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I'm still muttering nonsense and reading Sec documents to kill time while EastEnders is on the TV... Feel free to scroll by.

I was struck to see that MEVOU that listed on Friday have appointed some of the cotec board.

With Silver and Ichilov confirmed on the MEVO board and a fresh $270m war chest banked today, is there a HyProMag connection?

Does this suggest some kind of merger announcement dropping this week?

Or just rampant speculation as someone shouts "get out my pub"

MEVO files it 8a for NASDAQ listing today.

Some strong overlap with COTEC, one to watch over the next week or so 🤔

https://www.sec.gov/Archives/edgar/data/2087361/000121390026009245/ea0274538-8a12b_mevo2.htm

Just for those who like rampant speculation and turning stones.

How will the corporate structure look post-listing?

Web of 5 distinct tickers involving the same few directors.

Does anyone understand the "Evolution" team links?

CPTK (Crown PropTech): agreement with Mkango (July 2025) becomes $MKAR holding Songwe & Pulawy.

EVOX (Evolution Global Acquisition Corp): Live & Trading (IPO Nov 2025). Sitting on ~$210m cash. Target: "Critical Minerals".

MEVO (M Evo Global Acquisition Corp II): S-1/A Filed (Jan 26, 2026). IPO Imminent. Raising ~$225m. Target: "Critical Minerals / National Security".

The Links:

Erez Ichilov: Director at CoTec, a Director at EVOX & a Director at MEVO.

Ashley Zumwalt-Forbes: Ex-DoE/Critical Minerals policy expert. Board of both EVOX and MEVO.

The Working Theory (Am I missing anything?):

Mkar - Songwe Hill & Pulawy go into CPTK to form $MKAR. ~$400m.

MEVO? HyProMag USA gets spun out into MEVO? This matches the $225m vehicle size and the "National Security" mandate.

EVOX What is this for? Is it for CoTec itself? Or MagIron?

Does anyone have info on the MEVO IPO date? And has anyone confirmed if Maginito (the IP holder) stays in MKA or moves to the US? What happens to the remaining MKA assets?

More focus from the US.

"Effective immediately, CMEI will be divided into three pillars, each of which will be led by a corresponding Deputy Assistant Secretary.

The Office of Critical Minerals, Materials, and Manufacturing will accelerate mining activities, diversify supply chains for critical minerals and metals, expand battery and magnet research, stimulate innovation in processing and metallurgy, and facilitate the recycling of black mass, battery materials, and other critical minerals"

https://www.energy.gov/cmei/articles/energy-department-announces-realignment-critical-minerals-and-energy-innovation#:~:text=New%20organizational%20structure%20for%20the,challenges%20of%20the%2021st%20century.

However I'm now doubting myself as doesn't that sit outside the proposed MKAR offer?

It's late, it's Tuesday, I've had a beer...so someone else fact check!

Obviously not speaking for Biffa...

I assumed it came from the HyProMag USA Expansion Concept Study (released Jan 12, 2026).

​The study confirmed a Post-Tax NPV of $1.14bn (current prices) to $2.18bn (forecast prices) for the 3-state rollout.

​

​Mkango owns ~40% of HyProMag USA (via its 79.4% stake in Maginito).

​40% of the $1.14bn Base Case = $456m.

​40% of the $2.18bn Forecast Case = $872m.

​The "£600m" figure Biffa quoted sits right in the middle of that range.

Sorry typo ~40% exposure

Thanks esduk. Good to hear your thoughts.

Not so much diversifying, just making sure I get exposure to the hypromag USA expansion and opportunities. Can't quite do the maths ...do Mkango get ~20% of this or have I miscalculated the ownership structure through magnito wrong?

Is there a sound reason to invest my next month's meagre lump into Cotec instead of Mkango?

Looking for a purely logic point of view, does it give a bigger exposure to the more valuable segment of the market etc?

Has anyone done the maths?

Obviously massive variables with cotecs other investments and they don't have the mine and Poland share (I think)? But a good stake in other ventures (is it 20%)?

Probably just faffing over detail!

I particularly liked this line in that is stockpiling article -

Priority would be given to recycled materials.

Lots of demand and opportunities out there!

Good to see JLR at the launch yesterday.

Rare earths magnets: How realistic are India's its ambitions? - BBC News https://share.google/yLd32rBwgASPCFvX2

Adamas Intelligence forecasts that the global market for magnet rare earth oxides will increase seven-fold by 2040, driven by massive structural deficits in supply as demand from AI data centers, robotics, and EVs outstrips production.

For Mkango, this confirms that their transition into a commercial recycler is perfectly timed to capture this value, as their newly launched Tyseley plant and multi-billion dollar U.S. expansion are now the primary "short-loop" solutions to this global supply crisis.

https://www.adamasintel.com/global-market-for-magnet-rare-earth-oxides-to-increase-7-fold-by-2040/

Things might be hotting up..

The Price Floor:

"In negotiating, the Administration will, working with our allies, promote the adoption of price floors for trade in PCMDPs [Processed Critical Minerals and Derivative Products]."

The National Security Trigger:

"The Secretary found that... rare earth permanent magnets — a derivative product of processed critical minerals — are used in and vital to nearly all electronics and vehicles... and threaten to impair the national security of the United States."

The Downstream Strategy:

"Mining alone doesn't ensure supply control—processing, refining, and downstream manufacturing [magnets] are the real choke points... the United States largely does not control them."

https://www.whitehouse.gov/presidential-actions/2026/01/adjusting-imports-of-processed-critical-minerals-and-their-derivative-products-into-the-united-states/

Can we kick esduk off the forum for using the A word....

A very "attractive" proposal!

😂😂 best post in a while

Did I read somewhere that the produce is being tested through the SCREAM project ( JLR and GKN Automotive) targeting the EV market?

However I'll buy another single share if they start producing "I ❤️ Slough Bus Station " magnets.

Cheers, look forward to seeing another perspective. Here's my ramble for you to red team ....

#MKA

Buying a London "Penny Stock" at a US "Tech" Multiple

THE CORE THESIS:

Mkango is a mispriced UK developer transforming into a US-listed Strategic Asset. The market is ignoring MKA’s ~75% ownership of the upcoming NASDAQ spin-out ($MKAR), creating a massive valuation gap between a decaying LSE and a hungry New York.

De-Risked Funding (The "Sovereign Shield")

Non-Dilutive: $92M EXIM Bank LOI + $134M DOE Grant Opportunity (Deadline: Jan 19, 2026).

Impact: US Hub CAPEX is largely covered by government backing, insulating MKA holders from equity dilution while the "Green Defense" infrastructure is built.

The Vertical Moat (Rare Earth Monopoly)

Upstream: 100% of Songwe Hill (Malawi); a critical source of 56tpa Heavy REEs (Dy/Tb). These elements are the "magnetic heart" of F-35s and EVs—and China just banned their export technology.

Downstream: Patented HPMS recycling tech with operating plants in UK/Germany. A "Short-Loop" model that is faster and greener than traditional mining.

The Valuation Bridge

Arbitrage: MKA trades at ~£40M. Peer logic suggests the 75% NASDAQ stake alone is worth >£200M.

Multiple: Buying at 47p implies a ~4x Projected EBITDA multiple, while US peers ($MP, $CRML) trade at 20x-30x+.

MILESTONES (Q1-Q2 2026)

JAN 12: G7 Finance Ministers (DC). Focus: Coordinated "Price Floors" to break Chinese predatory pricing.

JAN 19: US DOE $134M Deadline. Catalyst: RNS confirming HyProMag USA submission.

FEB 2026: SEC Form F-4 Filing. Catalyst: Disclosure of the $400M+ merger valuation to US institutions.

Q1 2026: Pforzheim (Germany) Commercial Sales. First revenue from recycled alloy powder.

Q2 2026: $MKAR Live (NASDAQ). Price discovery as the "Security Premium" forces a re-valuation of the MKA parent.

No original analysis, just synthesized from other peoples good work.

Kat, genuine question, what's your investment horizon for the #MKA thesis?

Have you got any milestone targets in mind to judge success?

Honestly not being sarky, might be good to have someone red team my optimistic thesis!!

X post from Marcus Perry:

"Looking closely at clues on western prices of heavy rare earths and cross referencing our DFS for tonnage of Dy, Tb, Y, Ho, Gd, Sm - all of which raise an eyebrow. We are either going to get the mother of all SPAC surprises or it is going to come out peacemeal during 2026."

Made me rethink a little as my focus has been strictly on the recycling play (HyProMag), but cross-referencing that "Heavy" tonnage against current Western price premiums makes the Songwe mine a massive strategic outlier for 2026.

Or perhaps I just have my rose tinted specs on!

Not sure but the new site looks good!

https://maps.app.goo.gl/dUPB3JbBeXPkxFwq5

https://hypromag.de/Start.html