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Update on Longonjo Mine Development, Downstre...
Pensana Plc is progressing with the $250 million development of its Longonjo Mine in Angola, targeting first MREC commissioning in 2027 with a 20-year mine life, initially producing 20,000 tonnes of MREC annually, expanding to 40,000 tonnes by Year four. The company has already spent $36 million on mine and processing plant development, with construction 22% complete, and approximately $135 million of the total capital expenditure committed to long-lead equipment. The mine is projected to produce over 122 tonnes of dysprosium and terbium annually, positioning it as a major heavy rare earth producer. A modular separation facility is being engineered, and a US$165 million investment from Cascade Natural Resources, alongside up to US$160 million in ABSA debt financing, is supporting the US Mine-to-Magnet strategy, with offtake agreements in place with Toyota Tsusho, ReElement Technologies, and VAC/eVAC Magnetics. Preparations for a NASDAQ listing are also underway. Disclaimer*
About this update from Pensana Plc
8 th June 2026 THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION Pensana Plc ("Pensana" or the "Company") UPDATE ON LONGONJO MINE DEVELOPMENT DOWNSTREAM AND OFFTAKE Pensana Plc (LSE: PRE) is pleased to provide an update on the construction of the Longonjo Mine in Angola together with details of the downstream separation and metal conversion strategy which combined with the proposed offtake arrangements are aimed at establishing an independent mine-to-magnet supply chain supporting U.S. and international magnet makers and automotive OEMs and other industrial customers. Highlights at a Glance · The $250 million development is on target and on budget for first MREC commissioning in 2027 with a 20 year mine life producing initially 20,000 tonnes of clean MREC expanding to 40,000 tonnes in Year four. · $36 million has been spent on the direct mine and processing plant development costs and the main construction programme is now 22% complete. The major site earthworks, geotechnical, drilling and test-piling programmes have been completed and the on-site concrete batch and aggregate plants have been fully commissioned. · Manufacture of the long-lead process equipment is well advanced, with approximately $135 million of total capex (US$250 million) expenditure currently committed under the procurement schedule. · A heavy rare earth recovery circuit optimisation is underway, targeting a production of dysprosium and terbium production of over 122 tonnes per year, making Longonjo one of the western world's largest heavy rare earth producers. · A modular separation facility is being engineered which will be scalable with the planned mine expansion and will include a metallization circuit to convert both the light and heavy rare earth oxides in...