Pensana Plc – US$165 million Strategic Investment to support U.S. Mine to Magnet strategy

17 April 2026

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

Pensana Plc (“Pensana” or the “Company”)

US$165 million Strategic Investment to support U.S. Mine to Magnet strategy

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.

Under the terms of the Strategic Investment, in support of the development of
the Company’s U.S. Mine-to-Magnet strategy, Cascade will advance US$165 million
to Pensana and its group companies by way of:

· Investment of US$15 million into Pensana by way of a subscription for
13,992,537 million new ordinary shares at 80 pence per share representing a 3.8
% interest in the Company.

· Investment of US$150 million into the Company’s wholly owned subsidiary
Sable Min 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.

· As a result of the Strategic Investment Cascade will own 3.8% of Pensana and
38.2% of Sable.

Pensana Chairman Paul Atherley commented”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.

A recent report from the International Energy Agency has highlighted the need to
build a robust and resilient international rare earth supply chain to reduce the
world’s reliance on China to avoid $6.5 trillion of potential economic cost of
supply disruption.

With construction well underway and first production scheduled for 2027 our
investment in Longonjo and our plans to establish a fully integrated U.S. mine
to magnet supply chain will be an important step in securing this supply.”

Alongside the proposed US$160 million ABSA debt funding package (U.S. EXIM
Guaranteed) the Strategic Investment will provide for the construction of the
Longonjo mine, including execution of the recently announced drill programme to
increase the resource to a target of one billion tonnes and the construction of
the HREE recovery facility ahead of Longonjo’s first production scheduled for
2027 as well as downstream development initiatives, the costs associated with
the proposed NASDAQ listing and all corporate costs.

ABG Sundal Collier, a leading independent Nordic investment bank, has acted as
Pensana’s financial advisor for the Strategic Investment.

Application will be made for the 13,992,537 New Ordinary Shares to be admitted
to the Official List and to trading on the Main Market of the LSE and admission
is expected to occur on the LSE on or about 08:00 on 27 April 2026. These shares
will rank pari passu with the existing Ordinary Shares in issue.

Following this issue, the Company’s issued share capital will consist of
353,515,226 Ordinary Shares. No shares are held in treasury. Therefore, the
total number of voting rights of the Company will be 353,515,226.

About Cascade

Cascade is an Investment Fund backed by specialist family offices and major
sovereign funders, chaired by Lloyd Pengilly, the former-Chairman of JP Morgan
Africa and JP Morgan’s Metals & Mining division who will be invited to join the
Pensana Board along with one other Cascade nominee on completion of the
Strategic Investment.

About Pensana

Pensana is developing one of the world’s largest and highest-grade magnet metal
rare earth mines which will produce initially 20,000 tpa of a clean high value
MREC including both LREE and HREE. The plan is to expand production to 40,000
tpa of MREC once initial operations have been established.

The Longonjo operation will extract, concentrate, calcine and chemically refine
the free dig material to produce a high-value MREC which will be railed 273
kilometers in containers to the Atlantic port of Lobito for export.

Pensana is looking to establish a world class fully integrated mine-to-magnet
supply chain in partnership with U.S. partners and with support from U.S.
Government.

The Longonjo mine is located adjacent to the Lobito rail corridor approximately
60 kilometers west of the provincial capital of Huambo in central Angola.

The project is currently under development, comprises an open pit, concentrator
and recovery plants, tailings storage facility (designed to meet the
requirements of the Global Industry Standard on Tailings Management), process
water supply, bulk power supply, mine infrastructure, workshops, offices,
accommodation village, recreational facilities, and other associated
infrastructure.

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 [email protected]

Tim George, Chief Executive Officer Rob Kaplan, Chief Financial Officer

This information was brought to you by Cision http://news.cision.com
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