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I reckon it may be to do with rare earths being excluded from Trump’s new tariffs. MP Materials and USAR down big today too. The problem is, we never rose with the hype like they do, but still get punished on the downside. Oh well, such is life. Trump’s blustering one way or another will mean little in the long run, just affects short term sentiment.

Interesting to see a 130k buy at over 47p just now. Wonder if that will get cancelled..?

I think a FID RNS, which includes agreed financing from commercial banks / EXIM and more detail on secured feedstock and offtake partnerships would also move the dial, although probably not as much as the Nasdaq listing, unless we had an offtaker like Apple or Tesla....

Looks like USAR have just announced finalisation of definitive agreements with the US Department for Commerce. Got to give them credit for moving so quickly, they are certainly winning the PR war against MP Materials from what I can see. Would be nice to hear about an agreement between Hypromag USA and one of the major US departments, or even one with MKAR (once listing news blackout is lifted).

Agree flundra, that was something I was disappointed about with the last raise. Felt like an opportunity to get a major name involved and provide some publicity around it too. Hopefully for the next raise (hopefully not until next year) we can get some strategic investors involved and avoid the bucket shop.

Just pointing out that we are producing rare earth magnets, not batteries.

In terms of the money, we have secured this for our UK and German plants up to 350tpa, mostly through UK / EU grants. To scale up further (1ktpa UK and 750tpa Germany) we will also likely access grant funding (one of the DRIVE grants is paying for the Feasibility Study for the UK plant's expansion to 1ktpa) but will also have to partly match this funding.

Given that we are not scaling up to 1ktpa / 750tpa this year, we don't need to deploy immediate funding to do so. My expectation is that we will end up getting German / EU (potentially through CRMA) money to scale up Germany, while the DRIVE funding will contribute to the UK plant scale up. So we are likely to need to raise funds at some point next year to support the scale up in the UK and Germany assuming that Hypromag and Hypromag Gmbh are not throwing off a lot of FCF by that point.

Remember also that Cotec are responsible for funding 20% of any Tyseley expansion and that Cotec are responsible for funding 16% of Pforzheim expansion, with the German shareholders currently responsible for 20%. We should also have some funds left over from this raise to contribute towards the expansion.

Cotec is responsible for funding the first Hypromag USA plant, so no issues there. If we expand to South Korea, Japan or Canada I imagine those JV's will not require Mkango to contribute towards project funding.

So yes £8m is not enough for us to expand to 1kpta and 750tpa in UK and Germany respectively, but we are very unlikely to need to raise any new money this year for such expansions based on timelines communicated by the company, and when we do, the amount needed isn't likely to be massive due to grant co-funding and partner contributions.

Fever, I'd agree that we need to strengthen our management team across the board, in particular with an manufacturing focussed COO and board member, though I do think Hypromag and Hypromag Gmbh have a little more relevant expertise within their management teams. We have leaned heavily on UoB, and it seems we are leaning heavily on Siemens, who from the presentations I watched, seemed happy to invest time in helping us improve / optimise our manufacturing processes. The RNS for the Remloy takeover references their strong manufacturing expertise, which I mentioned at the time would be something that would benefit our wider business, in particular the Pforzheim plant.

On the cash runway, we are only using about £4m of the £12.5m we raised for the initial acquisition payment, with the rest to follow two years after transaction close. So I would say we do have plenty of runway, particularly when you add in the grant money we are getting through the DRIVE35 programme.

Thanks for the reminder Drantley. Both are important, but I'd say that the Governor is a fair bit more important when it comes to influence over state grants and regulatory approvals, and they have a longer term when compared to the House of Representatives. Anyway, I'm glad the RNS landed exactly one minutes after I told JT to get a wriggle on!

Still a positive step though, which I'm glad to see. It's important to keep the market updated with these milestones with RNS's, shows clear progress and feeds into AI searches as well.

That RNS isn't for Final Investment Decision (FID), it's just confirming that we have taken over the lease and effectively moved into the site. FID will be taken when the financing, offtake and feedstock is sorted, which hopefully comes in the next few weeks given the June 1st Cotec presentation said it would be this quarter.

They must have considered buying us out and if I were them, I'd make an approach for Hypromag USA now that Mkango and Cotec have said they are intending to list it.

Nice bounce there in the SP.

Sorry, missed that SG amongst all the green box back and forth... Just saw the news this morning on yahoo finance.

Apparently the've picked South Carolina because of grants, tax incentives, affordable power, a skilled workforce and closeness to defence and aerospace clients. Shows you what you can do when you are on a good index and you know how to market your company. Come on JT and co, let's be having our own positive announcement that gets a quote from the State's Governor.

Looks like USAR are in the news again today making a big announcement that they are building a factory in South Carolina.

I'm not sure of exact timelines, because milestones have been missed, but I am optimistic about us eventually achieving them. I think there is little doubt that we'll take FID on our Hypromag USA plant or that we will list MKAR on the Nasdaq.

We've had 700k traded so far, so it's not exactly massive volume. People have many and varied reasons for selling, I've given up trying to second guess them. Bottom of the range last time was 42-43p. If it gets there I'll be finding some funds. We have lots of upcoming catalysts, so am not worried by current SP action, just looking at it as an opportunity.

We tend to be more news driven than technicals driven. If we get a decision to proceed on Hypromag USA or SEC approval in the next few weeks the chart won't matter.

I don't think there are substantive shorts on Mkango tbh. We're just range bound again, after looking like we may have broken out into the 50's the other week. The company just raised £12.5m, so we now have a massively long runway, cash will clearly not be an issue for the rest of this year at least.

As mentioned yesterday, I was surprised by how low the revenue figures were, though I think there are explanations for this, which I proposed yesterday. I think it's fair to say we haven't proved the commerciality of our short loop process at scale yet.

With hindsight I was probably expecting too much from the initial figures, given we are not yet selling our primary product (NdFeB magnets) and we are very much in the testing / validation stage with most, if not all of our customers. 2027 looks like the year where we will find out for sure, but I am very encouraged by the strength of our partnership with Siemens (and JLR), which I think provides a strong indication that we will get to the per kg revenue figures that the company included in the RNS at the end of March.