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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

Https://www.theaustralian.com.au/business/stockhead/content/rare-earths-in-focus-asx-explorers-position-for-potential-ndpr-boom/news-story/38c80cb25bdfbec6a07ec724fa43ecd4

Australia focused but main message very relevant to MKA, NdPr oxide prices will strengthen further and that will support miners. Taking a step further, also Neodymium price will go up and that means closer to the future expected prices cases for Hypromag USA

Long term sustainable pricing is a key issues as this is what lenders will look at in approving funding.

Another big positive to take away from this

Https://discoveryalert.com.au/china-rare-earth-exports-japan-heavy-rare-earths-gallium/

HPMS will break down magnets to alloy powder that will also contain Terbium and Dysprosium. Long Loop can then be used to extract Terbium and Dysprosium if that is wanted.

I expect huge synergies between HPMS recycling, long loop and ultimately Pulawy separation plant. Songwe does have valuable Terbium, Dysprosium and Yttrium

Https://www.cnbc.com/2026/05/21/china-robots-humanoid-job-training.html

I specifically note Elon Musk comment on hand design. As we know the magnets are needed to make robots that will be able to have the same movement as a human hand.

I feel that the Eneabba monazite processing plant being constructed in Australia is a more natural fit for Kasiya Monazite. The Pulawy plant is designed to separate purified mixed rare earth carbonate (MREC) and not Monazite. Most compatible would be the MREC to be produced by Pensana in Angola, especially now that they have scrapped the UK separation plant and have not made a definitive decision how it is to be replaced (as far as I know).

Eneabba is specifically designed to process Iluka's mineral sands/Monazite and Iluka already has an arrangement in Malawi with Lindian Resources for sourcing Monazite concentrate.

Https://moderndiplomacy.eu/2026/05/22/chinas-rare-earth-restrictions-on-japan-revive-fears-of-economic-coercion-and-supply-chain-warfare/

Clearly China is not going to back down on what is both an economic and military advantage. The age of natural resources is coming back in a big way

Stock, as expected

Whenever there is a US-China high level meeting there is speculation of a rare earths trade agreement that will upend the West's drive to establish their own critical mineral supply chains. For me this is just noise to move markets. One needs to look deeper into the demand growth scenarios - EV's, renewable energy, defense applications, Humanoid robots, to understand that China is leading them all and will keep strategic REE for themselves to maintain this leadership position. Only what is surplus will be sold to international markets.

Malbright

My position is that MKAR Masdaq listing is a certainty

MKAR is a separate company, subsidiary of MKA, so yes both will remain. MKAR with Nasdaq and MKA with AIM/Canada. Expectations are that MKA share price will rise to reflect the value that it now has in its Nasdaq listed subsidiary

It is anyone's guess what can happen in future regarding the MKA listing on AIM/Canada.

- MKAR will be listed in Nasdaq

- Hypromag USA seems from CoTec comments also to be on a path for listing on Nasdaq, I expect towards end 2027. MKA has just under 40% in Hypromag USA

- So does it make sense long term that MKA itself remains listed on AIM/Canada with two major investments listed on Nasdaq? I would say no but cannot guess what fianancial structuring may be used for the end game. If I were the CFO of the Hyrpomag busienss I would be looking at an option where MKA which outside of its Nasdaq listings is the European recycling business plus Rest of world, merges into Hypromag USA and establishes a global HPMS magnet recycling business listed in Nasdaq. This is for the long term and only time will tel, how it ends up. Also subject to CoTec and their ultimate exit strategy.

Https://www.scmp.com/economy/china-economy/article/3354236/japan-feels-squeeze-chinas-rare-earth-magnet-exports-only-partly-recover?module=perpetual_scroll_0&pgtype=article

Japan needs to expand recycling of magnets, introducing also HPMS. Mining the seabed I do not see for the next decade minimum. Also where would the mined REE be processed?

Esduk, was thinking the exact same thing, a repeat of last summer. They say sell in May and go away but I guess with MKA its buy in May and enjoy the ride!

the facts repeat themselves across many key shares i have held over the years. ****ty placing drives the share price down at a time nobody wanted it and not long thereafter, huge value starts to develop on newsflow.

this is by chance or worked that way to reward somebody?

Stock, comparisons between MKAR and Arafura are interesting. Arafura has a USD equivalent market cap of just over $1 billion. MKA share of MKAR given a $400m so lets say $500m for all MKAR

Arafura Nolans has an NPV (10%) of approx $1.7 billion while Pulawy/Songew has $1.2 million but a much higher NPV and shorter payback.

Why the big difference in market cap. That is what Esduk raised earlier today, it is the funding package in place which Arafura has while MKAR does not at this stage. The key is that through Nasdaq listing, MKAR can move towards getting in place the funding package which will then drive further market cap appreciation closer to what Arafura has today.

For sure until funding package is in place there are key risks that will cap the MKAR share price but with REE being so critical, I do not see how the funding package will not be secured. From that point on we may well see MKAR market value approach US$800m-US$1 billion range

Then there is Hypromag USA, for me another $1 billion market cap business once listed and funding secured for the additional 2 hubs.

Absolutely Esduk, The funding optionality is a major benefit of the Nasdaq listing. Again through I see that not being able to do the same on AIM/UK is the failing of the UK markets.

Strong share price action today with news of progress on the MKAR Nasdaq listing. Some deeper throughts

1. It is not the Nasdaq listing that is driving the value. The value is already within Songwe/Pulaway where we have a construction ready mine with good magnetic REE content and a EU critical separation plant at feasbility stage within a strong industrial, chemical processing region of Poland. The Nasdaq listing just makes it clear how inefficient AIM/UK is at setting appropriate market valuation for companies where an earnings multiple ratio basis is not yet applicable.

2. MKA has aother string in its bow, not just MKAR. Therefore talking about MKA trading at half the market cap of MKAR once listed is understating. Hypromag is nowhere within the MKAR valuation with itself having some key developments

- European recycling operations are ramping up with a bolt on acceleration from the acquisition in Germany. There are some delays for sure but from my side fully expected as in my 27 years of experience within manufacturing, delays is start up and ramp up are more the norm than the exception, more so when there is an added level of technological complexity or pioneer process. The ramp up is taking place and needs another half year patience. I can see further European expansion, recycling a Pulawy makes allot of sense whlle NdPr demand in Turkey is taking off driven by EV and defense

= Then there is Hypromag USA with the development lead by JT and his team, that have proven success/significant value creation, time and time again. MKA has almost 40% with no capital commitment and no shareholder dilution. The investment decision and funding package is in the making, I do not see that the US will allow this to fall through, it is too strategic and needed to maintain US military superiority.

- If again AIM/UK cannot price Hypromag, be sure that with the Hypromag US listing, the valuation gap that will appear is even greater than that of MKAR

3. Finally we have RoW/Asia where we have not seen any development in Hypromag roll out. Would find it strange if the likes of Japan/South Korea/India..... do not adopt HPMS as part of their recycling focus.

Very rare to have this potential in a company with less than £200m market cap.