Business
Interim Results for the 6 months to 31 Dec 2022
Interim Results for the 6 months to 31 Dec 2022.
About this update from Pensana Plc
[{"type":"text","content":"\n \n 31 March 2023 LSE: PRE\n Pensana Plc\n (“Pensana”, “the company” or “the group”)\n Unaudited Interim results for the six months ended 31 December 2022\n The board is pleased to present its review of Pensana Plc, the rare earth exploration, mining and processing group, whose flagship development assets are the Saltend rare earth processing hub in the UK and the Longonjo NdPr Project in Angola.\n Half Year Highlights\n \n UK Critical Minerals Strategy launched at Saltend’s Ground-breaking Ceremony.\n Early-stage construction programmes initiated on-site for each of the Saltend and Longonjo projects.\n Offtake MOU for 25% of Saltend's annual production entered into with a strategic major non-Chinese industry player.\n Collaboration with Polestar to create the first truly climate-neutral car by 2030.\n Completion of the Ore Reserve Estimate undertaken by Snowden Optiro over both the Longonjo and Saltend operations in support of a 20-year life of mine.\n Trench and pit analytical results from Sulima West laterised carbonatite within the Coola exploration project reported with high rare earth grades over significant widths at surface.\n Angolan Sovereign Wealth Fund invests further US$10 million.\n Appointment of leading industry expert, Alison Saxby, as Independent Non-Executive Director.\n Letter of intent signed with Yorkshire Energy Park securing private wire connection to battery storage operated by Yorkshire Energy Park under which it will have access to 4 MW rising to 10 MW of low carbon electricity for 10 years.\n Pensana blueprint for Sustainable Rare Earths published in September 2022.\n Total comprehensive loss for the period of US$4,218,451 (31 December 2021: US$4,235,572).\n \n Post period-end\n \n Successful institutional equity placing of US$4 million with M&G in January 2023, one of the UK’s largest fund managers and a long-standing Pensana shareholder.\n The company has been engaging and progressing with a major potential strategic investor and an African based resource fund for several months. Delivery would secure immediate term funding that is required as well as longer term investment, although such funding remains uncommitted.\n \n CEO’s Review\n Mobilization of Project Delivery Teams for each of the Saltend and Longonjo projects took place in November 2022. Detailed due diligence by s...