Pensana Plc · LSE:PRE
Pensana — Investor Presentation (November 2026)
11 slides from Pensana's investor presentation, November 2026
Slide 1: Building a world-class Mine to Magnet Supply Chain
Building a world-class Mine to Magnet Supply Chain November 2026 LSE:PRE
Slide 2: Constructing one of the world’s largest rare earth mines
Constructing one of the world’s largest rare earth mines Mine in construction and on plan to become next major rare earth producer Overview World class deposit One of only three ore bodies with • Developing Longonjo in Angola into one of the largest independent rare earth >100kt NdPr reserve, larger
Slide 3: Longonjo: One of the world’s largest and highest-grade rare earth mines
Longonjo: One of the world’s largest and highest-grade rare earth mines 22Mt at 3.04% TREO JORC Reserve, targeting billion tonne Resource Mine capital expenditure Capital spend to date US$250 million US$50 million Overall project Project procurement 30% complete 61% capital committed Initial product
Slide 4: One of the world’s largest rare earth deposits (approx. only 30% drilled)
One of the world’s largest rare earth deposits (approx. only 30% drilled) Drill programme to increase resource to one billion tonnes making Longonjo one of the largest rare earth mine ever developed • JORC Mineral Resource Estimate 313 million tonnes @ 1.43% REO (22 million tonnes @ 3.04% TREO Reser
Slide 5: Construction schedule +30% complete
Construction schedule +30% complete Site works & process equipment manufacturing underway Concrete Batching Plant commissioned Calciner trial assembly completed Construction camp completed TSF boxcut underway Aggregate plant commissioned Bulk earthworks undertaken 5
Slide 6: Japan: The anchor market for Longonjo offtake
Japan: The anchor market for Longonjo offtake Since 2021 Pensana has built a five-year track record with Japan’s magnet supply chain Japan Strategic Japanese trading-house partners Magnet industry leader Global hub for high- performance magnet Japanese market is the largest production TOYOTA TSUSHO
Slide 7: Strong NPV, growing Ex-China market and no floor price needed
Rising Ex-China Rare Earth prices Strong NPV, growing Ex-China market and no floor price needed NdPr Dysprosium Terbium 80% EBITDA Margin High grade and low capex based 120 4,000 9,000 on excellent infrastructure drive 3,500 8,000 high operating margin 100 3,000 7,000 80 6,000 US$2.3Bn NPV Oxide l U
Slide 8: Longonjo is further de-risked than most developers
Longonjo is further de-risked than most developers Up to 20 years to bring a mine from exploration to production MP Materials Producer Lynas Producer Serra Verde Ramping up Lindian Commissioning Q4’26 Iluka Refinery 60% complete Pensana Mine 30% complete 15 Months to Commissiong Arafura Commenced Se
Slide 9: Longonjo set to become one of the world's largest mines
Longonjo set to become one of the world's largest mines Significantly undervalued compared with existing major producers EV per TREO Resource (US$/t) Pensana US$40/t One of the world’s largest rare MP Materials 3,000 3,000 earth mines, currently in construction USA Rare Earth / Serra Verde* 2,500 2,
Slide 10: Brazil rare earths: Project landscape and policy alignment
Brazil rare earths: Project landscape and policy alignment Rare earth sector subject to geopolitical tension amid recent Brazil elections 1 Serra Verde HIGH FRICTION 5 Bahia Project HIGH FRICTION USA Rare Earth Energy Fuels • 10% Pentagon equity and US DFC loan • 100% US-owned monazite play • Locked
Slide 11: Cautionary Statement
CAUTIONARY STATEMENT This presentation and any additional documents presented (together the “Presentation Materials”) are being supplied to you solely for are in any doubt about the information and statements in this presentation you should obtain professional advice from a information only. The Pre