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Certainly seems that way. The same thing happened when it was marked down to 8p in q3 last year.
The reversal was rapid
Looks like someone is being let back in here - I'm not surprised at sub £20m mcap ...
Recent drop makes no sense even with a raise. Down 40% since this news....
https://www.proactiveinvestors.co.uk/companies/news/1035895/mkango-resources-lifted-11-by-recycled-magnet-milestone-1035895.html?rel=scroll
I suspect a lot of impatient holders and traders to blame.
Personally will be buying throughout 24 as funds allow.
Nice summation thanks GLR - it's like we are in a parallel universe - when you look at the golden irons in the fire compared to SP. I am, crazily, taking comfort from the board's silence - why panic react/comment to short term price movement (although f severe) when they know they are holding the aces which long term will come through and dwarf the current fluctuations.
Quite the sell off YTD, could be one of three things
- Placing (forward sold)
- Large seller had enough, taking us down a few pence before buyers get attracted
- Both
The buying today between 7-8p suggests to me if there is a placing, it wont be much lower than where we are currently positioned. As MKA is pre revenue, it's clear we will need to raise funds before we start making revs/profits from the recycling plants, as much as 20tp/a could bring in even at todays supressed NdPr pricing (although healthy relative to 2019) around $60K a tonne (So about $1.2m at current production) it wont be enough as of yet to get us through to Q3/Q4 2024, and that's if we just want to plod along, id rather we keep raising as long as its for projects that can add significant future value
If we do raise, it would be the method of the raise and the participants that would be key. I know its tough right now for anyone, and WD did add £100K at 12.9p so I suspect he may struggle this time around to add another 6 figure amount (I am not aware of his finances and don't care) DL added £700K at one stage, a huge endorsement for the company (24-27p) so we do have directors who can fund the day to day operations (Upon checking the Malawi delays, it doesn't appear to be that costly outside of obvious delayed future revenues, by my calcs it was around £250K per Q give or take when you strip out General Expenses / Admin)
So if we are to raise, bring it on. I trust the BoD to find and create more value. In the last year alone, they have bought 100% of the prized asset HyProMag, they've raised funds to deploy our technology in Germany, allowed us to take part and fund partially a crucial wind turbine project and more importantly, successfully begun commercial production in Birmingham (Proven the Tech) - they've also established a solid relationship with Cotec who you can be sure will hit the ground running with this in the US (they've already paid for equipment out of their own pockets)
The market has been extremely difficult, our basket price for Songwe has reduced considerably and the territory is dire (used to be good but not anymore) with inflation raging at 30% and international banks debating whether or not they should have any exposure there. hence raising money for both the company and our asset in this market is difficult.
Of course, post revenue a company may still want to raise with share capital, lets say we do scale up to 100t/pa by H1/Q3 2024, then that $1.2m becomes $6m per annum - large institutions may want a slice of the action and put double digit investments into MKA (Or more likely, its subsidiary Maginito) skyrocketing the valuation of the company and its technology
In summary, did Mkango have a good year outside of its share price? Mkango had an absolutely fantastic year in 2023 and there's no reason to believe it wont continue that progress in 2024. Bargain!
Happy to have topped up at 7.1666 earlier. With any luck that was the bottom after the 23k buy later on
Spread is now 7.3 to sell 8p to buy. Something is afoot
A £10m govt loan would certainly put the cat amongst the pigeons.
They know something -
https://www.nortonrosefulbright.com/en/knowledge/publications/b01d19d5/eu-scales-up-green-subsidies-how-you-can-benefit-from-new-support-for-clean-investments
Well someone's done alright for themselves with 300k over the ask @ 7.8p.
Sorry...meant if they got it wrong!
A lot of these speculators are often wrong...they know an RNS is coming and assume its a placing...
be well funny if true
80% below the CEO's £100k @ 12.9p.
Something's about to drop methinks.
Indeed it does - on a different screen - must be a bug.
Showing 77% for me
IG are 100% long right now.
If you look on IG, the short positions have increased quite a lot. This is probably part of the reason for the drop.
Good bit of news to nuke them would be nice
Well, what a day
Sorry for the confusion. It caught me out. lol
15 mill market cap. Lottery win and its all mine :-)
More than 40% drop in slightly more than a month. That is a heck of a roller coaster.
It did sound a tad odd lol
FYI this is CoTec listed in Canada https://www.cotec.ca/
Erm...wrong Cotec..that's the Cranfield Ordnance Test &Evaluation Centre...part of Cranfield Defence and Security, which works with the MoD for a wide range of Defence Engineering and Scientific courses
Of course, not without MDA but hypromag and processing at pulwy are all part of the master plan. The mining sector is bottoming out. Great time for savvy investors. We will always need commodities such as these