Mkango releases year-end 2022 financial statements, appoints Investor Relations Adviser and issues shares to Bacchus Capital
Mkango releases year-end 2022 financial statements, appoints Investor
Relations Adviser and issues shares to Bacchus Capital
LONDON and VANCOUVER, British Columbia, May 02, 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 period ending 31 December 2022. 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 it has entered into an agreement (the “Agreement”) with Tavistock
Communications Ltd (“Tavistock”) to act as Mkango’s retained communications and investor relations adviser with immediate
effect. As consideration for the services to be provided, Tavistock will receive cash compensation in the amount of £4,250 per
month.
Tavistock is a leading corporate and financial communications consultancy based in London . Tavistock currently holds no
securities of Mkango, however, Tavistock may from time to time acquire or dispose of securities of the Company through the
market, privately or otherwise, as circumstances or market conditions warrant and in accordance with applicable securities
laws. The Agreement can be terminated with three months’ notice by either party and is subject to the approval of the TSX
Venture Exchange (“TSX-V”).
Lastly, Mkango has issued 224,317 shares (the “Shares”) to Bacchus Capital Advisors Limited (“Bacchus Capital”), an arm’s
length party to Mkango, in connection with the strategic and financial advisory services provided by Bacchus Capital to the
Company for the period from 23 January 2023 to 31 March 2023. The value of the Shares is equivalent to a monthly retainer of
US$15,000 (equivalent to C$24,000) and were issued at a deemed price per Share of C$0.2025, based on the closing price of
the common shares of Mkango on 31 March 2023. Pursuant to the agreement with Bacchus Capital, Shares are issuable to it
on a quarterly basis, based on the closing price of the shares of Mkango on the last trading day in the applicable quarter. The
issuance of the Shares to Bacchus Capital remains subject to the approval of the TSX-V.
The Shares may not be sold through the facilities of the TSX-V or, absent a prospectus exemption, otherwise to a resident of
Canada until four months and one day from the date of issue. The issuing of these shares is subject to TSX-V approval. The
Shares will rank pari passu with the existing shares and application has been made for the Shares to be admitted to trading on
AIM ("Admission"). It is expected that Admission will become effective and dealings in the Shares will commence at 8:00 am
on or around 11 May 2023. The Shares will also trade on the TSX-V. In accordance with the Disclosure Guidance and
Transparency Rules (DTR 5.6.1R) the Company hereby notifies the market that immediately following Admission, its issued
share capital will consist of 243,430,865 shares. The Company does not hold any shares in treasury. Shareholders may use
this figure as the denominator for the calculations by which they will determine if they are required to notify their interest in, or
a change to their interest in, the Company under the FCA's Disclosure and Transparency Rules.
For further information, please contact:
Mkango Resources Limited
William Dawes
Chief Executive Officer
Alexander Lemon
President
Robert Sewell
Chief Financial Officer
www.mkango.ca
@MkangoResources
Canada: +1 403 444 5979
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”) 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 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 Tysley 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 Tysley
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.