Announcement • Jan 23
Pensana plc Provides Update on Longonjo Infill and Resource Expansion Drill Programme Pensana Plc advised that it has commenced preparation for a 7,000 metre infill drill programme at its Longonjo rare earth project in Angola. The programme is designed to provide both detailed geological and grade control information ahead of the commencement of mining and stockpiling/blending activities in early 2027 alongside the resource expansion drilling programme announced on 17 November 2025. Two reverse circulation drilling rigs are planned to be mobilised ahead of drilling activities throughout the anticipated dry season from May through to October 2026. The programme anticipates completion of a 10 x 10 metre drill grid across the weathered run-of-mine from the initial pit(s) production zones/areas. The Longonjo deposit comprises a near-surface blanket of high-grade, NdPr-rich total rare earth oxides (TREO), with an average depth of approximately 30 metres. Previous drilling has confirmed that mineralisation extends to depths in excess of 100 metres beneath the current resource, indicating significant potential to increase the resource base through further drilling. During the campaign samples will also be collected at depth to develop a detailed understanding of the full vertical extent of the mineralization and support assessment of the potential for an increase in inferred resources from the existing 313 million tonnes at 1.43% TREO towards one billion tonnes at a similar grade - which would make it one of the world's largest rare earth deposits currently in development. A laboratory is being procured for delivery to site alongside drill rig mobilisation. This containerised unit will include sample preparation facilities and an automated XRF analyser enabling timeous and cost saving multi-element analysis on site. Grade control drilling will be ongoing for most of the Longonjo life of mine, staying a year ahead of mine planning. These results will further support the current mine and stockpile blending plan developed with Practara, well before commissioning, and enhances the existing dataset. Announcement • Dec 19
Pensana Plc has completed a Follow-on Equity Offering in the amount of £1.14 million. Pensana Plc has completed a Follow-on Equity Offering in the amount of £1.14 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 1,425,000
Price\Range: £0.8
Transaction Features: Subsequent Direct Listing Announcement • Dec 17
Pensana Plc has completed a Follow-on Equity Offering in the amount of £5 million. Pensana Plc has completed a Follow-on Equity Offering in the amount of £5 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 6,250,000
Price\Range: £0.8
Transaction Features: Subsequent Direct Listing Announcement • Oct 17
Pensana Plc Auditor Raises 'Going Concern' Doubt Pensana Plc filed its Annual on Oct 15, 2025 for the period ending Jun 30, 2025. In this report its auditor, BDO LLP, gave an unqualified opinion expressing doubt that the company can continue as a going concern. Announcement • Oct 10
Pensana Plc has filed a Follow-on Equity Offering. Pensana Plc has filed a Follow-on Equity Offering.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 4,828,970 Announcement • Sep 30
Pensana Plc, Annual General Meeting, Dec 03, 2025 Pensana Plc, Annual General Meeting, Dec 03, 2025. Location: 107 cheapside, second floor, ec2v 6dn, london United Kingdom Announcement • May 31
Pensana Plc has filed a Follow-on Equity Offering in the amount of £2 million. Pensana Plc has filed a Follow-on Equity Offering in the amount of £2 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 5,714,286
Price\Range: £0.35
Transaction Features: Subsequent Direct Listing Announcement • Apr 02
Pensana plc Announces an Updated Ore Reserve Estimate and an Update on the Project Delivery for the Longonjo Rare Earth Project in Angola Pensana Plc announced an updated ore reserve estimate and an update on the project delivery for the Longonjo rare earth project in Angola. The highlights are as follows: The updated JORC compliant ore reserve grade has increased to 3.04% TREO containing 139,000 tonnes of NdPr oxide for a mine life of over 20 years making it one of the largest and highest-grade undeveloped magnet metal projects worldwide. Benefitting from the excellent infrastructure in the region the capital cost at USD 217 million, including contingency, is one of the lowest capital intensities for a rare earth project of this scale. With the site infrastructure and access road already in place and the mobilisation of contractors underway the main construction of the modularised process plant is expected to commence in the coming weeks. Initial production of 20,000 tonnes per annum of clean, highly marketable mixed rare earth carbonate (MREC) is due to commence in late 2026. The Company has received considerable interest in offtake for the stage one production of 20,000 tons per annum of MREC and has received expressions of interest in the proposed expansion tonnage of 40,000 tonnes per annum. The project delivery is being undertaken by Mining Consultancy Company Limited (MCC) an experienced project management team with a track record of delivering projects in Angola, working with ADP Holdings Pty part of Lycopodium group (ADP) a specialist in modular construction with extensive experience in Angola, and ProProcess Engineering (Pty) Ltd. (ProProcess) which has expertise in delivering modular process units across Africa. Approximately 70% of the equipment packages have been tendered and priced externally including all of the Tier 1, 2 and 3 packages. The design, costing and contractor selection for the site infrastructure, along with the provision of bulk services, have been completed and the contractors mobilised. Modularisation of the processing plant has been facilitated to enable efficient site erection and to allow for pre-commissioning testing before despatch to site. Initial production will be 20,000 tonnes of a highly marketable clean MREC. A 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 Company is committed to developing the Longonjo mine to the very best international standards with the highest level of community engagement and have published a blueprint for sustainable capital. Board Change • Dec 30
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Non-Executive Director Alison Margaret Saxby was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Nov 08
Pensana Plc, Annual General Meeting, Dec 05, 2024 Pensana Plc, Annual General Meeting, Dec 05, 2024. Location: 107 cheapside, second floor, ec2v 6dn, london United Kingdom New Risk • Oct 14
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (16% average weekly change). Earnings have declined by 15% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Latest financial reports are more than 6 months old (reported December 2023 fiscal period end). Shareholders have been diluted in the past year (4.6% increase in shares outstanding). Significant insider selling over the past 3 months (€299k sold). Market cap is less than US$100m (€81.1m market cap, or US$88.7m). Board Change • Sep 27
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Non-Executive Director Alison Margaret Saxby was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Sep 25
Pensana Plc Announces Technical Assistance Grant from the US International Development Finance Corporation Pensana Plc announced that it has secured USD 3.4 million of Technical Assistance grant funding (Grant Funds) from the U.S. International Development Finance Corporation (DFC). The Grant Funds will support technical assistance activities in the form of feasibility studies for doubling the capacity of the existing Longonjo mine design, addition of downstream refining in Angola as well as test work for the development of the Coola project orebodies. The Technical Assistance program is part of the US Better Utilization of Investments Leading to Development (BUILD) Act, which is used to provide advice and financial assistance and prepare future deals for the DFC to offer further financial support stimulating development. The Grant Funds have been earmarked for specific projects which have the potential to receive later loan funding for any necessary capital, contingent on the successful completion of associated feasibility studies, as follows: Facilitate the study for an increase of the current design run-of-mine throughput of the Longonjo Processing plant in Huambo, Angola from 800ktpa to 1.5mtpa and the resultant Mixed Rare Earth Carbonate (MREC) product from 20ktpa to 40ktpa. Feasibility study to determine the capital and operational costs of further MREC beneficiation in Angola through a REE Separation Plant. Completion of the metallurgical test work program underway on the Coola concession orebodies with initial focus on the surface Sulima West laterite deposit to accelerate plans to use this as an additional feedstock to the Longonjo Processing Plant. The Grant Funds are to be equally matched by Pensana contributions over the next 27 months. Announcement • Sep 24
Pensana Plc Announces Board Resignations Pensana Plc announced that it has been in discussions around the need to restructure the size of the Company’s Board so as to align it more appropriately with its current market capitalization. Non-Executive Directors Jeremy Beeton and Baroness Lindsay Northover have accordingly offered to resign from the Board and their resignations have been accepted. Both Jeremy and Lindsay will remain engaged with the Company in an ongoing advisory capacity. New Risk • Jul 19
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of German stocks, typically moving 10% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (10% average weekly change). Earnings have declined by 15% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Shareholders have been diluted in the past year (4.6% increase in shares outstanding). Market cap is less than US$100m (€58.6m market cap, or US$63.7m). Announcement • May 15
Pensana plc Provides an Update on the Beneficiation Test Work on Samples from the Sulima West Deposit on the Coola Exploration Licence Located 75 Kilometres North of Longonjo Pensana Plc provided an update on the beneficiation test work on samples from the Sulima West deposit on the Coola exploration licence located 75 kilometres north of Longonjo. The test work is being undertaken to determine whether the mineralogy at Sulima West is amenable to simple upgrading onsite, prior to transporting to Longonjo for further processing. The initial results on the samples tested are very encouraging. Both samples tested show the potential for separation and upgrading to a high-grade concentrate using simple magnetic and gravity processes. Once the test work has been finalised a drill programme will be undertaken to delineate the extent of the near surface mineralisation over the six-hectare target area at Sulima West. The Sulima West REE enriched laterite covers an area of approximately 6 hectares and has a surface expression defined by a strong soil anomaly grading >3% TREO. The laterite has been sampled in four trenches and numerous pits of 4-6 metres deep, with all the pits ending in mineralisation. Delineation drilling is required to fully evaluate the dimensions of the laterite and will be undertaken based on the outcome of beneficiation test work. In late 2023, a 100-kilogram laterite sample was extracted from the wall of Trench 1 over a width of 7 metres and bagged and freighted to Blu Sky Mining laboratory in Pretoria, South Africa for test work. The entire 100-kilogram laterite sample was homogenised and ground to 100% passing 3.35 mm and 35-kilogram split off and stage ground to 80% passing 150 µm. Samples were screened into six size ranges, analysed for major and trace elements, and PSD plots compiled. Three different size fractions were submitted for QEMSCAN analysis. The head grade of the laterite is 8.4% TREO, and the sample comprises 80% goethite (iron oxide), psilomelane (manganese oxide) and other oxides, which are all importantly paramagnetic. 10% of the sample comprises monazite which is large and well liberated. The monazite shows very little association with the goethite or psilomelane . Other rare earth minerals identified are bastnaesite and florencite and gangue minerals including fluorite, variscite and minor quartz. Further ongoing test work commissioned involves magnetic separation to remove the paramagnetic minerals to the magnetic fraction and then subject the non-magnetic fraction containing the non-magnetic minerals (REE's, fluorite, variscite, quartz, etc.) to further gravity test work to upgrade and recover the monazite and bastnaesite with the aim of achieving a 50% TREO concentrate grade. Announcement • Apr 04
Pensana plc Reports the Analytical Results for the Three Trenches and Nine Pits Sampled at Sulima West Laterite During Late 2023 Pensana Plc reported the analytical results for the three trenches and nine pits sampled at Sulima West laterite during late 2023. The Sulima West laterite is located 75 kilometres north of the Longonjo Rare Earths Project and test work programmes are designed to test for the amenability of this mineralisation to be processed at Longonjo. The Coola Exploration Project of which the company has a 90% interest is located approximately 160 kilometres east of the Port of Lobito, originally covering an area of 7,456 square kilometres. The Company has completed multiple field programmes in 2020, 2021 and 2022 confirming carbonatite/alkaline rare earth mineralisation on two highly prospective targets, the Coola carbonatite and Sulima West laterite. Highlights: Trench and pit sampling results confirm a six hectare, enriched laterite at Sulima West grading 2 - 3% TREO. Sampling of three additional historic trenches totalling 206 metres averaged 1.8% TREO (La2O3 + CeO2 + Nd2O5 + Pr6O11). Higher grade zones intersected in these trenches include: Trench 2: 2.3% TREO over 32 metres (0-32 m), Trench 3: 2.3% TREO over 28 metres (24-52 m), Trench 4: 2.2% TREO over 54 metres (0-54 m). All the pits within the six hectare >3% soil anomaly are mineralised with an average grade of 2.1% TREO and with all pits ending in mineralization. Notable pit intersections include: Pit 14: 3.0 % TREO over 4 metres, Pit 15: 2.8% TREO over 4 metres. Should the current metallurgical testwork campaign on the Sulima West laterite show promising beneficiation results, then the full grade and depth extent of the laterite will be tested by drilling. Three historic trenches totalling 206 metres and nine historic pits ranging in depth from 4 to 5 metres were cleaned, logged and sampled during Third Quarter 2023. Samples were dried and riffle split, and a 0.5 kg aliquot removed for crushing pulverising to 100% passing 500 microns. This sample is then placed in a zip lock plastic bag and analysed with the recently acquired SciAps X-555 REE Analyzer. This pXRF device has a 55kV x-ray tube for superior limit of detection and has been optimized for rare earth element analysis. The average TREO grade for the 3 recent trenches is 1.8 % over the 206 metres sampled. Higher grade zones occur within the trenches returning 4REO values (La2O3 + CeO2 + Nd2O5 + Pr6O11) averaging 2.3% over widths between 28 to 54 metres. All pits within the six hectare >3% in soil anomaly are between 4 - 5 metres deep and averaged 2.1% TREO with Pit 14 and Pit 15 reporting 3.0% and 2.8% TREO over 4 metres respectively. Announcement • Mar 11
Pensana Reports Interpretation of the Geophysical Surveys Conducted Late in 2023 over the Coola Carbonatite and the Sulima West Laterite Located 75 Kilometres North of the Longonjo Project and of the Commencement of A Bulk Metallurgical Test Work Programme Designed to Test for the Amenability of This Mineralization to Be Processed At Longonjo Pensana reported the interpretation of the geophysical surveys conducted late in 2023 over the Coola carbonatite and the Sulima West laterite located 75 kilometres north of the Longonjo project and of the commencement of a bulk metallurgical test work programme designed to test for the amenability of this mineralization to be processed at Longonjo. The Coola Exploration project of which the company has a 90% interest is located approximately 160 kilometers east of the Port of Lobito, originally covering an area of 7,456 square kilometres. The Company has completed multiple field programmes in 2020, 2021 and 2022 confirming carbonatite/alkaline rare earth mineralization on two highly prospective targets, the Coola carbonatite and Sulima West laterite. A metallurgical test work programme at Blu Sky Mining laboratory in South Africa is underway to test the identified mineralization for low-cost physical separation techniques which can be applied at site to produce a high-grade rare earth concentrate. Successful results from these separation techniques will allow the drill programmes to target zones of mineralisation which have the potential to produce a high-grade concentrate at site. These concentrates may then be trucked to the Longonjo facility for processing. Four bulk samples have been sent for metallurgical test work, including the Coola carbonatite initial sample reporting 4.7% TREO as mainly bastnaesite, and the Sulima West enriched laterite initial sample reporting 4.8% TREO as well as samples of fluorite and apatite. Samples will be tested for multi-gravity, wet tables, WHIMS (wet high intensity magnetic separation), magnetic separation, and XRF/optical sorting with a view to concentrate generation ahead of processing at Longonjo, or as standalone mining opportunities in the case of the fluorite and apatite targets. Announcement • Dec 02
Pensana Plc, Annual General Meeting, Dec 01, 2023 Pensana Plc, Annual General Meeting, Dec 01, 2023. New Risk • Nov 09
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -US$20m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$20m free cash flow). Share price has been highly volatile over the past 3 months (14% average weekly change). Earnings have declined by 27% per year over the past 5 years. Revenue is less than US$1m. Minor Risk Shareholders have been diluted in the past year (15% increase in shares outstanding). New Risk • Oct 18
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2022. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (11% average weekly change). Earnings have declined by 28% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Shareholders have been diluted in the past year (10.0% increase in shares outstanding). Market cap is less than US$100m (€85.6m market cap, or US$90.1m). Announcement • Sep 14
Pensana plc Announces Mineralogical Results from the Coola Exploration License Pensana Plc announced that further to the announcement of 29 August 2023, which reported high grade TREO soil sampling results at Sulima West and encouraging results from other targets on the Coola exploration licence area the company reported on the Mineralogical Characterization studies undertaken by SGS South Africa of samples collected at Sulima West and the Coola carbonatite during 2022. Sulima West laterite mineralisation contains monazite which hosts NdPr with moderate liberation and exposure which should be amenable to some degree of simple upgrading at the current location, prior to processing at Longonjo; The Coola carbonatite contains a significant amount of bastnaesite which is host to more than 90% of the NdPr. The bastnaesite is moderately liberated and exposed, again suggesting that there is potential for recovery using the physical separation at the current location prior to processing at Longonj. Results: The Sulima West laterite contains three main types of rare earth minerals namely bastnaesite, monazite and florencite. The important NdPr mineralogy occurs mainly in the monazite, whilst the bastnaesite hosts the Cerium and the Lanthanum occurs in the florencite. The minerals have been partially liberated from the weathered host rock and should be amenable to somedegree of simple upgrading at the current locations, whilst the moderate exposure noted should be sufficient for successful process route leaching, with the bastnaesite and the monazite showing the highest recovery potential. Sulima West Apatite Maghemite target: The majority of the rare earth minerals present in the Apatite-Maghemite sample occur in the apatite. The apatite is relatively coarse-grained and is well liberated and exposed. Whilst apatite is not a typically recovered rare earth mineral this sample is well liberated and exposed and as such would be amenable to potential recovery and may constitute a significant phosphate resource. Coola Carbonatite contains a significant amount the bastnaesite which is hosted to more than 90% of The light rare earths (NdPr La Ce) found in this sample. As the bastnaesite is moderately freeing and exposed, there is potential for recovery using The physical separation at the current location before processing at Longonjo. All targets occur within the Coola Exploration License (No059/02/01/T.P/ANG-MIREMPET/2020) located 40 kilometres north of Longonjo. A combination of Chemical Analysis (major/minor/trace and REE analysis), XRD, TIMA, and EMPA were applied to determine the bulk modal mineralogy of the sample and characterization of the REE-bearing mineralogy of the sample and characterize of the REE-bearing minerals and the report highlights included: Mineralogical Analysis by SGS comprised: Three individual samples were received by SGS, each of the samples were crushed to 100% passing 1mm and subjected to a rotary splitter to obtain a representative sub-sample. The remainder of unpulverized aliquot was carried into polished sections for Automated scanning electronic microscopy analysis (AutoSem) using Tescan Integrated Mineral Analyzer (TIMA). Electron microprobe EMPA work was required in order to determine the processing potential of the rare earth host minerals for both the Sulima West laterite and the Coola Carbonatite. The important Nd Pr La Ce) found in this samples. As the bastnaesites is moderately liberated and exposed, there is potential to recovery using the physical separation at The Coola Carbonatite. As the bastnaessite is moderately liberated and exposed, There is potential for recovery using the Physical separation at the current location prior To processing at Longonjo. Recent Insider Transactions • Sep 08
Executive Chairman recently bought €140k worth of stock On the 31st of August, Paul Atherley bought around 463k shares on-market at roughly €0.30 per share. This transaction amounted to 3.3% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Paul has been a buyer over the last 12 months, purchasing a net total of €196k worth in shares. Announcement • Aug 29
Pensana Plc Provides Update on Sampling Results from the Coola Exploration Licence Pensana reported on analytical results received from sampling at the Sulima West and Benge Novo targets completed in 2022. Both targets occur within the Coola Exploration License (No059/02/01/T.P/ANG-MIREMPET/2020) located 40 kilometres north of Longonjo. Results recently received include: analytical results from the soil sampling programme conducted over the Sulima West carbonatite rare earth element (REE) target in October of last year; whole rock geochemistry and analytical results for the significant apatite-maghemite-monazite outcrop at Sulima West; and XRD, whole rock geochemistry and analytical results of Benge Novo alkaline complex deeply weathered clays for bauxite and ionic clay potential. Sampling highlights include: soil sampling at Sulima West clearly identifies an area of approximately 500 x 300 m (~15 hectares) with > 2% TREO in soils with a core zone of high-grade soils reporting >4% TREO; whole rock geochemistry results from the apatite-maghemite-monazite sample returned 22% P2O5,26.8% CaO, 40.5% Fe2O3and 0.7% TREO; and clays at Benge Novo returned grades of up to 1600 ppm TREO. Exploration activities are scheduled to continue throughout 2023 with geophysical surveys (magnetics/radiometrics/gravity) commissioned for Third Quarter 2023, and further mapping, trenching, sampling and mineralogical studies scheduled for the remainder of the year. Two hundred and thirty-eight soil samples were collected on a 50 m x 50 m sample spacing over an area of 650 m x 800 m covering the area of identified historic trenches and surroundings at the Sulima West target. Individual soil samples are from 10-20 cm below surface, were sieved to <0.5 mm, bagged and dispatched for ICP-MS analysis at IGEO Laboratories, Luanda. QA/QC samples were submitted, and the laboratory results were within acceptable limits. The soil sampling clearly identifies an area of approximately 500 m x 300 m (~15 hectares) with >2% TREO in soils within which a zone with >3% TREO is delineated. Five of the historic trenches excavated during the 1970’s are included within the >2% TREO soil anomaly. Due to safety issues such as possible wall collapse only the southernmost trench (Trench 1) has been logged and sampled to date. Trench 1 comprises 68 m of iron/manganese enriched lateritised regolith and was sampled at 2 m intervals returning values of between 0.3 and 9.7% TREO, with an average of 3.4% TREO over 68 meters reported. Pit 1, which occurs within the >4% TREO in soil anomaly, returned 4.3% TREO over a vertical distance of 6 metres. The remaining 4 historic trenches within the anomaly will be cleaned and made safe and will be sampled during late 2023. A large portion of the >4% TREO in soil anomaly occurs to the SE of the historic trenches and this area will be trenched and sampled during 2023. Apatite-Maghemite-Monazite Sample: A representative sample of the 800 m2 outcropping secondary, supergene apatite-maghemite-monazite regolith has been submitted for Mineral Liberation Analysis at SGS laboratories, South Africa. This work is currently in progress. Initial whole rock geochemistry results received from SGS returned 26.8% CaO, 40.5% Fe2O3, 22% P2O5, 2.4% TiO2 and 0.7% TREO. These results indicate that approximately 50% of the rock is apatite. Further work is being done to delineate the extent of this rock type the area having the potential to host a significant phosphate resource. Benge Novo Clay Sampling: Whole rock geochemistry and analytical results of clays collected from the deeply weathered Benge Novo alkaline complex were received. Clays were collected to determine possible bauxite and ionic clay potential. The clays showed a low Al2O3 content (<18%) with no bauxite minerals identified, however, the clays typically contain up to 1600 ppm TREO. The REE distribution shows a typical LREE distribution. XRF reports 65% SiO2, 18% Al2O3, 4.4% K2O and 3.5% Fe2O3. XRD work reported 46% quartz, 23% microcline, 26% kaolinite and 5% phlogopite. The Benge Novo complex is vast (10 km minimum in diameter) and soil covered. Further mapping, sampling and geophysics is required to effectively assess and explore this prospective alkaline complex. Board Change • Aug 24
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Non-Executive Director Alison Margaret Saxby was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Announcement • May 23
Pensana Plc, Annual General Meeting, Jun 08, 2023 Pensana Plc, Annual General Meeting, Jun 08, 2023, at 10:00 Coordinated Universal Time. Location: Simmons & Simmons LLP CityPoint, 1 Ropemaker Street London. United Kingdom Board Change • Feb 20
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Non-Executive Director Alison Saxby was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Announcement • Dec 02
Pensana Plc, Annual General Meeting, Dec 01, 2022 Pensana Plc, Annual General Meeting, Dec 01, 2022. Announcement • Nov 28
Pensana plc Announces Operational Update for Saltend and Longonjo Pensana announced that Project Delivery Teams for each of the Saltend and Longonjo projects have moved on-site and have commenced the early construction programmes. At Saltend, the Company's principal contractor, Wood, is on-site, overseeing Yorkshire Water's nominated contractor for the relocation of existing pipework along the site's western boundary. This is progressing well as part of the activities to enable the main contractual works to commence early in the New Year. The contracts for the earthworks have been assessed for imminent award, per the construction plan schedule, and are overseen by the Wood, which has been appointed to supervise these contracts alongside Pensana's recently appointed owners' team construction manager, Mark O'Rourke. Saltend now has 24/7 site security following the installation of the construction offices, security and welfare cabins and the development of the site access locations. The Longonjo earthworks and civils contractor, Grupo Nov, has mobilised to site. Ground clearing of the area for the main construction camp has been undertaken. The fabrication of the construction camp buildings by Bushtec at their plant in South Africa, is progressing well and is on schedule for delivery to site in January 2023. Kick-off site sessions were held with the sub-contractors appointed for site electrical reticulation (Electra) and main HT/LT sub-stations (Enerline), who completed their pre-mobilisation site inspections alongside the Pensana owners' team. Contractors associated with the process water supply (ERM), tailings storage facilities (SRK), and waste management services (AES) have participated as part of the ongoing detailed design development workstreams. Under the Stakeholder Engagement Program, updates on the Longonjo site activities were presented by Project Director, Kevin Botha, to the Governor of Huambo and the Longonjo Administrator. Sessions have been held with Port of Lobito operations and local suppliers of construction materials to confirm arrangements for the main construction requirements. Announcement • Nov 15
Pensana Reports Exploration Results from Coola Exploration Licence Pensana reported on the results from the recently completed exploration programme on the Coola Exploration Licence located 40 kilometres north of Longonjo. Exploration activities have been focused on three highly prospective targets namely the Sulima West carbonatite, the Benge Novo alkaline complex and the Coola carbonatite. The results from Sulima West are considered to be a significant discovery and will be the main focus of exploration activities in 2023. Significant rare earth elements (TREO), phosphate (P) and manganese (Mn) mineralization have been identified at Sulima West. One of the five historic trenches at Sulima West, excavated in the 1970's by the colonial era Compania Minerais do Lobito prospecting for radiometric anomalies, was cleaned and sampled at 2-meter intervals across the iron/manganese ("Fe/Mn") enriched lateritised regolith. Analysis returned values of between 0.3 and 9.7% TREO, with an average grade of 3.4% TREO over 68 meters at surface. A historic pit at Sulima West and adjacent to Trench 1, was cleaned and sampled at 1-meter intervals. Analytical results (ICP-MS)returned values of between 3.4% and 5.2% TREO, with an average grade of 4.3% TREO over 6 meters. Five additional Fe/Mn laterite samples from the other trenches reported individual values which vary from 4.5% to 7.6% TREO.Reported manganese grades in the laterite range from 1.5% to 18% MnO and average 12% MnO at surface. The manganese component is regarded to be economically significant. Samples of the Fe/Mn laterite have been collected for Mineral Liberation Analysis.cur within a deeply weathered regolith. Similar zones of apatite enrichment are noted at Mabounie in Gabon, Catalão 2 in Brazil and Mt Weld in Australia. Samples of the apatite/maghemite/monazite rock have been collected for Mineral Liberation Analysis.Geophysical surveying and diamond drilling of this target is scheduled for Second Quarter 2023 to ascertain the extent of the underlying carbonatite, but importantly also to quantify the presence and amount of apatite, TREO and manganese. Benge Novo alkaline complexThe Benge Novo intrusion is interpreted as a very large caldera occurring to the north of the Sulima, Sulima West and Monte Verde intrusions. It is regarded to be at least 10 km across and is characterised by flat, deeply weathered soils with a solitary alkaline granite outcropping in the south eastern area. The discovery of thick, leached and clay rich lateritised material above the western parts of the known alkaline silicate complex of Benge Novo are strong indications of the possibility of bauxite potential. Similar occurrences are known in other parts of the world, for example, the Pocos do Caldas intrusive nepheline syenite in Brazil. Initial sampling has been completed and assays awaited. The identification of a significant, clay dominated, deeply weathered regolith over parts of the main Benge Novo intrusion may additionally be prospective for the occurrence of ionic clay hosted REE deposits.Both Phosphorus and Potassium are enriched in these rock types and the use of nepheline syenite as well as ultra-potassic rocks as direct application crushed rock fertilisers has been a success in many parts of the world. Soils in the sub region are notoriously impoverished in Phosporous and to a lesser degree Potassium, two of the three plant macro-nutrients, and further sampling will be conducted to evaluate the potential for these essential elements. Airborne geophysical survey of the Benge Novo complex is scheduled for Second Quarter 2023, with a view to guiding exploration of this highly prospective complex. Coola carbonatiteDetailed mapping and sampling of the Coola carbonatite has previously revealed elevated values of TREO over thin soils above outcropping carbonatite, as well as REE-enriched dolomitic carbonatite which importantly hosts bastnaesite. Rock chip sampling of the 20-50 m wide portions of the dolomitic carbonatite ring dyke returned values of between 0.6% and 4.9% TREO (average 2.6%). Soil geochemistry over areas of soil covered dolomitic carbonatite returned values of between 0.37% and 13.18% TREO (average 3.21%). Samples of the REE mineralized dolomitic carbonatite have been collected for Mineral Liberation Analysis. Auger drilling of the soil covered central caldera, aimed at testing the potential for near surface supergene mineralisation, was previously unsuccessful as the auger was unable to penetrate a hardpan ferricrete developed below the colluvial soils. Deeper drilling is scheduled for 2023 to effectively test this target. Announcement • Sep 24
Pensana Plc Completes Ore Reserve Estimate Pensana Plc announced the completion of the Ore Reserve Estimate undertaken by Snowden Optio over both the Longonjo and Saltend operations in support of a 20 year life of mine. Announcement • Aug 23
Pensana Plc, Annual General Meeting, Sep 09, 2022 Pensana Plc, Annual General Meeting, Sep 09, 2022, at 08:00 Coordinated Universal Time. Location: at HQ Offices, 1 Northumberland Avenue, Avenue Trafalgar Square, London WC2N 5BW London United Kingdom Announcement • Aug 17
Pensana Appoints Alison Saxby as Independent Non-Executive Director Pensana announced the appointment of Alison Saxby as Independent Non-Executive Director with effect from 17 August 2022. Alison is an industry leading expert with over 35 years of experience in industrial minerals and metals. Her expertise includes pricing, deep market knowledge, research, and communications, gained through consultancy projects, minerals trading and commercial reports. She was previously a Managing Director at metals consultancy Roskill, where she led the strategic direction of the company’s research and products through a period of growth, with a focus on critical minerals. Prior to that she held roles at Fastmarkets and as an independent consultant. Alison was recently a member of the UK government’s Critical Materials Global Expert Mission to both Canada and the USA for Innovate UK-KTN, and is working with Edumine to provide educational courses on critical materials. She is the author of numerous publications on critical and other minerals and originally trained as a mineral engineer. Announcement • Apr 04
Pensana plc Announces Update on Results from the Coola Exploration Programme Pensana Plc announced the following update on the results from the exploration programme undertaken on the Coola licence, located 16 kilometres north of the Company’s Longonjo rare earth project in Angola. Having identified highly anomalous technology metals including rare earths, scandium and fluorite in soils surrounding the 7,500km2 Coola project in 2020, field exploration activities resumed in Third Quarter 2021, and a range of very encouraging results has been reported from the Coola carbonatite and the recently identified Sulima West. Twenty-two samples from a 4.2 km diameter ring structure at Sulima West, located 50 km from the Coola carbonatite, were all mineralised and returned values of between 0.6% and 10.6% TREO, averaging 4.2% TREO (NdPr average = 0.86%). The iron content in these rocks averaged 28% Fe and the Manganese averaged 5.6% Mn. Sulima West has been intersected by ten large exploration trenches up to 90 metres in length, coinciding with a large radiometric anomaly. The trenches are understood to have been excavated during 1960-61 but have not been followed up with modern exploration methods. -- Rock chip sampling of the 0.9 km diameter Coola carbonatite ring dyke returned values of between 0.6% and 4.9% TREO (average 2.6%). Soil geochemistry over the covered carbonatite returned values of between 0.37% and 13.18% TREO (average 3.21%). Mineralogical studies of the Coola carbonatite identified the rare earth mineral to be bastnäsite, which occurs as discrete veins, veinlets, and segregations within the carbonatite. Soil geochemistry over the fluorite-rich zone at Coola identified an area of 13,000 m2 with average fluorite values of 17% (Calcium Flouride) CaF2. Announcement • Mar 31
Pensana plc Appoints Robert Kaplan as Finance Director Pensana Plc announced the appointment of Robert Kaplan as Finance Director with effect from 31 March 2022. Rob is a Chartered Accountant with over 20 years’ experience in corporate finance with Main Market and AIM listed companies on the London Stock Exchange. He was appointed Chief Financial Officer of Pensana on 1 January 2020. Robert joined Pensana from Petra Diamonds Limited where, in his role as Finance Manager Corporate and Head of Treasury, he was involved in numerous mine financings. Announcement • Sep 29
Pensana Plc Provides an Exploration Update from its Coola Project Pensana Plc provides an exploration update from its Coola project located 16 kilometres north of the Company's Longonjo rare earth development in Angola. Having identified highly anomalous technology metals including rare earths, scandium and fluorite in soils surrounding the 7,500 km2 Coola project in 2020, field exploration activities resumed in Third Quarter 2021. Highlights include: The Coola carbonatite has an enriched distribution of heavy rare earths compared to the light rare earth elements including neodymium-praseodymium (NdPr) at Pensana's Longonjo project. Work is ongoing to establish the extent of the mineralisation and confirm its distribution. This will help to identify how Coola may complement NdPr production from Longonjo. Heavy rare earths are less abundant and are important in a range of clean energy technological applications including permanent magnets. Scandium in Coola's soils is highly anomalous with most values at more than 80 ppm and exceptional values of over 200 ppm. Work is underway to identify the mineral host and the extent of mineralisation. Scandium is used in alloys, particularly with aluminium, for light-weighting applications in industries including aerospace manufacturing. In 2020, Pensana identified outcropping of fluorite and undertook soil sampling and geological mapping over the 6 km by 2.5 km complex. An outcrop sample of very high-grade material of over 97% calcium fluoride has been highlighted for further investigation. Given that outcropping fluorite is often difficult to identify, this is strong evidence for more similar mineralisation. The area is being mapped in detail and will be soil sampled. Trenching, rock chip sampling and drilling will be considered thereafter. Fluorite is crucial in a growing range of chemical, ceramic and metallurgical processes. While the global pandemic has interrupted field staff site access, a Phase II programme has commenced and is on track to conclude in Fourth Quarter 2021. This comprises: Detailed geological mapping and rock chip sampling of the Coola carbonatite complex; Mineralogical studies including XRD, petrography and whole rock geochemistry; Infill soil geochemistry over the area of fluorite mineralisation; Infill soil geochemistry over the rare earth/Scandium enriched carbonatite ring dyke; Augering the central diatreme. The Phase II programme is well timed to access upgrades which will enable larger equipment on site at Coola in 2022. Announcement • Mar 09
Pensana plc Announces Executive Appointments Pensana Plc announced two key appointments. Rocky Smith has been appointed as Chief Operating Officer. Rocky is a highly experienced Chemical Engineer with 35 years' rare earths experience. He was Managing Director of Molycorp's Mountain Pass rare earth project in California, US, which is now owned by New York Stock Exchange listed MP Materials. Roy Gordon has been appointed as Metallurgical Manager. Roy is a senior hydrometallurgist with more than 10 years' experience across international projects in support of the High Value Manufacturing and advanced manufacturing economies. Roy worked previously with Rocky at Peak Resources. Announcement • Mar 03
Pensana plc Appoints Jeremy John Beeton as a Non-Executive Director Pensana Plc announced the appointment of Dr. Jeremy John Beeton as a Non-Executive Director of the company with immediate effect. Dr. Beeton, based in County Durham, has extensive international experience in project management over complex multi-site, multiple project operations' portfolios for national and regional government, as well as public and private companies. Announcement • Feb 25
Delisting from the Official List of ASX Pensana Plc confirms that further to the announcement on 20 January 2021, wherein the Company announced its application for its delisting from the official list of the Australian Stock Exchange ("ASX"), that it will at close of business on 24 February 2021 in Australia, be delisted from the official list of the ASX whilst maintaining its primary listing on the London Stock Exchange. Announcement • Feb 20
Pensana Expects Delisting, Effective February 24, 2021 Pensana Plc has given notice to the Australian Stock Exchange (ASX) for the voluntary suspension from the official list. The Company's continues to be listed on the Main Market of the London Stock Exchange and this will be its sole listing following the de-listing as expected on the 24 February 2021. The Company provides the following information for the purpose of ASX Listing Rule 17.2. The Company securities be suspended pending the delisting of PM8 from the Official List on 24 February 2021. The Company expects the suspension will remain in place until the Company is delisted on 24 February 2021. Announcement • Jan 19
Pensana Rare Earths Announces Voluntary Delisting from ASX Pensana Rare Earths Plc announced that in accordance with Listing Rule 17 and Guidance Note 33 of the ASX Listing Rules, it has requested a trading halt of its CDI's in order to make an application to the Australian Securities Exchange (ASX) to remove PM8 from the official list of ASX pursuant to ASX Listing Rule 17.11 (Delisting). The Company will maintain its primary listing under the stock code PRE on the main board of the London Stock Exchange (LSE), and trading of the Company's securities on the LSE will continue. Pensana expects the ASX trading halt will conclude when it receives a response to its application on or before 20 January 2021, following which the Company will make a detailed announcement to the market regarding its application. Announcement • Dec 21
Pensana Rare Earths Reports High Grade Rare Earths in Soils from the First Sampling Programmes At Longonjo Project in Angola Pensana Rare Earths Plc reported high grade rare earths in soils from the first sampling programmes completed at its 7,500 square kilometre Coola Project located 16 kilometres north of its Longonjo project in Angola. Also reported is the appointment of accomplished economic geologist Grant Haywood as Exploration Manager together with an update on recent site activities at the Longonjo. Assay results received from soil sampling over the Coola carbonatite identify a high tenor soil anomaly up to 4.69% REO extending over a 1.3 x 1.4 kilometre area. The highest REO values lie over the 3.2 kilometre perimeter of the carbonatite ring structure and are coincident with an outcropping circular carbonatite dyke. The centre of the 1.2 kilometre diameter ring structure is anomalous in REO in soils despite lying beneath thick soil cover, which could partially mask a soil response. An area of outcropping fluorspar mineralisation located 300 metres south of the ring structure is also associated with anomalous soils to 2% REO. The Company plans to drill test these defined targets in 2021. Announcement • Nov 16
Pensana Rare Earths plc Reports BFS Update Pensana Rare Earths Plc reported on the progress the Company is making to bring Longonjo online as the first major rare earth mine in over a decade and in establishing a sustainable magnet metal supply chain to meet the burgeoning demand from the EV and Offshore Wind industries. Highlights: Two studies are currently underway, a feasibility study into the production of a mixed rare earth sulphate in Angola, which is being undertaken by a number of internationally recognised consultants in Perth, Western Australia and the recently announced Wood Group study into the establishment of a UK-based processing facility to produce separated rare earth oxides. The Longonjo mine and concentrator study is well advanced with the capital costs in line with the $130 million reported in the Preliminary Feasibility study in November 2019. In March 2020 the scope of the studies was expanded to include the processing of the concentrate to produce a mixed rare earth carbonate (MREC), and in early October a high grade MREC was successfully produced. Subsequent to this, a resin-based process route was developed which yields a high grade mixed rare earth sulphate, an ideal feedstock for the proposed UK separation facility. This innovative process route has the potential for lower capital and operating costs and is being actively pursued. Project manager Paradigm Project Management has recently gone out with several equipment packages for quotation from suppliers and contractors in preparation for the commencement of construction of the initial infrastructure and bulk site services at the Longonjo Project in the first quarter 2021. The Wood Group study into the establishment of a rare earth processing facility in the UK is well underway and is expected to be reported in January 2021. The study has highlighted the internationally competitive power, labour and reagent costs at each of these post-Brexit Freeport locations in the Local Enterprise Partnership zones of Merseyside, Tees Valley and Humber. A decision on the location is expected shortly. Announcement • Nov 06
Pensana Rare Earths Plc, Annual General Meeting, Nov 30, 2020 Pensana Rare Earths Plc, Annual General Meeting, Nov 30, 2020, at 09:00 Coordinated Universal Time. Agenda: To receive and adopt the Company's financial statements for the year ended 30 June 2020 together with the Report of the Directors and Auditors; to approve the Directors' Remuneration Report in the form set out in the Company's Annual Report and Accounts for the year ended 30 June 2020; to re-appoint BDO LLP as Auditor of the Company to hold office from conclusion of the meeting to the conclusion of the next meeting at which the Accounts are to be laid; to authorise the Audit Committee to determine the remuneration of the Auditor; to consider ratification of placement; to authorise the directors to allot equity securities; to consider approval to allot and issue Shares (or CDIs) under Placement Facility; to consider approval of 10% Placement Facility; to consider disapplication of pre-emption rights (General Authority); to consider election of directors; and to consider any other matters. Announcement • Oct 27
Pensana Rare Earths Plc Appoints Rt Hon Baroness Northover PC as Non-Executive Pensana Rare Earths Plc announced the appointment of Rt Hon Baroness Lindsay Northover PC as a NonExecutive Director of the Company with immediate effect. Baroness Northover (66), the Prime Minister's former Trade Envoy to Angola (2016 2020) and Zambia (20172020) and Africa Minister for the Department for International Development ("DFID") (November 2014 - May 2015), joins the Pensana Board as one of four independent NonExecutive Directors. Baroness Northover has been at the core of the recent successful development of the UK/Angola bilateral relationship which has seen significant progress since the General Cooperation Agreement between the UK and Angola was signed in 1986. Announcement • Oct 19
Pensana Rare Earths Plc Announces Coola Exploration Programmes in Full Swing Pensana Rare Earths Plc provided an update on exploration activity in progress at the Company's new Coola Project adjacent to its advanced stage Longonjo NdPr Project in Angola. Initial field programmes have commenced to test defined targets prospective for a range of high technology critical commodities including heavy rare earths (HREE), light rare earths (LREE), scandium, niobium, tantalum, hafnium and fluorspar. These commodities are listed as critical by the European Commission and would complement future production of magnet metal raw materials from the Company's advanced stage Longonjo Project located just 16 kilometres to the south. The Coola Project and critical high technology metals: Of the 27 raw materials identified by the European Commission as critical, nine are commonly found in association with alkaline rocks and carbonatites: heavy rare earth elements (HREE); light rare earth elements (LREE); niobium; fluorspar; phosphate /phosphorus, hafnium, tantalum and scandium. In terms of geological prospectivity, there is a greater chance of a carbonatite complex having resources economic to mine than any other rock. The Company identified the occurrence of several carbonatite and alkaline complexes in the Coola region with geological prospectivity for these high technology critical commodities that could complement future NdPr rare earth production from the Company's advanced stage Longonjo Project, located just 16 kilometres to the south. The Company was pleased to announce the grant of the Coola licence in May 2020. Pensana holds a 90% beneficial interest in the licence with two Angolan partners each holding 5%. The licence was granted for a period of two years, renewable to seven years. The Coola Project is similarly located to Longonjo, close to modern road and rail infrastructure that links the project to the Atlantic port of Lobito. Low cost hydropower is available at Caala, located 40km to the west and the provincial capital of Huambo lies about 60 kilometres to the west. Two known carbonatites with reported NdPr rare earth mineralisation, Coola and Monte Verde, together with four additional alkali systems and five strong geophysical anomalies represent immediate and well defined `walk - up' exploration targets. Coola Carbonatite: The Coola Carbonatite forms part of a larger 6 kilometre x 2.5 kilometre intrusive geological system and associated fenite alteration. Previous academic work identified rare earth enrichment to 3.64% REO from limited rock sampling (Alberti et al., 1999). Assay results from initial reconnaissance work completed by Pensana confirms rare earth mineralisation in soils and rocks up to 2.99% REO. The Company's experienced field team have now completed systematic soil sampling and geological mapping over the entire 6 kilometre long complex, together with rock sampling and the excavation and sampling of several shallow pits in soil covered areas. Extensive fluorspar mineralisation has been located within the Coola complex. As well as being listed as a critical commodity and having direct economic potential in its own right, fluorspar is also a positive indicator of the potential for additional technology metals in this geological setting. Monte Verde alkali -carbonatite complex: The Monte Verde alkali-carbonatite igneous complex comprises syenite and carbonatite with associated fenite alteration over a 4.5 x 3.5 kilometre area. Substantial parts of the complex lie under shallow transported cover and a carbonatite ring dyke has been mapped (Amores-Casals et al., 2019). Previous geological research by academic workers has returned up to 0.93% REO from limited rock sampling during geological mapping, confirming the presence of rare earth mineralisation in the system. The mineral occurrence database of Angola notes occurrences of `pyrochlore, apatite and barite in carbonatite and monazite and zircon in syenites' at Monte Verde. Mineral concentrations are not recorded but this suite of minerals, as well as having potential economic significance in their own right, can also be indicators of concentrations of rare earths and niobium. Systematic soil sampling and reconnaissance geological mapping and rock sampling has now been completed over the Monte Verde alkali-carbonatite complex and assay results are awaited. Sulima alkali complex: The Sulima alkali complex is noted on regional geological maps and is identified in geophysical data sets and satellite images as two adjacent circular features each approximately five kilometres in diameter. The mineral occurrence database of Angola notes the occurrence of `monazite, zircon, apatite and barite' at Sulima. Mineral concentrations are not recorded and records of any historical economic assessment of the complexes have not been identified. Announcement • Oct 13
Pensana Rare Earths Plc Announces Study into UK Based Rare Earth Processing Facility Pensana Rare Earths Plc has appointed the Wood Group to undertake a study into the establishment of an integrated rare earth processing facility in the UK ("the Wood Group Study") with a view to creating the world's first sustainable magnet metal supply chain. Having progressed the design of the Longonjo project to include the production of a mixed rare earth carbonate, Pensana now has a unique opportunity to explore the potential for it to make one further step downstream and to create additional value by establishing a rare earth oxide production facility in the UK. By linking a mid-stream magnet metal supply with downstream magnet manufacturing capacity there is the potential to create a sustainable magnet metal supply chain at a time of increasing concern over the provenance of these critical metals for the electric vehicle ("EV") and Offshore Wind Turbine industries. Following the recent resource upgrade, the Longonjo project is now one of the world's largest known rare earth resources. To give a sense of scale, the Longonjo project could, together with the UK processing facility, produce enough rare earth oxide to supply the wind turbines at Dogger Bank, projected to be the world's biggest wind farm, for the next 20 years. Located 130 km (80 miles) off the Yorkshire coast, the Dogger Bank wind farm will be powered by an array of 260 metre high Haliades X 13MW turbines, each requiring over 7 tonnes of permanent magnets, and has the capacity to generate enough renewable electricity to power 4.5 million homes, or 5% of the UK's total electricity supply. With Presidential approval and ongoing financial backing from the Angolan Sovereign Wealth Fund, Pensana's Longonjo project is well-placed to become the first producing major rare-earth mine in over a decade at a time of burgeoning demand for these critical metals. The project is being developed to international standards, has established infrastructure, including the capacity to be entirely powered by hydro-electricity, making Longonjo one of the world's most sustainable rare earth producers. Pensana is focused on this broader context and the Wood Group Study will take into account sustainable development when considering the process route, preferred location, capital and operating costs, financing arrangements and government incentives relating to the UK project. The study is currently expected to take approximately three months to complete. Announcement • Oct 10
Dave Hammond to Step Down from the Role of Chief Operating Officer and Director of Pensana Rare Earths plc with Effect from 1 January 2021 Pensana Rare Earths Plc announced that Mr. Dave Hammond will be stepping down from his role as Chief Operating Officer and Director of the Company with effect from 1 January 2021. Mr. Hammond has been with the Company for the past 3 years where his significant experience in technical resource definition and exploration has seen the culmination of the substantial upgrade to the Mineral Resource estimate on Project Longonjo in Angola, a key element underpinning the Bankable Feasibility Study currently underway. Announcement • Oct 06
Pensana Rare Earths plc Announces Successful Development of Mixed Rare Earth Carbonate Flow Sheet Pensana Rare Earths Plc reported the successful production of an NdPr rich mixed rare earth carbonate (MREC) from the testwork currently underway on mineralisation from its Longonjo rare earth project. Industry experts Wood Group and Nagrom, based on testwork performed at metallurgical laboratories in Perth Western Australia, have successfully developed a flowsheet to produce a particularly high grade MREC with NdPr comprising 33.5% of the total rare earths content. MREC is a much higher purity and higher value product and has a much broader market and range of applications than the concentrate product contemplated in Pensana's Preliminary Feasibility Study. Based on information provided by industry specialists the specifications of Longonjo's MREC compares favourably with the main products currently being produced and sold mainly in China. The pilot plant and metallurgical test work are ongoing with a view to finalising the preferred process route and to providing data for engineering and production cost estimations for the Bankable Feasibility Study. A comprehensive update on the Bankable Feasibility Study will be reported towards the end of the month. Two of the circuits will be required to run for longer to bring the testwork results up to the required reporting standards for the study which will enable the finalisation of the report in due course. key feature that the study will report is the potential for the project to be brought online as the first major rare earth mine in over a decade which can also offer a sustainable supply of mixed rare earth carbonate at a time when there is growing concern around the provenance of the rare earth supply chain. 
