US$165 million Strategic Investment to support U.S. Mine to Magnet strategy
17/04/2026 07:00
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
IR@pensana.co.uk
Tim George,
Chief Executive
Officer Rob Kaplan, Chief Financial Officer