Member Info for M.McNulty

Pick me, SG!

Especially in light of CoTec's move the past few sessions. That absolutely smacks of leakiness - which in my mind, is most likely to be:

i) Government funding for first - or possibly first three! - HyProMag USA plants (whether that's in the form of grant, debt, equity investment, or mix of all - I have no idea);

ii) Institutional funding (most likely debt, as I don't believe CoTec will want to give ANY equity away now, at least until HyP USA IPO, when the pre-new money valuation is 10 figs).

iii) Supply-Offtake circular agreement with a household name (Samsung, Tesla?);

iv) Announcement of SPAC deal (might just start with an LoI, as MKA / Crown did).

Immensely frustrating to see us stall in this trading range for so long; but I am aware that our mgmt team is absolutely flat out, swamped with all sorts of meetings and BD opportunities.

It really is just a matter of time before the next major leg up here. I'm going to stick my neck out and call 100p by end April. There are just too many powerful catalysts that could land any day.

No probs esduk.

I am convinced that USAR is now our primary predator, with their $3.5bn cash war chest. That's FAR more than they need, for all their planned operations.

They are aggressively pursuing vertical integration - so HyProMag USA in particular would a monumental win for them, if they could secure it.

News out the past hour.

Project Vault - "set to marry $1.67 billion in private capital with a $10 billion loan from the US Export-Import Bank to procure and store the minerals for automakers, tech firms and other manufacturers."

"The stockpile is expected to include both rare earths and critical minerals as well as other strategically important elements that are subject to volatile prices."

MP, USAR, CRML all spiking in pre-market.

Wonderful start to the week for the REE peer group. I suspect interest and volume will build in MKA as well, once those US peers open for proper trading in a couple of hours.

For those few concerned about the selloff today:

Every single name in the peer group - besides #RBW and $NEO - are currently down at least 10%.

From smallest lost (circa 10%) to largest loss (currently circa 17%) on the day: #PRE $ARA $AREC $MP #MKA $USAR $UUUU $UCU $CRML.

There is absolutely nothing out of the ordinary about this decline. The REE group has proved to be quite closely correlated, overt the past 18 months.

Is the fall unfair, specifically for us? Certainly. We're working off the lowest mkt cap, plus as has been pointed out already here today - HyProMag lowest cost advantage should actually be rerating us dramatically, on the back of last night's (dubious!!) Reuters' article.

But since when has the market been rationale?!

Expecting a strong bounce from today's close, in the coming sessions. Might actually go long MP, right now at $59...!

"Pulawy is also an excellent location within the European mindset as already an industrial area in a country where there still is a manufacturing base and mentality."

Hi velcrofajita, hope all's well. Wholly agreed with the above. Presently, the EU as a bloc consumes a greater quantity of NdFeB magnets per annum than does the US (and Japan consumers an even greater quantity than the EU ! - but that's a different matter).

I'd in fact go further and suggest Mkango should look at (or perhaps, is already looking at?) metal making at Pulawy, in addition to a HyProMag site.

On X yesterday, I suggested that the complete supply chain for NdFeB magnets looks like the following:

1) Mining

2) Refining

3.a) Metal Making

3.b) Recycling

4) Magnet Making

By adding metal / alloy making to its arsenal, the Mkango group will be the most vertically integrated of all REE companies in the world, once all projects are brought online.

REE alloy makers outside of China are exceptionally rare. USAR acquired UK-based LCM for an absolutely colossal amount (relative to LCM's actual revenue and earnings) in recent months. And this week, another emerging NASDAQ major, Energy Fuels (UUUU), signalled its intent to build out a vertically integrated operation via its proposed acquisition of Australian Strategic Materials - the owner of Korean Metals Plant.

There has been a bit of a gold rush (and the accompanying media frenzy) around REE separation / refining... But little around the next step, alloy making.

Could we see Pulawy expanded to cover not just 2), but also 3.a), 3.b) and 4) of the above? A huge complex that could take in both a partially refined carbonatite from Malawi, and NdFeB-containing e-waste from around Europe - to produce a complete range of REE alloys and NdFeB magnets?

Personally, I think it'd make complete sense!

I presume the green boxes are that hideous troll again. Please people, just everyone filter "katstrangler", it is intentionally cluttering up what is most of the time an excellent BB to read.

It tried its luck with me on X recently, using the same fearmongering. My response was:

"That has got zero to do with it. I believe UK investors took the very large majority of new shares in each of the last three placings over the last 16 months (I was one of the larger placees in each of them). UK investors (>90% of placing shares) have been able to seep since the last placing was announced, months ago.

Assume Canadian investors took a total ~£300k of the 30p placing. You think they’re going to sell for a combined mere £100k profit when their lockup expires, given where MKA SP has gone to in recent months (>75p); given how the international group is now performing (I.e. phenomenally!); and given the developing geopolitical events that are likely to send NdPr / NdFeB magnet prices soaring in the coming months?"

......

Anyway, back to the things that actually matter! It's hugely encouraging to see USAR approaching $3bn mkt cap once more. I think the read-across will inevitably come to us, most likely when a grant funding package for the first HyP USA plant is announced.

In Europe, the most significant RNS will likely be EU CRMA funding for Pulawy. Outside of EU/US, expansion into a fourth jurisdiction for HyProMag (fingers crossed, Japan first!) will be the key RNS.

Just so much going on for the company. A transformational year ahead!

Were the US markets open today, I suspect the average share price move of US-listed REE companies would have been >+10%.

We must just get to grips with the fact that the LSE has become a real backwater on the global equities stage. UK investors lack in numbers, collective financial firepower, imagination and optimism.

Given the mkt cap of USAR (which is the closest US-listed peer of HyProMag), and the proposed valuation of our soon-to-be-listed MKAR, it's pretty straightforward to see how MKA could be valued at $2bn to $3bn were it listed on NASDAQ right now.

The two spinouts are coming, and it feels like there's going to be some very major news in the more immediate-term (US Gvt funding for HyP USA; hopefully Japan rollout of HyP; EU CRMA / Polish funding for Pulawy; US Gvt funding for Songwe Hill).

Even with our dire UK investment community, the valuation disconnect between MKA and the international peer group can only grow so wide and last so long.

Said peer group is in for an explosive move up in the coming sessions, due to the developing geopolitical events that fired up after market close on Friday. There's a strong chance that'll force market participants here into buying MKA (however reluctant they may be!).

Because the deals - for both Beisa Central, and Beisa N&S - have not yet closed. When they both do, NEO will likely be an extremely attractive takeover target, at this current mkt cap and given the prevailing prices of both Au and U.

Immediate term funding to secure first (conventional CLN, I hope), to be followed shortly by Beisa Central deal completion.

Upside really is incredible from 0.7p, but of course such potential returns come hand in hand with high risk.

Good summary at 12.36, Esduk.

I would add that (in my view) it's a near certainty that HyP Germany will apply for Strategic Project Designation, and equally that it'll be granted.

I also think it incredibly likely that HyProMag was one of the leading lobbyists (along with its ally, Carester) for the EU now planning to ban exports of scrap containing NdFeB magnets.

The past 2-3 weeks have been huge for Mkango / HyProMag, with regards to key governments and blocs announcing support mechanisms and packages for critical minerals companies, especially recycling of permanent magnets.

Separately, it's also worth pointing out that in the next ten trading sessions, Mkango is highly likely to release TWO RNSs that will each contain possibly major boosts to the group's aggregate NPV.

Firstly, HyP USA. JT openly stated that they would be releasing this info, in a presentation over two weeks ago. Remember that the large majority of market participants - in fact, almost everyone, bar a few dozen very committed shareholders (we here, and a handful of CoTec investors!) would not have seen that presso, would not have heard JT stating it. We could be looking at an NPV for EACH enlarged plant of maybe $700-$800m now. If they state that the plan is now definitely to build three plants in quick succession, then a >$2bn NPV for HyP USA alone (>$800m to us MKA holders) should really get the wider market sitting up.

Secondly, we'll get a maiden NPV for the Pulawy project, in the completion of the PFS (to be part of the Form F-4 Registration Statement). My belief that the Form F-4 will be filed before Christmas is based on Mkango stating this past Monday that they believe it will become effective in Q1 2026. An F4, once initially submitted, goes through "comment rounds" and the accompanying amendments - essentially, it gets bounced back and forth between the SEC and the company / its advisors, until the SEC is happy. This process can take anywhere between 60 and 120 days.

So - for MKA to make that statement on Monday, the initial filing of the F4 must now be imminent.

What could the NPV for Pulawy be, maybe $200m to $300m?

In short, in the next two weeks MKA could get a formal boost to the NPV of its combined projects of >$500m, or >x2 the current mkt cap.

Morning Spiritefan, thanks for the kind words and great to hear you've done with Mkango.

I'd simply encourage you - and everyone else! - to just filter "katstrangler". They are one of many accounts that's been trolling me for a long time.

I've got decent seven figure positions in both AVCT and MKA. It's not like I can just sell my positions in one of them and flip all the proceeds into the other stock in a morning, and then back a few days later. The volume in both tickers isn't there for such antics. But of course, simple logic as this won't fit the trolls' agenda. They always want to blame me for selling when a stock they associate me with, goes down.

No idea where the particular hatred from each troll comes from. Maybe I cut "katstrangler" up on the motorway once and they tracked my registration plate; maybe they piled into a stock that was already up 10x in six months, after I had bought it six months ago, and it subsequently collapsed; maybe I once unknowingly slept with a family member of theirs, back in my carefree youth. Who knows! Block, don't respond, act like they don't exist - is the sensible route forward, I've found!

Re: MKA - two (almost-)certain RNSs in the next 2-4 weeks, which could prove to be very significant SP catalysts:

1) The updated numbers for HyProMag USA. It's not quite clear if they're as a result of the the detailed engineering having been completed; whether it's purely due to price rises; due to now shorter time to production commencement; etc. If it is indeed completion of FEED and updated price deck all at once, then I suspect we're looking at a project NPV of well north of >$2bn. After all, we're now looking at nine HPMS vessels across three hubs, versus the original design of two vessels at one hub.

[The slight complication then becomes, does the contract between MKA and CoTec still require the latter to source/fund ALL of the upfront capex, which is going to be in the $400m-$500m range for 3x three-vessel hubs? Gut feel is No: rather, there will be some form of agreement that sees HyP USA (or possibly the entire HyP group companies) listed via SPAC onto NASDAQ, which will provide all the funds required for those initial three hubs.]

2) A prospectus-equivalent for the MKAR listing. Confirmation of valuation, likely details on PIPE and other types of funding. This will then all but confirm the listing, which will be say 8 weeks after that prospectus is filed / RNSd.

Besides that, there ae so many other potential RNSs that could land at any moment.

We are the most important REE name outside of China, after MP and LYC. Value will be recognized here in due course.

P.S. please remember to not respond to the troll, when it responds angrily to this post!

But absolutely agree that EXIM is likely to combine with US DFC to fund the construction of Songwe Hill!

I suspect it's more likely that the Japanese fund Pulawy, as the future primary offtaker.

Recall that MKA's country manager for Pulawy recently met the (former) PM of Japan - which is highly unusual, and a major honour. It is important to note that our representative was not one from the mining division (i.e. Songwe Hill), but from the separation business.

Japan has this year funded the build of Carester's HREE separation plant in France. Carester is a close ally of Mkango and I believe is designing our LREE separation plant in Poland (to note - not a competing plant of Carester's, given that Caremag will be geared to HREEs, and Pulawy to LREEs).

As such, in my view the likely scenario is that Japan could well fund Pulawy's build as well.

Rapidly building tensions between Japan and China could fast-track this, in my view.

All this is separate to HyProMag representatives also having been in Japan very recently (at one of the embassies, IIRC). I am very confident that construction of HPMS plants in Japan will be forthcoming in the not-too-distant as well - likely based on the updated/enlarged plant blueprint that's being completed by HyP USA.

Morning Ytrewq, hope you’re well. It was a fantastic event, very sore head on Thursday morning!

They're very straight laced so of course didn’t say anything that they’re not allowed to - but it was just hugely encouraging to hear that they’re so positive on everything.

They confirmed to the room that due to the HPMS tech (and the resultant unique supply of raw material), they’ll be the lowest cost manufacturer of magnets outside of China.

Expansion into additional jurisdictions is only a matter of time: gut feeling is that Japan news will be coming (possibly, very) shortly. They were very surprised that the meeting between one of our representatives and the PM of Japan was shrugged off by the market.

US markets are a whole different level - I think they’re hugely confident of raising a big whack of cash for MKAR, and once MKA has that massive liquid asset on its balance sheet, the possibilities that that opens up are huge (various financing routes, facilitates M&A, etc).

They weren’t at all concerned by the competitor with the chromatography tech, nor by USAR. Very clear that HyP is leagues above everyone else, that the Birmingham REE specialists are the leading minds in the industry worldwide, outside of China.

Confirmed that JT’s connections in the US are ridiculous. My reading of it was that something huge will be forthcoming soon enough (likely, US Gvt involvement, beyond just EXIM loan).

Hope that’s of some use - albeit a lot of guesswork on my part.

The Tesla news (covered by the WSJ overnight) is yet another catalyst for the now-panic-level build out of new mines and of magnet manufacturing plants outside of China.

I think we’ve had stage 1 of a monster share price rise that could last multiple more years. A pullback and some consolation over a few weeks/months, and then we kick on to 100-200p.

Can categorically confirm that’s not me, SG! 😂

Happy holding still. The pullback in the overall rare earths space has been savage, driven by an unfortunately timed combo of the 12-month pause in China’s REE export ban, and global equity markets enduring a sharp pullback owing to several factors compounding upon one another (which has culminated in growth / story stocks getting particularly smacked).

I was at the Shard event watching MKA (amongst others) present one evening this week, and spent a long while chatting with mgmt.

Very happy with how everything is progressing, and expecting a load of news flow over the coming months. Remain convinced we’re going to see a mega NASDAQ IPO for HyProMag next year.

Whilst our mkt cap remains paltry compared to the international peer group, our decline from the highs on a percentage basis is actually less severe than most. So we can’t complain too much just now.

I actually think that if MKAR completes its listing in Jan / Feb, and then HyP is listed in H2, it could be much better timing (as opposed to now/December) as the 12-month Sino-US truce reaches its expiry.

Have a good weekend all!

Lfc98 - in a word, HyProMag.

Pensana - like all other rare earths companies - does not have any IP.

Mkango, through its 80% holding in magnet recycling/remanufacturing company, HyProMag, has the most important IP in the entire REE supply chain outside of China. It is that technology that is enabling it to roll out plants in three nations currently, with plants in at least a further three nations in the advanced planning stages.

I propose that HyProMag should be the most valuable REE company outside of China, behind only LYC and MP. Who knows, in a decade it could be more valuable than both.

Compare PRE to MKA's upstream operations, the soon-to-be-NASDAQ-listed MKAR. But comparing it to MKA as a whole (which includes its recycling business) is just silly.

Morning StockGenius - on the contrary, REE related stocks are flying today!

Key ASX rare earths stocks in today's trading (by mkt cap):

LYC +6.6%

DTR +7.5%

ARU +18.5%

BRE +0.2%

LIN +5.4%

NTU +5.9%

US (pre-market):

MP +3.2%

USAR +5.9%

CRML +9.4%

ID +4.5%

......

If you are referring to Pensana being down today - my view is that PRE is being hit by company specific news, i.e. its separation plant has (realistically) been delayed by 3 years or so, with the decision to relaunch in another country.

The UK investment community remains poor and embarrassingly behind the times. Our two NASDAQ SPACs can't come soon enough!

It's going to be truly glorious when they are over the line though. 5-10x from here, easily. Possibly much higher, in the longer term (e.g. imagine 3 plants being built out in Japan, and another one in Sooth Korea primarily serving Samsung. And this time - these are all majority- (albeit directly-) owned by Mkango.)

My 1.3m from the 30p placing haven’t been shifted!

And I know the majority portion besides me is with a group of HNWs who are v long term holders.

I put it down to just a consolidation around the 50p mark - a psychological target for many, as you suggest.

The SP simply cannot stay around these levels - just on the impending SPAC deal - unless there’s a black swan event in the REE industry…

Next leg up will come v shortly, I suspect.

Hope everyone here is keeping well!

I'm confident we see multiple very significant RNSs land before Christmas.

The ultimate RNS will be a NASDAQ listing of the HyProMag companies, which I feel is almost certainly on the cards now. In my view, it is just a question of When, not If. Is management waiting for US Gvt formal commitment (be that direct equity investment, major grant, price floor?), before announcing? Possibly.

The fact that MKA's 80% holding in the global HyProMag business is effectively being priced at LESS THAN ZERO by the UK investment community (based on the listing value of MKA's share in MKAR being 86p per share, versus the current share price of 51p), is truly nuts.

I think it will take a real black swan event for MKA NOT to rerate to >100p in the next 2-4 months.

Long and strong!

Wednesday and Thursday saw material pullbacks in US markets, particularly for highly rated growth stocks.

MP Materials trades on ridiculously punchy forward multiples, and so was hammered hard over the two sessions - DESPITE NdPr pricing absolutely flying up in that same timeframe. USAR was also hit badly. In Australia, the second rare earths industry bellwether, Lynas, was likewise smacked.

I believe that was was why MKA didn't surge higher these past two days (when most thought it should have, given the monster hike in NdPr).

However, last night / this morning on the ASX, Lynas put in a strong comeback (+4%).

US markets also look to have steadied now (going on this morning's futures prices) - so I am hopeful that we now see REE stocks across the world follow Lynas' example and put in strong moves upwards again, to price in the NdPr shift that they have all failed to do so thus far.

Rumours are that meetings with Japanese entities have been extensive in recent weeks. I will be entirely unsurprised to read of significant developments on a new project in that nation, announced in the coming weeks.

Amazing to see Nd hold steady today, following the past two monster sessions.

So so much going on at Mkango, across half a dozen nations (and likely more!!).

And we STILL trade at less than half the NASDAQ listing value, of the less valuable half of the company!

Decision due by a week on Saturday (30th August) - as guided by the White House itself - which means RNS anytime from now until 7am on Monday 2nd September.

Just look at what the press release concerning the tie up with the US Department of Defense did for MP Materials. Its stock price went from $30 to a high of $83 (hit last week) in just a month.

The evidence points to HyProMag USA also securing such a deal with the US DoD over the next two weeks.

Just 8 trading sessions, from tomorrow morning....!