6th Aug 2026 15:58
(Alliance News) - Pensana PLC on Thursday said it welcomed the expanded Qatar-backed Cascade investment, including support for its US mine-to-magnet strategy and Nasdaq listing, as part of the USD165 million investment.
The investment will go into Pensana and its subsidiaries to support development of the Longonjo rare earth mine in Angola.
Shares in the London-based mineral developer were up 16% at 78.44 pence each in London on Thursday afternoon.
Pensana has received USD15 million to date and is seeking the remaining USD150 million. Cascade, headed by Lloyd Pengilly, said funding was nearing completion as discussions with Qatar continued, with the second tranche due shortly.
Pensana said the delay in the funds transfer was partly due to the growing strategic importance Qatar places on the critical minerals sector.
Chair Paul Atherley said: "We welcome the expanded Qatar-backed Cascade investment, in particular the support for the US mine-to-magnet strategy and the Nasdaq listing.
"Whilst we recognise that the delays in funds transfer are frustrating and will impact the Longonjo project development schedule in the short term, the significant increase in support and strategic capacity that the backing of Qatar affords cannot be underestimated as we work towards our mine-to-magnet ambitions."
Pensana noted that Chief Executive Officer Tim George is currently in Doha meeting Qatari investors. He will travel later this week to Washington to join a presidential round table to discuss Pensana's role in the critical minerals sector.
It said it will continue to engage Cascade, with the aim of concluding the deal "shortly" and not compromising the targeted construction program and timelines.
By Niall Holden, Alliance News reporter
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