Pensana Plc · LSE:PRE
Pensana — Shareholder Meeting (December 2025)
16 slides from Pensana's shareholder meeting presentation, December 2025
Slide 1: PENSANA Plc
PENSANA Plc Connecting one of the world’s largest rare earth mines with the U.S. to create a major U.S. Mine-to-Magnet supply chain. December 2025 LSE:PRE
Slide 2: Establishing a major U.S. Mine-to-Magnet supply chain
Establishing a major U.S. Mine-to-Magnet supply chain Fully financed world-class rare earth mine comes into production timeously for U.S. Government restriction on World-class rare earth deposit Chinese imports in 2027 One of only three ore bodies worldwide with >100kt NdPr reserve. • LSE main board
Slide 3: Partnering with major players to build a Mine-to-Magnet supply chain in the U.S.
Partnering with major players to build a Mine-to-Magnet supply chain in the U.S. Strong demand for Longonjo’s Highly-Marketable Mixed Rare Earth Carbonate (MREC) • Pensana produces export-quality MREC, a high-value REE concentrate that contains NdPr. • Multiple partnerships in place to develop downs
Slide 4: Unlocking supply chain resilience through Mine-to-Magnet strategy
Unlocking supply chain resilience through Mine-to-Magnet strategy Diversified offtake supply arrangements Mine Separation Metallisation Magnet OEM Upstream Downstream 3
Slide 5: Longonjo – a near surface, high grade mine, supported by multi-billion dollar infrastructure
Longonjo – a near surface, high grade mine, supported by the multi-billion dollar rail, hydroelectric power and port infrastructure of the Lobito Corridor 22Mt at 3.04% TREO 20+ Years JORC Reserve Life of Mine Targeting billion tonne Resource Monte Sulima Verde West US$ 217 million 4,200tpa NdPr Coo
Slide 6: Longonjo is the largest (undeveloped) rare earth mine globally
Longonjo is the largest (undeveloped) rare earth mine globally Exploration Target to increase the overall resource to over 1 billion tonnes at similar grade In production 10.0 Currently largest mine in construction. Expected to In construction 9.0 increase in size with upcoming drill programme. 7.9
Slide 7: One of the world’s largest rare earth Resources (approx. only 30% drilled)
One of the world’s largest rare earth Resources (approx. only 30% drilled) Major drill programme to increase Longonjo resource to over one billion tonnes making it one of the largest rare earth mine ever developed • Longonjo has a JORC compliant Mineral Resource Estimate 313 million tonnes @ 1.43% R
Slide 8: Longonjo: LREE + potential HREE production profile
Longonjo: LREE + potential HREE production profile Pensana 2027 2028 2029 2030 2031 2032 2033 2034 NdPr Tonnes 1,056 2,605 3,409 3,409 3,409 3,409 3,409 3,409 Dy Tonnes 38 79 127 127 127 127 127 127 Tb Tonnes 9 19 29 29 29 29 29 29 Longonjo | 10 Year LREE+HREE Production profile HREE Peer Comparison
Slide 9: World-class mine construction with access to world-class infrastructure
World-class mine construction with access to world-class infrastructure Processing plant platform 350 Person camp installed Contractor laydown area Longonjo railway station - 4 km from mine 2GW Laúca hydropower plant Deep water port of Lobito 8
Slide 10: State-of-the-Art Modularised Process Plant under construction
State-of-the-Art Modularised Process Plant under construction 9
Slide 11: Highly experienced Board and Management Team with deep Rare Earth expertise
Highly experienced Board and Management Team with deep Rare Earth expertise Executive Directors Non-Executive Directors Technical Management Team PAUL ATHERLEY ALISON SAXBY KAREN BROWN FOUNDER and CHAIRMAN NON-EXEC DIRECTOR CHIEF OPERATIONS OFFICER Mr. Atherley is an experienced mining Alison is an
Slide 12: Construction timeline: 18 months to first production
Construction timeline: 18 months to first production 2025 2026 2027 Item Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Current Construction status Engineering and Design Procurement and Manufacturing Site Establishment and Construction Commissioning Production 13 months to commissioning Commissioning ramp-up
Slide 13: Compelling economics: Low upfront Capex with strong Cashflow generation
Compelling economics: Low upfront Capex with strong Cashflow generation Very highly leveraged to rising Rare Earth prices Item Longonjo • MREC capacity of ~20kt p.a. (Year 3: ~40kt) Production • NdPr of ~2.4kt p.a. (Year 3: ~4.2kt) • US$217 million (upfront) Capital • US$105 million (2 years post fi
Slide 14: Significantly undervalued compared with existing major producers
Significantly undervalued compared with existing major producers Total Rare Earth Oxides (TREO) tonnes v Market Capitalisation US$ billions 12 10 Market Cap. Million tonnes / US$ bn 8 6 TREO Contained Market Cap / Market Cap 4 Company TREO TREO (US$ Bn) (tonnes) (US$/tonne) 2 Pensana Plc 0.4 4,470,0
Slide 15: Percentage of Global Rare Earth Supply Chain
September 2025 Goldman Sachs: 10% disruption in rare earths supply could lose US$150 billion in economic output Rare earth elements (REEs) have become a flashpoint in geopolitics, as they are critical to high-tech industries and China’s Rare Earth Supply Chain Leverage2 essential in uses from batter
Slide 16: CAUTIONARY STATEMENT
CAUTIONARY STATEMENT This presentation and any additional documents presented (together the “Presentation Materials”) are being supplied to you Neither this document, nor any copy of it, may be taken or transmitted into any jurisdiction where it would be unlawful to do solely for information only. T