Pensana (PRE) Corporate presentation summary

Strategic partnerships and supply chain development

• Creating a U.S. mine-to-magnet supply chain through partnership with eVAC, a leading rare earth magnet manufacturer in South Carolina.

• Supported by U.S. government initiatives and EXIM financing, with full Angolan sovereign wealth fund backing.

• Five-year supply agreement aligns with U.S. restrictions on Chinese rare earth imports starting 2027.

• 90% of magnet offtake secured for General Motors, 10% for U.S. defense industries.

• eVAC facility to ramp up from 2,000 to 12,000 tonnes per annum by 2029, creating 300 new jobs.

Project and resource highlights

• Longonjo mine in Angola is one of the world’s largest and highest-grade undeveloped rare earth resources.

• JORC resource estimate: 313 million tonnes at 1.43% REO, with a 22 million tonne reserve at 3.04% TREO.

• Mine life exceeds 20 years, with high demand for initial 20,000 tonnes per annum production from 2027.

• Excellent infrastructure via the Lobito Corridor, including rail, hydroelectric power, and port access.

• Modular, low-emission process plant design, powered by hydro and solar energy.

Financials and economics

• Market capitalization of $500 million as of October 2025.

• Stage 1 capex of $217 million, with full funding secured and construction underway.

• Projected EBITDA (LOM avg.) of $263 million, NPV (8%) of $1,745 million, IRR of 59%, and payback in 2 years.

• Significantly undervalued compared to peers, with a market cap/TREO tonne ratio much lower than major producers.