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Esduk, In the end it does not matter if full commercial ramp up started Dec 25, Jan 26 or Feb 26. I have seen production site completion delays in years not months over my career so I would say we are in line with start up plans. The exciting part is how they finance the capacity expansions in UK/Germany (maybe an offtake arrangement now that they have proved production capability)

Also not to concerned about the delay in MKAR listing, especially considering that Ndpr oxide prices have resumed a strong uptrend so any feasibility studies / business plans to be released for Pulawy will be able to benefit from higher base prices and a positive trajectory built into the forecasts. Higher pricing power and improving margins are what gets the lenders excited!

With a 38% IRR, on future pricing, all hubs will likely be expanded

I'm sure we will enjoy many positive and huge upward moves on the share price

Really makes no sense you saying that CoTec and MKA may not be aligned. That is again another thoeretical text book position on JV's which you are using allot of to downplay the investment theme with MKA

I repeat, you are forwarding a risk averse mantra here with financing, JV risks, cost competitiveness. Looks to me like you want to teach investors risk management, while you pile in at low prices and make the 10x return. If you add some positive lessons to your mantra, then maybe we can see a well balanced approach from you and listen to what you say

S&S, they need to get more creative in their negativity, ha ha ha

Esduk, the negative gang are running out of valid ideas to use against the MKA. For me that is very promising

Which management and control to Treger? Hypromag USA is fully driven by Treger and Cotec as the majority owner. I am very happy with this arrangement as they know their way around who is who in US/North America. You lose me, why Treger tricky when in charge of Hypromag USA?

MKAR, Cohen&Co is another matter and yes this is where MKA focus needs to be now, together with the ramp up/commercialisation of UK and Germany

Fever, if an investor takes your risk averse view then by the time any significant investment is made into MKA, the lions share of the profit is gone. Once all the funding is in place, the business is Nasdaq listed and Ndpr prices rises another 30% (which is what you want to see) the entry price will be closer to £3 rather than 40-50p

I am looking at the possibility of 10x appreciation from current levels vs the probability of not being funded/listed and am extremely comfortab;le with my very significant holding

Aldebaran,

As you are such a savvy investor, being able to pick the winners from the losers, those that get funded and those that don't you must be a billionaire. Come on you can easily fund MKA with all that investment wealth. Actually considering further, you need to fund MKA so that we can by every rare earth producer, refiner, recycling technology outside China (including Greenland and the underwater Japanese exploration) so that we become the dominant force in rare earths and use this to change every regime we don't like.

I would not worry about rare earths coming out of Greenland. This would need huge investment, subsidies, infrastructure, overcoming ESG issues to name a few. I don't expect to see it in my lifetime (I am 53).

Esduk, see things exactly the same

MKA is quietly and steadily developing its mine, process and recycle business based on where there are competitive advantages. This is much lower risk than the hyped projects which are years away from any sustainable cash flow or proof of it through a PFS/DFS.

I am not a trader but a long term investor so i focus on the fundamentals, capex requirement, cost competitiveness, funding and dilution risk, demand vs supply balance. This is the boring stuff compared to political factors and paid hype which can bring very quick super profit and losses. Investing as opposed to trading requires patience, conviction and allot of research and understanding of what one is investing in

I am likewise sleeping very soundly with my very large investment in MKA. To be honest the only other share within the rare earth space I considered investing in was Lynas, which has an established business and has/will benefit from an up cycle in rare earths

I would rather see drilling/exploration on the Nkalonje hill deposit, which could then feed additional rare earth mineralisation to expand the Songwe hill operation, increase mine life

I have done allot of research on Thambani and the type of mineralisation that is there

The grab samples show some very good grades, but without extensive drilling to establish continuity, mo assessment can be made as to the signiifcane of the resource and its economical mining.

There polymetalic minerlisation primarily comprising betafite is extremely challenging to process, with Ta and Nb being highly refractory and extremely challenging to separate, requiring very aggressive and expensive methodologies. Unlikely that this could be done anywhere outside China

I am not an expert but the most realistic way of working this resource (once it is established) is for the Uranium to be separated out, where there are existing methodologies to achieve this. With the remaining non separated Ta/Nb maybe this can be sold to a specialised processor in China.

I would expect that Uranium prices will need to rise further in order to attract any interest in this and allow MKA to either partner with an entity that is able to take on the drilling/additional exploration work required or sell out and raise financing for the rare earths mining/separation business.

Https://abcnews.go.com/US/wireStory/greenlands-harsh-environment-lack-infrastructure-prevented-rare-earth-129098070

Many Rare Earth explorers share prices have exploded, but there needs to be a reality check. The article focuses on Greenland but the same could be said for multiple headline news items that X / Y country or company has found significant rare earth deposits. The reality is that 10 years plus will be needed to bring into operation any mining while there are also geological and infrastructure hurdles to be overcome

MKA is not headline catching but has in Songwe a mine that is ready to construct, which will not cost a fortune in development capex and has a good proprtion of the prized Heavy Rare Earths (Terbium and Dysprosium). The processing plant in Pulawy is in an established processing / refining area where Azoty has been operating for a long time.

Then there is Hypromag and the recycling operations. UK and practically also Germany are complete and there is ongoing ramp up. The mich larger scale US operation is moving towards financing/development and represents a substantial and comparatively near term bringing to market of magnets. The blending of newly mined /processed product into the recycled material prior to sintering gives a huge synergy on use of the Terbium and Dysprosium if that path is taken

MKA is not headline grabbing and not the subject of paid promotion. What MKA is however is a rare earths business with both mining and multiple downstream processing arms, with near term mining, separation and recycling. The reward is possibly a 10x market value appreciation from current levels without significant dilution. Maybe the stalling of the sp is frustrating as other opportunities that are hyped get missed, but for me MKA represents a near term and comparatively low risk option to make a huge return from the need of rare earths to support the technological shift taking place.

The more I consider it the more I see that there are major synergies between MKAR and Hypromag, at the highest performance end of magnet production

The Songwe MREC includes more than 50tpa of Terbium and Dysprosium which are needed to produce the highest performance magnets needed for military applications. The operations at the Pulawy plant will separate these out and can supply for military applications as needed.

However there may be a much better use of the Terbium and Dysprosium. These can be supplied to Hypromag and through Grain Boundary Diffusion be blended into the NdFeB mahnet to upscale to higher performance as needed by high temperature military applications. This can be a very profitable niche business for MKAR/Hypromag focused on supplying high end defence applications.

This approach takes the lowest cost for the NdFeB base magnet and through Grain Boundary Diffusion relatively less of the highly valuable Terbium/Dysprosium can be used to get to the highest performance

Must make allot of sense that at Pulawy, in addition to the separation plant, a HPMS recycling facility is also developed with Grain Boundary Diffusion capability

Yes there is lack of news-flow at the moment, but I cannot believe that this critical angle is not being considered by MKA and its future commercial partners

Excellent.

I still see that we are at a fairly low point in the cycle, with prices having room to rise again significantly as economic activity picks up globally. We are seeing a broadening of stock market investment also out of Mag 7 / AI, which is a good indicator of future economic activity

The Geo Politics are also giving allot of tailwinds to critical minerals.

And we can be sure that the tensions between China and Japan will not disappear. Japan remains dependent on China rare earths while China is courting South Korea so that it can reduce its dependence on Japan semi-conductors etc.

Japan will absolutely have to do more to ensure both civilian and military purpose rare earth supplies are further diversified away from China. MKAR and Hypromag could both benefit from this.

Esduk, for me the neodymium / ndpr oxide price is the key to huge mcap uplift in the not to distant future. We are on a continuing upward trajectory which is underpinning both the recycling and mining/processing operations.

The rest we have discussed, analysed in allot of detail and now patience is needed until key milestones are achieved

The world is certainly splitting into a US and China spheres of influence, proved further by the US taking action to exercise control over South America where it can influence while understanding the reality that Asia ex Japan is lost to China whose economic dominance and military capability there is not matched. All this manes that US (West) and China (East) will develop their own critical minerals long term to meet the huge demand and will restrict in one way or another free supply to each other. For me in the current environment Neodymium/ndpr oxide prices have a long way run still

Happy New Year to all, wishing all here Health, Happiness and Good Fortune for 2026

I have a very positive gut feeling for MKA in 2026. We all know very well the key developments in the recycling and mining/processing parts of the business where there will very likely be major developments in Q1 2026

We also however have huge and accelerating technological advancement and a technology/AI supremacy battle between the US and China. Which companies in that space will succeed and which will be killed by any bursting bubble is irrelevant to the key theme that magnets are needed in these new age investments which will become an integral part of every aspect of life over the next decade

The key therefore is demand vs supply where we are entering a period of massive new demand at a time that the West is fully dependent on China, but with China first and foremost looking to ensure their own technology/AI industry is well supplied before making surpluses available to others. Have no doubt China is fully focused on technological dominance as they have achieved with manufacturing dominance which can only mean higher prices of all inputs into the key modern technologies, including rare earth products.

The US, Japan, South Korea, Germany and others will not just roll over and die, they will also invest heavily to try and maintain their technological innovation. The "picks and shovels" of this technological investment focus include rare earths, which will be in demand and will see much higher prices than today

Another factor is that we have started to see a broadening of the investment theme to beyond the technology sector in the last quarter of 2025 which is encouraging for the "old economy" such as housing, consumer products, healthcare and so on. We could well be at the start of higher global GDP growth over the next years which again is hugely supportive of rare earth prices as we witnessed in the last cycle that ended end 2021/beginning 2022

I see Exciting times for rare earths, base metals

Kaeren,

The dividend matter depends on the investors profile. There re pension funds, insurers and family offices that want growing annual dividend and a steady rate of capital appreciation. They will not invest in small caps, development stories.

Then there are investment funds, more aggressive HNW individuals and strategic investors who want to take higher risk for much higher returns. This is where MKA sits. Dividend is irrelevant

For me the most significant part of the announcement today is that the current price for the production gives a gross margin of over 100%. This is huge and proves beyond any doubt that Hypromag USA is a long term profitable business, with a cost base not far off that of Chinese production. Hypromag is the Wests cost leader as well as sustainability leader.

Hypromag is not dependent on subsidies, grants or strategic support but will very likely get some of that in the US for Making America Great Again. We can also be sure that this profit margin number has been noticed by both Japan and South Korea

I am not to bothered about the trading pattern of the shares and I do not believe that anyone is trying purposely to keep a cap on the share price. People are trading the share, buying up when things get boring and selling into strength off the back of de-risking type news releases. The upward momentum from here will develop when funding arrangements are in place as that remains the key risk now in both Hypromag and MKR.

I am convinced more then ever that MKA is a £1 billion+ company, but that is not going to happen overnight but matching the progress of the business development over the next 2 years, with strong upward momentum on the back of MKAR listing, securing of funding for Hypromag USA and any development deals in Asia