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Pensana continues to enjoy strong support from its existing shareholders raising US$21.1 million at a premium to the recent share price to progress early-stage construction at Saltend and Longonjo ahead of the main financing which is currently targeted for Q4 2021.

The Angolan Sovereign Wealth Fund continues to support the company as part of the Angolan Government’s strategic objective of diversifying its economy away from the oil and gas sector by supporting key mining projects.

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The funds will be applied to progress early-stage construction, ordering equipment and bulk materials, fabrication costs, establishing site infrastructure and working capital requirements.

The Placing Price of 120 pence represents a 1.7% premium to the volume weighted average price of the Ordinary Shares for the period of 10 trading days.

Chairman Paul Atherley comments:

“This ongoing strong shareholder support is very welcome and will enable us to rapidly establish in the UK the world’s first major rare earth processing facility in over a decade to meet the burgeoning demand from EVs and offshore wind turbines.”