HyProMag to Participate in Innovative Project to Develop the UK’s First Circular Supply Chain for Wind Turbine Rare Earth Magnets
HyProMag to Participate in Innovative Project to Develop the UK’s First
Circular Supply Chain for Wind Turbine Rare Earth Magnets
HIGHLIGHTS:
◾ HyProMag to participate in grant funded project with European Metal Recycling Limited (EMR), the Offshore
Renewable Energy (ORE) Catapult, Magnomatics and University of Birmingham
◾ Re-RE Wind aims to establish the UK’s first circular supply chain for rare earth magnets used in wind
turbines:
• sustainable and safe decommissioning of wind turbine nacelles;
• applications in a new custom-designed generator;
• design for recycling; and
• life cycle and technoeconomic assessment.
◾ The first generation of wind turbines are now nearing their end-of-life, and the Project aims to catalyse a
low-carbon decommissioning programme, unlocking a new domestic source of rare earths for the UK
◾ The Project further cements HyProMag’s position as the UK’s leading rare earth magnet recycler and
underpins plans for scale-up of recycling and magnet manufacturing in the UK
LONDON and VANCOUVER, British Columbia, Sept. 12, 2023 -- 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
Canada: +1 403 444 5979
www.mkango.ca
@MkangoResources
Alexander Lemon
President
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
Tavistock Communications
PR/IR Adviser
Jos Simson, Cath Drummond
UK: +44 (0) 20 7920 3150
Canada: +1 604 992-5600