Mkango Resources Ltd. (AIM/TSX-V: MKA) (the "Company" or "Mkango")
is pleased to announce the launch of a new website for Maginito
Limited (“Maginito”) (www.maginito.com), together with a new
Maginito company presentation, available for download from the
website via the following link:
https://maginito.com/site/assets/files/1/20201103_maginito_presentation-1.pdf
Maginito is 75.5%
owned by Mkango, which is completing a Feasibility Study for the
Songwe Hill rare earths project in Malawi, and 24.5% owned by
Talaxis Limited (“Talaxis”), which is focused on investment in and
development of technology metal opportunities.
Maginito was
established to pursue downstream green technology opportunities in
the rare earths supply chain, encompassing neodymium (NdFeB) magnet
recycling as well as innovative rare earth alloy, magnet and
separation technologies.
Maginito’s strategy is
underpinned by offtake rights for sustainably sourced primary and
secondary raw materials, and geared to accelerating growth in the
electric vehicle sector, wind power generation and other industries
driven by decarbonisation of the economy.
In January 2020, Maginito acquired a 25%
interest in UK based NdFeB magnet recycler, HyProMag Limited
(“HyProMag”), with an option to increase to 49%. HyProMag is
focused on short loop NdFeB magnet recycling using a hydrogen-based
technology (HPMS) developed at the Magnetic Materials Group (MMG)
within the University of Birmingham. HyProMag is a partner in
the Innovate UK grant funded project, “Rare-Earth Recycling for
E-Machines” (“RaRE”) together with University of Birmingham,
Advanced Electric Machines Research Limited, Bentley Motors
Limited, Intelligent Lifecycle Solutions Limited and Unipart
Powertrain Applications Limited, which will for the first time
establish an end to end supply chain to incorporate recycled rare
earth magnets into electric vehicles.
Maginito is currently
evaluating a number of other complementary downstream technology
opportunities.
About
HyProMag
The Magnetic Materials Group within the School
of Metallurgy and Materials at the University of Birmingham has
been active in the field of rare earth alloys and processing of
permanent magnets using hydrogen for over 40 years. Originated by
Professor Rex Harris, the hydrogen decrepitation method, which is
used to reduce NdFeB alloys to a powder, is now ubiquitously
employed in worldwide magnet processing.
In a further development, the MMG patented a
process for extracting and demagnetising NdFeB powders from magnets
embedded in redundant equipment using hydrogen in a process called
HPMS (Hydrogen Processing of Magnet Scrap). This patent and related
intellectual property is at the core of HyProMag’s business. The
MMG continues to develop new research and development
opportunities, cooperates widely in Europe, including a major EU
project, SusMagPro, which is also focused on recycling of magnets.
The directors of HyProMag all provide their expertise to the MMG
and there is potential for HyProMag to gain possible future access
to new intellectual property.
HyProMag is also a partner in the Innovate UK
grant funded project, “Rare-Earth Recycling for E-Machines”
(“RaRE”) together with University of Birmingham, Advanced Electric
Machines Research Limited, Bentley Motors Limited, Intelligent
Lifecycle Solutions Limited and Unipart Powertrain Applications
Limited.
RaRE will for the first time establish an end to
end supply chain to incorporate recycled rare earth magnets into
electric vehicles, whereby recycled magnets will be built into an
ancillary electric motor to ultimately support the development of a
commercial ancillary motor suite.
HyProMag’s strategy is to establish a recycling
facility for NdFeB magnets at Tyseley in Birmingham to provide a
sustainable solution for the supply of NdFeB magnets and alloy
powders for a wide range of markets including, for example,
automotive and electronics. A number of product options are being
evaluated including hydrogen decrepitated (HD) demagnetised powders
suitable for magnet producers, alloy ingot remelted from HD powders
suitable for alloy feed or magnet production, anisotropic alloy
powders (HDDR) for bonded magnets and sintered NdFeB magnets as
required by the RaRE project for automotive applications.
The founding directors of HyProMag, comprising
Professor Emeritus Rex Harris, former Head of the MMG, Professor
Allan Walton, current Head of the MMG, and two Honorary Fellows, Dr
John Speight and Mr David Kennedy, are leading world experts in the
field of rare earth magnetic materials, alloys and hydrogen
technology, and have significant industry experience. Following the
investment by Maginito, HyProMag appointed William Dawes, a
Director of Maginito and Chief Executive Officer of Mkango, to the
Board of HyProMag.
For more information, please visit
https://hypromag.com/
About
Mkango
Mkango's primary business is exploration for
rare earth elements and associated minerals in the Republic of
Malawi, a country whose hospitable people have earned it a
reputation as “the warm heart of Africa”. The Company holds
interests in four exclusive prospecting licenses in Malawi: the
Phalombe licence, the Thambani licence, the Chimimbe Hill licence
and the Mchinji licence.
The main exploration target in the 51% held
Phalombe licence is the Songwe Hill rare earths deposit. This
features carbonatite-hosted rare earth mineralisation and was
subject to previous exploration in the late 1980s. Mkango completed
an updated Pre-Feasibility Study for the project in November 2015
and a Feasibility Study is currently underway, the initial phases
of which included a 10,900 metre drilling programme and an updated
mineral resource estimate, announced in February 2019. In March
2019, the Company announced receipt of a £7 million (C$12.3
million) investment from Talaxis to fund completion of the
Feasibility Study. Following completion of the Feasibility Study,
Talaxis has an option to acquire a further 26% interest in Songwe
by arranging financing for project development including funding
the equity component thereof.
The main exploration targets in Mkango’s
remaining three 100% held licences are, in the Thambani licence,
uranium, niobium, tantalum and zircon, in the Chimimbe Hill
licence, nickel and cobalt, and in the Mchinji licence, rutile,
nickel, cobalt, base metals and graphite. Mkango recently announced
commencement of an extensive exploration program following a new
rutile discovery within the Mchinji licence.
Mkango also holds a 75.5% interest in Maginito
with the balance owned by Talaxis. Maginito is focused on
downstream opportunities relating to the rare earths supply chain,
in particular, recycling and other innovative technologies for the
production of neodymium alloy powders and magnets used in electric
vehicles, wind turbines and other industries geared to
decarbonisation of the economy.
For more information, please visit
www.mkango.ca.
About
Talaxis
Founded in 2016, Talaxis is a wholly-owned
subsidiary of Noble Group Holdings Limited and invests in and
develops projects that are related to technology metals, with a
special focus on rare earth elements. Talaxis focuses on battery
and electric vehicle materials such as nickel, lithium, graphite
and vanadium. Talaxis has supply chain partners in the upstream and
midstream segments, and also focuses on research and development
solutions for industrial consumers in the downstream segment.
Talaxis prioritises sustainable ventures with a strong emphasis on
corporate social responsibility. These include projects that
contribute to the decarbonisation of the economy and that are
aligned with the United Nations Sustainable Development Goals.
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, its business and the
Project. Generally, forward looking statements can be identified by
the use of words such as “plans”, “expects” or “is expected”,
“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. Forward looking statements in this news
release include statements with respect to the global market for
rare earth metals, completion of the feasibility study for Songwe,
investments by Maginito in Hypromag and of the plans and results
with respect to Maginito and HyProMag, as well as plans for
Tyseley. 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, governmental action
relating to COVID-19, COVID-19 and other market effects on global
demand for the metals and associated downstream products for which
Mkango is exploring, researching and developing, the positive
results of a feasibility study on the Project and delays in
obtaining financing or governmental or stock exchange approvals.
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 assumes 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.
For further information on Mkango, please
contact: |
|
Mkango Resources Limited |
William
Dawes |
|
Alexander
Lemon |
Chief Executive Officer |
|
President |
will@mkango.ca |
|
alex@mkango.ca |
Canada: +1 403 444 5979 |
|
|
|
|
|
www.mkango.ca |
@MkangoResources |
|
|
|
Blytheweigh |
Financial Public Relations |
Tim Blythe |
UK: +44 207 138 3204 |
|
|
|
SP Angel Corporate Finance LLP
|
Nominated Adviser and Joint Broker
|
Jeff Keating, Caroline Rowe |
UK: +44 20 3470 0470 |
|
|
|
Alternative Resource Capital
|
Joint Broker |
Alex Wood |
UK: +44 20 7186 9004 |
The TSX Venture Exchange has neither
approved nor disapproved the contents of this press release.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
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.
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