Pensana Exploration Results Extremely Exciting, Says Director Grant Hayward

Pensana plc (LON:PRE) today announced the results of the recently completed exploration program on the Coola exploration permit located 40 kilometers north of Longonjo.

Exploration activities have focused on three very promising targets, namely the Sulima West carbonatite, the Benge Novo alkaline complex and the Coola carbonatite.

Results from Sulima West are considered a significant discovery and will be the focus of exploration activities in 2023.

Highlights include:

Sampling of the Sulima West carbonatite trenches returned rare earth grades of up to 9.7% total rare earth oxides (“TREO”), with an average of 3.4% TREO for 68 meters on the surface. Individual samples from other trenches returned grades between 3.4 and 5.2% TREO.

· Sampling of the Sulima West carbonatite pits returned rare earth grades of up to 5.2% TREO, with an average of 4.3% TREO over 6 meters at surface.

Manganese grades in Sulima West laterite have been reported from 1.5% to 18% manganese oxide (“MO”), with an average of 12% MnO at the surface and are considered economically significant .

· Geological mapping at Sulima West has identified a large outcrop of supergene apatite occurring with maghemite and monazite and the area has the potential to host significant phosphate resources. The style of mineralization bears similarities to the Mt Weld deposit currently being mined in Western Australia by Lynas Corporation.

· Reconnaissance mapping of the Benga Novo intrusion, immediately north of the Sulima West carbonatite, indicates a nearly 10 km wide alkaline intrusion largely covered by residual soils. Reconnaissance mapping indicates potential for bauxite deposits, ionic clay rare earth element (“REE”) deposits and direct application fertilizers.

Exploration Manager Grant Hayward commented:

“We are extremely excited about the analytical results from trenches and pits of the lateritized carbonatite at Sulima West, which reported elevated rare earth grades over significant surface widths. With the presence of apatite and manganese in abundance, we consider Sulima West to be an important discovery and this will be the main focus of our exploration activities in 2023.

The deeply weathered soils overlying the extensive Benge Novo intrusion appear to have potential for rare earth mineralization hosted by ionic clay in addition to bauxite and potash fertilizer rock deposits. Geophysical surveys of all targets are scheduled for early 2023 and diamond drilling is expected to commence on the Sulima West and Coola targets by mid-2023. »

Sulima West nepheline syenite and carbonatite complex

· Significant rare earth element (TREO), phosphate (P) and manganese (Mn) mineralization has been identified at Sulima West.

One of five historical trenches in Sulima West, dug in the 1970s by the colonial era Compania Minerals do Lobito prospecting for radiometric anomalies, was cleaned and sampled at 2 meter intervals through the iron/manganese (“Fe/Mn”) enriched lateritized regolith. The assay returned values ​​between 0.3 and 9.7% TREO, with an average grade of 3.4% TREO over 68 meters at surface.

· A historic pit at Sulima West and adjacent to Trench 1 was cleaned and sampled at 1 meter intervals. Analytical results (ICP-MS) returned values ​​between 3.4% and 5.2% TREO, with an average grade of 4.3% TREO over 6 meters.

· Five additional Fe/Mn laterite samples from the other trenches returned individual values ​​ranging from 4.5% to 7.6% TREO.

· Reported manganese grades in laterite range from 1.5% to 18% MnO and an average of 12% MnO at surface. The manganese component is considered economically significant.

· Fe/Mn laterite samples were collected for mineral release analysis.

· The presence of secondary supergene apatite outcrops occurring with maghemite and monazite at Sulima West attests to the formation of a zone of phosphate enrichment that must occur within deeply weathered regolith. Similar zones of apatite enrichment are noted at Mabounie in Gabon, Catalão 2 in Brazil and Mt Weld in Australia.

· Apatite/maghemite/monazite rock samples were collected for mineral release analysis.

Geophysical surveys and diamond drilling of this target are planned for the second quarter of 2023 to determine the extent of the underlying carbonatite, but more importantly to quantify the presence and quantity of apatite, TREO and manganese.

Benge Novo alkaline complex

· The Benge Novo intrusion is interpreted as a very large caldera located north of the Sulima, Sulima West and Monte Verde intrusions. It is considered to be at least 10 km in diameter and is characterized by flat, deeply weathered soils with a solitary outcrop of alkaline granite in the southeast zone.

· The discovery of thick, leached, clay-rich lateritized material above the western parts of the known Benge Novo alkali silicate complex are strong indications of the possibility of bauxite potential. Similar occurrences are known from other parts of the world, for example, the intrusive nepheline syenite of Pocos do Caldas in Brazil. Initial sampling is complete and analyzes are awaited.

· The identification of prominent, clay-dominated, deeply weathered regolith over parts of the main Benge Novo intrusion may further be prospective for the presence of REE deposits hosted in ionic clay.

Both phosphorus and potassium are enriched in these rock types and the use of nepheline syenite as well as ultra-potassium rocks as direct application crushed rock fertilizers has been successful in many parts of the world. Soils in the sub-region are notoriously depleted of phosphorus and to a lesser extent potassium, two of the three plant macronutrients, and further sampling will be carried out to assess the potential of these essential elements.

An airborne geophysical survey of the Benge Novo complex is planned for the second quarter of 2023, with a view to guiding the exploration of this highly prospective complex.

coola carbonatite

Detailed mapping and sampling of the Coola carbonatite has previously revealed high TREO values ​​on thin soils above outcropping carbonatite, as well as rare-earth-enriched dolomitic carbonatite that prominently hosts bastnaesite .

· Rock chip sampling of the 20-50 m wide portions of the dolomitic carbonatite annular dyke returned values ​​between 0.6% and 4.9% TREO (mean 2.6%). Soil geochemistry on soil areas covered with dolomitic carbonatite gave values ​​between 0.37% and 13.18% TREO (mean 3.21%).

· REE-mineralized dolomitic carbonatite samples were collected for mineral release analysis.

Auger drilling of the soil-covered central caldera, aimed at testing the potential for supergene mineralization near the surface, had previously failed because the auger was unable to penetrate hardened ferricrete developed beneath the colluvial soils. Deeper drilling is planned in 2023 to effectively test this target.

Further details on the Pensana Exploration program and the results achieved are provided below:

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