Highlights

  • Longonjo review identifies potential to increase Dysprosium and Terbium content over five times.
  • HREO recovery circuit could raise MREC production from 30 to 160 tonnes per year.
  • Heavy rare earths’ market values expected to significantly impact Longonjo project revenue.

Pensana Plc (LSE:PRE) announced results from a detailed evaluation of the Longonjo flow sheet, indicating the scope to increase heavy rare earth content in its Mixed Rare Earth Carbonate (MREC) product by more than five times. The review was initiated in response to increasing demand from offtake partners for light rare earth elements from 2027 and growing requirements for heavy rare earths.

The evaluation showed that installing a selective Heavy Rare Earth Oxide (HREO) recovery circuit before the product precipitation process could significantly improve the recovery of Dysprosium (DyO) and Terbium (TbO) in the MREC product.

Production Impact

Currently, the MREC contains 30 tonnes per annum of HREO. Following the proposed recovery circuit, production could increase to 160 tonnes per annum, comprising 130 tonnes of DyO and 30 tonnes of TbO. Early discussions with potential offtake partners indicate that the higher HREO content may influence demand and valuation for the product.

Economic Considerations

The study is finalizing capital and operating costs for the HREO recovery circuit. Market prices for the heavy rare earths are currently USD 208,000 per tonne for Dysprosium oxide and USD 918,950 per tonne for Terbium oxide. The projected revenues from these HREOs are expected to make a notable contribution to the project’s overall economic performance.

Share Price Snapshot
PRE was trading  6.42% higher at GBX 96.20 per share as of 27 November 2025.