Report on Payments to Governments for FY 2023

Pensana Plc (LSE: PRE) (“Pensana” or “the Company”) publishes the Company’s Payments to Governments Report for the year ended 30 June 2023 (“the Year” or “FY2023”) (the “Report”).

Basis of preparation

This Report, which provides an overview of the payments to governments made by Pensana and its subsidiaries, is required under the United Kingdom’s (“UK”) Report on Payments to Governments Regulations 2014 and its amendment in December 2015 (“the Regulations”). This Report is also intended to satisfy the requirements of the Disclosure and Transparency Rules of the Financial Conduct Authority in the UK.

This report is also available on the Company’s website at: www.pensana.co.uk.

Activities

Payments made by Pensana to governments arising from activities involving the exploration, prospection, discovery, development and extraction of minerals (extractive activities) across its projects are to be disclosed in this report.

Summary of Payments (US$)1

1 Payments are shown in US$ equivalent amounts for the financial year ending 30 June 2023 using the average FX rate for the year

2 Payments shown relate to the Longonjo Project and Coola Exploration Project

Government definition

Payments

Payments to governments are required to be reported in the following categories:

Taxes

These are any taxes paid by Pensana on its income and profits in accordance with legislation enacted in the applicable jurisdiction. Payments are reported net of refunds. Value added tax, personal income taxes, social taxes, property taxes are excluded.

Royalties

Royalties are not yet applicable as the projects are still in exploration/development.

Fees

Infrastructure improvements

Payments in kind in the form of infrastructure expenditure other than in circumstances where the infrastructure is expected to be primarily dedicated to operational activities throughout its useful life. The Regulations do not require reporting social or community payments, such as payments to build a hospital or a school.

Other types of payments

Other types of payments that are required to be disclosed in accordance with the Regulations but are not relevant to Pensana’s operations are the following:

Production entitlements

Dividends

Signature, discovery and production bonuses

Payments are reported on a cash basis. No in-kind payments were made during year ended 30 June 2023.

Materiality Level

Payments included in the Report are amounts paid, whether in money or in kind, for relevant activities. In line with the Regulations, where a payment or a series of related payments have not exceeded £86,000 they have not been disclosed.

Payments per government

Total payments to governments under the Regulations amounted to US$195,812 in FY 2023 (FY 2022: US$1,514).

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