Longonjo study lifts HREE production fivefold

27 November 2025

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

Pensana Plc

("Pensana" or the "Company")

Longonjo study lifts HREE production fivefold

Pensana is pleased to announce that following a detailed evaluation of the Longonjo flow sheet the Company has identified the scope to increase the content of heavy rare earths within its high-value Mixed Rare Earth Carbonate (MREC) product by more than five times.

This detailed technical review was initiated in response to growing demand from offtake partners seeking secure supplies of light rare earth elements from 2027 and also an increasing demand for heavy rare earths - essential for high-performance automotive and other advanced applications.

The review has shown that by installing a selective Heavy Rare Earth Oxide (HREO) recovery circuit prior to the product precipitation process stream the recovery of Dysprosium (DyO) and Terbium (TbO), two of the most valuable heavy rare earth elements, into the MREC product can be significantly increased.

The findings suggest that the current 30 tonnes per annum of HREO contained within the MREC can be increased to up to 160 tonnes per annum of HREO comprising 130 tonnes of DyO and 30 tonnes of TbO in the MREC product.

Early discussions with potential offtake partners have indicated that this increased content of HREO in the MREC product would strengthen the demand and valuation for this clean, high value product.

The study is currently finalising the capital and operating cost of the HREO recovery circuit, however the projected increase in revenue of the high value HREO, which trades at $208,000 per tonne for Dysprosium oxide and $918,950 per tonne for Terbium oxide, is expected to demonstrate that the HREO will make a strong positive economic contribution to the project.

Tim George CEO commented: " This evaluation has set Longonjo out as one of the few suppliers coming online in the near term capable of supporting the full mine-to-magnet supply chain with both light and heavy rare earths. Our offtake partners have been clear about their requirements and in response this circuit upgrade will further enhance Longonjo's importance within the rare earth landscape. "

About Pensana

Pensana is focused on developing a mine-to-magnet rare earth supply chain to support the growth of industries including robotics, artificial intelligence, electrification and advanced manufacturing. Through strategic partnerships and investment, the Company aims to provide the critical mineral resources required by the United States and its allies to underpin industrial growth.

Pensana has spent US$70 million over the past six years on exploration, technical and environmental studies on the Longonjo rare earth project in the Huambo district of Angola approximately 350 kilometres Southeast of the capital Luanda.

The Company has successfully delineated a near surface JORC compliant reserve of 22 million tonnes grading 3.04% TREO containing 139,457 tonnes of NdPrO making it one of the world's largest and highest grade, undeveloped magnet metal rare earth deposits with a projected mine life of over 20 years.

The Phase 1 production will be 20,000 tonnes of a highly marketable clean MREC. The proposed second phase expansion will see production increase to 40,000 tonnes of MREC per annum which would represent around 5% of the world's production capable of being converted into permanent magnets for electric vehicles and offshore wind turbines (based on current reported global production).

The investment by Pensana in Longonjo is expected to generate hundreds of local high value jobs, give work to many local businesses and, once in production, will generate substantial fiscal returns for the Government of Angola. The downstream development of the mine and processing facilities to a mixed rare earth carbonate go beyond the conventional dig and ship approach.

The Company is committed to developing the Longonjo mine to the very best international standards with the highest level of community engagement and has published a blueprint for sustainable rare earth development which is available on our website. Pensana_Blueprint_for_Sustainable_Rare_Earths.pdf

The team's efforts were recognised in 2022 when Pensana received green bond assurance by S&P Green Bond Rating Agency CICERO and more recently were awarded a Gold Medal by EcoVadis, a leading sustainability ratings provider, placing it among the top 5% of the companies assessed.

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

[email protected]

Tim George, Chief Executive Officer

Rob Kaplan, Chief Financial Officer