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Some interesting stuff in the results:

- Cash of $3m at quarter end. Given this it may be unlikely we need a raise in the near term

- Confirmed that the license fee to University of Birmingham is up to 1.5%. So 1.5% is a maximum here and could be lower

- CoTec will be responsible for funding the US Feasibility Study and the project development costs. Funding provided by CoTec is in the form of shareholder loans to HyProMag USA. This is as I predicted a few weeks back

- Notice to Proceed for Hypromag USA expected mid-year. I'd say that means July at the latest.

- HyProMag USA is working on securing U.S. Government funding, U.S. state financial grants and incentives and strategic partnerships with U.S. companies for feed supply and recycled NdFeB magnet offtake. Notice they are talking about both federal and state level funding and incentives.

Fook me, these big delayed buys just keep rolling in. That's 1.395m buys vs 125k sells today so far, what a day!

No doubt StockGenius, I can sell 500k at 16.25p and 250k at 16.625p. It's getting ready for the next move up. 755k buys vs 113k sells so far.

Based on dummy sells, today is the first time that I can sell in serious volume (500k) at or above bid for a few weeks. A further sign that our big seller may be behind us.

Completely agree SquirtyFlower, 2025 is the transformational year for us and we couldn't have picked a better backdrop as others have said. By the end of this year we should have a SPAC listing on NASDAQ worth somewhere between $100-400m, two operational and revenue generating recycling plants (with high profit margins if we assume similar to the US FS), the greenlight on Hypromag USA project with potential US grant funding, and announcements on recycling projects in other jurisdictions e.g. Japan, Canada and Mexico.

I'm hoping the placings are completely behind us, but even if we get one more before serious recycling revenues come in / the SPAC listing, I'm sure it would be minimal. The Board have always tried to do what's in the best interests of shareholders and have managed to build this company in a smart way, which has minimised dilution compared to our peers.

14 trades so far, 14 buys, totalling 300k. A good start indeed, happy Friday!

On the money there Mrs Robinson, ticked up on just under 50k shares.... need to get myself an IG account.

Like this bit: HyProMag USA is continuing its ongoing discussions with high-ranking officials in the U.S. Government regarding financial support and project acceleration.

Would be great if we could accelerate and I think there is a strong chance of grant funding, with the US government starting to make new funding announcements in the critical minerals space in the past couple of weeks after a quiet period as the new administration bedded in.

Julian's statement from Cotec's first quarter results announcement today:

Julian Treger, CoTec CEO commented; "CoTec had an exceptional start to the year. Our main priority for the quarter was the continued roll-out of HyProMag USA, our Joint Venture U.S. based rare earth elements ("REE") magnet recycling and permanent magnet manufacturing Project. HyProMag USA selected its preferred bidder for engineering, procurement and construction management ("EPCM") services, culminating in the engagement of PegasusTSI Inc. ("Pegasus") and BBA USA Inc. ("BBA") and the commencement of the detailed design and engineering phase shortly after quarter-end. We have also expanded the scope of the detailed engineering to include three HPMS [i] vessels and initiated concept studies for further expansion and complementary "Long Loop" Recycling."

"The Project will play a key role in supporting the U.S. strategy of reshoring manufacturing capability, reducing dependence on foreign magnets and rare earths, which is a top priority for the Trump administration. The increased production capacity could also allow the flexibility to produce a wider range of products and specialist magnets, further improving both financial returns and the Project's ability to become a supplier of choice. HyProMag USA is continuing its ongoing discussions with high-ranking officials in the U.S. Government regarding financial support and project acceleration. The HPMS process remains extremely cost competitive and has independently quantified its exceptionally low CO 2 footprint compared to industry alternatives.

Thanks Jimz. Well if he was then the 600k has been more than gobbled up. Including that delayed reported trade, we've now had 795k buys, vs 75k sells.

Well connected Myles, I remember Mr Mamadou well as he used to be quoted on our important RNS's quite a lot. I had thought he was still a Director of Lancaster and Maginito, but certainly a great connection to have regardless.

Seriously, what the absolute duck is going on, up to 500k now and no movement at all on my L2.

Make that 432k buys vs 75k sells...

So we've had 372k buys vs 75k sells today so far and SP hasn't budged. The mid price at close yesterday was 15.5p, but we had an uncrossing trade after close at 15.10p, hence it's saying we are up on the day on LSE. Maybe Codejunkie or Jimzi can tell me what's going on?

Yeh a little confusing, but we are definitely in agreement that $50m or $55m is very unlikely to be relevant. As Sticksandstocks mentions, the way in which Alex talks about it suggests that he is aiming for much higher, and that was before the good news on tariffs, RE restrictions and CRMA status for Pulawy.

Strong buying since 2pm, if we'd had that volume of sells the MM's would have dropped the SP by a penny by now.

Cyber, your comment prompted me to go back and find the bit where Alex answers the question on minimum listing value (link below, around 18 minutes in). He points viewers in the direction of the 2025 NASDAQ listing guide (which I posted a link to earlier) and says there are three market tiers: Global Select Market, Global Market and Capital Market. He says that for the Capital Market there is a minimum of $50m in market value of listed securities and says that the other two tiers have higher minimums. So it's clear that $50m is the minimum, but he doesn't seem to be ruling out us being at a higher tier e.g. Global Market which would be $80m.

https://www.share-talk.com/share-talk-host-a-mkango-resources-ltd-live-qa-january-2025/

Not sure where your $55m number comes from. The only reference to $55m in the listing document is a requirement for the Global Select Market tier for a minimum of $55m in Stockholder's Equity, but meeting that standard also requires them to have a minimum market capitalisation of $160m and $80m in Total Assets, so don't think that $55m relates to market value.

Have a read for yourself. The relevant page (if we assume it's on the NSADAQ Capital Market) is page 11.

https://www.nasdaq.com/solutions/listings/markets/americas/ways-to-list/spac

Finton, I think you have listed the Equity Standard requirements below, the $50m I referred to is mentioned in the Market Value of Listed Securities Standard requirements. Not sure we have the 2 year operating history needed to meet the Equity Standard, so I think the latter, with the $50m minimum may be more applicable. We'll find out in time.

The company haven't ever given a suggested price target. There was a lot of discussion on the board when the SPAC news first came out about potential market cap. NASDAQ listing rules have a minimum market cap for SPAC transactions, which from memory is either $50m or $80m, depending on what part of the exchange you are listing on (NASDAQ Capital Market or NASDAQ Global Market) and what other standards (other than the market value standard) you can meet e.g. income standard, total assets standard. I think most on here have assumed that $50m is the minimum market value rule that applies in our case, and Alex may have also hinted at this on a call a few months ago.

So that may be the minimum value, but based on previous Cohen & Co precedent transactions (listed in the 27th Nov 2024 RNS) it looks unlikely that we will need to worry about the minimum. Guesstimates on this board seem to be in the $100-400m range, and I think $100m would be a good conservative guess. My more bullish side would be $200m, with Mkango retaining 75% and the other 25% covering Cohen's and other fees, CrownProptech's share and an initial raise on relisting of the SPAC entity of say $20m. Obviously relevant news e.g. EU CRMA status for Songwe, further China RE restrictions, change in RE pricing would all influence the value.

In terms of dates, we know that the directors need the listing to happen by the end of the year as 40% of their options are linked to achieving this milestone. Working backwards the general consensus is that this means a business combination agreement and initial valuation needs to be completed by the end of June, or July at the latest (though this would leave very little wiggle room).

Haha, those your 50k top ups Bonker!? Well played if so. I've had a few more today myself. Nice to see some good buying today.

Thanks Jimzi, nice to see you back on the board. Everything I've read about suggests understanding the order flow is essential to understanding where the SP is going on a day to day basis. So am grateful to you and Codejunkie for providing the next level of data that may give a fuller picture, as the LSE L2 that I use is clearly pretty basic. Would be interesting to see if Bonker thinks the 14p target has now been hit and we may have a bit of a rebound.