TIDMPRE 
 
5 AUGUST 2022 
 
                 THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION 
 
                                  Pensana Plc 
 
                         ("Pensana" or the "Company") 
 
              ANGOLAN SOVEREIGN WEALTH FUND INVESTS US$10 MILLION 
 
Pensana is pleased to announce that Fundo Soberano de Angola (FSDEA), the 
Angolan Sovereign Wealth Fund, will make a further equity investment in the 
Company of US$10.0 million. 
 
These funds will be directed towards the Longonjo project's early works 
programme which is now underway, including: 
 
  * Establishment of the construction camp, site offices and associated 
    infrastructure ahead of main plant construction activity in 2023 
  * Completion of the detailed design for the concentrator and Mixed Rare Earth 
    Sulphate plants 
  * Mine HT/LT Substation detailed design and hydro-power transmission line 
    link establishment works 
  * Rail-side off-loading facilities for construction materials and 
  * Agricultural Livelihood restoration activities 
 
The investment follows FSDEA's previous investments in Pensana over the past 
two years and will increase FSDEA's equity holding in the Company to 24.42%, 
subject to the necessary regulatory approvals. 
 
FSDEA will subscribe for 12,331,334 ordinary shares at £0.667 pence per share 
(US$0.811 cents per share) (Subscription Shares), to raise US$10.0 million (£ 
8.23 million) conditional upon Admission of those shares to the Official List 
(Standard Segment) and the LSE's Main Market for listed securities. 
 
The Chairman of the Fundo Soberano de Angola, Carlos Alberto Lopes stated: 
 
"This additional investment is an expression from the Angolan Sovereign Wealth 
Fund of its continuous support for the Longonjo project, for what it represents 
for Angola's participation in a sector of crucial importance for the Green 
Economies narrative, as well as for the positive impact it will have for 
Angola, from the socioeconomic point of view." 
 
Pensana Chairman Paul Atherley commented: 
 
"We very much appreciate the ongoing support from the Angolan Sovereign Wealth 
Fund, which will enable the recently appointed Project Delivery Team to 
accelerate development of the Longonjo project. 
 
The ongoing support for the project by the Angolan Sovereign Wealth Fund 
demonstrates the Angolan Government's commitment to Longonjo. It also 
highlights the economic and social potential of this flagship project, as part 
of efforts to diversify the Angolan economy away from oil and gas towards 
mining, tourism and agriculture." 
 
Application has been made for the Subscription Shares to be admitted to the 
Official List (Standard Listing Segment) and to trading on the London Stock 
Exchange's Main Market for listed securities. Admission is expected to occur on 
or about 8.00 a.m. on Thursday 11 August 2022 ("Admission").The Subscription 
Shares will rank pari passu in all respects with each other and with the 
existing Ordinary Shares, including, without limitation, the right to receive 
all dividends and other distributions declared, made or paid after the date of 
issue. 
 
Following Admission, the Company's issued share capital will consist of 
247,930,873 Ordinary Shares. No shares are held in treasury and, therefore, the 
total number of voting rights of the Company on Admission will be 247,930,873. 
This figure may be used by shareholders as the denominator for the calculations 
by which they will determine if they are required to notify their interest in, 
or a change in their interest in, the Company under the Financial Conduct 
Authority's Disclosure Guidance and Transparency Rules. 
 
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 
 
Virginia Skroski, Head of Investor Relations & Communications 
 
Media enquiries: 
 
FGS Global 
 
Gordon Simpson / Richard Crowley           Pensana-LON@fgsglobal.com 
 
About Pensana Plc 
 
The electrification of motive power is by far the most important part of the 
energy transition and one of the biggest energy transitions in history. Magnet 
metal rare earths are central to the transition away from internal combustion 
engines and critical to electric vehicles and offshore wind turbines. 
 
Pensana plans to establish Saltend as an independent and sustainable processing 
hub supplying the key magnet metal oxides to a market which is currently 
dominated by China. The US$195 million Saltend facility is being designed to 
produce 12,500 tonnes per annum of rare earth oxides, of which 4,500-5,000 
tonnes will be neodymium and praseodymium (NdPr), representing over 5% of the 
world market in 2025. 
 
Pensana's plug and play facility is located within the world class Saltend 
Chemicals Park, a cluster of leading chemicals and renewable energy businesses 
in the Humber Freeport and will create over 500 jobs during construction and 
over 125 direct jobs once in production. 
 
It will be the first major separation facility to be established in over a 
decade and will become one of only three major producers located outside China. 
 
Pensana is aiming to establish Saltend as an attractive alternative for mining 
companies who may otherwise be limited to selling their products to China, 
having designed the facility to be easily adapted to cater for a range of rare 
earth feedstocks. 
 
www.pensana.co.uk 
 
 
 
END 
 
 

(END) Dow Jones Newswires

August 05, 2022 02:00 ET (06:00 GMT)

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