Pensana (PRE) H2 2026 earnings summary

Executive summary

• FY2026 advanced Longonjo construction and procurement, but delayed Cascade funding slowed work and pushed expected first production to late 2028.

• Longonjo targets initial output of 20,000tpa MREC, rising to 40,000tpa from year four; heavy rare earth recovery studies target up to 122tpa of dysprosium and terbium products.

Financial highlights

• Total loss after tax was US$14.1m (FY2025: US$11.5m); total comprehensive loss was US$17.0m (FY2025: US$5.9m).

• Cash and cash equivalents were US$5.65m at 30 June 2026 (FY2025: US$0.81m); net assets rose to US$100.3m from US$50.5m.

• Financing activities generated US$54.8m; cash spent on Longonjo property, plant and equipment was US$35.4m, versus US$5.8m in FY2025.

• FY2026 included a US$5.92m impairment charge for Saltend assets and a US$2.99m foreign-exchange gain, versus a US$4.61m FX loss in FY2025.

Outlook and guidance

• First MREC production is targeted for late 2028; Phase 1 plans ~20,000tpa, with expansion to ~40,000tpa from the fourth operating year.

• Construction and commissioning depend on funding. Detailed design, higher-cost site work and long-lead procurement were scaled back pending financing finalisation.

• Priorities include completing engineering and procurement, advancing construction, expanding resource drilling and developing heavy rare earth recovery and downstream separation and metallisation.