Pensana (PRE) investor relations material

Executive summary

• Main construction at Longonjo Rare Earth Mine is progressing, with commissioning targeted for 2027 and a major drill program underway to expand resources toward one billion tonnes.

• Strategic investment of $165 million by Cascade and $10 million equity placement from M&G and other investors strengthen the funding base.

• Enhanced heavy rare earth recovery stream identified, potentially increasing Dy and Tb output up to fivefold, positioning the group as a significant Western producer.

• Partnerships and agreements with U.S. magnet producers and OEMs reinforce the U.S. mine-to-magnet supply chain strategy.

Financial highlights

• Consolidated total comprehensive loss for the six months ended 31 December 2025 was $4.52 million, up 42% year-over-year, mainly due to increased administration expenses.

• Net loss for the period was $3.27 million (2024: $2.90 million); basic and diluted loss per share was 1.07 cents (2024: 1.00 cent).

• Net assets increased to $96.86 million (30 June 2025: $50.53 million), driven by capital injections and continued investment in Longonjo.

• Cash and cash equivalents rose to $19.62 million (30 June 2025: $0.81 million), reflecting successful equity raises and loan conversions.

• Capital raised during the period totaled $38.4 million, including $36.7 million equity and $1.7 million short-term debt.

Outlook and guidance

• First production at Longonjo is scheduled for 2027, with initial annual output of 2,400 tonnes NdPr and 73 tonnes DyTb, and plans to double production post-2030.

• Ongoing engagement with U.S. EXIM Bank and plans for a NASDAQ listing to support the U.S. supply chain strategy.

• Anticipated further equity issues, export credit-backed debt, or green bond issuance to meet future funding needs.