In its first update to shareholders since listing on the London Stock Exchange last year, Pensana said its total comprehensive loss for the period was $1,717,491, down from $2.23m the year prior.

The figures come after a year in which the firm rebranded and delisted from Australian Securities Exchange and relisted in the UK.

Pensana has lodged an application for a rare earth processing plant at Hull’s Saltend Chemical Park which, if approved, would be the first of its kind in Europe.

Rare earth is typically processed in China and is a key component in the magnets used in both the offshore wind turbine and electric vehicle sectors. Pensana said the facility would create 100 direct jobs and support many more in the supply chain if it went ahead.

In its update, Pensana said the US plant was part of its plan to establish the world’s first sustainable magnet metal supply chain.

Chief executive Tim George said: “The team has made significant progress over the period despite the ongoing challenges of Covid.

“With an LSE listing and a third placing with our key shareholder the ASF we were able to progress with the key metallurgical testing workstreams in Australia, complete the production of an MREC, upgrade our mineral resource at Longonjo, initiate our Coola exploration programme and make a stepped changed in the company’s direction by progressing key scoping studies into the Saltend refinery.”