General Chat / Discussion, page-12378

Released 07:00:00 18 March 2025

THIS ANNOUNCEMENT CONTAINS INSIDER INFORMATION

Pensana Plc

("Pensana" or the "Company")

Update on Longonjo Finance

Pensana Plc (PRE.LSE) (the "Company") is pleased to advise that the Company has received approvals for the full financing totalling circa US$ 268 million for the Longonjo rare earth project:

• The Board of the Africa Finance Corporation ("AFC"), has approved its US$81.2 million participation in an approximately US$160 million syndicated loan facility ("the Facility") alongside major South African bank Absa Bank Limited, subject to the conclusion of definitive loan documentation and the fulfilment of conditions precedent contained therein.
• The Facility will provide senior funding for the Phase 1 development of the Company's Longonjo rare earth mine ("Longonjo") in Angola through its 84% owned subsidiary Ozango Minerais SA ("Ozango").
• The Facility will comprise approximately 60% of Phase 1 project funding for Longonjo.
• In addition to the US$15.0 million bridging loan already provided by the Angolan Sovereign Wealth Fund ("FSDEA"), the balance of Phase 1 funding will be provided through equity, with FSDEA having approved an investment of US$38 million in the form of equity and a convertible loan, and the AFC having approved an investment of US$54.9 million in the form of a convertible loan. The equity investments will be at subsidiary level and are also subject to the conclusion of definitive documentation and the fulfilment of conditions precedent contained therein.

https://www.londonstockexchange.com/news-article/PRE/update-on-longonjo-finance/16945191