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Call me a fool for taking Trump at his word but I've just seen he's announced 25% tariffs on any country doing business with Iran. China is Iran's largest. trading partner.

🍿🍿🍿

https://www.reuters.com/world/china/irans-trading-partners-that-face-25-us-tariffs-2026-01-13/

Where might they not be aligned exactly? Their success is our success and vice-versa. In every single investor chat Treger bigs up HyProMag as being front and centre in his company's plans; they are the first thing he talks about, the thing he talks about longest, and the subject that gets most attention in the Q&As. He has openly stated plans to try and put HyProMag USA on the NASDAQ this very year, if not early next year. And this, in your mind, is a problem? As mentioned by @esduk and @velcrofajita, we have enough on our plate getting MKAR up and running, so to have Cotec handling our US business is extremely convenient.

Lol are you really complaining that our North American JV majority partner is...banging the drum for our North American project? I'd be worried if he didn't. Treger/Cotec own 60% of HyProMag USA so I'd expect him to be leading the charge in a market he works in already. Imagine thinking otherwise 😂

Asked ChatGPT to compare Microsoft’s ADR vs HPMS, here’s what it spat out:

HyProMag has stronger potential to become the market leader in NdFeB recycling if magnet liberation and quality control scale reliably. ADR has a solid but more limited leadership role, mainly as an enabling technology for mixed or shredded waste streams rather than a dominant NdFeB recycling platform.

Head-to-head assessment

1. Value capture (most decisive factor)

HyProMag retains NdFeB as an alloy, enabling magnet-to-magnet recycling. It avoids oxide → metal → alloy reconversion, which is capital-, energy-, and IP-intensive, and directly addresses OEM pain points around price volatility, Scope 3 emissions, and supply security—creating a structural margin advantage.

ADR outputs REE oxides or intermediates that re-enter the same bottlenecked downstream supply chain as primary REEs, competing on cost with China-dominated separation and offering lower value retention by design.

Advantage: HyProMag

2. Scalability with EV and wind demand

HyProMag scales best where large, consistent magnet streams exist (EV motors, wind generators, HDDs)—the fastest-growing NdFeB demand segments. Its scaling challenge is mechanical and logistical, not chemical.

ADR scales well for diffuse e-waste, shredder residue, and legacy scrap, but is less aligned with where future NdFeB volumes concentrate and is likely complementary rather than dominant.

Advantage: HyProMag

3. Customer pull & strategic positioning

HyProMag aligns with OEM strategies around closed-loop supply, domestic magnet manufacturing, and carbon regulation, offering a simple message: “same magnet, lower footprint.”

ADR is more attractive to waste processors, chemical refiners, and policy-driven recycling mandates, with weaker direct OEM pull.

Advantage: HyProMag

4. Risk profile

HyProMag risks: magnet extraction automation at scale, alloy chemistry variability, and OEM qualification cycles.

ADR risks: commodity price exposure, capital-intensive separation, structural disadvantage vs Chinese refiners, and limited differentiation once proven.

ADR carries lower technical risk but also lower upside.

Likely market outcome

HyProMag (or HPMS-like technologies) → market leader in NdFeB magnet-to-magnet recycling, especially for EV and wind.

ADR-type processes → important secondary role for dilute streams, unsuitable materials, and regions prioritising waste recovery over closed-loop magnets.

As seen in aluminium and battery recycling, short-loop processes dominate high-value applications, while chemical recovery remains essential but not dominant.

Bottom line: If leadership is defined by economic gravity, OEM relevance, and strategic control of NdFeB supply, HyProMag has the clearer path. ADR’s best future is complementary, not competitive.

Great updates/reminders @esduk. I'm guilty of focusing on the multi million dollar signs coming further down the line (and not so far down the line with $MKAR!), but it is very valuable to remember we are generating decent levels of cash in the short term, enough to cover costs. And then steadily building and building from there.

Https://x.com/i/status/2004415692896924079

🚨🇯🇵 JAPAN APPROVES RECORD $58 BILLION DEFENSE BUDGET AS ASIA ARMS RACE ACCELERATES

Japan's Cabinet just approved a record defense budget exceeding 9 trillion yen ($58 billion) for fiscal 2026, up 9.4% from last year.

The focus: strike-back capability, cruise missiles, and unmanned drones to counter China.

Prime Minister Sanae Takaichi said in November that Japan's military could get involved if China takes action against Taiwan.

Beijing didn't take that well.

The budget includes:

$6.2 billion for "standoff" missile capability

$1.13 billion for Type-12 surface-to-ship missiles with 620-mile range

$640 million for "SHIELD," a system deploying "massive" unmanned air, sea, and underwater drones by 2028

$1 billion for joint development of a next-generation fighter jet with Britain and Italy

Japan is on track to hit 2% of GDP on defense by March, two years ahead of schedule.

That would make it the world's third-largest military spender after the U.S. and China.

The bigger picture: This week, South Korea and the U.S. agreed to pursue a "separate agreement" for Seoul to build nuclear-powered submarines.

America's allies are arming up.

The Pacific is preparing for something.

Source: AP

There are three things certain in life: Death, taxes and @RachT2 talking 80M down on the LSE boards. It's highly comical that whenever I pop my head back in here regardless of what the share price is and what the latest RNS states, there is always a negative angle for you to find.

My position here is pretty small (though a lot bigger than when I bought in!), so it's not a major deal to me but come on mate, have a rest! It's Christmas after all.

It's a great article (with sources, and doesn't immediately reek of AI slop), and highlights Mkango in the very specific domain of recycled magnets in a healthcare context. Now apply that same principle to every other industry which makes use of rare earth magnets, again and again, over and over for the next 4(?) decades. Easiest hold of all time.

The PhD who authored the work on hydrogen recycling of samarium magnets says his PhD has been sponsored by Rolls Royce. Very interesting...

So there we have the answer to the question of how they expect to spin these out on NASDAQ. HyProMag USA, and then we can assume separately HyProMag Global. Good times are a-coming!

I'm no expert on the technicals but I wonder if this improvement in the recycling process might be bigger news than any of us realise? Thanks for the shares.

I don't think anyone is suggesting the embassy is being built explicitly to support Songwe Hill, but having a new embassy in the country can only be good news for the future security of our asset and the chance of US government support/funding.

'Stars aligning' is very strong language for how Mkango normally communicates. Hard to disagree though!

It's a good share and great detective work but my initial feeling (as it reads your might be too!) is that is some AI hallucination/joining of the imaginary dots. GPT knocks up a lot of those basic tables in its answers and the infographic at the top of the page itself is clearly AI generated. Add to the fact we know some of the other material is factually incorrect I'd imagine it's entirely AI generated. That doesn't mean we won't still get funding though!

While we're on the subject, there are a few posters cropping up who are relying way too much on AI and passing it off as their own work/research. I'm not a fan. I'm not including you in that assessment @GLR1990 - you've shared something in entirely good faith and with the necessary caveats.

@Floyd shared something in September which at the time I highlighted the following:

"...the committee directs the Secretary of Defense to provide a briefing to the House Committee on Armed Services not later than December 1, 2025, on ongoing and planned investments by the Department in neodymium iron boron magnet production in the United States..."

I had a quick search but can't find anything on this. Could be happening today?

Someone shared this on Twitter, China apparently not quite so keen on Trump's big beautiful deal as he is when it comes to trades of rare earths and rare earth processing technology secrets:

https://www.youtube.com/watch?v=jqXDasQzg1Q

So we've just casually added value worth not far off our entire market cap JUST from the projected *additional* revenue from our share of HyProMag Germany. Insane.

Not only do they know about it but they have named it as a strategic project in the EU critical raw materials act.

https://mkango.ca/site/assets/files/5063/mkango_resources_press_release_songwe_hill_strategic_project_-final.pdf

What do we think of Cotec's move to make their American facilities without any Chinese materials? Sounds like the sort of thing a company would do as part of an agreement to be tabled by the US government.

"The message we've received from the US government is 'go hard and go fast'."