Mkango Releases Q2 2025 Results
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MKANGO RESOURCES LTD.
550 Burrard Street
Suite 2900
Vancouver
BC V6C 0A3
Canada
MKANGO RELEASES Q2 2025 RESULTS
London / Vancouver: 1 September 2025 - 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 (“MD&A”) for the 3-month period ending 30 June 2025. The reports are available under the
Company's profile on SEDARplus ( www.sedarplus.com) and on the Company's website
(https://mkango.ca/investors/financials/).
To view the Financial Statements, please click here
https://mkango.ca/site/assets/files/5076/mkango_resources_limited_-_financial_statements_-_q2_fy2025_-
_final.pdf
To view the Management Discussion and Analysis, please click here:
https://mkango.ca/site/assets/files/5077/mkango_resources_limited_-_mda_-_q2_fy2025_-
_29_august_2025_-_final.pdf
HIGHLIGHTS AND RECENT MILESTONES
Cash position of US$1.2 million as at 30 June 2025. After the exercise of 8,340,000 investor warrants
since the start of the quarter, there are 16.6 million in-the-money investor warrants outstanding at 7
pence exercise price per warrant.
To date, 905 kilograms of recycled Neodymium Iron Boron (“NdFeB”) alloy powder has been produced
at Tyseley Energy Park and is being prepared for shipment. The operation is currently progressing
towards production of finished sintered NdFeB magnets.
Development of the scaled-up rare earth magnet recycling and manufacturing plant in Germany is
progressing on track for production by the end of the year.
On 12 June 2025, HyProMag USA, LLC, a Delaware corporation (“HyProMag USA”) received a Make
More in America (“MMIA”) domestic finance letter of interest from the U.S. Export-Import (“EXIM”)
Bank for its first integrated rare earth recycling and magnet making facility in Dallas-Fort Worth, Texas.
In terms of the letter, EXIM may be able to consider potential financing of up to US$92 million of the
project’s costs with a repayment tenor of 10 years.
On 24 July 2025, HyProMag USA and global electronics recycling company, Intelligent Lifecycle
Solutions, LLC entered into a feedstock supply and pre-processing site share agreement. ILS will secure
and store NdFeB feedstock from hard disk drives and other sources for HyProMag USA at the ILS pre-
processing sites in Williston, South Carolina and Reno, Nevada in advance of the commissioning of
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HyProMag USA’s advanced stage rare earth magnet recycling and manufacturing plant to be located
in Dallas-Fort Worth, Texas.
On 3 July 2025, Lancaster Exploration BVI and Crown PropTech Acquisitions signed a Business
Combination Agreement (“BCA”) to create a geographically strategic, pure-play global rare earth
platform (expected to be renamed Mkango Rare Earths Limited (“MKAR”)). MKAR’s strategy is to
provide a mined, refined and separated supply of rare earth oxides to supply chains across North
America, Europe and Asia. The pro forma value of Mkango’s shareholding in MKAR (excluding its
existing recycling businesses) pursuant to the BCA is US$400 million prior to transaction expenses and
excluding any net proceeds from a PIPE financing and any amounts available from CPTK’s trust
account. Transaction proceeds are expected to support MKAR’s strategic growth plan, including the
development of the Songwe Hill Project and the Pulawy Project. Completion of the proposed business
combination is subject to a number of conditions, including but not limited to, the approval of a
Nasdaq listing application, approval by Mkango as shareholder of MKAR, approval by the shareholders
of CPTK, approval by the TSX Venture Exchange ("TSX-V"), and the satisfaction or waiver of other
closing conditions.
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, 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 (“Songwe”) and the Pulawy
rare earths separation project in Poland (“Pulawy”). Both the Songwe and Pulawy projects have been
selected as Strategic Projects under the European Union Critical Raw Materials Act. Mkango has signed a BCA
with CPTK to list the Songwe Hill and Pulawy rare earths projects on NASDAQ via a SPAC Merger.
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. Generally, forward looking statements can be identified by the use
of words such as “targeted”, “plans”, “expects” or “is expected to”, “scheduled”, “estimates” “intends”,
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“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, and the
various recycling plants in the UK, Germany and the US as well as the separation plant in Poland,
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 various recycling plants in the UK,
Germany and the US as well as the separation plant in Poland, 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 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 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.
For further information on Mkango, please contact:
Mkango Resources Limited
William Dawes Alexander Lemon
Chief Executive Officer President
[email protected] [email protected]
Canada: +1 403 444 5979
www.mkango.com
@MkangoResources
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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 (020) 4530 9160/77