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Further DFC involvement does seem likely imo. Perhaps progress was made at last week's indaba. Alex was there with Malawian mining minister Jean Mathanga, US Dept of Commerce and Trade and Development Agency. @DFCgov tagged in!

Timing of an announcement now would be about right.

https://x.com/MkangoResources/status/2021180111769284766

Thumbs up reaction from Myles (as well as Alex Lemon). And someone called James Kay references it direct to Songwe.

🤞

And the fact that no decision's been taken yet on whether to convert the £22.5m to MKAR shares, suggests that MKA have a lot of very tasty funding options lined up...

Very nice. "The Proposed Business Combination is expected to close in the second quarter of 2026,"

Completion backstop deadlines extended to later in the year. These guys mean business!

Catching up on yesterday's RNS and last few days chat.

I'm sure there'll be an increasing amount of chat about funding as time passes whilst we await substantive news, including about the cash position. I'm surprised there hasn't been more funding chat tbh, particularly given that we've known for a while the spac is likely to happen towards the end of our cash runway. But I also remember the past grants and likelihood of future grants, EXIM, EIT RM and DFC, upcoming sales revenue and other news, wide interest amongst the supportive shareholder base and funders and offtakers, and out there in the market generally. New strategic investors have been talked of by MKA and waiting in the wings for years; there'll be a right time to bring them aboard and I trust the bod's judgement on that, particularly with a new CFO on the way and Scott Beattie's appointment.

Wtfdik but I suspect we'll get major news relevant to funding shortly, and I also believe we are unlikely to see one of those small discounted raises like we did last summer ever again. And even if we do, it's definitely not a problem for any serious investor here.

I also think appointing Scott plus a heavyweight CFO soon is MKA/Hypromag preparing for the changing funding needs of a rapidly developing international business with actual product sales now. Good news. Accessing big money and more sophisticated funding requirements like export financing and invoice factoring.

The modestly priced Montfort 3 month contract suggests to me ongoing tight control of costs, and a possible indication much (if not most) of the important upcoming news is anticipated within a 3 month timeframe. Could be just standard industry terms though. Biffa's point is also a good one, ie Montfort's t/o defence advice capability. Complements the existing Hannam offering. I know we've discussed we might already have had our butt sniffed inappropriately.

Progress at the Indaba re funding Songwe maybe? They're all there. MKA, Malawi government, US dept of commerce, US development and trade agency. Investors and funders, EIT EU ++

It would make a great announcement.

Yes some detailed sales/revenue figs for Tyseley will be v welcome.

An interesting part of FYE results and quarterlies is often the "since the end of the reporting period" news.

Nice to see that pic of Alex at presumably the Indaba. All they can perhaps release atm if we are indeed otherwise obliged to keep radio silence on the spac.

Yes there'll be a fair few resistance points on the way back up, but it does look like there's some interest building here.

Https://substack.com/@africabriefnews/note/p-187058707?r=4mi4uw

I don't think Malawi have been at Rubio's US CM ministerial. But Hopefully MKA will attend the Cape Town Indaba or BCIU event next week.

Nice. Is the $1.25bn a revised figure for the previously stated figure being sought of "preliminary compensation in the order of $1bn"? Or is it a wider or comprehensive claim figure?

Https://bciu.zohobackstage.com/BCIUMiningIndaba2026

This might be a significant event for Songwe. US Support for CM projects in Sub Saharan Africa. Cape Town Sunday (8 Feb) just before the Mining Indaba. High level. Malawi ministers attending. I'm not actually sure to what extent it connects with Rubio's CM gig in the US this week, but the US Trade and Development Agency and US Dept of Commerce are attending and host partners. MKA and USIDFC too? Plus other funders and investors?

And all there at the US CM ministerial this coming week, to continue the discussions hopefully.

Indeed. Not setting hares running, but possible early hint of joint Japan/UK government support for Hyp UK and Hyp Japan?

Stretch I was also thinking about Japan, reading yesterday about the PM's visit, and recalling Mcdonald opening Tyseley.

BBC News - Starmer invites Japan PM to UK after Tokyo talks

https://www.bbc.co.uk/news/articles/c78egr5v5gmo

He went on to say that the two countries "have a clear interest in free and predictable trade", saying they aimed to improve supply chains in "key areas such as critical minerals".

Https://www.nyasatimes.com/malawi-budget-under-pressure-despite-us1-8-billion-mining-potential-experts-warn-of-a-costly-missed-opportunity/

Looks like the wheels are off in Malawi, but the answer's (Songwe etc) staring them in the face. They should bite the hand off foreign investors, and bend over backwards to get Songwe up and running. The MDA gives them fair terms.

Looks like Malawi are on the confirmed speakers list for Feb's critical minerals ministerial in US.

AFRICA: U.S. Support for Critical Minerals Projects in Sub-Saharan Africa - Home https://share.google/HakSB9nqbMTur8vBj

And MKA already has a funding agreement for Songwe with US International DFC.

News | Mkango Resources Ltd. https://share.google/mo3IZFbMIQAeMcZ1J

Jupiter Gold and Silver Fund is doing a great job in my Sipp.

The fund factsheet lists the top 10 holdings. It's got the Sprott physical G and S trusts, plus a number of miners.

https://www.fundslibrary.co.uk/FundsLibrary.DataRetrieval/Documents.aspx/?type=packet_fund_class_doc_factsheet_private&id=cde4cf5b-0004-4110-9b4b-f028bb3e18d8&user=ivD4y4wZbQWMtTOtfYqc9rulb%2bRi3O%2fLMSBjkFFsw69XlPWdCVpyKUbhseONga3z&r=1

Also needs government to match Hyp's ambition. A successful 1000tpa expansion FS would be supporting a massive scale up (4x or 5x??).

Chris Mcdonald (the Minister who opened Tyseley) should get it and be influential. Chemical engineer. Former business exec, CEO of Materials Processing Institute.

And Ionic's process is much less environmentally friendly.

This was one of Will's points yesterday. That government policy should prevent export of relevant e-waste and support and fund scale up.

Rishi on tech at the w/e was also spot on: "We need to reform the state so we can.....create national strength in the technologies that will define the coming decades."

Hopefully the current government has the vision to put proper resource into the likes of HyProMag. Now's the perfect time particularly as the CM strategy's just been relaunched. Happy for Ionic but UoB magnetic materials group and the HPMS tech are world class. Factory's open and looking to scale up...