Business
Interim results for the 6 months ended 31 Dec 2021
Interim results for the 6 months ended 31 Dec 2021.
About this update from Pensana Plc
[{"type":"text","content":"\n \n \n \n 30 March 2022\n LSE: PRE\n \n \n Pensana Plc\n (“Pensana”, “the Company” or “the Group”)\n Interim results for the six months ended 31 December 2021\n Pensana Plc, building the world’s first independent, sustainable rare earth magnet metal supply chain, announces its unaudited results for the six months ended 31 December 2021.\n Half Year Highlights\n \n Initiation of geotechnical drilling and trenching at both the Saltend and Longonjo sites ahead of main construction activity\n Appointment of highly experienced natural resources financier Steven Sharpe as Non-Executive Director of the Company\n Total comprehensive loss for the period of $4,235,572 (31 December 2020: $1,717,491)\n \n Post period end\n \n Front-End Engineering Design (“FEED”) for both Saltend and Longonjo completed and value engineering ongoing\n Approaches received from major European and US electric vehicle and wind turbine OEMS to secure magnet metal supply chain\n Memorandum of Understanding executed with key Asian trading house for 50% of Saltend’s production\n Financing well advanced, including potential support from the UK government’s UK Export Finance and the Automotive Transformation Fund\n Successful institutional equity placing of £10 million with M&G, one of the UK's largest and long-standing fund managers\n Increasing engagement with UK and US generalist institutional investors following M&G’s 5% direct investment and the appointment of Head of Investor Relations and Communications\n \n Comment from Paul Atherley, Chairman:\n \"We have seen six months of considerable progress for the Company as we look to establish an independent and sustainable magnet metal rare earth production facility at Saltend in the UK to meet the burgeoning demand from the electric vehicle and offshore wind sectors. Both the Saltend and Longonjo projects have been brought to FEED status, with financing and offtake discussions being well advanced.\"\n CEO’s Review\n COVID-19\n Whilst Covid-19’s grip on the world continued to be felt over this six-month review period to 31 December 2021 (the “Period”) the team, alongside our key technical advisors progressed unabated on the key workstreams of FEED, geotechnical drilling and pilot plant test work on the Saltend and Longonjo projects. Operational readiness programmes saw the work packages for Saltend and Long...