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Pensana Plc (LSE: PRE, HQ London) is a rare-earth mine developer, not yet a producer.
ASF Yova (FSDEA subsidiary) became Pensana's largest single shareholder in Dec-2025 by converting a bridging loan to equity -- distinct from FSDEA's separate 10% stake in the Longonjo project JV (see dossier body). M&G Investment Management is reported as the second-largest shareholder; exact current stake not independently confirmed from a primary filing, so no pct given for it.
Named counterparties identified by open-source research and written only where a primary source states the relationship — never inferred from sector or co-mention. 1 customer-side. This is a partial view: it covers the relationships we could evidence, not the company's full supply base.
MoU signed 22 Oct 2025 for a proposed offtake of clean mixed rare-earth carbonate (MREC) from Longonjo to VAC's eVAC Magnetics facility, Sumter SC (initial magnet output 2,000 tpa rising to 12,000 tpa by 2029); proposed initial 5-year term subject to extension, pricing to be agreed. Not yet a binding supply agreement.
Scope. Absence of a counterparty here is not evidence that none exists — most commercial sourcing is confidential and never becomes public. Rows without a share figure mean no share was disclosed, not that the relationship is small.
This company sits on the supply side for 4 of its 4 materials — a restriction on those is a tailwind, not a headwind.
Dossier discloses a dysprosium, terbium or samarium material exposure directly — A61 §1(2) names Dy/Tb-containing NdFeB and SmCo magnets by element.
A61's suspension (Announcement 70) lapses 10 Nov 2026 — on the plain text, controls revive automatically. The US DoD CN/RU/IR/KP sourcing bar follows 1 Jan 2027. See the underlying extraterritorial export-control action. We supply the provenance file; we never compute your ratio for you.
As a producer, policy pressure across its produced materials is rising.
Descriptive trend in official policy actions on this company’s materials — a policy-pressure trend, not a price or trading signal. No forward probability is implied. Direction is measured on actions we have discovered, and discovery lags events: where the recent window is too thin to support a calm reading, the row says coverage-limited instead of easing.
No actions in the register have named or swept this company in the last 24 months.