable_Rare_Earths.pdf
The team’s efforts were recognised in 2022 when Pensana received green bond assurance by S&P Green Bond Rating Agency CICERO and more recently were awarded a Gold Medal by EcoVadis, a leading sustainability ratings provider, placing it among the top 5% of the companies assessed.
-ENDS-
For further information, please contact:
Shareholder/analyst enquiries:
Pensana Plc
Paul Atherley, Chairman
Tim George, Chief Executive Officer
Rob Kaplan, Chief Financial Officer
