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. New Risk • Jan 01
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 17% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (12% average weekly change). Revenue is less than US$1m. Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (US$8.7m net loss in 2 years). Shareholders have been diluted in the past year (17% increase in shares outstanding). 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 New Risk • Oct 07
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2024. 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 (12% average weekly change). Revenue is less than US$1m. Minor Risk Latest financial reports are more than 6 months old (reported December 2024 fiscal period end). 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 Buy Or Sell Opportunity • Sep 10
Now 26% undervalued Over the last 90 days, the stock has risen 134% to UK£1.15. The fair value is estimated to be UK£1.54, however this is not to be taken as a buy recommendation but rather should be used as a guide only. 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. Recent Insider Transactions • Jan 25
Executive Chairman recently bought UK£78k worth of stock On the 23rd of January, Paul Atherley bought around 275k shares on-market at roughly UK£0.28 per share. This transaction amounted to 5.1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent buy, Paul has been a net seller over the last 12 months, reducing personal holdings by UK£98k. 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 (11% 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 (UK£251k sold). Market cap is less than US$100m (UK£67.9m 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 • Sep 20
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 British stocks, typically moving 9.4% 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 (9.4% 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). Significant insider selling over the past 3 months (UK£251k sold). Market cap is less than US$100m (UK£47.5m market cap, or US$63.1m). 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. New Risk • Jan 25
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 British stocks, typically moving 12% 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 (12% average weekly change). Earnings have declined by 27% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Shareholders have been diluted in the past year (12% increase in shares outstanding). Market cap is less than US$100m (UK£67.2m market cap, or US$85.4m). Announcement • Dec 02
Pensana Plc, Annual General Meeting, Dec 01, 2023 Pensana Plc, Annual General Meeting, Dec 01, 2023. New Risk • Nov 08
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 (13% 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 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). Share price has been volatile over the past 3 months (11% average weekly change). Shareholders have been diluted in the past year (10.0% increase in shares outstanding). Market cap is less than US$100m (UK£74.2m 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 UK£120k worth of stock On the 31st of August, Paul Atherley bought around 463k shares on-market at roughly UK£0.26 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 UK£168k 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 • 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. 
