Business
Major shareholder support for US Strategy
Pensana Plc has secured significant support from its two largest shareholders, FSDEA and M&G Investments, for its US strategy and proposed Nasdaq listing. FSDEA will convert its US$15 million bridging loan into equity at 24 pence per share, resulting in 23,148,148 new ordinary shares and a 29.2% stake. M&G Investments has committed an additional £5 million to the company, reinforcing confidence in the US-focused mine-to-magnet supply chain and the planned Nasdaq listing by mid-2026. This news follows previous announcements regarding a US$25 million equity tranche for the Longonjo mine financing. Disclaimer*
About this update from Pensana Plc
[{"type":"text","content":"\n\n \n \n \n \n \n \n \n \n \n 18 December 2025\n \n \n \n \n \n \n \n \n \n THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION\n \n \n \n \n \n \n \n \n \n Pensana Plc\n \n \n \n \n (\"Pensana\" or the \"Company\")\n \n \n \n \n \n \n \n \n \n Major shareholder support for US strategy \n \n \n \n \n \n \n Pensana Plc is pleased to provide an update on the continued support by its two largest shareholders, the Angolan Sovereign Wealth Fund (\"FSDEA\") and M&G Investments (\"M&G\").\n \n \n \n \n \n On 15 May 2025, the Company announced the terms and timing of the first US$25 million equity tranche, as part of the main Longonjo mine financing, for deployment at subsidiary level into Ozango Minerais SA. Additionally, FSDEA agreed the terms for the conversion into Pensana equity of the US$15 million bridging loan, previously advanced over the past 18 months to facilitate early-stage construction at Longonjo.\n \n \n \n \n \n The Company is now pleased to announce that FSDEA has agreed to a staged conversion of the US$15 million bridging loan to manage its ownership percentage in Pensana and to support the inclusion of new institutional investors at the time of the proposed Nasdaq listing mid-2026. \n \n \n \n \n \n M&G, the Company's second largest shareholder, has also recently expressed ongoing support for the Company's plans to develop a U.S. focused mine to magnet supply chain, the investment of US$100 million from a strategic investor and the proposed NASDAQ listing by agreeing to invest a further £5 million in the Company as announced on 16 December 2025. \n \n \n \n \n \n \n Paul Atherley Pensana Chairman commented:\n \n \"\n \n We very much welcome the ongoing support from the Company's two largest shareholders for the U.S. focused mine to magnet strategy and for the proposed Nasdaq listing mid-2026. The integration of Longonjo into a world class major mine to magnet supply chain via the Lobito Corridor has the potential to put Angola on the map as a major long term and reliable supplier of rare earths at a time when the US is looking to realign dependency away from a single source.\" \n \n \n \n \n \n \n \n Summary of the terms of the Transaction \n \n \n \n \n \n \n \n \n \n Conversion \n \n \n \n \n \n \n \n \n Pursuant to the US$15 million bridgin...