Business
Unaudited Interim results for the six months ...
Unaudited Interim results for the six months ....
About this update from Pensana Plc
[{"type":"text","content":"\n\n \n \n\n\n\n\n 21 March 2025 LSE: PREPensana Plc(“Pensana”, “the company” or “the group”) Unaudited Interim results for the six months ended 31 December 2024 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 Longonjo NdPr Project and the Coola exploration project in Angola alongside the Saltend rare earth processing hub in the UK. Half Year Highlights\tCompletion of the Longonjo early construction works, including construction and development of the civil works for the camp, accommodation units and facilities, the rehabilitation of the access road to Longonjo camp and the agricultural demonstration plots under the Livelihood Restoration Plan (LRP).\tFurther offtake and co-operation agreement signed with a major Japanese partner, Hanwa Co. Ltd.\tUS$3.4 million technical assistance grant funding secured from the United States (US) International Development Finance Corporation (DFC), America’s development finance institution for secure investment in emerging economies.\tAchievement of the EcoVadis gold medal indicating environmental, social and governance (ESG) performance among the top 5% of companies assessed.\tUnited Kingdom (UK) Minister for Africa Lord Collins accompanied by UK Ambassador to Angola Mr Roger Stringer inspected the ongoing development and works at Pensana’s Longonjo Project.Post period-end\tIn March 2025, the company received approvals for the full financing totalling circa US$268 million for the Longonjo rare earth project. In addition to the US$15.0 million bridging loan already provided by FSDEA, the funding approvals received include equity financed by FSDEA of US$38.0 million comprising equity and a convertible loan, as well as US$54.9 million from AFC in the form of a convertible loan. The debt funding, which comprises approximately 60% of Phase 1 project funding for Longonjo, includes participation by AFC of US$81.2 million and ABSA of US$78.8 million, all at a subsidiary level. CEO’s ReviewDear Pensana Shareholders, Having prepared the Longonjo site for main construction over the period our attention was predominantly focussed on any additional due diligence workstreams the Lender group required as they progressed through the multiple stages of their credit a...