Rare earth metals group Pensana PLC (LSE:PRE) fell 15% on the main market of the London Stock Exchange on Monday following its latest financing and project update.
Pensana noted a total capital requirement is US$550mln (£444mln) to finance both the Saltend rare earth separation facility in the UK and the Longonjo mine in Angola.
The funds are required to be put in place between now and the end of the calendar year to meet the proposed construction and commissioning schedule with first production targeted in 2025.
Shares were changing hands at 33.08p with a market value of £84.7mln.