The 'Web' is Tighter Than We Think - Three Key Connections16 Nov 2025 22:12
First post so be kind!
I've been doing some AI sleuthing, here's an interesting summary from my research. I need to check some info, but interesting to try and join the dots.
Take it as a starting point, might be nothing new for the experts here!
The "Split-and-List" strategy appears to be a highly orchestrated, multi-stage operation.
Here are three new connections that tie it all together:
1. The "Kingmaker" Connection
The investment bank Cohen & Company Capital Markets is the "kingmaker" linking Act 1 and Act 3.
* Act 1: Mkango officially appointed Cohen & Co. as its "exclusive financial advisor" for the CPTK merger and the NASDAQ listing of the mining assets.
* Act 3: Public filings show Cohen & Co. was the lead underwriter for the $210 million IPO of the Evolution Global (EVOXU) SPAC—the "critical minerals" vehicle that has MKA's partner (CoTec director Erez Ichilov) on its board.[1, 2, 3]
This isn't a coincidence. The same specialized bank is advising MKA on splitting the company while simultaneously building the perfect, well-funded "exit" vehicle for the recycling business.
2. The "US Government Insider" Connection
The Evolution Global (EVOXU) SPAC isn't just run by anyone.
* We know the CoTec director (Erez Ichilov) is on the board.[4, 1, 5, 6, 7]
* But the COO and Director of this $210M SPAC is Ashley Zumwalt-Forbes.
* Her immediate prior role? Deputy Director for Batteries and Critical Materials at the U.S. Department of Energy. She was responsible for overseeing the deployment of billions in federal funding for this exact supply chain.
The "Act 3" vehicle is being run by a top US government expert, effectively creating a custom-built acquisition company for a high-tech asset like Maginito/HyProMag USA.
3. The "Live Logistics" Connection
The US recycling business (HyProMag USA) isn't just a plan. It's being built right now.
* The "hub-and-spoke" model is confirmed.[8, 9] The main "hub" is in Dallas, TX.
* The "spokes" are in partnership with a global recycler, Intelligent Lifecycle Solutions (ILS), at their sites in Williston, South Carolina, and Reno, Nevada.
* This is not just a future plan: MKA/CoTec have already purchased the "Inserma" pre-processing units for these sites.
* Most importantly: an RNS confirms ILS has "formally commenced its stockpiling of feedstock". This is all backed by a letter of interest from the U.S. EXIM Bank.[10]
The recycling asset (Maginito) is not theoretical. It's a real, multi-state US business, with hardware, partners, and feedstock being stockpiled today.
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