Pensana (PRE) H1 2025 earnings summary

Executive summary

• Early construction at Longonjo completed, including camp, access road, and agricultural demonstration plots.

• Secured $3.4M technical assistance grant from US DFC and signed offtake MOU with Hanwa for 20,000tpa MREC over 5 years.

• Achieved EcoVadis gold medal for ESG, placing in top 5% of assessed companies.

• Received full financing approvals of ~$268M for Longonjo, enabling main construction to commence.

Financial highlights

• Total comprehensive loss for H1 2025 was $3.19M, down 13% from $3.66M YoY, mainly due to lower admin costs.

• Net assets at 31 Dec 2024 were $48.26M, down from $50.96M at 30 Jun 2024, reflecting operational cash outflows.

• Cash and cash equivalents fell to $40K from $1.5M at 30 Jun 2024.

• No revenue generated as the group remains in pre-production.

Outlook and guidance

• Main construction at Longonjo to proceed following financing approval; focus on ramping up production and finalizing offtake agreements.

• Technical assistance grant to fund feasibility studies for Longonjo expansion and Coola development.

• Ongoing engagement with global partners and governments to secure further funding and market access.