Business
US$165 million Strategic Investment to suppor...
Pensana Plc has received the initial US$15 million tranche from Cascade Natural Resources Limited as part of a US$165 million strategic investment to advance its U.S. Mine-to-Magnet strategy. This investment includes US$15 million for new ordinary shares, representing a 3.8% interest in Pensana, and US$150 million into a subsidiary for a 38.2% stake in the Longonjo Rare Earth Mine developer. The total funding, combined with a US$160 million ABSA debt package, will support mine construction, resource expansion to one billion tonnes, a heavy rare earth recovery facility, downstream development, and NASDAQ listing costs, with first production anticipated in 2027. Disclaimer*
About this update from Pensana Plc
[{"type":"text","content":"\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 17 April 2026\n \n \n \n \n \n \n \n \n \n THIS\n \n \n \n \n \n ANNOUNCEMENT\n \n \n \n \n \n CONTAINS\n \n \n \n \n \n INSIDE\n \n \n \n \n \n INFORMATION\n \n \n \n \n \n \n \n \n \n Pensana\n \n \n \n \n \n Plc\n \n \n \n \n \n (\"Pensana\"\n \n \n \n \n \n or\n \n \n \n \n \n the\n \n \n \n \n \n \"Company\")\n \n \n \n \n \n \n \n \n \n US$165\n \n \n \n \n \n million\n \n \n \n \n \n Strategic\n \n \n \n \n \n Investment\n \n \n \n \n \n to\n \n \n \n \n \n support\n \n \n \n \n \n U.S.\n \n \n \n \n \n Mine\n \n \n \n \n \n to\n \n \n \n \n \n Magnet \n \n \n strategy\n \n \n \n \n \n \n \n \n Pensana (PRE.LSE) is pleased to confirm receipt of the first tranche of US$15 million from Cascade Natural Resources Limited (\"Cascade\") as contemplated under the US$165 million Strategic Investment (\"Strategic Investment\") announced on 4 March 2026. \n \n \n \n \n \n Under the terms of the Strategic Investment, in support of the development of the Company's U.S. Mine-to-Magnet strategy, Cascade will\n \n advance\n US$165 million \n to\n \n Pensana and\n \n its\n \n group\n \n companies\n \n by\n \n way\n \n of:\n \n \n \n \n \n \n Investment of US$15 million into Pensana by way of a subscription for 13,992,537 million\n \n new\n \n ordinary shares at 80 pence per share representing a 3.8 % interest in the Company.\n \n \n \n \n \n \n \n Investment\n \n of\n \n US$150\n \n million\n \n into\n \n the\n \n Company's\n \n wholly\n \n owned\n \n subsidiary\n \n Sable\n \n Min\n \n Unipessoal Lda (\"Sable\") which is a majority shareholder in Ozango Minerais S.A. (\"Ozango\") the developer of the Longonjo Rare Earth Mine for a 38.2% interest in Sable.\n \n \n \n \n \n \n \n As\n \n a\n \n result of\n \n the\n \n Strategic\n \n Investment Cascade will\n \n own\n \n 3.8% of\n \n Pensana\n \n and\n \n 38.2%\n \n of\n \n Sable.\n \n \n \n \n \n \n \n Pensana Chairman Paul Atherley commented\n \n \n \"\n \n We very much welcome the investment by Cascade which will enable us to continue the development of the Longonjo mine, add the heavy rare earth circuit and expand the resource base to a target of one billion tonnes making it one of the largest rare earth mines ever developed.\n \n \n \n \n \n \n \n \n \n A rec...