Mkango releases Q1 2023 financial statements and awards share options and RSUs
Mkango releases Q1 2023 financial statements and awards share options and
RSUs
LONDON and VANCOUVER, British Columbia, May 30, 2023 -- Mkango Resources Ltd (AIM / TSX-V:MKA) (the “Company” or
“Mkango”), is pleased to announce that it has released the Financial Statements and Management's Discussion and Analysis
for the 3-month period ending 31 March 2023. The reports are available under the Company's profile on SEDAR
(www.sedar.com) and on the Company's website (https://mkango.ca/investors/financials/ ).
Furthermore, the Company announces that, subject to regulatory approval, Mkango has granted 3,350,000 stock options over
3,350,000 common shares of the Company (“Options”) to directors, officers, employees and consultants of the Company in
accordance with the Company’s existing Option Plans.
The Options have an exercise price of $0.2025 CDN per common share, being the same price at the equity placing announced
on 13 February 2023. The options will vest over the next two years and are valid for a period of ten years from the date of the
grant. Furthermore, certain options will, subject to certain exceptions, only vest if the Company has finalized the Mining
Development Agreement (“MDA”) in Malawi and secured the mining license for the Songwe Hill rare earths project.
1,775,000 of these Options are granted to the following directors and officers in accordance with the Company’s stock Option
Plans.
Details of the Options being issued to Directors and PDMRs are set out below:
Name of director/officer Proposed New Options Total Options held Special Vesting Conditions
Derek Linfield
Chairman
250,000 3,410,000 Finalised MDA and secured Mining License
Alexander Lemon
President
287,500 6,547,500 Finalised MDA and secured Mining License
William Dawes
Chief Executive Officer
287,500 6,547,500 Finalised MDA and secured Mining License
Shaun Treacy
Non-Executive Director
175,000 1,370,000 Finalised MDA and secured Mining License
Susan Muir
Non-Executive Director
175,000 1,370,000 Finalised MDA and secured Mining License
Philipa Varris
Non-Executive Director
400,000 400,000 No special vesting conditions
Robert Sewell
Chief Financial Officer
375,000 725,000 Finalised MDA and secured Mining License
The Company has also issued 575,000 Restricted Share Units (“RSU”) to Will Dawes and Alexander Lemon (287,500
Restricted Share Units each). Each RSU is exchangeable, on vesting, for 1 common share of the Company. In addition to
the normal vesting condition contained in the RSU Plan, these RSUs will not vest, until the MDA is finalised and the Mining
License is secured.
Following this grant of Options and RSUs, the total number of ordinary shares under option is 24,125,000, representing 9.9 per
cent of the Company’s total issued share capital.
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.
For further information, please contact:
Mkango Resources Limited Canada: +1 403 444 5979
William Dawes
Chief Executive Officer
Alexander Lemon
President
Robert Sewell
Chief Financial Officer
www.mkango.ca
@MkangoResources
Tavistock
PR and IR Adviser
Jos Simson, Cath Drummond
UK: +44 (0) 20 7920 3150
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
About Mkango
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 Market of the London Stock Exchange (“AIM”) and the Toronto Venture
Exchange (“TSX-V”).
Mkango is developing its Songwe Hill rare earths project (“Songwe Hill”) in Malawi with a 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 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.
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
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. 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, , governmental action and other market effects on global demand and pricing for the metals Mkango is exploring and
developing, and geological, technical and regulatory matters relating to the development of Songwe Hill, 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 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
undertakes 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.
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL
RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM
1. Details of the person discharging managerial responsibilities/person closely associated
a) Name: 1) Derek Linfield
2) Alexander Lemon
3) William Dawes
4) Shaun Treacy
5) Susan Muir
6) Philipa Varris
7) Robert Sewell
2. Reason for the notification
a) Position/status: 8) Chairman
9) President
10) Chief Executive Officer
11) Non-Executive Director
12) Non-Executive Director
13) Non-Executive Director
14) Chief Financial Officer
b) Initial notification/Amendment: Initial notification
3. Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction
monitor
a) Name: Mkango Resources Limited
b) LEI: 213800RPILRWRUYNTS85
4. Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of
transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)
Description of the financial
instrument, type of instrument: Common shares of nil pence each
Identification code:
CA60686A4090
b) Nature of the transaction: Issue of options exercisable for Common Shares with no par value
c) Price(s) and volume(s): Price(s) Volume(s)
1) C$0.2025 250,000
2) C$0.2025 287,500
3) C$0.2025 287,500
4) C$0.2025 175,000
5) C$0.2025 175,000
6) C$0.2025 400,000
7) C$0.2025 375,000
Aggregated information: 1,950,000
Aggregated volume:
Price: Price(s) Volume(s)
1)-7) C$0.2025 1,950,000
e) Date of the transaction: 30-May-23
f) Place of the transaction: Outside a trading venue
1. Details of the person discharging managerial responsibilities/person closely associated
a) Name: 1) William Dawes
2) Alexander Lemon
2. Reason for the notification
a) Position/status: 1) Chief Executive Officer
2) President
b) Initial notification/Amendment: Initial notification
3. Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction
monitor
a) Name: Mkango Resources Limited
b) LEI: 213800RPILRWRUYNTS85
4. Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of
transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)
Description of the financial
instrument, type of instrument: Restricted Share Units exchangeable for common shares with no par value
Identification code:
CA60686A4090
b) Nature of the transaction: Issue
c) Price(s) and volume(s): Price(s) Volume(s)
1) C$0.2025 287,500
2) C$0.2025 287,500
Aggregated information: 575,000
Aggregated volume:
Price: Price(s) Volume(s)
1)-2) C$0.2025 575,000
e) Date of the transaction: 30-May-23
f) Place of the transaction: Outside a trading venue