Latest news with #Mkango
Daily Mail
15 hours ago
- Business
- Daily Mail
SMALL CAP MOVERS: A global rare earths champion emerges from AIM
Rare earth elements are not rare in the Earth's crust, but they are seldom found in concentrated forms, making them expensive and environmentally challenging to extract. This group of 17 metals, with names like neodymium, dysprosium and lanthanum, might sound obscure, but they underpin much of modern life. Their best-known use is in the magnets that power electric vehicles and wind turbines. Neodymium, for example, drives the tiny but powerful magnets found in everything from Tesla motors to iPhone speakers. Lanthanum is used in camera lenses and hybrid batteries. Others are essential for polishing glass, refining oil and even colouring TV screens. In the age of artificial intelligence, rare earths are increasingly strategic. Data centres and advanced computing systems rely on efficient cooling and high-performance hardware, both of which often use rare earth materials. But the global supply chain is lopsided. China controls over 80 per cent of processing, giving it enormous geopolitical leverage. Against this backdrop, a new international rare earths champion has emerged from AIM, though it won't remain on the junior market for long. Mkango, which recycles rather than mines these elements, saw its shares jump 77 per cent this week after announcing a merger that will create a dedicated global rare earths company listed on Nasdaq, with a valuation of $400million. In a flat week for blue-chip stocks, the AIM All-Share outperformed again, rising 1 per cent to 775.57. Risk appetite can be gauged by the buoyancy of the small-cap index, but another measure is fundraisings, with investors showing confidence by putting up cold, hard cash. It may be too early to declare AIM's renaissance, but green shoots are appearing in abundance. Last month saw around 50 (modest) investment rounds in the form of share placings, retail offers, direct subscriptions and more exotic structures such as convertible loan notes. The biggest beneficiary was The Smarter Web Company, whose backers got behind its Bitcoin treasury strategy with more than £70million of new investment. July began with a bang, and Thursday, in particular was a big day with fewer than seven companies top up their coffers. While crypto was inevitably a theme, the action spread across sectors. Miner Rockfire Resources and media tech firm Blackbird raised £2million each. Other beneficiaries were in oil and gas and gold. Among the risers was something of a mystery (at least to this grizzled market reporter) as shares in 4GLOBAL soared 150 per cent. The rally came despite the sports data firm confirming in June it would de-list from AIM on 7 July, citing rising costs, regulatory burdens and limited access to fresh capital. The company, which helps plan large-scale sporting events using data analytics, has issued no updates to explain the spike. Thruvision Group, the walk-through security specialist, ended the week a third higher. The catalyst was a fundraiser set to bring in at least £2.5million, extending its cash runway from year-end to 2027 and giving it room to scale up commercial plans. Now to this week's booby prize winners. Versarien, the graphene materials specialist, is nearing the end of its cash runway. It warned that without new financing it would be unable to pay its debts by August without taking 'additional restructuring action and raising further funds'. The shares tumbled 55 per cent. Crism Therapeutics is bringing in fresh funding, but at a cost. Shares were heavily discounted to 12p, down from 21p a week earlier. The resulting dilution from the £870,000 equity raise saw the stock plunge nearly 48 per cent. Finally, Solvonis Therapeutics has more than doubled in value since acquiring Canada-listed Awkn Life Sciences last month. Under CEO Anthony Tennyson, the business has been transformed from a failing polymers firm into a vibrant life sciences group working on cutting-edge treatments for conditions such as post-traumatic stress disorder. Its chief scientific officer is Professor David Nutt, one of the UK's most eminent researchers. There is an argument that the market is only just beginning to recognise Solvonis's true potential. It has a phase III asset developed to treat alcohol use disorder, one of society's most pernicious threats. Watch this space.
Associated Press
4 days ago
- Business
- Associated Press
Mkango Resources Limited Announces Extension of Exclusivity with Crown PropTech
Mkango Announces Extension of Exclusivity Period to 3rd July 2025 in Relation to the Proposed Business Combination with Crown PropTech Acquisitions LONDON, GB AND VANCOUVER, BC / ACCESS Newswire / July 1, 2025 / Mkango Resources Ltd (AIM/TSX-V:MKA) ('Mkango') announced today that it, its wholly owned subsidiary, Lancaster Exploration Limited ('Lancaster') and certain other wholly-owned subsidiaries of Mkango (together with Lancaster, 'Lancaster Group'), have agreed to extend the exclusivity period associated with a non-binding letter of intent ('LOI') to enter into a definitive business combination agreement (the 'Business Combination Agreement') with Crown PropTech Acquisitions, a Cayman Islands exempted company (OTC: CPTKW) ('CPTK'). The LOI, which was entered into on 7 January 2025 and amended on each of 23 March 2025, 29 April 2025, and 22 May 2025, contained an exclusivity provision through 30 June 2025, during which time Lancaster Group and CPTK agreed they would not engage in discussions or negotiations with any third party regarding alternative transactions to the proposed merger contemplated by the Business Combination Agreement (the 'Proposed Business Combination'). Pursuant to the latest LOI amendment, dated 30 June 2025, Lancaster Group and CPTK extended the exclusivity provision through 3 July 2025 (the 'Exclusivity Expiration Date') in order to provide additional time for the parties to complete negotiation of certain documents ancillary to the Business Combination Agreement. About Mkango Resources Ltd. Mkango is listed on AIM and the TSX Venture Exchange. Mkango's corporate strategy is to become a market leader in the production of recycled rare earth magnets, alloys and oxides, through its interest in Maginito Limited ('Maginito'), which is owned 79.4 per cent by Mkango and 20.6 per cent by CoTec Holdings Corp ('CoTec'), and to develop new sustainable sources of neodymium, praseodymium, dysprosium and terbium to supply accelerating demand from electric vehicles, wind turbines and other clean energy technologies. Maginito holds a 100 per cent interest in HyProMag Limited ('HyProMag') and a 90 per cent direct and indirect interest (assuming conversion of Maginito's convertible loan) in HyProMag GmbH, focused on short loop rare earth magnet recycling and manufacturing in the UK and Germany, respectively, and a 100 per cent interest in Mkango Rare Earths UK Ltd ('Mkango UK'), focused on long loop rare earth magnet recycling in the UK via a chemical route. Commissioning of the short loop rare earth magnet recycling and manufacturing plant at Tyseley Energy Park in Birmingham, UK, is underway. Mkango will provide a further update to the market in due course. Maginito and CoTec are also rolling out HyProMag's recycling technology into the United States via the 50/50 owned HyProMag USA LLC joint venture company. Mkango also owns the advanced stage Songwe Hill Rare Earth project, a rare earths, uranium, tantalum and niobium exploration portfolio in Malawi ('Songwe Hill'), as well as the Pulawy Rare Earth's separation project in Poland ('Pulawy'). These projects are the subject of the Proposed Business Combination. Songwe Hill is one of the few rare earth projects to have advanced to the NI 43-101 compliant DFS. Pulawy, located in a Special Economic Zone in Poland, stands adjacent to the EU's second largest manufacturer of nitrogen fertilisers, and features established infrastructure, access to reagents and utilities on site. For more information, please visit About Crown PropTech Acquisitions (CPTK) CPTK is a Cayman Islands exempted company incorporated in 2021 as a special purpose acquisition company for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses, with approximately $5.6 million cash in trust. Market Abuse Regulation (MAR) Disclosure The information contained within this news release is deemed by Mkango to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ('MAR') which has been incorporated into UK law by the European Union (Withdrawal) Act 2018. Upon the publication of this announcement via Regulatory Information Service, this inside information is now considered to be in the public domain. Additional Information and Where to Find It If a definitive agreement is entered into in connection with the Proposed Business Combination, Lancaster and CPTK will prepare a registration statement, including a proxy statement/prospectus, to be filed with the SEC. The proxy statement/prospectus will be mailed to CPTK's shareholders. CPTK urges investors and other interested persons to read, when available, the proxy statement/prospectus, as well as other documents filed with the SEC, because these documents will contain important information about the Proposed Business Combination. Such persons can also read CPTK's filings with the SEC for a description of the security holdings of its officers and directors and their respective interests as security holders in the consummation of the transactions described herein. The proxy statement statement/prospectus, once available, can be obtained, without charge, at the SEC's web site at Cautionary Note Regarding Forward-Looking Statements This news release contains forward-looking statements (within the meaning of that term under applicable securities laws) with respect to Mkango, Lancaster Group, CPTK, their businesses and the Proposed Business Combination. Generally, forward looking statements can be identified by the use of words such as 'targeted', 'plans', 'expects' or 'is expected to', 'scheduled', 'estimates' 'intends', 'anticipates', 'believes', or variations of such words and phrases, or statements that certain actions, events or results 'can', 'may', 'could', 'would', 'should', 'might' or 'will', occur or be achieved, or the negative connotations thereof. Forward looking statements in this news release include, but are not limited to, statements with respect to CPTK's successor entity being listed on NASDAQ, and the Proposed Business Combination. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause actual performance and results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. Such factors and risks include, without limiting the foregoing, whether the Business Combination Agreement will be executed, whether NASDAQ will approve the listing of shares of Lancaster, the availability of (or delays in obtaining) financing to develop Songwe Hill and the recycling plants in the UK, Germany and the United States as well as Pulawy, geological, technical and regulatory matters relating to the development of Songwe Hill, governmental action and other market effects on global demand and pricing for the metals and associated downstream products for which Mkango or Lancaster is exploring, researching and developing, the ability to scale the HPMS and chemical recycling technologies to commercial scale, competitors having greater financial capability and effective competing technologies in the recycling and separation business of Maginito and Mkango, availability of scrap supplies for recycling activities, government regulation (including the impact of environmental and other regulations) on and the economics in relation to recycling and the development of the various recycling and separation plants of Mkango and Maginito and future investments in the United States pursuant to the cooperation agreement between Maginito and CoTec, the outcome and timing of the completion of feasibility studies for Songwe Hill, cost overruns, complexities in building and operating Songwe Hill and the Pulawy, the positive results of feasibility studies on the various proposed aspects of Mkango's and Maginito's activities, and delays in obtaining financing or governmental or stock exchange approvals and other risks that are detailed in the periodic reports filed by CPTK with the SEC. The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by applicable law, each of Mkango, CPTK and Lancaster disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, each of Mkango, CPTK and Lancaster undertakes no obligation to comment on the expectations of, or statements made by, third parties in respect of the matters discussed above. Participants in the Solicitation Lancaster and CPTK and their respective directors, executive officers and other members of their management and employees, under SEC rules, may be deemed to be participants in the solicitation of proxies of CPTK's shareholders in connection with the Proposed Business Combination. Investors and security holders may obtain more detailed information regarding the names, affiliations and interests of CPTK's directors and officers in CPTK's SEC filings. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies to CPTK's shareholders in connection with the Proposed Business Combination will be set forth in the proxy statement/prospectus for the Proposed Business Combination when available. Information concerning the interests of Lancaster's and CPTK's participants in the solicitation, which may, in some cases, be different than those of their respective equityholders generally, will be set forth in the proxy statement/prospectus relating to the Proposed Business Combination when it becomes available. No Offer or Solicitation This press release shall not constitute a solicitation of a proxy, consent, or authorization with respect to any securities or in respect of the Proposed Business Combination. This press release shall also not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any states or jurisdictions in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended. For further information on Mkango, please contact: Mkango Resources Limited William Dawes Chief Executive Officer [email protected] Canada: +1 403 444 5979 @MkangoResources Alexander Lemon President [email protected] SP Angel Corporate Finance LLP Nominated Adviser and Joint Broker Jeff Keating, Jen Clarke, Devik Mehta UK: +44 20 3470 0470 Alternative Resource Capital Joint Broker Alex Wood, Keith Dowsing UK: +44 20 7186 9004/5 Cohen Capital Strategic and Financial Adviser Brandon Sun USA: +1 929 432 1254 Welsbach Corporate Solutions LLC-FZ Supply Chain Advisor Daniel Mamadou SG: +65 6879 7107 For further information on CPTK, please contact: Crown PropTech Acquisitions Michael Minnick Chief Executive Officer [email protected] The TSX Venture Exchange has neither approved nor disapproved the contents of this press release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This press release shall not constitute an offer to sell, or a solicitation of an offer to buy, or a recommendation to purchase, any securities in any jurisdiction, or the solicitation of any vote, consent or approval in any jurisdiction in connection with or with respect to the Proposed Business Combination, nor shall there be any sale, issuance or transfer of any securities in any jurisdiction where, or to any person to whom, such offer, solicitation or sale may be unlawful under the laws of such jurisdiction. This press release does not constitute either advice or a recommendation regarding any securities. No offering of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act of 1933, as amended, or an exemption therefrom. This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit SOURCE: Mkango Resources Ltd. press release
Yahoo
04-06-2025
- Business
- Yahoo
Mkango Resources Limited - Songwe Project Announced as a Strategic Project
Mkango's Songwe Hill Rare Earth Mining Project Announced as a Strategic Project Under European Union Critical Raw Materials Act CALGARY, AB / / June 4, 2025 / Mkango Resources Ltd. (AIM/TSX-V:MKA) ("Mkango" or the "Company") is pleased to announce that the Songwe Hill Rare Earths Mining Project in Malawi ("Songwe") has been designated as a Strategic Project by the European Commission under the Critical Raw Materials Act ("CRMA"). Strategic Project status confirms the importance of Songwe in supplying rare earths to supply chains across Europe, North America and other markets. Songwe is one of the very few rare earth projects globally to have advanced to the NI 43-101 compliant Definitive Feasibility Study ("DFS") stage, with a full Environmental, Social, Health Impact Assessment ("ESHIA") also completed in compliance with IFC Performance Standards. A mining development agreement was signed with the Government of Malawi in July 2024. Based on the DFS, Songwe has an expected mine life of 18 years and will produce a mixed rare earth carbonate ("MREC"), containing approximately 1,953 tonnes per annum of neodymium / praseodymium oxides and 56 tonnes per annum of dysprosium / terbium oxides for the first five years of full production. Mkango's Pulawy Separation Project in Poland ("Pulawy"), which will process the MREC from Songwe, was also previously designated a Strategic Project under the CRMA in March 2025 (News | Mkango Resources Ltd.). Songwe and Pulawy will provide an integrated pure-play mined and refined supply of rare earth oxides, with both projects designated strategic by the European Commission. As designated Strategic Projects, Songwe and Pulawy will benefit from coordinated support from the EU Member States and financial institutions, in particular in terms of access to finance and in supporting projects by facilitating connections with future off-takers. Strategic Project Status under the EU Critical Raw Materials Act A list of 47 strategic critical raw material projects designated as Strategic Projects under Regulation (EU) 2024/1252 of the European Parliament and of the Council, commonly referred to as the Critical Raw Materials Act was released on 25 March 2025. At that time, Pulawy was announced as one of the EU-based strategic projects, with a further list of 13 international projects released today including Songwe, one of only two rare earths projects. Songwe has been assessed by the EU to be highly important to the EU's supply security of strategic raw materials and possesses viable technical feasibility within reasonable timeframes. Under the CRMA, the project is required to be implemented in a sustainable manner, minimising environmental and social impacts. Obtaining Strategic Project status offers key advantages for developers, significantly facilitating and accelerating the development of strategic raw materials projects within and outside the EU. As previously announced on 8 January 2025, a proposed SPAC merger (the "Merger") between Mkango's subsidiary, Lancaster Exploration Limited ("Lancaster"), and certain other wholly-owned subsidiaries of Mkango and Crown PropTech Acquisitions("CPTK") will create a vertically integrated global pure play rare earths platform that is intended to result in the ordinary shares of Lancaster being listed on NASDAQ. Upon the Merger and listing, Lancaster, as the listed entity, will hold the Songwe and Pulawy Projects. About Mkango Resources Ltd. Mkango is listed on the AIM and the TSX-V. Mkango's corporate strategy is to become a market leader in the production of recycled rare earth magnets, alloys and oxides, through its interest in Maginito Limited ("Maginito"), which is owned 79.4 per cent by Mkango and 20.6 per cent by CoTec Holdings Corp ("CoTec"), and to develop new sustainable sources of neodymium, praseodymium, dysprosium and terbium to supply accelerating demand from electric vehicles, wind turbines and other clean energy technologies. Maginito holds a 100 per cent interest in HyProMag Limited (HyProMag") and a 90 per cent direct and indirect interest (assuming conversion of Maginito's convertible loan) in HyProMag GmbH ("HyProMag Germany"), focused on short loop rare earth magnet recycling in the UK and Germany, respectively, and a 100 per cent interest in Mkango Rare Earths UK Ltd ("Mkango UK"), focused on long loop rare earth magnet recycling in the UK via a chemical route. Maginito and CoTec are also rolling out HPMS recycling technology into the United States via the 50/50 owned HyProMag USA LLC joint venture company ("HyProMag USA"). Songwe is one of the few rare earth projects to have advanced to the NI 43-101 compliant Definitive Feasibility Study ("DFS") stage. The project has an expected mine life of 18 years and is designed to produce a 55% mixed rare earth carbonate, yielding approximately 1,953 tonnes per annum of NdPr and 56 tonnes per annum of DyTb. The proposed Pulawy separation facility site is located in a Special Economic Zone in Poland stands adjacent to the EU's second largest manufacturer of nitrogen fertilisers, and features established infrastructure, access to reagents and utilities on site. For more information, please visit Market Abuse Regulation (MAR) Disclosure The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ('MAR') which has been incorporated into UK law by the European Union (Withdrawal) Act 2018. Upon the publication of this announcement via Regulatory Information Service, this inside information is now considered to be in the public domain. Cautionary Note Regarding Forward-Looking Statements This news release contains forward-looking statements (within the meaning of that term under applicable securities laws) with respect to Mkango, its business, the Songwe, Pulawy, HyProMag, HyProMag Germany, Mkango UK and HyPromag USA (the "Business"). Generally, forward looking statements can be identified by the use of words such as "plans", "expects" or "is expected to", "scheduled", "estimates" "intends", "anticipates", "believes", or variations of such words and phrases, or statements that certain actions, events or results "can", "may", "could", "would", "should", "might" or "will", occur or be achieved, or the negative connotations thereof. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause actual performance and results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. Such factors and risks include, without limiting the foregoing, market effects on global demand and pricing for the metals and associated downstream products for which Mkango is exploring, researching and developing, factors relating the development of Business, including the outcome of the feasibility study, cost overruns, complexities in building and operating plants, changes in economics and government regulation, and delays in obtaining financing or governmental approvals or, and the impact of environmental and other regulations relating to, the Business. The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. Additionally, the Company undertakes no obligation to comment on the expectations of, or statements made by, third parties in respect of the matters discussed above. For further information on Mkango, please contact: Mkango Resources Limited William Dawes Alexander Lemon Robert Sewell Chief Executive Officer President Chief Financial Officer will@ alex@ rob@ Burton Kachinjika Dr. Jaroslaw Paczek Country Director - Malawi Country Director - Poland burton@ jpaczek@ Canada: +1 403 444 5979Poland: +48 664 144 SP Angel Corporate Finance LLPNominated Adviser and Joint BrokerJeff Keating, Jen Clarke, Devik MehtaUK: +44 20 3470 0470 Alternative Resource CapitalJoint BrokerAlex Wood, Keith DowsingUK: +44 20 7186 9004/5 The TSX Venture Exchange has neither approved nor disapproved the contents of this press release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This press release does not constitute an offer to sell or a solicitation of an offer to buy any equity or other securities of the Company in the United States. The securities of the Company will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") and may not be offered or sold within the United States to, or for the account or benefit of, U.S. persons except in certain transactions exempt from the registration requirements of the U.S. Securities Act. This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@ or visit MKANGO RESOURCES LTD.550 Burrard StreetSuite 2900VancouverBC V6C 0A3Canada SOURCE: Mkango Resources Ltd. View the original press release on ACCESS Newswire
Associated Press
04-06-2025
- Business
- Associated Press
Mkango Resources Limited - Songwe Project Announced as a Strategic Project
Mkango's Songwe Hill Rare Earth Mining Project Announced as a Strategic Project Under European Union Critical Raw Materials Act CALGARY, AB / ACCESS Newswire / June 4, 2025 / Mkango Resources Ltd. (AIM/TSX-V:MKA) ('Mkango' or the 'Company') is pleased to announce that the Songwe Hill Rare Earths Mining Project in Malawi ('Songwe') has been designated as a Strategic Project by the European Commission under the Critical Raw Materials Act ('CRMA'). Strategic Project Status under the EU Critical Raw Materials Act A list of 47 strategic critical raw material projects designated as Strategic Projects under Regulation (EU) 2024/1252 of the European Parliament and of the Council, commonly referred to as the Critical Raw Materials Act was released on 25 March 2025. At that time, Pulawy was announced as one of the EU-based strategic projects, with a further list of 13 international projects released today including Songwe, one of only two rare earths projects. Songwe has been assessed by the EU to be highly important to the EU's supply security of strategic raw materials and possesses viable technical feasibility within reasonable timeframes. Under the CRMA, the project is required to be implemented in a sustainable manner, minimising environmental and social impacts. Obtaining Strategic Project status offers key advantages for developers, significantly facilitating and accelerating the development of strategic raw materials projects within and outside the EU. As previously announced on 8 January 2025, a proposed SPAC merger (the 'Merger') between Mkango's subsidiary, Lancaster Exploration Limited ('Lancaster'), and certain other wholly-owned subsidiaries of Mkango and Crown PropTech Acquisitions('CPTK') will create a vertically integrated global pure play rare earths platform that is intended to result in the ordinary shares of Lancaster being listed on NASDAQ. Upon the Merger and listing, Lancaster, as the listed entity, will hold the Songwe and Pulawy Projects. About Mkango Resources Ltd. Mkango is listed on the AIM and the TSX-V. Mkango's corporate strategy is to become a market leader in the production of recycled rare earth magnets, alloys and oxides, through its interest in Maginito Limited ('Maginito'), which is owned 79.4 per cent by Mkango and 20.6 per cent by CoTec Holdings Corp ('CoTec'), and to develop new sustainable sources of neodymium, praseodymium, dysprosium and terbium to supply accelerating demand from electric vehicles, wind turbines and other clean energy technologies. Maginito holds a 100 per cent interest in HyProMag Limited (HyProMag') and a 90 per cent direct and indirect interest (assuming conversion of Maginito's convertible loan) in HyProMag GmbH ('HyProMag Germany'), focused on short loop rare earth magnet recycling in the UK and Germany, respectively, and a 100 per cent interest in Mkango Rare Earths UK Ltd ('Mkango UK'), focused on long loop rare earth magnet recycling in the UK via a chemical route. Maginito and CoTec are also rolling out HPMS recycling technology into the United States via the 50/50 owned HyProMag USA LLC joint venture company ('HyProMag USA'). Songwe is one of the few rare earth projects to have advanced to the NI 43-101 compliant Definitive Feasibility Study ('DFS') stage. The project has an expected mine life of 18 years and is designed to produce a 55% mixed rare earth carbonate, yielding approximately 1,953 tonnes per annum of NdPr and 56 tonnes per annum of DyTb. The proposed Pulawy separation facility site is located in a Special Economic Zone in Poland stands adjacent to the EU's second largest manufacturer of nitrogen fertilisers, and features established infrastructure, access to reagents and utilities on site. For more information, please visit Market Abuse Regulation (MAR) Disclosure The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ('MAR') which has been incorporated into UK law by the European Union (Withdrawal) Act 2018. Upon the publication of this announcement via Regulatory Information Service, this inside information is now considered to be in the public domain. Cautionary Note Regarding Forward-Looking Statements This news release contains forward-looking statements (within the meaning of that term under applicable securities laws) with respect to Mkango, its business, the Songwe, Pulawy, HyProMag, HyProMag Germany, Mkango UK and HyPromag USA (the 'Business'). Generally, forward looking statements can be identified by the use of words such as 'plans', 'expects' or 'is expected to', 'scheduled', 'estimates' 'intends', 'anticipates', 'believes', or variations of such words and phrases, or statements that certain actions, events or results 'can', 'may', 'could', 'would', 'should', 'might' or 'will', occur or be achieved, or the negative connotations thereof. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause actual performance and results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. Such factors and risks include, without limiting the foregoing, market effects on global demand and pricing for the metals and associated downstream products for which Mkango is exploring, researching and developing, factors relating the development of Business, including the outcome of the feasibility study, cost overruns, complexities in building and operating plants, changes in economics and government regulation, and delays in obtaining financing or governmental approvals or, and the impact of environmental and other regulations relating to, the Business. The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. Additionally, the Company undertakes no obligation to comment on the expectations of, or statements made by, third parties in respect of the matters discussed above. For further information on Mkango, please contact: Mkango Resources Limited Canada: +1 403 444 5979 Poland: +48 664 144 130 @MkangoResources SP Angel Corporate Finance LLP Nominated Adviser and Joint Broker Jeff Keating, Jen Clarke, Devik Mehta UK: +44 20 3470 0470 Alternative Resource Capital Joint Broker Alex Wood, Keith Dowsing UK: +44 20 7186 9004/5 The TSX Venture Exchange has neither approved nor disapproved the contents of this press release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This press release does not constitute an offer to sell or a solicitation of an offer to buy any equity or other securities of the Company in the United States. The securities of the Company will not be registered under the United States Securities Act of 1933, as amended (the 'U.S. Securities Act') and may not be offered or sold within the United States to, or for the account or benefit of, U.S. persons except in certain transactions exempt from the registration requirements of the U.S. Securities Act. This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit MKANGO RESOURCES LTD. 550 Burrard Street Suite 2900 Vancouver BC V6C 0A3 Canada SOURCE: Mkango Resources Ltd. press release
Associated Press
21-04-2025
- Business
- Associated Press
CoTec and Mkango Appoint Lead Engineers PegasusTSI and BBA
TO PERFORM ENGINEERING, PROCUREMENT AND CONSTRUCTION MANAGEMENT (EPCM) SERVICES FOR HYPROMAG USA TO PRODUCE RARE EARTH MAGNETS IN THE U.S. CALGARY, AB / ACCESS Newswire / April 21, 2025 / CoTec Holdings Corp. (TSXV:CTH)(OTCQB:CTHCF) ('CoTec') and Mkango Resources Ltd. (AIM:MKA)(TSX-V:MKA) ('Mkango') are pleased to announce that U.S.-based PegasusTSI Inc. ('PegasusTSI') and Canada-based BBA USA Inc. ('BBA') have been engaged to complete the HyProMag USA, LLC ('HyProMag USA') engineering, procurement and construction management ('EPCM') services for HyProMag USA's advanced stage rare earth magnet recycling and manufacturing project located in Dallas-Fort Worth, Texas (the 'DFW Hub'). The award of the EPCM contract follows the November 2024 completion of the base case Feasibility Study for HyProMag USA[i] ('Feasibility Study'), which indicated a NPV7% of US$262 million based on current market prices and US$503 million based on forecast prices. The project will be executed over a 24-month period with the work being undertaken from the PegasusTSI Tampa office, supported by an owner's team comprised of HyProMag Limited, CoTec and Mkango. First revenue is targeted in H1 2027 following a Notice to Proceed ('NTP') expected in H2 2025 following completion of the detailed engineering design and value engineering phase. HyProMag USA is initially targeting to supply 10% of U.S. domestic demand[ii] for NdFeB magnets within five years of commissioning the first DFW Hub. Julian Treger, CoTec CEO commented:"The EPCM represents a significant milestone towards the construction of commercial-scale magnet recycling and production facilities, reshoring U.S. manufacturing capability and reducing dependence on foreign magnets and rare earths. Following the competitive bid process, we are looking forward to continuing to work closely with BBA and PegasusTSI to develop these facilities. As HyProMag USA progresses it will be working and collaborating with local, state and federal stakeholders. HyProMag USA is supported by the Minerals Security Partnership,[iii] which aims to accelerate the development of diverse critical minerals supply chains in cooperation with industry and other governments to support strategic projects.' Will Dawes, Mkango CEO commented:"We are very excited to see HyProMag USA's groundbreaking rare earth magnet recycling and manufacturing project proceed to the next stage of development. This project will make a major contribution to the creation of a more robust rare earth supply chain and a strong platform for further expansion in North America, complementing the ongoing HyProMag developments in the UK and Germany. The detailed engineering design and value engineering phase will include the completion of sufficient engineering design works to support development of the AACE Class 2 capital cost estimate to update what was outlined in the Feasibility Study. This will also support the final site selection efforts which are to be completed in H1 2025 and allow the commencement of site permitting in line with the initial project schedule. Environment and permitting studies will be supported by U.S.-based Weston Solutions, Inc. During this phase and prior to the NTP, HyProMag USA will aim to secure commercial arrangements with potential feed supply and product off-takers to meet ongoing financing obligations. Discussions with federal, state and municipal governments continue to progress. HyProMag USA has the potential to supply the United States with sustainable, long term domestic supply of neodymium/iron/boron (NdFeB) permanent magnets to enable the creation of secure, low carbon and traceable rare-earth supply chains. The Feasibility Study includes the DFW Hub, and two pre-processing facilities located in South Carolina and Nevada respectively. In March 2025, HyProMag USA announced the expansion of the detailed engineering phase to include three HPMS vessels[iv] and that it was initiating concept studies for further expansion and complementary 'Long Loop' recycling[v]. The DFW Hub's annual production is expected to be 750 metric tons per annum of recycled sintered NdFeB magnets and 807 metric tons per annum of associated NdFeB co-products (total payable capacity - 1,557 metric tons NdFeB within five years of commissioning) over a 40-year operating life. It is expected the production facility will provide significant optionality to supply the U.S. market with additional NdFeB alloy powder while assisting in revitalising the U.S. magnet sector with the creation of 90-100 skilled magnet manufacturing jobs. Also in March 2025, HyProMag USA announced the results of an independent ISO-Compliant product carbon footprint study which confirmed an exceptionally low CO2 footprint of 2.35 kg CO2 eq. per kg of NdFeB cut sintered block product.[vi] Ownership HyProMag USA is owned 50:50 by CoTec and HyProMag Limited. HyProMag Limited is 100 per cent owned by Maginito Limited ('Maginito'), which is owned on a 79.4/20.6 per cent basis by Mkango and CoTec. About HyProMag HyProMag is commercializing Hydrogen Processing of Magnet Scrap (HPMS) recycling technology in the UK, Germany and the United States. HPMS technology was developed at the Magnetic Materials Group (MMG) at University of Birmingham, underpinned by approximately US$100 million of research and development funding, and has major competitive advantages versus other rare earth magnet recycling technologies, which are largely focused on chemical processes but do not solve the challenges of liberating magnets from end-of-life scrap streams - HPMS provides this solution. About CoTec Holdings Corp. CoTec is a publicly traded investment issuer listed on the Toronto Venture Stock Exchange ('TSX-V') and the OTCQB and trades under the symbols CTH and CTHCF respectively. CoTec Holdings Corp. is a forward-thinking resource extraction company committed to revolutionizing the global metals and minerals industry through innovative, environmentally sustainable technologies and strategic asset acquisitions. With a mission to drive the sector toward a low-carbon future, CoTec employs a dual approach: investing in disruptive mineral extraction technologies that enhance efficiency and sustainability while applying these technologies to undervalued mining assets to unlock their full potential. By focusing on recycling, waste mining, and scalable solutions, the Company accelerates the production of critical minerals, shortens development timelines, and reduces environmental impact. CoTec's strategic model delivers low capital requirements, rapid revenue generation, and high barriers to entry, positioning it as a leading mid-tier disruptor in the commodities sector. For more information, please visit About Mkango Resources Ltd. Mkango is listed on the AIM and the TSX-V. Mkango's corporate strategy is to become a market leader in the production of recycled rare earth magnets, alloys and oxides, through its interest in Maginito Limited ('Maginito'), which is owned 79.4 per cent by Mkango and 20.6 per cent by CoTec, and to develop new sustainable sources of neodymium, praseodymium, dysprosium and terbium to supply accelerating demand from electric vehicles, wind turbines and other clean energy technologies. Maginito holds a 100 per cent interest in HyProMag and a 90 per cent direct and indirect interest (assuming conversion of Maginito's convertible loan) in HyProMag GmbH, focused on short loop rare earth magnet recycling in the UK and Germany, respectively, and a 100 per cent interest in Mkango Rare Earths UK Ltd ('Mkango UK'), focused on long loop rare earth magnet recycling in the UK via a chemical route. Maginito and CoTec are also rolling out HPMS recycling technology into the United States via the 50/50 owned HyProMag USA LLC joint venture company. Mkango also owns the advanced stage Songwe Hill rare earths project in Malawi and the Pulawy rare earths separation project in Poland. The Pulawy rare earths separation project has been selected as a Strategic Project under the European Union Critical Raw Materials Act. Mkango has signed a letter of Intent with Crown PropTech Acquisitions to list the Songwe Hill and Pulawy rare earths projects on NASDAQ via a SPAC Merger. For more information, please visit Market Abuse Regulation (MAR) Disclosure The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ('MAR'), which has been incorporated into UK law by the European Union (Withdrawal) Act 2018. Upon the publication of this announcement via Regulatory Information Service, this inside information is now considered to be in the public domain. Cautionary Note Regarding Forward-Looking Statements This news release contains forward-looking statements (within the meaning of that term under applicable securities laws) with respect to Mkango and CoTec. Generally, forward looking statements can be identified by the use of words such as 'plans', 'expects' or 'is expected to', 'scheduled', 'estimates' 'intends', 'anticipates', 'believes', or variations of such words and phrases, or statements that certain actions, events or results 'can', 'may', 'could', 'would', 'should', 'might' or 'will', occur or be achieved, or the negative connotations thereof. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause actual performance and results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. Such factors and risks include, without limiting the foregoing, the availability of (or delays in obtaining) financing to develop Songwe Hill, the Recycling Plants being developed by Maginito in the UK, Germany and the United States (the 'Maginito Recycling Plants'), governmental action and other market effects on global demand and pricing for the metals and associated downstream products for which Mkango is exploring, researching and developing, geological, technical and regulatory matters relating to the development of Songwe Hill, the ability to scale the HPMS and chemical recycling technologies to commercial scale, competitors having greater financial capability and effective competing technologies in the recycling and separation business of Maginito and Mkango, availability of scrap supplies for Maginito's recycling activities, government regulation (including the impact of environmental and other regulations) on and the economics in relation to recycling and the development of the Maginito Recycling Plants, and the Pulawy separation plant and future investments in the United States pursuant to the proposed cooperation agreement between Maginito and CoTec, the outcome and timing of the completion of the Feasibility Studies, cost overruns, complexities in building and operating the plants, and the positive results of Feasibility Studies on the various proposed aspects of Mkango's, Maginito's and CoTec's activities. The forward-looking statements contained in this press release are made as of the date of this news release. Except as required by law, the Company and CoTec disclaim any intention and assume no obligation to update or revise any forward-looking statements, whether because of new information, future events or otherwise, except as required by applicable law. Additionally, the Company and CoTec undertake no obligation to comment on the expectations of, or statements made by, third parties in respect of the matters discussed above. For further information on CoTec, please contract: CoTec Holdings Corp. Braam Jonker Chief Financial Officer [email protected] +1 604 992-5600 For further information on Mkango, please contact: The TSX Venture Exchange has neither approved nor disapproved the contents of this press release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This press release does not constitute an offer to sell or a solicitation of an offer to buy any equity or other securities of the Company in the United States. The securities of the Company will not be registered under the United States Securities Act of 1933, as amended (the 'U.S. Securities Act') and may not be offered or sold within the United States to, or for the account or benefit of, U.S. persons except in certain transactions exempt from the registration requirements of the U.S. Securities Act. [i] [ii] Federal Register: 88 FR 9430, Pages 9430-9475 (46 pages). Department of Commerce, Bureau of Industry and Security: 'The Effect of Imports of Neodymium-Iron-Boron (NdFeB) Permanent Magnets on the National Security.' [iii] [iv] [v] Conventional leach, extraction purification and precipitation process [vi] This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit SOURCE: Mkango Resources Ltd. press release
