RE: Rns out-Grant14 Apr 2026 07:02
HYPROMAG AND MKANGO RARE EARTHS UK TO COLLABORATE IN MAJOR NEW GRANT FUNDED PROJECT TO DEVELOP RECYCLED MAGNETS FOR HIGH GRADE AUTOMOTIVE APPLICATIONS
London / Vancouver: April 14, 2026 - Mkango Resources Ltd. (AIM/TSX-V: MKA) ("Mkango") is pleased to announce that its subsidiaries, HyProMag Ltd ("HyProMag") and Mkango Rare Earths UK ("Mkango UK"), have been announced as a Collaborative Project winner of the DRIVE35 R&D competition, named Rare Earth Automotive Circular Technologies for the UK (the "Project" or "REACT UK"). The funding award from the UK Department for Business and Trade is facilitated via the Advanced Propulsion Centre UK ("APC") in partnership with Innovate UK.
Highlights
· The Project aims to establish and deliver a full circular UK supply chain for rare earth neodymium-iron-boron ("NdFeB") magnets used in the automotive sector.
· The consortium comprises HyProMag (as lead partner), Mkango Rare Earths UK, EMR Group Limited, Jaguar Land Rover, Less Common Metals and The University of Birmingham.
· The Project will deliver automotive magnet grades by combining different recycling methods, maximising efficiency and sustainability whilst minimising cost.
The total Project cost amounts to £6.5 million over 3 years of which £3.2 million or 49% will be funded by UK Government as part of the £4 billion DRIVE35 programme, delivered by the Department for Business and Trade in partnership with the APC and Innovate UK.
HyProMag's portion of the Project cost totals £3.2 million of which £1.5 million will be grant funded. Mkango UK's portion of the Project cost totals £2.3 million of which £1.1 million will be grant funded.
REACT UK brings together a strong UK consortium led by HyProMag to recover, recycle and remanufacture NdFeB magnets from end-of-life hybrid and electric vehicles. By combining advanced recycling routes and innovative hydrogen-based processing, the Project will deliver high performance automotive magnet grades while improving sustainability, resilience and security of supply. REACT UK is a significant step forward in supporting the UK's transition to zero emission mobility, strengthening domestic manufacturing capability, and embedding circular economy principles at scale.