THIS
ANNOUNCEMENT CONTAINS INSIDE INFORMATION
Pensana
Plc
Longonjo
mixed rare earth carbonate product quality
approval
Pensana is pleased to announce that one
of its major potential customers has
approved
the product qualification specifications
for Longonjo's
proposed mixed rare
earth carbonate (MREC) product.
Longonjo
is expected to produce 20,000 tonnes of MREC commencing 2026 and
40,000 tonnes of MREC from 2029 onwards following the
planned expansion.
The Longonjo
MREC contains 50%
Total Rare Earth oxide of which 24%
is
NdPr with
minimal impurities and is
radionuclide-free.
Tim George
CEO commented
"We are
very pleased to receive this important product quality approval for
the Longonjo mixed rare earth carbonate which follows extensive
pilot plant test work in Perth,
Western Australia. Our
understanding is that there is expected to be a shortage of high
quality, clean product coming onto the market in the near future,
and this puts us in a strong position when looking to secure
offtake arrangements."
About
Longonjo
The electrification of motive power through EVs and Wind Turbines
is the biggest energy transition in history and is forecast to
generate a demand growth for magnet metal NdPr of 7.5% CAGR over
the next decade.
Pensana owns one of the world's largest undeveloped rare earth
mines, and one of only three with a JORC Reserve greater than
100,000 tonnes of NdPr.
At full production Longonjo will produce ~5% of world production of
NdPr in the form of an exported mixed rare earth
carbonate.
The upfront capital cost of US$200
million for the fully permitted mine and processing
facilities is amongst the lowest amongst its peers making Pensana
highly competitive.
Pensana also has a fully permitted US$250
million downstream separation facility at the Saltend
Chemicals Park in the Humber Freeport.
Financing for each of the Longonjo and Saltend projects is
currently underway.
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