REG-Pensana Plc: Result of AGM

PensanaAnnouncement

11/12/2021 19:15

9 December 2021
                                        

PENSANA PLC
(“Pensana” or “the Company”)

RESULTS OF ANNUAL GENERAL MEETING (“AGM”)

Pensana is pleased to announce that at the AGM held earlier today all the
ordinary and special resolutions as set out in the Notice of AGM dated 16
November 2021 were passed by the requisite majority of votes cast by proxy.

The total number of Pensana ordinary shares (“Shares”) eligible to vote at
the AGM is 223,253,859.

The total number of votes cast and the number of votes withheld in respect of
each resolution and the number and percentage of votes for and against each
resolution are as follows

Ordinary Resolution 1: To receive and adopt the Company’s financial
statements for the year ended 30 June 2021 together with the Report of the
Directors and Auditors

 Votes cast  Votes withheld  For                Against    
 71,920,578  25,198          71,920,578 (100%)  0 (0.00%)  

Ordinary Resolution 2: To approve the Directors Remuneration Report

 Votes cast  Votes withheld  For                  Against          
 71,909,111  36,665          71,558,022 (99.51%)  351,089 (0.49%)  

Ordinary Resolution 3: To approve the Directors’ Remuneration Policy

 Votes cast  Votes withheld  For                  Against          
 71,909,111  36,665          71,550,244 (99.50%)  358,867 (0.50%)  

Ordinary Resolution 4: To re-elect Paul Atherley as a Director

 Votes cast  Votes withheld  For                  Against          
 71,913,481  32,295          71,807,765 (99.85%)  105,716 (0.15%)  

Ordinary Resolution 5: To re-elect Jeremy Beeton as a Director

 Votes cast  Votes withheld  For                  Against        
 71,921,188  24,588          71,911,800 (99.99%)  9,388 (0.01%)  

Ordinary Resolution 6: To elect Steven Sharpe as a Director

 Votes cast  Votes withheld  For                  Against        
 71,913,481  32,295          71,909,212 (99.99%)  4,269 (0.01%)  

Ordinary Resolution 7: To re-appoint BDO LLP as Auditor of the Company

 Votes cast  Votes withheld  For                Against      
 71,915,604  30,172          71,915,029 (100%)  575 (0.00%)  

Ordinary Resolution 8: To authorise the Audit Committee to determine
Auditor’s remuneration

 Votes cast  Votes withheld  For                  Against          
 71,913,481  30,295          71,697,560 (99.70%)  215,921 (0.30%)  

Ordinary Resolution 9: To authorise the directors to allot equity securities:

 Votes cast  Votes withheld  For                  Against         
 71,915,604  30,172          71,849,103 (99.91%)  66,501 (0.09%)  

Special Resolution 10: To disapply pre-emption rights:

 Votes cast  Votes withheld  For                  Against         
 71,912,496  33,280          71,823,248 (99.88%)  89,248 (0.12%)  

Special Resolution 11: To approve the market purchase of shares:

 Votes cast  Votes withheld  For                  Against         
 71,918,811  26,965          71,874,800 (99.94%)  44,011 (0.06%)  

Special Resolution 12: To reduce the General Meetings notice period:

 Votes cast  Votes withheld  For                  Against         
 71,915,059  30,717          71,878,570 (99.95%)  36,489 (0.05%)  

Note: Votes withheld are not votes in law and therefore are not included in
votes cast.
 

 For further information:                                                                   
 Pensana Plc                                                                                
 Website: Paul Atherley Chairman / Tim George CEO  www.pensana.co.uk contact@pensana.co.uk  

About Pensana

The electrification of motive power is the most important part of the energy
transition and one of the biggest energy transitions in history. Magnet metals
are central to the transition and critical to high value manufacturing
applications such as electric vehicles and offshore wind turbines.

Pensana plans to establish Saltend as an independent, sustainable supplier of
the key magnet metal oxides to a market which is currently dominated by China.
The US$125 million Saltend facility is being designed to produce circa 12,500
tonnes per annum of rare earth oxides, of which 4,500 tonnes will be neodymium
and praseodymium (NdPr), representing around 5% of the world market in 2025.

The Saltend facility is located within the world class Saltend Chemicals Park,
a cluster of leading chemicals and renewable energy businesses at the heart of
the UK's energy estuary, and host to a range of companies including BP
Petrochemicals technology, INEOS, Air Products, Triton Power, Nippon Gohsei
and Tricoya. 

Pensana's plug and play facility will create over 500 jobs during construction
and over 100 direct jobs once in production. It will be the first major
separation facility to be established in over a decade and will become one of
only three major producers located outside China.

Initial feedstock will be shipped as a clean, high purity mixed rare earth
sulphate (MRES) from the Company's Longonjo low impact mine in Angola. The
open-cast mine, state-of-the-art concentrator and proprietary MRES processing
plant are being designed by Wood to the highest international standards. They
will be powered by minimal carbon hydro-electric power and connected to the
Port of Lobito by the recently upgraded Benguela railway line.

Pensana is of the view 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 the energy transition, industrial, medical, military
and communications sectors.

For many miners around the world who are looking to access the European and US
supply chains, it is becoming increasingly clear that the proposed EU and
possible UK carbon border taxation would mean that it is no longer acceptable
for manufacturers to source material extracted or processed unsustainably.

Pensana is aiming to establish Saltend as an attractive alternative to mining
houses who 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.



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