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Continued 100% speculation, but worth keeping half an eye on....

The CoTec warrant acceleration links to the MEVO/EVOX rumour. It could a deliberate move to clean the cap table and load the treasury with CAD $20m right as U.S. SPACs like MEVO exit their quiet periods. Management is clearly willing to endure a temporary lid on the share price to flush out the derivative overhang and present a pristine, unencumbered structure to the M&A lawyers. Once this 30-day exercise window closes in mid-April, that artificial sell pressure should evaporate exactly when the downstream Nasdaq spin-out news is scheduled to hit. 🤞

Take it with a heavy optimism bias.

@velcrofajita 😂FFS

Your go.... Top 3 risks and how are they being managed....

@velcrofajita will you stop it....

I'm trying to stress test my thesis and every time the risk keeps getting mitigated!

I know there are a few regarding pipeline funding and SpAC but looking good so far.

Quick theoretical question...

If everything goes perfectly and Hypromag have a massive pull to expand the USA, EU, Japan etc builds, are there any constraints to roll out speed?

Construction of parts?

People skills?

Feedstock (ahead of long loop recycling)?

Finance (through grants etc)?

Where could the bottlenecks sit? On the surface they all look ok, the only one I don't understand is the supply chain of parts and manufacture of the kit. Welcome any insight.

Give them the edge in the EU. Roll on the German plant and then further modular roll out down the line

Yep, definitely seems a good opportunity on both fronts.

It shows the HPMS lower running costs could

Saw two critical links on X today that looks like good news to the Mkango/HyProMag thesis.

First, Reuters reports GKN Powder Metallurgy is abandoning its European rare-earth magnet factory because standard manufacturing can't survive Chinese margin pressure—an opportunity for our lower running cost tech

Nikkei Asia - Japan’s Environment Ministry is deploying a $38.8M subsidy in 2026 for rare-earth recycling infrastructure. An opportunity for Envipro JV partners?.

Reuters (GKN): https://www.reuters.com/sustainability/climate-energy/gkn-cancels-plans-magnet-factory-setback-europes-rare-earth-aims-2026-02-27/

Nikkei (Japan): https://asia.nikkei.com/spotlight/supply-chain/japan-to-subsidize-rare-earth-recycling-push-reducing-reliance-on-china

@Imbtfol

Yes, If held for longer than 2 years.

Because Mkango (MKA) is an AIM-listed stock, it qualifies for Business Relief provided you have held the specific shares for at least two years.

Currently, qualifying AIM shares enjoy 100% relief, meaning an effective 0% IHT rate. However, under the new rules taking effect on April 6, 2026, that relief is halved to 50%, resulting in an effective 20% Inheritance Tax rate on your MKA holding from April 2026 onwards.

Thanks @velcrofajita that seems like a better balance!!!!!

Thanks esduk. Kind of reassuring as I'm in a deeper *cough all in* to balance dull boring brick investments.

I'm also thinking quite long term with exit points much further ahead.

What scares me is every time I refresh my mka portfolio value against time, milestones and variables I'm getting some huge numbers coming out over the next 5 years

I keep readjusting down but it's getting harder to add some rationale for the reduction. From my down the pub modelling with Bob it feels like a binary risk regarded this upcoming funding and listing...then blimey it makes my eyes water.

Note to all - this is posted after a Guinness and some fizzy stuff so ignore

Apologies for the personal question....

What % of your investment portfolio is in MKA? I do feel highly exposed on a high conviction play! Just interested from seasoned investors on a sensible % exposure.

Thanks @rumpelstielzchen and @velcrofajita

Lots to look at and get my head around regarding the Polish Connection 👍

Quick follow up for people to test, research and throw stones at...

The address is a red herring, it's just a PO Box for companies to satisfy SEC domestic registration rules for their Cayman Island shell companies. The Evolution team is actually based in Sydney and New York.

More interesting thread to pull is the investment bank holding this all together: Cohen & Company Capital Markets.

Mkango hired Cohen & Company as their lead financial advisor to execute the MKAR/CPTK Nasdaq spin-out.

Cohen & Company is the exact same investment bank that just underwrote the MEVO and EVOX IPOs, raising half a billion dollars for those specific SPAC trusts.

We have the same investment bank sitting on both sides of the table. They are advising Mkango on how to list HyProMag USA, while holding the $300m MEVO checkbook looking for a U.S. critical minerals target.

Add to this the executives running these SPACs. Ashley Zumwalt-Forbes (MEVO COO) was a key advisor on Metals Acquisition Corp (MTAL), which successfully executed a $1.1 billion critical minerals SPAC for the CSA copper mine. Arthur Chen (MEVO CFO) did the exact same thing for The Metals Company (TMC) in a $2.5 billion deep-sea mining SPAC. Erez Ichilov sits on the board of both CoTec and MEVO.

Over to someone else to test this in the real world.

While this is wild speculation...it's still a long shot worth looking into. Kind of fits the hypromag listing timelines.

Here's a summary from my mate Bob (aka Gemini) from down the pub this evening. Take it with a pinch of salt....

Following up on the U.S. listing timeline from the recent CoTec/HyProMag USA presentation (targeting late 2026/early 2027), I decided to dig into the EVOX / MEVO SPACs mentioned recently. If Julian Treger wants to hit that target, the vehicle needs to be parked in the driveway already. It looks like it is.

Here are the hard facts pulled directly from the SEC filings:

The Inside Man (The Director Link): Erez Ichilov was appointed to the CoTec Board of Directors in January 2024. He concurrently sits as an Independent Director on the boards of both EVOX (Evolution Global Acquisition Corp) and MEVO (M Evo Global Acquisition Corp II).

The Texas Address: HyProMag USA is building its flagship heavy industrial hub in Fort Worth/Northlake, Texas. Both EVOX and MEVO are headquartered in Farmers Branch, Texas—literally a 30-minute drive down the highway.

The Mandate: In their official SEC prospectuses, both SPACs explicitly state they are hunting for "businesses in the critical minerals sector that are fundamental to U.S. economic and national security interests." That is the exact HyProMag USA pitch verbatim.

The Funding: EVOX IPO'd in Nov 2025 raising $210 million. MEVO just IPO'd a few weeks ago (Feb 2026) raising an upsized $270 million (pushing $300m with over-allotments). That is half a billion dollars sitting in Texas trust accounts.

To hit a late '26 / early '27 Nasdaq listing, a formal Letter of Intent (LOI) with a SPAC needs to be announced by mid-2026 to allow the SEC clock to run its course. With Ichilov sitting on both sides of the table, typical SPAC diligence delays are effectively eliminated. The money is already raised, it is sitting in Texas, and it is looking for exactly what Mkango/CoTec are building

Thanks @esduk , I'd welcome any input from velcro as I think the processing bottleneck issue will only grow over time so is a huge opportunity.

In the meantime I'll do some quiet research into the deep dark corners of polish accounting and permits.....

The one area I'm still struggling to get my head around is the Pulawy Processing unit.

Are there boots on the ground? Just a leasehold agreement? Planning?

What are the terms of the partnership with Grupa Azoty? Are they financially struggling - talk of breaking up the wider company due to issues.

Assume we take into their chemical supply chain?

Not doubting anything, I just have a knowledge gap. Thoughts and info would be appreciated?

If you're sad enough to be reading academic research grants late on a Wednesday night you might stumble on this. Nothing radical, just interesting...

UK Gov research grant - £35m AI/Robotics hub (RESCu-M2). Its main goal is using robotics to automatically cut open EV motors to extract magnets—the biggest bottleneck in the recycling sector right now.

Prof Allan Walton (HyProMag founder) is one of the leads, and Mkango/Tyseley are official partners. But the real takeaway is the rest of the partner list. It's basically a pre-built supply chain sitting at the exact same table:

Scrap/Feedstock Giants: EMR, Environcom, and SCC (massive IT disposal).

Robotics: Kuka, Inovo.

Heavyweight End-Users: Airbus, Siemens Healthineers, and ZF Automotive.

It’s just an R&D grant, but it effectively means the UK gov is footing the bill to solve the robotic dismantling process alongside some of Europe's biggest players.

Link here if anyone wants a browse: https://gtr.ukri.org/projects?ref=EP%2FZ532873%2F1

My mate Bob from down the pub (aka Gemini) said:

Estimated Approval Window: Mid-April to Mid-May 2026.

The Math: The SEC typically takes 30 calendar days to return the first round of comments on a draft F-4 (which puts the first response around mid-March, based on the Feb 13 submission). It usually takes 1 to 2 rounds of amended filings (F-4/A) to clear those comments, adding another 30 to 60 days.

FLAG: ASSUMPTION. This 60- to 90-day total timeline is the historical average. It assumes Mkango and CPTK resolve the SEC's accounting and disclosure comments at a standard pace without severe regulatory delays

For everyone complaining about the lack of PR from Mkango/CPTK right now, you need to understand U.S. federal securities law. The silence isn't them ignoring shareholders; it is a legally mandated SEC blackout.

The F-4 is Confidential: They filed the Form F-4 confidentially on Feb 13. Under SEC rules, you cannot simultaneously run a public PR hype campaign while asking the SEC for a private, confidential review of your financials. If Mkango releases operational PR right now, they risk a "Gun-Jumping" violation under Section 5 of the Securities Act. The SEC will halt the review and kill the deal timeline. (Source: https://www.investor.gov/introduction-investing/investing-basics/glossary/quiet-period)

The 2024 SPAC Rules: In 2024, the SEC changed the laws and removed the "safe harbor" protection for SPAC projections. If Mkango execs start tweeting updates or doing interviews that don't match the unapproved F-4 currently sitting on an SEC examiner's desk, they expose themselves to massive federal liability and shareholder lawsuits. (Source: https://www.sec.gov/newsroom/press-releases/2024-8)

They literally hired Montfort PR on a strict 3-month contract. They are building the PR war chest in silence. The PR blitz cannot legally start until the SEC approves the S-4 proxy and makes it public. Until then, silence is the only legal option

If you're sad enough to Google German regional council filings .... Progress is taking place in Germany.

On January 13, 2026, Pforzheim municipal records confirmed that HyProMag Germany's commercial recycling facility is officially exempt from a full Environmental Impact Assessment. This regulatory clearance legally permits the plant to stockpile up to 500 tonnes of scrap material on-site. Simultaneously, XING network data reveals the company has already hired a heavy industrial workforce to run the facility, including a Chief Production Officer, CNC machinists, and a Head of Sales.