Pensana Plc Seeks $75-90 Million for Longonjo as Cascade Funding Delays Threaten 2028 Production

Highlights

• Cascade has delivered only $15M of a $165M commitment, leaving Longonjo construction slowed and financing unresolved.
• Pensana targets January 2028 commissioning and September 2028 full production, contingent on securing remaining capital.
• Ozango-level equity financing could dilute Pensana shareholders' ownership stake in the Longonjo project.
• Initial output is projected at 20,000 tonnes of mixed rare earth carbonate annually, including 2,400 tonnes of NdPr.
• Neither binding offtake agreements nor final debt approvals were confirmed in the October 26 announcement.