Mkango Resources Ltd. (AIM/TSX-V: MKA) (the “Company” or “Mkango”)
is pleased to announce that HyProMag Limited (“HyProMag”) is
collaborating with EMR, the Offshore Renewable Energy (ORE)
Catapult, Magnomatics and University of Birmingham in a £1.5
million project, Re-RE Wind (“Re-RE Wind” or the “Project”), of
which £1.0 million or 67% will be funded by Innovate UK’s circular
critical materials supply chains (CLIMATES) programme. The budget
for HyProMag’s portion of the Project is circa £350,000 of which
70% will be funded by the grant. The grant is subject to signature
of a collaboration agreement between the parties.
William Dawes, Chief Executive of
Mkango, stated: “This Project further cements Mkango’s and
HyProMag’s early mover advantage in the rare earth magnet recycling
sector, highlighting its competitive position and strong network of
leading industry and academic partners. We look forward to
continuing to support HyProMag as it scales up HPMS (Hydrogen
Processing of Magnet Scrap) and rolls-out the technology
internationally.”
Nick Mann, Operations General Manager of
HyProMag, stated: “We are very excited about this
innovative project and the opportunity to further develop the UK
supply chain for rare earth magnet recycling with the support of
Innovate UK and an excellent consortium of project partners.
“Re-RE Wind will address the hurdles for
recycling of permanent magnets from wind turbines, effectively
unlocking a new domestic source of rare earths. It further
underpins the scale-up of HyProMag’s operations in the UK, whilst
complementing other Innovate UK supported projects focused on
different scrap streams, such as electronic waste and electric
vehicle motors, in which HyProMag is participating.”
In August this year, Mkango’s 90% owned
subsidiary, Maginito Limited (“Maginito”), completed the
acquisition of HyProMag (www.hypromag.com), which is
commercialising rare earth magnet recycling in the UK, Germany (via
HyProMag GmbH), United States (in partnership with CoTec Holdings)
and other jurisdictions.
HyProMag’s HPMS technology, is a homegrown,
innovative technology developed at the University of Birmingham,
and has major competitive advantages versus other rare 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 the solution.
HyProMag’s company presentation can be viewed via the following
link: HyProMag-Corporate-Introduction-28-July-2023.pdf
About Mkango
Resources Ltd.
Mkango's corporate strategy is to develop new
sustainable primary and secondary sources of neodymium,
praseodymium, dysprosium and terbium to supply accelerating demand
from electric vehicles, wind turbines and other clean technologies.
This integrated Mine, Refine, Recycle strategy differentiates
Mkango from its peers, uniquely positioning the Company in the rare
earths sector. Mkango is listed on the AIM and the TSX-V.
Mkango is developing its flagship Songwe Hill
rare earths project (“Songwe”) in Malawi with a Definitive
Feasibility Study completed in July 2022 and an Environmental,
Social and Health Impact Assessment approved by the Government of
Malawi in January 2023. Malawi is known as "The Warm Heart of
Africa", a stable democracy with existing road, rail and power
infrastructure, and new infrastructure developments underway.
In parallel, Mkango and Grupa Azoty PULAWY,
Poland's leading chemical company and the second
largest manufacturer of nitrogen and compound fertilizers in
the European Union, have agreed to work together towards
development of a rare earth separation plant at Pulawy in Poland
(the “Pulawy Separation Plant”). The Pulawy Separation Plant will
process the purified mixed rare earth carbonate produced at Songwe
Hill.
Through its 90% ownership of Maginito
(www.maginito.com), Mkango is also developing green technology
opportunities in the rare earths supply chain, encompassing
neodymium (NdFeB) magnet recycling as well as innovative rare earth
alloy, magnet, and separation technologies.
Following the recent acquisition of HyProMag,
Maginito holds a 100% interest in HyProMag focused on short loop
rare earth magnet recycling in the UK, a 90% direct and indirect
interest (assuming conversion of Maginito’s convertible loan) in
HyProMag GmbH, a company focused on short loop rare earth magnet
recycling in Germany, and a 100% interest in Mkango Rare Earths UK
Ltd (“Mkango UK”), a company focused on long loop rare earth magnet
recycling in the UK via a chemical route.
A new US subsidiary, to be jointly owned by
Maginito and CoTec, will be formed to develop rare earth recycling
opportunities in the United States.
Mkango also has an extensive exploration
portfolio in Malawi, including the Mchinji rutile exploration
project, the Thambani uranium-tantalum-niobium-zircon project and
Chimimbe nickel-cobalt project.
For more information, please
visit www.mkango.ca
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 Tyseley
Recycling Plant, the HyProMag GmbH Recycling Plant, the Mkango UK
Pilot Plant, the Pulawy Separation Plant, 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
Tyseley Recycling Plant, the HyProMag GmbH Recycling Plant, the
Mkango UK Pilot Plant, 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 news 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 as a result 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.
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.
For further information on Mkango, please contact:
Mkango Resources Limited
William Dawes
Chief Executive Officer
will@mkango.ca
Canada: +1 403 444 5979
www.mkango.ca
@MkangoResources
Alexander Lemon
President
alex@mkango.ca
SP Angel Corporate Finance LLP
Nominated Adviser and Joint Broker
Jeff Keating, Kasia Brzozowska
UK: +44 20 3470 0470
Alternative Resource Capital
Joint Broker
Alex Wood, Keith Dowsing
UK: +44 20 7186 9004/5
Bacchus Capital Advisers
Financial Adviser
Richard Allan
UK: +44 203 848 1642
UK: +44 7857 857 287
richard.allan@bacchuscapital.co.uk
Tavistock Communications
PR/IR Adviser
Jos Simson, Cath Drummond
UK: +44 (0) 20 7920 3150
mkango@tavistock.co.uk
Canada: +1 604 992-5600
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