550 Burrard Street
Suite 2900
Vancouver
BC V6C 0A3
Canada
RARE EARTH MAGNET RECYCLING AND MANUFACTURING PLANTS
IN THE UNITED STATES
London / Vancouver:
U.S.-based
The EPCM Detailed Design will inform the notice to proceed (the "NTP").
The key items are:
· Detailed Design is now 25 per cent complete:
o Technology and design specifications for the ongoing commissioning of the Tyseley facility in the UK and construction of the Pforzheim facility in Germany, and associated plant design and operating criteria are being successfully utilised by
o Advanced Grain Boundary Diffusion ("GBD") techniques have been included in the Detailed Design. GBD provides
· UK Piloting increased operation:
o
o From this data
· UK Commissioning:
o Circa 900 kilograms of recycled NdFeB alloy powder has been produced at Tyseley Energy Park. The operation is currently progressing towards production of finished sintered NdFeB magnets[i]
· Capital estimate:
o During the period from the end of the Feasibility Study in
· DFW Site selection:
o Four short-listed 'hub' site options located in Dallas-Fort Worth, Texas have been identified. Approximate size of the hub site is between 125,000 sq. ft and 140,000 sq. ft with commercial discussions to secure a 25-year lease
· Permitting:
o Baseline permitting for the Dallas-Fort Worth, Texas 'hub' facility to commence in Q3 2025, once the site is confirmed, through Weston Solutions
· People:
o Owners team established and located in the United States. The owners team consist of senior project engineers, electrical engineers and technical marketing magnets specialists working together with the combined resources of the
· Supply and off take:
o Feedstock supply collaboration with global electronics recycling company, Intelligent Lifecycle Solutions ("ILS")[ii]
o ILS have commenced stock piling of feedstock for the Texas hub[iii]
o Engagement with further potential feed supply providers and product off takers continues concurrently with the Detailed Design to meet project financing requirements
· Expansion to three hubs:
o Appointed lead engineers Pegasus TSI and BBA to perform Scoping Study for
·
o Appointed engineering group Worley to conduct a Concept Study for further expansion of the U.S. operations through the addition of a complementary "Long-loop" process. The Concept Study will be completed concurrently and support the ongoing studies at Mkango's long-loop pilot plant in the UK
· Funding:
o
Julian Treger, CoTec CEO commented: "We are very pleased with the progress of the EPCM Detailed Design. The learnings from HyProMag's facilities in the UK and Germany continue to inform PegasusTSI's and BBA's work and support an accelerated project schedule targeting first magnets in H1 2027. In parallel with the EPCM Detailed Design, the company is focused on securing funding from the U.S. Government, commercial lenders, equity providers and off takers. With the commencement of the long-loop Concept Study, the Company is in a unique position as it provides both short and long-loop rare earth permanent magnet recycling.
Will Dawes, Mkango CEO commented: "
The Feasibility Study includes the Texas Hub and two pre-processing facilities located in South Carolina and Nevada respectively. In
In
In
About
About
Mkango is listed on the AIM and the TSX-V. Mkango's corporate strategy is to become a market leader in the production of recycled rare earth magnets, alloys and oxides, through its interest in Maginito, which is owned 79.4 per cent by Mkango and 20.6 per cent by CoTec, and to develop new sustainable sources of neodymium, praseodymium, dysprosium and terbium to supply accelerating demand from electric vehicles, wind turbines and other clean energy technologies.
Maginito holds a 100 per cent interest in HyProMag and a 90 per cent direct and indirect interest (assuming conversion of Maginito's convertible loan) in
Maginito and CoTec are also rolling out HPMS recycling technology into the United States via the 50/50 owned
Mkango also owns the advanced stage Songwe Hill rare earths project in Malawi ("Songwe") and the Pulawy rare earths separation project in Poland ("Pulawy"). Both the Songwe and Pulawy projects have been selected as Strategic Projects under the European Union Critical Raw Materials Act. Mkango has signed a Business Combination Agreement with Crown PropTech Acquisitions to list the Songwe Hill and Pulawy rare earths projects on NASDAQ via a SPAC Merger.
For more information, please visit www.mkango.ca
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking statements (within the meaning of that term under applicable securities laws) with respect to Mkango. Generally, forward looking statements can be identified by the use of words such as "targeted", "plans", "expects" or "is expected to", "scheduled", "estimates" "intends", "anticipates", "believes", or variations of such words and phrases, or statements that certain actions, events or results "can", "may", "could", "would", "should", "might" or "will", occur or be achieved, or the negative connotations thereof. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause actual performance and results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. Such factors and risks include, without limiting the foregoing, the availability of (or delays in obtaining) financing to develop Songwe Hill, and the various recycling plants in the UK, Germany and the US as well as the separation plant in Poland, governmental action and other market effects on global demand and pricing for the metals and associated downstream products for which Mkango is exploring, researching and developing, geological, technical and regulatory matters relating to the development of Songwe Hill, the various recycling plants in the UK, Germany and the US as well as the separation plant in Poland, the ability to scale the HPMS and chemical recycling technologies to commercial scale, competitors having greater financial capability and effective competing technologies in the recycling and separation business of Maginito and Mkango, availability of scrap supplies for recycling activities, government regulation (including the impact of environmental and other regulations) on and the economics in relation to recycling and the development of the various recycling and separation plants of Mkango and Maginito and future investments in the United States pursuant to the cooperation agreement between Maginito and CoTec, the outcome and timing of the completion of the feasibility studies, cost overruns, complexities in building and operating the plants, and the positive results of feasibility studies on the various proposed aspects of Mkango's, Maginito's and CoTec's activities. The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assume no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. Additionally, the Company undertakes no obligation to comment on the expectations of, or statements made by, third parties in respect of the matters discussed above.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any equity or other securities of the Company in the United States. The securities of the Company will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") and may not be offered or sold within the United States to, or for the account or benefit of, U.S. persons except in certain transactions exempt from the registration requirements of the U.S. Securities Act.
For further information on Mkango, please contact:
William Dawes Alexander Lemon
Chief Executive Officer President
Canada: +1 403 444 5979
@MkangoResources
Nominated Adviser and Joint Broker
Jeff Keating, Jen Clarke, Devik Mehta
UK: +44 20 3470 0470
Joint Broker
Alex Wood, Keith Dowsing
UK: +44 (020) 4530 9160/77
[vi] Conventional leach, extraction purification and precipitation process
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