Member Info for DrantleyGicks

Bear with me while I test a few things out, just a thought and open to challenge.

Reading this grant application form, it's looking quite wide, promoting UK plc in the magnet sector. Birmingham uni are on the front front however If I recall isn't Belfast another front runner with their collaboration?

If Birmingham and Mkango win the bid, wouldn't it make sense to use Tyseley as the hub, looking wider than just our tech? Great long term relationship continues, pipeline of people, research and IPR.

If that's the case how easy is it to build a new facility "next door"? Using the Drive feasibility money to design etc. Keep the 25tpa as sales and customer collaboration product? Thinking longer term this feels like a strong sustainable solution for the company and the UK magnet ecosystem? It would be a great site, located in the right place for customers to partner and test products with different UK magnet suppliers?

I know it feels a little jam tomorrow though. However I don't think UK firms are in competition, they are being built as a united ecosystem with maybe the uni of Birmingham (tyseley) as the hub

For reference this is from the April 23rd rns:

Evaluation is underway for a phased expansion of TEP plant capacity starting next year, initially to 100-350 tpa of NdFeB alloys and magnets and subsequently to 1,000 tpa.

Successful grant funding application under the DRIVE35 Competition will assess the 1,000 tpa scale-up through a Feasibility Study with further details to be announced in due course.

In parallel, the recently announced grant funded REACT UK project targets automotive magnet grades with project partners Mkango Rare Earths UK, EMR Group, Jaguar Land Rover, Less Common Metals, and the University of Birmingham, providing a clear pathway to an expanded product suite

Anyway, just idle thoughts from the beach, haven't thought through the business and finance aspects.

I thought it was a minimum of 4 weeks with the sec if all goes smoothly? So the earliest is Monday 6th July?

I think you're right about the usa challenging that strategy. My understanding is under strict Foreign Entity of Concern (FEOC) rules, US government financiers like the DFC evaluate the entire corporate structure, meaning Blencowe cannot simply ring-fence Chinese equipment at the Gulu plant without tainting the overarching company.

Consequently, sacrificing US eligibility downstream would instantly torpedo the DFC’s Phase 2 debt facility for the Orom Cross mine, making a geographical "dual-market" compromise structurally impossible.

Cracking read this from X - https://x.com/i/status/2071131364360089766

https://www.afr.com/companies/mining/iluka-signs-220m-rare-earths-offtake-deal-with-mystery-automaker-20260623-p60971

If you can't see where this is going....

JLR/Siemens/???? 👀👀👀👀

Hi Aldebaran, still a bit of a newbie in the investing world so I don't know McNultys background very well.

Just had a read through his X posts and he's pretty clear he's heavily invested in both, sounds like leaning more into Mkango.

I think you've misread his quote "My PF has never been more heavily weighted to the stock than it is right now.". Talking about avacta. To be fair that's the same as me (I've got 5% in Avacta, the highest ever, and 95% in Mkango)😂

Not sure if I'm missing the point, but he seems balanced etc, more importantly, just one voice talking about Mkango. Probably best not to get obsessed and read carefully, then make you're own call etc

Sorted, rogue full stops in the links.

https://www.jetro.go.jp/biz/areareports/special/2026/0101/4e879f1a8cf5d683.html

https://www.mizuhobank.co.jp/corporate/industry/sangyou/pdf/1078_7en.pdf

Thanks again Floyd

Cheers @Floyd81 . Having problems opening the Japan links. All routed to 404.

Could you dig out the links again?

Cheers for the research 👍

While we're not involved in this:

https://www.mining.com/web/us-army-bases-to-host-critical-minerals-plants-in-onshoring-push/

It's an interesting direction the USA are going in. You can see how HyProMag USA would fit nicely into this strategy, help sort out some end of life classified hardware disposal and reclaim weapon-grade NdFeB alloy powder on-site.

If only Hypromag USA had some big ex military types on their board to help win future opportunities in this space 🤔

Bobos wants to keep you in the loop. Mythos is cold and the ouzo is strong.

Perhaps I'll email the team and ask them for the next AGM to take place in the local fish tavana. Ply them with booze and get Kat to lead the questioning....

Loose lips sink ships....

Still mulling over that JLR link, along with the Siemens partnership, it's quite something.

And more partnerships to come through the UK grant work? Busy time.

😂

Nothing new in this link, just confirmation from William

https://www.linkedin.com/posts/william-dawes-50881352_great-to-see-hypromag-ltd-involved-in-this-ugcPost-7475601711890530305-WRld/?utm_source=share&utm_medium=member_android&rcm=ACoAAAK4ewABWMr_t1mJXoYKsAXYFiXNndZuPnQ

Worth noting VAC are still scaling, very similar to us.

The 2,000 tpa figure is built capacity, not current output: The 2,000 tonnes per annum (tpa) metric frequently cited in the acquisition announcement refers to the physical capacity that the new Sumter, South Carolina facility is built to handle, rather than its active production rate.

Production is still scaling: Financial disclosures confirm that the Sumter facility is expected to generate $65 million to $75 million in run-rate EBITDA only once production actually reaches that 2,000 tpa capacity mark

I've been thinking and playing with how you value Mkango using the price Energy paid for VAC.

Although there is an element of wishful thinking, I've asked Bobos (aka Gemini) down by the Skopelos harbour how he could use that takeover to value a future takeover. He suggested a TPA/£ metric or EBITDA.

This is totally out of my comfort zone, but food for thought:

Evaluating a potential buyout using the raw capacity metric from the Energy Fuels/VAC transaction establishes an institutional floor of 254p per share on a fully diluted basis. However, switching to an operational EBITDA methodology drives that fully diluted target up to 287p per share, as it directly factors in the massive operating cost advantages of our short-loop recycling footprint over traditional primary production. Whichever valuation model an acquirer chooses, both metrics demonstrate that the current 43.50p market tape severely discounts the true value of the global asset pipeline.

Anyway, back to the dirty martini....

Energy Fuels Announces Definitive Agreement to Acquire VAC for $1.9 Billion Equity Value

Haven't read all this and worked out what it could read for us. However posting it now and mullimg it over this afternoon.

https://investors.energyfuels.com/2026-06-23-Energy-Fuels-Announces-Definitive-Agreement-to-Acquire-VAC-for-1-9-Billion-Equity-Value

https://x.com/i/status/2069373326699491373

Acquisition creates unique, fully integrated mine-to-magnet rare earth platform

Positions the Combined Company to Capitalize on Surging Demand for Rare Earth Magnets across North America and Europe

>$2 Billion Annual Permanent Magnet Potential Customer Pipeline Revenue Across Auto, Defense, Robotics, and Data Center Sectors

Expected to be Immediately Accretive to Energy Fuels' Cash Flow and Margin Profile

Links VAC's Established Permanent Magnet Business with Energy Fuels' Growing Rare Earth Mining, Processing and Refining Platform

Company is Pursuing Various Funding Opportunities, including Government Programs, to Complement its Growth Strategy, and Recently Announced a $725 Million Conditional Loan from U.S. Office of Strategic Capital

Forgot to mention... Analysis from Bobos (Gemini) from a Greek beach bar drinking Mythos

Looks good...

Key takeaways..

Milestone Kickoff: CoTec Holdings announced that HyProMag USA has officially commenced procurement of critical long-lead equipment—including three Hydrogen Processing of Magnet Scrap (HPMS) vessels—securing the development schedule for a targeted H2 2027 commissioning at the Texas Hub.

Project Economics: Updated engineering parameters model a 40-year operating life with a total annual payable capacity of 1,526 metric tons (1,048 tons of recycled sintered NdFeB magnets) for an initial capital cost of approximately $152 million.

Valuation & Runway: The scaled domestic platform yields an impressive post-tax NPV of up to $797 million (37.1% real IRR) based on forecast market prices, with management actively advancing feedstock/offtake commitments and preparing for a potential U.S. public listing in late 2026 or 2027

Might be worth noting that on future postings as it's AI conjecture at this point.

Fingers crossed that's the most likely outcome though!

Hi Terry,

I've heard about the headline funding package, however nothing about the detail. Where did you see the peice about UofB being the hub at Tyseley, or is that speculation at this point?

Cheers

Some weekend reading:

Here are the direct links to the independent reporting from today (June 20, 2026) that confirm the specific details of Prime Minister Sanae Takaichi's 370 trillion yen strategy, completely separate from the Reuters feed:

**1. Chosun Biz (Asian Financial Media)**

* **Headline:** Japan targets 370 trillion yen investment by 2040 to power growth sectors

* **Link:** [https://biz.chosun.com/en/en-international/2026/06/20/IQKKADSPYJHNNIWOI5EZARZW24/](https://biz.chosun.com/en/en-international/2026/06/20/IQKKADSPYJHNNIWOI5EZARZW24/)

* **Key Detail:** This is the source that explicitly confirms the inclusion of rare earths in the framework. It states that the government will promote the "activation of public-private investment in resource development such as rare earths" alongside AI, semiconductors, and nuclear fusion.

**2. The Japan News (by The Yomiuri Shimbun)**

* **Headline:** Japan Estimates 17 Strategic Fields Will Receive ¥370 Trillion in Public, Private Investments by Fiscal 2040

* **Link:** [https://japannews.yomiuri.co.jp/politics/politics-government/20260620-333833/](https://japannews.yomiuri.co.jp/politics/politics-government/20260620-333833/)

* **Key Detail:** This piece breaks down the exact investment targets across the 17 strategic fields, confirming the strategy's reliance on "bridge bonds" to cover expenses and secure funding for sectors deemed critical to economic security.

**3. Kyodo News**

* **Headline:** Kyodo News Digest: June 20, 2026

* **Link:** [https://english.kyodonews.net/articles/-/78293](https://www.google.com/search?q=https%3A%2F%2Fenglish.kyodonews.net%2Farticles%2F-%2F78293)

* **Key Detail:** Corroborates the timeline, noting that the $2.3 trillion target across 17 growth areas by fiscal 2040 will be formally presented next week.