Angolan Sovereign Wealth Fund Backs Pensana with Staged $15m Loan Conversion Ahead of Planned Nasdaq Listing
The Angolan Sovereign Wealth Fund (FSDEA) has agreed to a staged conversion of a $15-million bridging loan into equity to manage its ownership percentage in London-listed Pensana, while enabling the introduction of new institutional investors ahead of the company’s proposed Nasdaq listing in mid-2026.
In May, Pensana announced the terms and timing of an initial $25-million equity tranche, forming part of the broader financing package for the Longonjo rare earths mine in Angola. The funds will be deployed at subsidiary level into Ozango Minerais to advance project development.
FSDEA has now also agreed the terms for converting the $15-million bridging loan into Pensana equity. The loan was advanced over the past 18 months to support early-stage construction activities at the Longonjo project.
Meanwhile, Pensana’s second-largest shareholder, M&G Investment, has reaffirmed its support for the company’s strategy to develop a US-focused mine-to-magnet supply chain, secure $100-million from a strategic investor, and pursue a Nasdaq listing. M&G has committed to invest a further £5-million in the company.
“We very much welcome the ongoing support from our two largest shareholders for the US-focused mine-to-magnet strategy and the proposed Nasdaq listing in mid-2026,” said Pensana chairperson Paul Atherley.
He added that integrating the Longonjo project into a world-class mine-to-magnet supply chain via the Lobito Corridor has the potential to position Angola as a long-term, reliable supplier of rare earths. “This comes at a time when the US is seeking to rebalance supply chains and reduce reliance on a single source,” Atherley said.
