Pensana (PRE) H2 2025 earnings summary

Executive summary

• Main construction of the Longonjo rare earth mine commenced, transitioning from developer to producer with targeted production in 2027 and a mine life exceeding 20 years.

• Secured US$268 million in funding for Longonjo Phase 1, including equity and debt, with initial deployment of US$25 million by FSDEA and a £2 million equity placement to institutional investors.

• Strategic MOUs and offtake agreements signed with ReElement Technologies, Hanwa, and Toyota Tsusho, covering up to 100% of Longonjo Phase 1 production.

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

• Post-period, announced proposed share consolidation and potential Nasdaq listing to attract US institutional investors.

Financial highlights

• Total comprehensive loss for the year: US$5.87 million (2024: US$6.82 million).

• Net loss after tax: US$11.50 million (2024: US$5.82 million), mainly due to higher administration expenses and foreign exchange losses.

• Property, plant, and equipment and intangible assets: US$78.73 million (2024: US$70.97 million).

• Cash and cash equivalents: US$811,049 (2024: US$1.52 million).

• Net assets: US$50.53 million (2024: US$50.96 million).

• Basic and diluted loss per share: (3.95) US cents (2024: (2.03) US cents).

Outlook and guidance

• Longonjo main construction is on track, with capital cost estimate of US$217 million confirmed and production ramp-up scheduled for early 2027.

• Coola drilling programme to commence in H2 2025 to expand resource base.

• Focus on securing additional funding, advancing downstream partnerships, and progressing ESG and community initiatives.