The convertible funding package unlocks working capital for the proposed spin-out in the US of Mkango’s upstream rare earths assets whilst minimising dilution at the Mkango level. On completion, the spin-out will leave a more streamlined Mkango free to focus fully on advancing it’s nearer to cash-flowing magnet recycling ventures in Europe and the US, whilst retaining exposure to upside from future progress at the Songwe and Pulawy projects.