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Fantastic news....and this is the smaller side of the business long term. Got to be talking a billion-plus at least for the Maginito listing when it happens.

Fixed the title!

It's also based on the following statement in the 3 June RNS:

"Lancaster intends to return the escrowed funds to the BCA Note Investor if the BCA Note is not issued by 30 June 2025, which is the expiration date of exclusivity regarding the BCA and which may be extended. "

Agree - clear communication is essential. Learn the lesson from the recent technical update which left everyone wondering about whether they were still on track for production at the end of June

Hopefully the production RNS will arrive tomorrow morning. I can see the SPAC RNS being Tuesday as it may take all of the US business day tomorrow to finalise it all ( and is also good as it keeps them independent so market can absorb both properly).

Given that the production news and BCA news are very different in nature, I hope we get separate RNS for them. Otherwise I anticipate the production news will just get lost in the BCA details.

Also bear in mind that if they go into production on Monday or it takes until close of business on Monday New York time to finalise the BCA, one or both RNS could arrive on Tuesday instead. Of course they could also not achieve either milestone by end of business on Monday and so we get no RNS at all early next week (disappointing but not the end of the world as others have said).

As before, this just highlights Western dependency until it can generate its own supplies of REs and magnets....

https://www.theguardian.com/business/2025/jun/27/us-china-rare-earth-shipments-deal

500k trade from 0814 this morning now reported. On it goes ...

Talaxis, the BOD, and 4 other shareholders control approx 43% of the shares so it would be extremely difficult for any takeover bid to succeed without their agreement and I strongly suspect they know the company is worth a lot more than 16.5p. Of course this doesn't mean they won't have a minimum share price at which they'd recommend acceptance of a bid, but it won't be near current levels.

I hope the company seriously reflect on why this RNS has had such a limited impact in the market despite it containing many positive developments on both the feedstock and customer testing fronts. Personally I think this was an update that could have waited until after a more specific RNS which confirmed:

- production has commenced

- feedstock supply details to reassure market this won't be a limiting factor

- customer/offtake details to reassure market the production output isn't just piling up as inventory.

There's lots of superb detail and evidence of progress in today's RNS - and one can reasonably inferior they've got a grip on the feedstock sources and that ZF and GKN are likely customers - but a technical update should have followed rather than preceded the main production started update RNS which the market is expecting.

Company is spinning a lot of plates at the moment and looking to spin more (e.g. Maginito into additional countries keeps being mentioned by Will) - as well as having ongoing operational costs - so having a larger cash reserve would seem helpful. Getting the warrants converted seems to be a time-consuming process given what's been going on with the share price/trades over the past month or so.

And let's not forget the US govt visitor to Songwe last week (on top of a similar UK minister visit a few weeks ago). These weren't by accident - and wouldn't be surprised if Cohen's had something to do with the US visit - so it is both parts of our business that are of interest at high (and multiple) govt levels.

If this morning's flurry of small sells is in response to the US/China framework agreement then these folks need to give their head a wobble. The agreement does nothing to solve the longer term issues about RE supply, China will still yank Trump's tail on this whenever they feel like making a point, and the whole thing is liable to collapse the next time Trump has a tantrum ( which will be in 3-2-1....bwaaah).

A very interesting article from NY Times. Samarium is the military critical RE referred to here that China has total control of , but also references to neodymium and terbium as well as some potted history of MP Materials and Lynas.

https://www.nytimes.com/2025/06/09/business/china-rare-earth-samarium-fighter-jets.html?unlocked_article_code=1.Nk8.o0I4.i1LJRNPdApdx&smid=url-share

Just the sort of messages we want to see in a very high profile US newspaper just as we seek investors in the SPAC and work with Cotec to advance Hypromag Us.

Also nice to see (from a MKA perspective if not from a UK defence perspective!):

- neodymium shown as high risk across a number of military applications in fig 4 on page 15 (as well as mentions of the other main REEs we have interest/capacity in)

- reference to financial, rapid permitting and other incentives that would accelerate our projects and expansion plans.

Every other western and Far East allied military will have the same issues as UK so reinforces the likely demand for Hypromag expansion into these countries as well.

Releasing the 1q25 results on a Friday afternoon seems like a deck-clearing exercise in readiness for bigger announcements next week......

Worth keeping in mind that number of shares in issue is pretty low compared to many AIM resource stocks and growing the business isn't going to require MKA to dilute itself to pieces unlike most other resource companies. The SPAC will take care of Malawi and Pulawy funding and MKA can sell down parts of its holding there to fund other parts of business. Cotec are funding the US construction and UK and Germany plants are already funded and will soon be operational/revenue generating. Therefore shareholders should see serious gains in the value of their holdings and not see these gains watered down by endless bouts of dilution.

Floyd - thanks for this. This ties in well with your post from 17 April and the presentations you included there about Project Zeus. It is absolutely clear that MKA (and Cotec) are working with the most significant US businesses driving the US REE world and are going to become a major part of that world. The wider UK market hasn't cottoned on to this yet, but when it does then the MKA share price will explode. This moment isn't far off.

The company execs have stock options (RNS 27 March 2025) dependent on first production at Tyseley by 30th June 2025. Of course, first production is not necessarily completion, but it is still a major milestone.

Where does the "Maginito/SPAC: Mkango owns 21%" figure come from? Perhaps I've misunderstood things, but the RNS relating to the SPAC say that MKA are expected to hold a majority stake in the listed business so a lot more than 21%.

Trading volume a lot livelier so far this morning than for some time.