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PM8:ASX - PENSANA RARE EARTHS - Up 580% YTD

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ASX:PM8   None
Pensana is looking to become the world’s newest and first sustainable supplier of critical magnet metal rare earths. With backing from the Angola government and pressure around the world to find sources outside of China for rare earth minerals, Pensana could be worth a watch.

About Pensana Rare Earths Plc

Pensana is a rapidly growing sustainable resources company with shares trading on the London Stock Exchange’s Main Market for listed securities (PRE:LSE) and on the Australian Stock Exchange (PM8:ASX).

Pensana is looking to bring online the world’s first major rare earth mine for over a decade at a time of burgeoning demand for critical magnet metals from electric vehicles and offshore wind turbines. It is looking to develop its Longonjo project, one of the world’s largest magnet metal rare earth deposits, located in infrastructure rich Angola, as a major new sustainable supply of rare earths critical to a range of industries and technologies that are vital to the green economy and to supporting the global Energy Transition to a lower carbon future.

As the Angolan government continues to diversify its economy away from oil and gas and diamonds and to develop its agriculture, tourism and mining sectors, Longonjo is the flagship mining project and is receiving strong support both within the community and from government at all levels. The Company has ongoing consultation with the local community and elected authorities and is working closely with them to ensure that the benefits of the project in terms of training, jobs and broad community support meet the aspirations of as many stakeholders as possible. As the Company continues on its path to building one of the world’s lowest carbon footprint mines it also strives to be a trusted partner for its employees, stakeholders and the communities where it operates.

The Pensana team is particularly passionate about developing young Angolan professionals, especially women in STEM, engaging responsibly with the environment and broad social engagement with the local community. Across the Company, at every level, the Pensana team is committed to sustainable value creation and to the advancement of the UN Sustainable Development Goals. The project is being planned to the highest ESG standards and the Company is conducting a detailed assessment of the appropriate international ESG standards, initiatives and reporting frameworks to adopt to ensure the Company remains best in class as the project moves into the development phase.

With Presidential approval for the mining licence and strong financial backing from FSDEA the Angolan Sovereign Wealth Fund which now holds a 23% stake in the company, Pensana is in a strong position to bring the project online as the world’s first sustainable supplier of critical magnet metal rare earths.

Source: Pensana Corporate News
Comment: Nice 30% pop before its next pullback.

Comment: 10% opportunity back up to previous high.

Comment: Bit tempted by PM8 but Im out of cash so thankfully dont have to make a decision yet. Nice bounce today off the RSI(14) 30 value and off a support area. Might be worth a look.


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