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Pensana PLC on Wednesday said a proposed strategic investment into the company has been increased to $165 million to support the development of its US mine-to-magnet strategy and the Longonjo rare earth project in Angola. London-based Pensana is trying to create a mine-to-magnet rare earth supply chain. It said Cascade Natural Resources Ltd intends to advance the funding through a $15 million subscription for 13.55 million new Pensana shares at 80 pence per share, representing a 3.8% stake. Pensana shares were flat at 104.50 pence in London on Wednesday morning. Cascade will invest a further $150 million into Pensana’s wholly owned subsidiary Sable Min Unipessoal Lda, which holds a majority interest in Ozango Minerais SA, the developer of the Longonjo rare earth mine. The investment will give Cascade a 38.2% interest in Sable. Following completion, Cascade will own 3.8% of Pensana and 38% of Sable. Alongside a proposed $160 million debt funding package from ABSA, backed by a US EXIM guarantee, the equity investment will support construction of the Longonjo mine, Pensana said. This includes execution of a recently announced drill programme and heavy rare earth recovery facility, early downstream development initiatives, costs associated with a proposed Nasdaq listing, and corporate costs ahead of first production, scheduled for 2027. Pensana said that, based on the revised structure of the investment, its directors have sufficient authority to issue the 13.5 million new shares without pre-emption rights. As a result, the general meeting scheduled for Monday next week will be adjourned indefinitely and the resolutions set out in the notice of meeting will not be put to shareholders. Instead, the board will provide a corporate update on Monday, focusing on the strategic investment and the broader US mine-to-magnet strategy. Copyright 2026 Alliance News Ltd. All Rights Reserved.
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