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From ChatGBT, looks like MKA directors may have very advised to maintain radio silence relating to MKAR listing process

1. Legal confidentiality obligations (baseline)

Directors already owe duties of:

• Confidentiality (fiduciary duty)

• Care and loyalty

Once an IPO is being prepared, those duties sharpen because:

• IPO-related information is almost always material

• Selective disclosure or leaks can derail the offering

Even a technically accurate statement can be a problem if it reveals MNPI or creates an uneven information landscape.

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2. “Quiet period” rules (the big one pre-IPO)

This is where most people get tripped up.

What the quiet period is

Under U.S. securities law (notably the Securities Act of 1933), once an IPO is in motion:

• Communications by the company and its insiders are restricted

• The goal is to prevent “conditioning the market” before investors see the prospectus

Who it covers

• The company

• Directors

• Officers

• Anyone speaking on the company’s behalf

What’s restricted

During the pre-IPO quiet period, directors generally must not:

• Announce or comment on new business developments

• Publicize contracts, customers, financial performance, or strategy

• Give interviews, conference talks, podcasts, or social posts about the company

• Make “forward-looking” or promotional statements

Even routine press releases can be frozen unless:

• They are strictly ordinary-course

• Counsel and underwriters sign off

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3. Practical reality: near-total communications lockdown

In real IPOs, directors are typically told:

• Say nothing externally about the company

• Route all communications through legal + underwriters

• Decline interviews and panels

• Avoid LinkedIn posts, tweets, blog posts, and even “congrats to the team” messages

This often starts:

• Well before the S-1 is filed

• Sometimes as soon as banks are formally engaged

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4. Post-filing but pre-pricing: even tighter

After the S-1 (or F-1) is filed:

• Every public statement can be scrutinized against the prospectus

• Anything inconsistent or extra can be treated as gun-jumping

• Regulators and plaintiffs’ lawyers actively look for this

At this stage, directors are usually under explicit written instructions:

“No public statements. No exceptions without counsel approval.”

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5. What can still be released (narrow exceptions)

With legal approval, companies sometimes still release:

• Legally required disclosures

• Ordinary-course factual updates (e.g., regulatory filings already mandated)

• Information already fully and fairly public

But directors themselves almost never do this personally.

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Bottom line

Yes — directors are subject to strict confidentiality and disclosure limits, not just trading blackouts.

In practice:

• They must not release news

• They must not comment publicly

• They must not selectively disclose

• Silence is the d

Duff, locking in profits and taking up position. In quality assets that are sold off is always a wise move.

What people miss here is that MKA is up 500% in a year and it is only natural that some are locking in profits. This will take a while but sets the stage for a new shareholder base at 50/60p range holding for the next move up on meaningful news, to over .£1

Bonker, the rising Neodymium/NdPr oxide price is huge. We are talking about an almost doubling over a 12 month period

This will underpin a very positive reception to MKAR shares on the Nasdaq when finally listed. The delay in SPAC I expect is owing to underestimating the timing to develop a feasibility study for Pulawy (and scaling the plant appropriately) as well as then combining this with the mining operations. very likely owing to the listing process, MKA is advised not to communicate anything to the market until all formal documentation is finalised and released, but at least they should say thus and give a firmer timeline.

The rising prices will also add immediate additional cash flow to the operating UK recycling plant give confidence to lenders that Hypromag USA NPV at forecast prices is more in play than the current prices analysis

I take allot of positive from the tricks that are being played to get MKA shares. Just sit tight and wait gor news. There is only one way this is going and that is up.

Esduk, more likely I see cooperation agreements between Hypromag USA and the likes of USAR, MP etc, where HPMS recycling plants are situated at the same location as the REE processing plants. Again based on the synergies that Grain Boundary Diffusion can bring with blending in mined and recycled materials. Time will tell in which direction this goes

Kat, I guess you waiting for this to happen so you can buy in again for your next trade?

Biffa, I do not see that Mkango would sell out of Hypromag before JT has reached the goals for CoTec as in my previous email. To do so would be wasteful as they are partnering with people that have delivered huge value creation in their history

If there is a sale, I would expect that to be MKAR once it is listed and the market understands the profitability and NPV of the mine-refine business. Maybe also MKA will not go it alone on Songwe/Pulawy but sell a stake in the project to a JV partner but again that makes sense only after Nasdaq listing and fully DFS for combined Songwe/Pulawy operation

Esduk, JT track record is one of buying things when they are cheap, turning projects around and then selling for hundreds of millions if not billions more. He has stated before that he is most hopeful of the Hypromag business and we can be sure that he is not in this to sell out below maxmium value

I would say JT/CoTec will at some stage want to sell out but that would not be before

1. Hypromag USA is Nasdaq listed

2. The first 3 hubs are operational

3. Feasibility studies in place for the expansion to 7-10 hubs in the USA

Will be looking to get 100% of the value in the existing 3 hubs business and a significant premium for the additional hubs

Also Yuan is strengthening against USD and expected to continue on this trend.

Also if I’m not mistaken the price floor of USD 115 that is was given to MP is not on the Neodymium metal price but in NdPr Oxide where the last price info I have Is around USD 100 / Kg. I see further upside to get to that guaranteed price

Hey Esduk, seems like we share more than one compelling investment. Yes I have a long term view here and prefer that there is no takeover. This resource when fully drilled plus the Rate earths definitely had the possibility for 10-20 bagger

Also like the Japanese infrastructure investments that will support this

On the price floors, I do not see that it will be governments that will be providing all the price floors. My bets are that what the US and others will be tryng to do is encourage long term commercial supply agreements between buyer and seller that will set minimum and maximum prices, thereby providing certainty to all parties. This was the game changer in the Uranium space and I see REE as a natural extension of that

Great that you are adding Bonker. I added further and now SVM (ASX listed shares) makes up just under 15% of my total portfolio

This one is way under the radar at the moment but my thinking is that it is one of the most compelling value creation plays available at the moment, especially after the HREE news

Tier 1 project with multiple ow cost products in the mix - natural rutile, graphite and rare earths with a very interesting portion of the most valuable HREE. My gut feeling just the HREE would drive an NPV that is multiples of the current market cap. Including it into the total, we may well be looking at 10x current market cap

HREE shares are sharply up in US, Canada, ASX while possibly here we have one of the best in the space with not much interest yet. the rare earths are however only one part of this story

We will clearly be range bound 50-60 as long as there is no key positive news on developments. The various critical mineral initiatives have not had any impact on share prices as I have expected. What we need is news on MKA, key matters that impact directly its funding, listing initiatives, projects

The news-flow from MKA has been rather disappointing the last months, we should be better informed on status of Pulawy & the Nasdaq listing process, as well as German recycling plant completion timelines and developments. My take is that they have a very small team and are overburdened with all the discussions at multiple levels

Esduk, maybe they are trying to get tariff exemption on any machinery that needs to be imported from Germany/other EU?

Bonker, yesterday I took my first position in SVM (on the ASX) and increased that holding by 20% today. This now represents 12.5% of my portfolio

Adding to largest natural rutile deposit plus second largest graphite, we now have what could be the largest HREE resource outside China. Shaping up to be a future critical minerals leader.

Fully agreed on USAR shares being overvalued. Would much prefer milestone payments as well

Esduk, with 10 US hubs having an NPV of 7bn+ would you sell now for 1bn cash?

If I were the decision maker, maybe 1bn cash and 1bn shares or future milestone payments on each new hub over and above the 3 being discussed about now

Boker, in my view, always good to take profits when greed reaches its maximum. The euphoria we witnessed in the previous weeks was just not sustainable. Definitely agree that the profits taken from PM will be re deployed into other shares, commodities and I do see MKA benefiting from this.

Also I would say its normal behavior when people who have taken highly speculative positions have to deal with someone that sees a correction, they don't like it. In reality what they don't like is the risk they actually do realise they are taking

Today I have taken what is for me a significant long term holding in the ASX listed shares and will be looking to gradually further increase my holding

I really like the SVM story with an excellent tier 1 deposit, production costs that are even slightly lower than China, Rutile/Graphite have key long term demand support but as yet are not "hot" sectors of the commodity space and now also the Heavy Rare Earths angle.

Rio may or may not want to acquire this but I am not basing my investment thesis on this. This is now also a strategic asset, where I feel there will be allot of funding options once the DFS is out, including funding to support the HREE critical mineral supply