Highlights

• Pensana Plc announced a $100 million strategic equity investment.
• The investment aims to accelerate the Longonjo rare earth mine in Angola and U.S. magnet-material development.
• This marks one of 2025's largest capital injections into Western rare earth projects.
• The investment aligns with U.S. policy shifts, including:
  • A 2027 ban on Chinese rare earth magnets in defense systems.
  • A 25% tariff on Chinese rare earths starting in 2026.
• This positions Pensana as a critical non-Chinese supplier.
• Longonjo is progressing toward 2027 production.
• The project has the capacity to support over 10,000 tonnes of permanent magnets annually.
• Longonjo ranks #4 on Rare Earth Exchanges' light rare earth project rankings among Western contenders.

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Pensana Plc (LSE: PRE) today announced (opens in a new tab) a US$100 million strategic equity investment from a major institutional investor to accelerate development of the Company’s U.S. Mine-to-Magnet strategy, marking one of the most significant capital injections into a Western rare earth project this year.

This investment forms part of a broader financing package supporting Pensana’s flagship Longonjo rare earth mine in Angola and its downstream magnet-material ambitions in the United States. The investor has subscribed for 95 million new ordinary shares, subject to confirmatory due diligence, shareholder approval, and formal allotment. Pensana has concurrently raised an additional US$3 million through the issue of 2.85 million shares at £0.80 to institutional investors.

U.S. Policy Tailwinds Strengthen the Investment Case

Pensana’s Chairman, Paul Atherley, emphasized the urgency and strategic importance of the funding. Beginning in 2027, U.S. defense procurement rules will prohibit Chinese-origin rare earth magnets in U.S. weapons systems, while a 25% tariff on Chinese rare earths is set to take effect in 2026. Pensana aims to position Longonjo as a critical non-Chinese supplier of NdPr and heavy rare earth co-products into this shifting U.S. market.

The new capital will support:

• Advancing Longonjo mine construction toward first production in 2027
• Expanding drilling to increase life-of-mine and resource scale
• Developing heavy rare earth outputs alongside magnet metals
• Progress toward a planned Nasdaq listing in 2026
• Strengthening downstream integration into the emerging U.S. magnet-manufacturing ecosystem

Longonjo Positioned Among the World’s Largest Rare Earth Producers

Pensana reports that Longonjo—currently backed by funding from Angola’s Sovereign Wealth Fund (FSDEA)—is progressing toward becoming one of the world’s largest producers of both light and heavy rare earths, with an estimated capacity supporting over 10,000 tonnes of permanent magnets annually.

Pensana ranks number 4 on the Rare Earth Exchanges light rare earth element project rankings.

This scale places Pensana among the few Western contenders capable of supplying magnet-feed materials at volumes relevant to U.S. defense, automotive, and clean-energy markets increasingly under pressure to diversify supply chains away from China.

Regulatory and Governance Notes

The Company has declared that this announcement contains insider information under the EU Market Abuse Regulation 596/2014. Upon publication, the information enters the public domain. Total voting rights following share admission will be 310,141,435 shares.

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