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Loving the volume. Seems like USARE news is being taken well by the market. Thanks to all those who have shared info on the USARE listing / valuation this morning.

Sneaky drop of the bid 40bps just before close...

For the avoidance of doubt it's just confirmation of the previously announced executive compensation from the 28th Feb RNS. Good that's it's at a premium to current SP.

Agree that the MMs tend to pull the bid back on very little/no selling and agree that the conclusion that the route up is tougher than than the topple down. That being said, I don't think the buying this morning justified a SP increase of 11.11%, which we got to at one point this afternoon. There have been plenty more of those big delayed trades over the past week or so (mostly buys from what I can judge), with seemingly little impact on the SP. Who knows what's happening in the background. There are three MMs on the bid at 10 at present.

Agree that we should be heading for the 20's, but remember MKA effectively own 40% of the US project, so that's $60m for the US operation on valuation at 25% of NPV. On the other hand I think our share of the Songwe / Pulaway listing may be higher than the $60m.

Interest seems to have picked up. I think patience will be rewarded Gallmat

Great news! Shows massive confidence in the market (supply of scrap and demand for recycled powder/magnets) and in Cotec’s ability to secure ample funding from government and elsewhere. I don’t see any particular reason why this would be mean a delay to planned commencement of operations date. Let’s see what Julian says as no doubt he’ll cover this in a presentation to market soon.

Was looking at institutional and fund ownership metrics on Morningstar for another share and decided to also have a look at what they said for MKA.

According to Morningstar the Multipartner Konwave Transition Metals fund own 1.86% of Mkango shares, with the date provided as 30 November 2024 (which I assume means the last time the information was provided/updated).

Was anyone else aware of this or has anyone heard of this fund before more generally? Good news that we are already getting investment from these sorts of funds at our current market cap. Imagine how much more institutional investment will flow in once revenue starts, we have a higher market cap and have listed the mine and separation plant assets on the NASDAQ.

Just clarifying that the revised timelines from today's RNS are not a delay of 3 months, rather 1-2 months. The following was from the November 2024 Q3 results RNS:

· Hydrogen Processing of Magnet Scrap (HPMS) vessel targeted for factory acceptance test and available for delivery by end of February 2025

· Completion of infrastructure developments and first production from Tyseley targeted by the end of April 2025, with ongoing pilot production enabling delivery of products to customers in advance of this

Seems the delivery of the HPMS vessel has been delayed by one month (end of March instead of end of Feb), and the delay to commercial production is two months maximum (by the end of Q2 instead of end of April).

Agreed! Strange SP action this morning on very little volume compared to all the buying yesterday. A few weeks is neither here nor there in the scheme of things. Most important to have everything working properly from the get go. The DBT visit is significant, and I have no doubt that HPMS and magnet production are an important part of the industrial strategy that DBT are developing at the moment.

The Cotec SP quoted online is normally the last traded price rather than the mid-price, which leads to it looking quite volatile as it moves around depending on whether the latest trade is a buy or sell. The latest trade today was clearly a sell. I wouldn't read too much into daily SP action for Cotec personally.

Exactly Gallmat, while the administration will not give any credit to the carbon footprint/sustainability credentials, a lot of corporates still will (although maybe a little less than they would have under Biden).

That's why it's great to have so many selling points: US production/supply chain, lowest cost producer, lowest energy producer, lowest carbon footprint. We can appeal to the US government on defence/security of supply/US jobs and we can appeal to companies on the basis of lowest cost, energy and carbon footprint. We have all bases covered!

Even then, given that rare earth mines are notoriously dirty, I would have thought that the Trump administration would prefer US recycled production over US primary production, all else being equal.

I second that, great update Myles, including a couple of bits I hadn't picked up on.

A very compelling investment case, with project economics, particularly for the US JV, only going in one direction. I took some shares in Cotec a couple of months back to get full exposure to the JV given how good things could look if the funding, tax credit and tariff situations play out like we expect (and as they seem to be!). The underlying Neodymium price being at its highest level since December 2023 also provides a better backdrop compared to when the feasibility study was carried out.

Out of interest, is there anything behind your assumption that there will be an update on the SPAC transaction this month, potentially including indicative valuation? Or is this just a guesstimate?

That drop seems to have come out of nowhere. Oh well, another buying op for me.

Yeh nice buying. Looking at all the major European defence contractors today, they are up c.15%, with the EC President von der Leyen due to announce a plan for the rearmament of Europe tomorrow. Can only be good news for our recycling businesses in UK and Germany, and our separation plant in Poland, given the increasing importance of rare earths in the defence sector.

I also know through my own work that the UK National Wealth Fund has been told by the Treasury to concentrate investment on the UK defence supply chain, including in particular, critical minerals. We are definitely in the right place at the right time on both sides of the Atlantic.

Wtf is that uncrossing trade for 430 shares at 9.42p all about? Any idea bonker? Not used to seeing UT's that are for so few shares and not even within the range of the bid and ask.

taking the **** is right w.o.s. today is a case in point, we're down on net buying of 200k...

Nothing to worry about. £63k placement of shares in lieu of executive pay. All part of Will, Alex and Robert forgoing their normal cash salaries and instead being remunerated in shares.

Hmm, strange, cut off again. Was basically saying the drop in the bid this morning is completely overdone based on minimal net sells...

I think Mkango are exploring long loop processes, but yes I think we should cover all bases in general, when it comes to both form of scrap feed and use cases for our magnets.

Yes tariffs will effectively adjust the Chinese index price for us, but it would be good to have a non-Chinese index anyway, which better reflects the massive gap between supply and demand that is emerging.

My earlier message got cut off for some reason. Was saying that 40k /