Member Info for esduk

And great point around EIT funding the current Songwe engineering optimisation study Flundra. I knew I saw/read something about EIT's involvement in Songwe but couldn't remember what. Given EIT is an EU body, and is directly funding work at Songwe, it should really increase our chances of Songwe being selected to receive CRMA Strategic Project status.

Haha, snap Flundra!

Hi GLR, I think that EIT converted their 5% share in Mkango Polska into general Mkango stock if memory serves me correctly. Pretty sure RNS's now refer to Mkango Polska a wholly owned subsidiary.

On the UK and German plant we own c.80% and c.72% respectively, as they are held through Maginito where we have 79.4% ownership compared to Cotec's 20.6%. Maginito hold 100% of the UK short loop recycling plant and 80% (moving to 90% when convertible loan note is converted) of Hypromag Germany. We also own 100% of Mkango RE UK, which is our UK long loop recycling business.

https://mkango.ca/investors/presentations/

April Corporate presentation is worth a read for any one wanting more detail on the ownership structures etc.

Totally agree with the sentiment Ytrewq but you may want to have another look at the company’s latest presentation which includes a break down of structure and ownership of the various companies.

I’m not sure where you’re getting the 21% ownership of Maginito and the SPAC. They are separate things, we own 80% of Maginito which owns 100% of Hypromag (UK), will own 90% of Hypromag Germany and 50% of Hypromag USA. So MKA shareholders effectively own 80% of the UK recycling business, 72% of the German recycling business and 40% of the US recycling business.

The Lancaster assets (Songwe and Pulawy) which are being SPAC listed are currently 100% owned by Mkango and the company have confirmed that we will retain a majority of ownership post NASDAQ listing. I have in the past guessed somewhere between 65%-85% depending on whether we raise new capital upon re-listing on the NASDAQ.

Nice UT there at 15p...

It's currently NT to buy. I wonder whether the MM's were trying to collect some shares down at this level due to them being short. On the last two trips to the 15's there was lots of buying in high 15's / 16p, but not very much selling beneath that for MM's to have collected the stock to satisfy that buying, so it is possible (though perhaps not probable) that they are short at this level. Anyway, I'm taking a few more today and will continue doing so while it's at this level or below.

On AIM a buy is generally a PI or institution buying from market makers (intermediaries), a sell is a PI or institution selling to market makers. Think of it like a pawn shop, if I take my gold ring into the shop I am selling to the pawnbroker, if someone else comes in later that day and buys the ring he is buying from the pawnbroker (and will be making a chunky margin). Pretty much all websites classify trades depending on their relationship to the reported mid price, as either buys (above the mid price) or sells (below the mid price), .

This is sometimes quite inaccurate, particularly on days with high SP volatility, where there are lots of delayed trades, or where the MM's reported bid and ask prices aren't representative of prices you can actually sell or buy for. Sometimes MM's will deliberately set the bid or ask at misleading levels to make it look like trades are sells rather than buys i.e. set an unrealistically high ask on Level 2, which makes the mid price higher and allows trades just below the mid price to be reported as sells rather than buys.

Delayed reported trades are often not categorised as buys or sells, or mischaracterised as buys or sells, you often have to look at contemporaneous trades to figure out what they actually are. As previously stated, I follow L2, do dummy trades and consider the real mid price at the time of trades (rather than the reported one) to determine whether trades are buys or sells, which is pretty accurate, but also labour intensive.

MM's continuing to walk down the SP on little volume. Yesterday we had 670k buys vs 390k sells leading to a drop in the bid of 0.5p. Today we have a net 107k sells leading to a further drop in the bid of 0.5p. Berenberg leading things again. May see your 14p call soon Bonker, will have to have a word with the wife about that re-mortgage... ; )

Here is the full story on Reuters, not sure the capital letters were warranted..?

Looks like limited to Europe and Vietnam and to certain customers of certain suppliers (namely Volkswagen). Pre-dated the US / Chinese talks at the weekend.

https://www.reuters.com/business/autos-transportation/beijing-has-issued-first-rare-earth-magnet-export-permits-volkswagen-suppliers-2025-05-13/

I meant to say that our German project didn't receive strategic project status in the first European round, rather than funding. Our German project has benefited from lots of government grant funding in actuality, although not through this programme. Same for our UK project.

Yes the original communication suggested a 12-18 months maximum permitting timetable, I think I read that it may be 12 months for us given we are a separation plant rather than a mine. I think the award of strategic project status makes it highly likely that our project will ultimately be delivered. It also means the project is highly likely to be delivered more quickly (permitting, local and central government relationships) and with better project economics (subsidised financing from EIB, potential grant funding and better customer relationships).

Btw, I think the person tweeting isn't the best source given that he talks about the possibility of Hypromag Germany and Hypromag UK receiving strategic project status. Our German project didn't receive funding in the first European round and was probably not eligible given it's about to go into operation in the next six months, with the permitting and funding secured/largely spent. I would have thought that Hypromag UK is very unlikely to have applied for this status given it's in the UK and about to go operational.

I see once again that we have buys far outweighing sells today combined with a drop in the SP. A definite pattern...

By the way, at that EU Strategic Projects Panel in the video link provided earlier, Will mentions Songwe as much as he mentions Pulawy, which could appear strange given that it is Pulawy that he is there to talk about/that got the strategic status. Could be a sign that they have applied for strategic project status for Songwe and he is trying to reinforce its significance to the EC selection panel before the third country projects are selected.

I don't think the SP is reacting to any potential imminent announcement of third country projects as I don't think it has ever priced in Songwe being on this list. As previously stated, we are getting big SP drops on more reported buying than selling, so most likely to be a background seller, with trades yet to be reported, otherwise it is MM's taking advantage of a stall in momentum. We have lots of imminent catalysts as mentioned by others. I'm buying more.

Thanks for the video link. Main takeaway from Will’s comments is that they have had lots of customer enquiries since Pulawy’s announcement as a strategic project. Comments from others on the panel also suggest that strategic status gets you a VIP pass/queue jump when it comes to talking to the European Investment Bank (EIB), other funding programmes and authorities that oversee permitting. Based on the comments of the European politician who was moderating, they are looking at areas that they can build on such as more closely linking strategic status to funding support.

Yeh looks like it’s up about 6% since end of April. Let’s hope it’s the start of a push much higher. Would be great timing for the SPAC.

Codejunkie, I would never use LSE’s buys/sells reporting, I know how inaccurate they can be. My figures were based on reviewing the trades on the days in question, following L2 and doing dummy sells and some actual share purchases. Too much time on my hands I know! But I’m very confident in my figures.

See the RNS from 27th March, in it Mkango say that the company was notified about the conversion of 209k warrants. This would suggest that they do need to notify via RNS, though I’m not sure what timeframe that needs to happen within. In this case it seems like it was just an add on to the Director stock options RNS, which may suggest that they don’t need to notify us immediately when warrants are converted.

Yeh could be the case, couple of 100k+ delayed sells just reported now that kinda square the book for today. But if we count all the trades from last Wednesday where we opened the day with a mid price of 16.25p, to today where we have closed with a mid price of 16.125p, we have had (by my count, and including the two 300k delayed reported sells last Thursday and the two 100k+ delayed sells from today) over a million more buys than sells (c. 2.77m buys vs c. 1.7m sells). So unless we have 1m+ sells yet to be reported, games are afoot.

More strange SP action today, with drops in the bid and ask despite buying volume substantially outnumbering selling volume. Fourth day in a row of this, seems like a game being played.

For context, the gold price is down less than 2% in Aussie Dollars right now (which is the currency that matters to us), and is still well over $5,000 Aussie. We are making nearly $3,000 FCF Aussie per ounce at this level.