17 April 2026

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

 

Pensana Plc ("Pensana" or the "Company")

 

US$165 million Strategic Investment to support U.S. Mine to Magnet strategy

 

Pensana (PRE.LSE) is pleased to confirm receipt of the first tranche of US$15 million from Cascade Natural Resources Limited ("Cascade") as contemplated under the US$165 million Strategic Investment ("Strategic Investment") announced on 4 March 2026.

 

Under the terms of the Strategic Investment, in support of the development of the Company's U.S. Mine-to-Magnet strategy, Cascade will advance US$165 million to Pensana and its group companies by way of:

 

• Investment of US$15 million into Pensana by way of a subscription for 13,992,537 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.

 

Pensana Chairman Paul Atherley commented   " We very much welcome the investment by Cascade which will enable us to continue the development of the Longonjo mine, add the heavy rare earth circuit and expand the resource base to a target of one billion tonnes making it one of the largest rare earth mines ever developed.

 

A recent report from the International Energy Agency has highlighted the need to build a robust and resilient international rare earth supply chain to reduce the world's reliance on China to avoid $6.5 trillion of potential economic cost of supply disruption.

 

With construction well underway and first production scheduled for 2027 our investment in Longonjo and our plans to establish a fully integrated U.S. mine to magnet supply chain will be an important step in securing this supply."

 

Alongside the proposed US$160 million ABSA debt funding package (U.S. EXIM Guaranteed) the Strategic Investment will provide for the construction of the Longonjo mine, including execution of the recently announced drill programme to increase the resource to a target of one billion tonnes and the construction of the HREE recovery facility ahead of Longonjo's first production scheduled for 2027 as well as downstream development initiatives, the costs associated with the proposed NASDAQ listing and all corporate costs.

 

ABG Sundal Collier, a leading independent Nordic investment bank, has acted as Pensana's financial advisor for the Strategic Investment.

 

Application will be made for the 13,992,537 New Ordinary Shares to be admitted to the Official List and to trading on the Main Market of the LSE and admission is expected to occur on the LSE on or about 08:00 on 27 April 2026. These shares will rank pari passu with the existing Ordinary Shares in issue.

 

Following this issue, the Company's issued share capital will consist of 353,515,226 Ordinary Shares. No shares are held in treasury. Therefore, the total number of voting rights of the Company will be 353,515,226.

 

About Cascade

 

Cascade is an Investment Fund backed by specialist family offices and major sovereign funders, chaired by Lloyd Pengilly, the former-Chairman of JP Morgan Africa and JP Morgan's Metals & Mining division who will be invited to join the Pensana Board along with one other Cascade nominee on completion of the Strategic Investment.

 

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 [email protected]

Tim George, Chief Executive Officer Rob Kaplan, Chief Financial Officer