Pensana Updates Market on Qatar-Backed Cascade Board Appointment
Pensana has provided an update on the previously announced appointment of Sheikh Dr Badr bin Dalhim Al-Faheid Al-Hajri to the board of Cascade Natural Resources, the Qatar-backed strategic investor in the company.
Pensana said the appointment process is still underway and has not yet become effective. As a result, the appointment has not yet been filed with the Guernsey Registry.
The company had announced the proposed appointment on 18 June 2026, as part of its wider strategic relationship with Cascade.
Appointment remains in progress
Pensana said it was informed by Cascade that the required process to formalise Sheikh Dr Badr’s appointment remains ongoing.
The company stressed that the delay is procedural and that it will provide a further market update once the appointment has been formally completed.
The clarification comes as Pensana continues to advance its strategic investment relationship with Cascade, which is supporting the development of the company’s Longonjo Rare Earth Project in Angola.
Strategic investment supports Longonjo
Cascade has committed to a $165 million strategic investment in Pensana and its group companies, comprising a $15 million investment in Pensana and a $150 million investment in its subsidiary Sable Mining, which holds a majority interest in Ozango Minerais, the developer of Longonjo.
The investment forms part of a broader funding strategy for the Longonjo project, which is being developed as a major source of neodymium and praseodymium (NdPr), critical rare earth elements used in permanent magnets for electric vehicles, wind turbines and other advanced technologies.
Pensana expects Longonjo to produce approximately 20,000 tonnes a year of mixed rare earth carbonate once in operation.
The company’s latest update does not change the terms of the strategic investment but provides clarity on the status of the proposed Cascade board appointment.
