REG-Pensana Plc: Release of Ore Estimate Report

PensanaAnnouncement

23/09/2022 07:15

23 September 2022

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

Pensana Plc

("Pensana" or the "Company")

Release of Ore Estimate Report for Longonjo and Saltend Operations

Pensana is pleased to announce the completion of the Ore Reserve Estimate
undertaken by Snowden Optiro over both the Longonjo and Saltend operations in
support of a 20 year life of mine (‘LoM”). The full Ore Reserve Estimate
report is available on the Company’s website at
https://pensana.co.uk/wp-content/uploads/2022/09/SnowdenOptiro_Pensana_Longonjo_Ore_Res_Statement.pdf.
 

About Snowden Optiro

Snowden Optiro has developed an internationally recognised system for the
audit and evaluation of Ore Reserve estimates and the assessment of compliance
to JORC, SOX and other international standards. The system identifies the
level of compliance to industry best-practice and provides a risk-based series
of actions required to address the desired levels of compliance.

Snowden Optiro’s mining engineers have experience in all facets of mining
engineering both open pit and underground, from the optimisation of the ore
body, to the planned mine design and scheduling of complex grade constraints
to the life of mine plan development and financial modelling. Their
international operational experience in large and small open-pit and
underground mines covers a wide range of commodities and operation types
including conventional strip mining to deep level underground alongside
Corporate and Transaction Services which include identification, due diligence
review, analysis and valuation of mining assets or companies.

For more information visit: https://snowdenoptiro.com

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                                                         
IR@pensana.co.uk 

Tim George, Chief Executive Officer

Rob Kaplan, Chief Financial Officer

George Zacharias, Group Company Secretary

Media enquiries:

FGS Global:

Gordon Simpson / Richard
Crowley                                       
Pensana-LON@fgsglobal.com

About Pensana Plc

The electrification of motive power is the most important part of the energy
transition if we are to tackle climate change and one of the biggest energy
transitions in history. Magnet metal rare earths are central to that
transition, forming a critical part of the technology for efficient electric
vehicle motors and offshore wind turbines.

Pensana plans to establish its Saltend processing hub as an independent and
sustainable supplier of the key rare earth magnet metal oxides to a market
which is currently dominated by China.

The US$195 million Saltend facility is being designed to produce circa 12,500
tonnes per annum of rare earth products, of which 4,500 tonnes will be
neodymium and praseodymium oxide (NdPrO), representing over 5% of the world
market in 2025.

Pensana’s plug-and-play facility is located within the world-class Saltend
Chemicals Park, a cluster of leading chemicals and renewable energy businesses
in the Humber Freeport and will create over 500 jobs during construction and
over 125 direct jobs once in production.

Powered by low-carbon offshore wind, it will be the first major separation
facility to be established in over a decade and will become one of the few
major producers located outside China.

Feedstock will be shipped as a clean, high purity mixed rare earth sulphate
(MRES) from the Company’s Longonjo low-impact operations in Angola. The
mine's state-of-the-art concentrator and proprietary MRES processing plant are
designed by Wood to the highest international standards.

The operations will be powered by renewable energy from hydroelectric power
and connected to the Port of Lobito by the recently upgraded Benguela railway
line.

Pensana believes that provenance of critical rare earth materials supply, life
cycle analysis and GHG Scope 1, 2 and 3 emissions will all become significant
factors in supply chains for major customers.

The Company intends to offer customers an independently and sustainably
sourced supply of the metal oxides and carbonates of increasing importance to
a range of applications central to addressing the energy transition.

Pensana is also aiming to establish Saltend as an attractive alternative to
mining houses that may otherwise be limited to selling their products to
China, having designed the facility to be easily adapted to cater for a range
of rare earth feedstocks.

www.pensana.co.uk



Copyright (c) 2022 PR Newswire Association,LLC. All Rights Reserved