TIDMPRE 
 
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION 
 
Pensana Plc 
 
("Pensana" or the "Company") 
 
UK Government Grant Offered for Saltend 
 
Pensana is pleased to announce that the Secretary of State for Business and 
Trade has offered Pensana a Grant of up to £4,000,000 towards the funding 
required to build a rare earth oxide separation facility in the `Humber 
Freeport' at Saltend ("Offer of Grant"). 
 
The Offer of Grant, made under Section 7 of the Industrial Development Act 1982, 
follows an application submitted by Pensana to the Automotive Transformation 
Fund, is subject to terms set out in a grant funding agreement and conditional 
upon Pensana providing 1) clearance from the relevant authority monitoring state 
subsidies and 2) a funding, activities and deliverables plan which are expected 
to be provided in the coming weeks. 
 
Chairman Paul Atherley commented: "The successful development of the US$250 
million Saltend project would be an important step in supporting the UK 
automotive supply chain, which employs over 780,000 people, as it transitions to 
electric vehicles (EVs). 
By 2030 the UK is expected to have transitioned from being a major European 
producer of internal combustion engines to be a world leader in the manufacture 
of electricdrive units (EDUs), producing three million EDUs annually, with a 
large proportion destined for export. Without a secure magnet metal supply chain 
this is under threat." 
 
Pensana is establishing an independent, sustainable rare earth supply chain with 
mid-stream processing to produce magnet metal in the UK. 
The Saltend project will deliver 450 jobs during construction and 150 high value 
jobs in operation with a significant opportunity for further expansion. 
 
The information contained within this announcement is considered by the Company 
to constitute inside information as stipulated under the Market Abuse 
Regulations (EU) No.596/2014. Upon the publication of this announcement via a 
Regulatory Information Service, this inside information will be considered to be 
in the public domain. The person responsible for arranging for the release of 
this announcement on behalf of the Company is Paul Atherley, Chairman. 
 
- ENDS - 
 
For further information, please contact: 
 
Shareholder/analyst enquiries: 
 
Pensana Plc 
 
Paul Atherley, ChairmanIR@pensana.co.uk 
 
Tim George, Chief Executive Officer 
 
Rob Kaplan, Chief Financial Officer 
 
 
This information was brought to you by Cision http://news.cision.com 
 
 
END

(END) Dow Jones Newswires

October 23, 2023 02:00 ET (06:00 GMT)

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