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.
Source: www.pensana.co.uk
Aleksei Andrievskii is the founder of the ANDRIEVSKII SEA WEALTH family office in Cyprus, a member of the advisory board at Bendura Bank AG, Liechtenstein