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They are clearly in commercial negotiations around a JV in Japan and are not going to announce anything prematurely, or weaken their negotiating position. They have previously announced the MoU with Envipro via RNS and regularly refer to it and a potential JV in Japan in most company communications. So while I'd like a little more impetus in terms of company comms generally, in this case I don't think there is anything for us to complain about personally.

Fantastic, that's next level sleuthing GLR, great work.

Great summary GLR!

My feeling on the UK / critical minerals strategy is that influencing policy is our best route given that there isn't a lot of cash to go around. Getting government to implement a policy which prevents the export of scrap containing RE waste, much like Cotec are lobbying for in the US, would be a good start. To the extent we need it, getting the hook up with big defence firms and OEM's would also be useful. In a presentation that teraferma posted about a few months ago it was confirmed that they are making lots of progress with plans for expanding Tyseley to 1000 tpa, and if needed, I could see us getting a loan from the NWF (replaced UKIB) for this given how aligned it is with the strategy.

On Japan, I hadn't realised that Envipro stated the intention for an operational plant in Japan by 2027, which surely means an announcement on the tie up should be imminent? Agree that Japan could eclipse our European operations, and be on a par with / surpass America given they are easily the second biggest user of RE magnets and relations with China only look to be going down hill since the new PM came in.

Good posts guys.

Myles, I don't think that FEED / detailed engineering for the US plants will have been completed in time to incorporate into the updated Hypromag USA valuations as JT referred to the new detailed engineering (moving to domestic supply chains) being 30% complete in his presentation last week.

As I understand it, the JV agreement between Mkango and Cotec is for Cotec so source all project funding/financing, not just for the first plant, though the company would have to confirm this for us to be sure. The deal was that we bring the IP / tech expertise and they bring the finance / finance markets expertise. So while the route taken may include listing Hypromag USA (or possibly Maginito) on the Nasdaq, I would want Mkango to renegotiate a better deal if Cotec are no longer the ones sourcing the finance. Of course, if we list Maginito rather than just Hypromag USA the ownership structure would need to be reworked / simplified anyway.

In terms of listing timing JT did say in the presentation that they were sorting the debt first and would then turn to the equity. If that is the case then I'm not sure a Nasdaq listing (SPAC or IPO) is going to be feasible in time for this to be the source of equity financing for the first plant. Watching his presentation again last night I suspect they will sort the equity at a project level (if any is needed / we don't get DoW grants) for the first plant in time for FID next quarter and then start listing proceedings for Hypromag USA / Maginito in order to find the equity for the rest of the plants.

Think the move in Gold earlier this evening may have been more to do with the San Francisco Fed Governor’s dovish comments today, than the developments with Venezuela or Russia/Ukraine. Polymarket odds of a December cut increased to over 80% post her comments.

US producer price inflation (PPI) is out tomorrow, and given there won’t be a CPI print for October, the results of the PPI are likely to be the last major factor in the Fed’s December decision.

Yeh, just finished it and filled in some gaps from my first listen on the school run. Was a great watch, very reassuring. JT really came across with the air of a man in complete control.

Haha, you boys must have got the same alert! Thanks both. Some pre-bedtime listening for me.

Agree on the newsflow front. I assume results will be Friday, but they would likely need to contain positive / previously unknown news for us to get a decent boost from them. I would have thought that they will mention something about the SPAC progress, if not provide a definitive timetable.

The updated Cotec valuation of Hypromag US should be next week or the week after. German plant announcement within a month (assuming that it's this side of Christmas). FID for Hypromag now next quarter, but offtake, feedstock and funding news could drop anytime I suppose.

Canada bid currently equivalent of 43p...

Given that we got so hammered when the Nasdaq corrected as sentiment turned risk off, I hope we get a bit of a boost from the big bounce back (up 2.6% as I write)...

Quite a few chunky delayed reported buys rolling in in the high 41p's. So whilst there clearly are still a few sellers, we are generating some decent buying interest at this level too.

Yep I'm with you velcro. Whether that includes some restructuring of Maginito and Hypromag USA ownership to simplify things (much like back in the day with Talaxis/Noble) I don't know, but it's definitely an imperative once we have the two European plants firing on all cylinders and proving the concept. The simple announcement of the intention to do so would put a rocket under the current SP imo.

Cotec up 9% on open. They aren't too far off their recent high now...

The Nasdaq listing is only for the Lancaster assets (mainly the Songwe and Pulawy projects), it is not a dual or cross listing of Mkango itself. So nothing will happen to the AIM listing, it will still be the place (alongside the TSX-V in Canada), where Mkango is listed. Mkango, will continue to be the parent company of both the newly Nasdaq listed MKAR (majority share post listing) and Maginito our recycling business (80% share).

Q3 results likely on either this Friday or next Monday, so that may dictate short term price action if no other news in the meantime.

Thanks for the insights on Japan/Pulawy, very interesting/encouraging. Agree that Pulawy funding/financing is unlikely to come from the US/EXIM. It should really be coming from the EU/EIB, but I wouldn't hold my breath on that one.

I'm interested in how much of the componentry for the RE supply chain comes from China? The re-design of our Texas plant based on domestic supply chains could suggest that there may have previously been some reliance on Chinese components (or it could just be a made in America clause asked for by the DoW).

I wonder how much this is the case more generally in the Western build out of RE refining and magnet manufacturing capacity, and if so, how easily substitutable it is. If there is significant reliance on Chinese manufactured components, this may be advantageous for our short loop recycling process, which has fewer steps/components than others.

We know EXIM are supporting our US plants. What are the chances that they would also provide financing for Songwe and / or Pulawy? Songwe has just received funding from the US IDFC, so it would seem that supplying a European refining plant rather than a US one is not a blocker in terms of potential US funding and financing. Financing Pulawy itself may be more of a stretch, but it will be listed on the Nasdaq so who knows, with $100bn they don't need to be picky.

Flundra, we previously got confirmation from Hypromag on LinkedIn that the first magnets had been produced at Tyseley. See below snippet from one of their posts over three weeks ago. Given the bags of finished magnets in the picture are also labelled Hypromag, I’m going to assume they are from Tyseley, rather than the UoB’s pilot plant, which is not part of Hypromag as far as I’m aware. Commissioning was ongoing at the time of the original post.

Mkango Resources Ltd. is advancing several strategic projects along the rare earth value chain to produce rare earth carbonates, oxides, alloys and magnets. Further projects are under review.

Recycling and production of rare earth magnets for the production of hashtag

#𝗡𝗱𝗙𝗲𝗕 magnets with minimal CO2 footprint:

✅ UK – First production runs of NdFeB magnets completed at the rare earth magnet recycling and production plant at Tyseley Energy Park, Birmingham. The plant will be commissioned by the University of Birmingham and HyProMag Ltd.

I’ve think I’ve seen the photo before. Don’t know whether it is from the pilot plant or from Tyseley, but we know they are producing finished magnets at Tyseley now, and have been for a while.

Https://www.linkedin.com/posts/william-dawes-50881352_rareearth-hypromagusa-rareearth-activity-7398626180180049920-xDvp?utm_source=share&utm_medium=member_ios&rcm=ACoAACbW318B5SROCrBo8_YGOn-KXbgaEGlJ0ow

Good news that we are so closely aligned with the strategy and referred to in the press release as well as being quoted. Let’s hope management can build on this from a comms perspective as the SP could really do with a bit of a boost.

Fair play stebol. I've been in a generous mood recently and decided to give new posters the benefit of the doubt for one or two posts, and today at least I have had the time to / enjoyed responding. But also equally happy to rein it in, as my points have been made and I probably should find better things to do with my time... Long and strong!