Not my first rodeo old son and understand the CCP tactics in...

Not my first rodeo old son and understand the CCP tactics in their controlling the down streaming supply chain via their manipulation of VAT but what you fail to understand the Wests ability to counter act thru trade tariffs and government incentives in developing critical materials or the 21st century , If you were to research this in especially the EU and UK you will see how close they are to implementing the early stages of the unprecedented process.. ,
31 August 2021

Site developments under way at Saltend and Longonjo

At the Saltend project in Humber, UK:

• Front End Engineering Design (FEED) is advancing per schedule and expected to be complete in October. Thereafter EPCM contracts are expected to be awarded.
• Pensana has entered into a 25-year lease agreement with pxGroup and Associated British Ports (ABP) for the initial nine-hectare Saltend site with scope for expansion.
• Geotechnical drilling and trenching works have commenced. These will confirm input data for the completion of foundation design for the processing plant buildings and infrastructure.
• Wood, the international engineering group, is working with pxGroup to optimise jetty to site reagent and material handling arrangements along with the provision of ‘plug and play’ power, water, steam and fuel supplies.
• Pensana is also in discussions with Freeport stakeholders from pxGroup, ABP and KPMG to finalise government submissions to clarify of the benefits and incentives applicable to the Freeport enterprise zone tax and customs zone for the Saltend Chemicals Park.

At the Longonjo project in Angola:

• Front End Engineering Design (FEED) is again advancing per schedule and expected to be complete in October with EPCM contracts awarded thereafter.
• The Lidar survey for the complete site (inclusive of surrounding bulk service infrastructure and the transmission line providing connection to hydro-electric power) has now been completed along with hydrological studies of water supply and 100 year floodline assessments.
• Detailed geotechnical investigation, under the supervision of global specialists SRK, has been mobilized. It will confirm final plant and infrastructure foundation design, tailings storage facility and pit stability criteria which have been based on previous broader area campaigns.

ATF Funding

The Company’s expression of interest in the UK Government’s up to £1bn Automotive Transformation Fund (“ATF”) has been received positively by the programme board. The application for grant or other forms of financial support is currently under government review.

The Company does not have any indication on the timing of any potential award, however it will advise shareholders as soon as advice is received.

Bond Financing for the Saltend rare earth separating facility in Humber, UK

Pensana has engaged ABG Sundal Collier (ABGSC), a leading Nordic investment bank headquartered in Oslo, Norway, to progress the debt financing.

ABGSC is a premier investment bank in the Nordic market with an extensive track record in the Nordic high yield market and broad natural resources sector expertise and debt structuring. The transaction will be supported by ABGSC’s top ranked credit research team, delivering unique investor education and credit story marketing.

With broad natural resources sector expertise, capital markets and debt structuring experience alongside extensive capabilities in negotiating intercreditor terms with government agencies, ABGSC is well placed to assist in the execution of the proposed bond issuance.

The envisaged senior debt facilities under discussion comprise a senior secured first lien facility amount of up to US$250 million over a five-year term.

ABGSC will be initiating their detailed due diligence review shortly and will look to be in a position to target a bond issuance during Q4 2021 once FEED and site preparation is complete.

Offtake and Marketing Agreements

Discussions have commenced with a number of prospective offtake partners with a view to securing offtake and/or marketing agreements to support the main financing. To date non-disclosure agreements have been executed with three interested parties and discussions have been initiated with several more.

Also again the JORC compliant which you have failed to understand on many occasions for Longonjo.

313 million tonnes at 1.43% REO including 0.32% NdPr for 4,470,000 tonnes of REO including 990,000 tonnes of NdPr

*NdPr = neodymium+praseodymium oxide. REO = total rare earth oxides. A 0.1% NdPr cut is applied. Tables 4 to 7 summarise the estimate at a range of cut off grades, material types, resource categories and individual rare earth oxide grades.