Pensana Regulatory News (PRE)

THIS ANNOUNCEMENT CONTAINS INSIDER INFORMATION

Pensana Plc (PRE.LSE)

("Pensana" or the "Company")

Main Construction Commences at Longonjo

Pensana (PRE.LSE) is pleased to announce that following FSDEA's deployment of US$25 million mine finance main construction activities have begun on site.

The project team, under the leadership of Project Director Kevin Botha, a South African project management professional with over 45 years' experience has initiated the key procurement and engineering contracts. Engineering service providers, Pro-Process and ADP (Lycopodium RSA) have been formally appointed and have commenced activities.

The preparatory site works completed earlier this year has enabled a streamlined construction program. The main contractor Grupo Nov has been mobilized and is expanding its workforce to over 100 on-site personnel with additional earth-moving equipment en-route to complete the terracing in the production plant area.

Tim George, Chief Executive Officer of Pensana, commented:

"The commencement of main construction activities is a pivotal moment for the project which has been six years in the making. Early momentum has been established under the leadership of our on-site team headed by (Country Manager) Geraldine Tchimbali and (Site Service Manager) Benedito Dumbo and now with the engineering and construction teams mobilised we are looking forward to substantive progress over the coming weeks."

About the Project team

About Longonjo

Pensana has spent over US$70 million over the past six years on exploration, technical and environmental studies on the Longonjo rare earth project in the Huambo district of Angola approximately 350 kilometres Southeast of the capital Luanda.

The Company has successfully delineated a near surface JORC compliant reserve of 22 million tonnes grading 3.04% TREO containing 139,457 tonnes of NdPrO making it one of the world's largest and highest grade, undeveloped magnet metal rare earth deposits with a mine life of over 20 years.

The electrification of motive power is arguably the biggest energy transition in history and needs rare earths for permanent magnets.

Initial production will be 20,000 tonnes of a highly marketable clean MREC. A proposed second phase expansion will see production increase to 40,000 tonnes per annum of MREC representing around 5% of the world's production capable of being converted into permanent magnets for electric vehicles and offshore wind turbines.

The Company is committed to developing the Longonjo mine to the very best international standards with the highest level of community engagement and have published a blueprint for sustainable rare earth development which is available on our website. Pensana_Blueprint_for_Sustainable_Rare_Earths.pdf

The team's efforts were recognised in 2022 when Pensana received green bond assurance by S&P Green Bond Rating Agency CICERO and more recently, were awarded a Gold Medal by EcoVadis, a leading sustainability ratings provider, placing it among the top 5% of the companies assessed.

The NdPr products produced from the mine have the potential to displace up to 10 million tonnes of harmful greenhouse gas emissions over the life of mine, through application in magnets in green technology such as wind turbines and electric vehicles

The information contained within this announcement is considered by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No.596/2014. Upon the publication of this announcement via a Regulatory Information Service, this inside information will be considered to be in the public domain. The person responsible for arranging for the release of this announcement on behalf of the Company is Paul Atherley, Chairman.

-  ENDS -

For further information, please contact:

Shareholder/analyst enquiries:

Pensana Plc 

Paul Atherley, Chairman IR@pensana.co.uk

Tim George, Chief Executive Officer

Rob Kaplan, Chief Financial Officer