VANCOUVER - Mkango Resources Ltd. (AIM/TSX-V:MKA), a company specializing in the extraction and recycling of rare earth elements, has published its financial results and management discussion for the third quarter ending September 30, 2024. The reports, accessible on SEDARplus and the company's website, reveal a cash position of US$2 million following a capital raise and grant funding.
The company highlighted progress in its various rare earth magnet recycling and manufacturing projects, with developments in the UK, Germany, and the USA. A feasibility study for the Texas-based HyProMag USA project reported a Net Present Value (NPV) of US$503 million and a 31% Internal Rate of Return (IRR) at forecast prices, or a US$262 million NPV and 23% Real IRR at current prices. The first revenue for this project is expected in the first quarter of 2027, with a Notice to Proceed anticipated in mid-2025.
In the UK, Mkango's HyProMag Ltd is advancing the commissioning of a recycling and manufacturing plant at Tyseley Energy Park, Birmingham. The plant, which is being developed in collaboration with the University of Birmingham, is on track to begin production by April 2025.
The German counterpart, HyProMag GmbH, has secured a site near Pforzheim, Germany, with production slated for 2025. The company has already ordered essential equipment for the facility, including an HPMS vessel and magnet presses.
Mkango's strategic review of its Songwe Hill Rare Earths Project in Malawi and the Pulawy Separation Project in Poland resulted in the appointment of Cohen & Company as its USA Financial Advisor to explore opportunities for a USA listing, mergers and acquisitions, and other financial advice. Additionally, Welsbach Holdings has been engaged as a Supply Chain Advisor.
The company's strategy aims to become a leader in the production of recycled rare earth magnets, alloys, and oxides. Mkango owns the advanced stage Songwe Hill rare earths project in Malawi and has a portfolio of exploration interests in the region, as well as the Pulawy separation project in Poland.
The press release also included a cautionary note regarding forward-looking statements, reminding readers of the inherent uncertainties involved in such projections.
The information presented is based on a press release statement by Mkango Resources Ltd. and represents a summary of the company's recent financial results and project developments.
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