Pensana (LSE:PRE) confirmed receipt of the first US$15m tranche from Cascade Natural Resources as part of a broader US$165m Strategic Investment announced in March. The cash came via a subscription for 13.99m new shares at 80p each, representing a 3.8% interest in the company.
Cascade will also invest US$150m into Pensana’s subsidiary Sable Min Unipessoal Lda for a 38.2% stake in Sable, the majority owner of Ozango, the Longonjo developer - meaning Cascade will own 3.8% of Pensana and 38.2% of Sable on completion.
The group says the combined equity and the proposed US$160m ABSA debt package will fund construction at Longonjo, the heavy rare earth recovery circuit, a drill programme to expand the resource toward a one‑billion‑tonne target, HREE recovery ahead of first production in 2027, downstream work, NASDAQ listing costs and corporate expenses.
"We very much welcome the investment by Cascade which will enable us to continue the development of the Longonjo mine, add the heavy rare earth circuit and expand the resource base to a target of one billion tonnes, making it one of the largest rare earth mines ever developed," said Paul Atherley, Chairman.
