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Strong US jobs report providing direction for US interest rate increase later this year. On the back of this US markets sharply down

Esdulk, agree fully on this. The price is now getting very attractive and I will start to add additional shares to my holding.

Rutile, Graphite, Monazite and a multi decade mine life multiples past the DFS time horizon are not opportunities one sees every day. Add in Rio active project involvement as well as IFC on the financing side gives enough risk mitigation.

Https://pandaily.com/ubtech-biomimetic-humanoid-robot-presale-jun2026

Humanoid robots are rolling out faster that I expected. Note that last comment on motion, that needs NdPr magnets! Over the next years Humanoid robot adoption will grow significantly until it becomes something every home will want. This is a future source of NdPr magnet demand that is negligible today

China will be the biggest player and a significant part of their REE will go into Robots so that impacts the international price irrespective of where the magnets are used

Very well said Esduk

I guess the main problem with the delays is inexperience on communicating with financial markets and setting expectations. I guess they will learn about under promising and over delivering in time

Yes agreed there, working night and day wont make it happen faster

Codejunkie,

MKA mgmt do need to take responsibility for a large part of the delay. They clearly misjudged the time requirement for the updated Songwe DFS and more so the PFS for Pulawy. I expect Nasdaq listing was part of ex CFO responsibility and he missed his targets, hence his exit

The SEC shot down has contributed as during this period it was unlikely to get any needed clariifcations and so on, but main responisiblity is with the company. The big picture however is that very likely MKAR will be approved and be listed on Nasdaq. Some quarters late, but it is nearly there. Funding, FID and Pilawy DFS will follow

You are working investment banking hours to ensure your capital is allocated for maximum return?

Https://renewablesnow.com/news/us-doe-backs-projects-to-recover-rare-earth-elements-from-wastes-1295852/

For me this is the most important development / news item for today.

- RNS on occupying leased facility is basically non news

- REE not included in Tariffs a no brainer, US needs then desperately

- Price movements all within my holding pattern thesis

That US departments are backing recovery from waste is good news. Magnet recycling feedstocks are also waste !

Great financial analysis everyone

Absolutely, the production is still at the lower end of the ramp up stage and nowhere near the nameplate capacity. There are fixed costs/overheads that are allocated to very low output thereby increasing cost of production significantly. At initial start p stage also we can expect variable cost consumption inefficiecies which further contribute to highet production cost per unit

Have to agree with Esduk that the German/UK cost of production per unit will be greater than the US, driven by significantly higher energy costs in UK/Germany compared to the US

2027 will be the key year to assess if they can get the production efficiencies of scale. 2026 is rather about seeing if they can ramp up capacity utilisation and secure feedstock

US listed REE shares doing very well, also REA, which is now back above $23 compared with its listing price of $19. Current market cap $460 million. Really makes one think when an exploration stage company has a higher market cap than MKA where alone its to be listed Nasdaq subsidiary is allot more valuable

Esduk, well I hope that is the case and we start to see meaningful re-rate on SEC approval

I also expect Sovereign to drift as we wait for quantification of Monazite and then a decision by Rio. I, in two minds on increasing my stake there.

- MKA is a core holding and I will not sell

- Hot Chilli is a core copper holding and I will not sell

- I hold also Iluka and that is what I am considering to sell down to buy more sovereign. having said that Iluke mineral sands (Rutile, Ilmenite, Zircon) are coming off a weak market and there could be significant upside, while there very large Monazite processing plant in Australia will start up in 2027

Biffa, you can be sure I am not waiting for that to happen, I have more than £1.3 million invested here (at current market price). I am rather looking to put down my thoughts on what would trigger a very significant re-rate from here

Hi Esduk, not specifically replying to your comment, but rather general commentary on share price, up, down, undervalued and so on

I guess I have different view that SEC approval will not drive a very signifcant re-rate, but rather the listing itself. anyhow technical points, the big picture is that this is a huge value driver and will be realised

I personally see the trading pattern up and down on MKA as very normal holding pattern. There has not been any value triggering developments yet

1. Yes there was the announcement of the German acquisition, but acquiring another pre-revenue entity tpo add to existing pre-revenue German operations is no going to drive immediate share price appreciation

2. Filing forms for Nasdaq listing is not the value creating listing itself,. Once we have MKAR listed, a succesful pipe financing and a USD 400 million liquid assets on the balance sheet, the value creation will crystalise. The next big step in MKAR and therefore MKA value creation will be funding and investment decision for Songwe as well as development to final DFS and funding for Pulaway.

3. Hypromag USA needs the funding and investment decision to start driving value. This will then later be followed by news on expansion and Nasdaq listing

4. Germany and UK need ramp up and expansion

These things do not happen over night and developments will be in stages, each adding to value/market cap. There will be trading/holding patterns in between. Share price will move daily up and down and best we do not get emotional about it, there is room enough in this for all strategies

3.

Montescue, your welcome. Have a great day

Taser, as a finance director and auditor in my first years, Going Concern is a very standard item to go into audited financial statements of any pre-revenue company. What the Going Concern says is that the compay does not have sufficient cash flow (as in MKA pre-revenue) to sustain settlement of liabilities, operations and so on without access to funding sources such as the cap raise.

Threrefore yes the going concern risk needs to be highlighted and is the reason why we have a £200 million company and not a £2 billion company. You need to consider and assess if from your investment viewpoint MKA has a high or low probability to transition to a consistent and rowing cash flow positive business across mine, refine, recycle. My view is that it will but for sure that is not a certainty.

Yeah I look forward to it

Kat, that's the little AIM game you are referring to. You need to understand how things work on a serious market such as Nasdaq and what type of investors will be buying into MKA.

£2.40 per share valuation starts to look realistic with the 2 Nasdaq listings (2026 and 2027) as well as UK/Germany Hypromag developments.

This will not happen overnight but starts to look realistic over a 12 month period from today

Esduk,

Like you I do not want a take over and see that significantly more value creation will come from the dual Nasdaq listings as well as development of Europe/RoW Hypromag business.

I do not see any takeover in the next 2 years, after that who knows