Mkango Resources Ltd. (AIM/TSX-V: MKA) (the
“
Company” or “
Mkango”) is pleased
to announce that Robert Sewell has joined the Company as Chief
Financial Officer (“CFO”) of the Company, subject to the approval
of the TSX-V. The role will be a non-board position.
Mr Sewell joins the Company from AfriTin Mining
Limited where he was CFO during the construction and commissioning
of its Uis tin mine in Namibia. He received a Bachelor of Commerce,
Accounting degree from Rand Afrikaans University in 2003 and
subsequently completed his professional qualifications with
Deloitte in Johannesburg.
Mr Sewell joined Mkango’s President, Alex Lemon,
and CEO, Will Dawes, in Malawi this week as they met with major
international development and commercial bank teams visiting the
Songwe Hill Rare Earths Project (“Songwe Hill”) in Malawi. The
results of the feasibility study for Songwe Hill will be released
by the Company next week.
Derek Linfield, Chairman of Mkango, commented:
“We are very pleased to have recruited Rob as our CFO. His
expertise in multiple finance-related disciplines including
financial accounting, managerial finance, financial analysis, cash
management and the development of financial and operational
strategies, as well as his African experience, will add valuable
skill sets to the Mkango management team and his expertise with the
financial aspects of bringing a mine to production will be critical
as we move Songwe Hill forward to construction and production.”
Mr Sewell, commented: “It is an honour to join
Mkango Resources as CFO at this exciting point in the Company’s
development. I look forward to working with the executive team,
Board and financiers as we unlock the incredible potential of this
project for all stakeholders.”
The Board would like to thank Mr Slater who has
served as an outstanding interim CFO during our search for a
permanent CFO. Mr Slater will remain available to the Company to
assist Mr Sewell with the transition and provide accounting
services going forward, as required.
The company also confirms that the £500,000
advance on the further investment by CoTec Holdings Corp (“Cotec”)
(further to the company’s press releases of 30 May 2022 and 21
June,2022) has been received by the Company.
Market Abuse Regulation (MAR)
Disclosure
The information contained within this
announcement is deemed by the Company to
constitute inside information as stipulated under the
Market Abuse Regulations (EU) No. 596/2014 ('MAR') which
has been incorporated into UK law by the European Union
(Withdrawal) Act 2018. Upon the publication of this
announcement via Regulatory Information Service, this inside
information is now considered to be in the public domain.
About Mkango
Resources Limited
Mkango's corporate strategy is to develop new
sustainable primary and secondary sources of neodymium,
praseodymium, dysprosium and terbium to supply accelerating demand
from electric vehicles, wind turbines and other clean technologies.
This integrated Mine, Refine, Recycle strategy differentiates
Mkango from its peers, uniquely positioning the Company in the rare
earths sector.
Mkango is developing the Songwe Hill rare earths
project in Malawi. Malawi is known as "The Warm Heart of Africa", a
stable democracy with existing road, rail and power infrastructure,
and new infrastructure developments underway.
In parallel, Mkango and Grupa Azoty PULAWY,
Poland's leading chemical company and the second
largest manufacturer of nitrogen and compound fertilizers in
the European Union, have agreed to work together towards
development of a rare earth Separation Plant at Pulawy in Poland
(the “Pulawy Separation Plant”). The Pulawy Separation Plant will
process the purified mixed rare earth carbonate produced at Songwe
Hill.
Through its ownership of Maginito
(www.maginito.com), Mkango is also developing 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 holds a 42%
interest in UK rare earth (NdFeB) magnet recycler, HyProMag
(www.hypromag.com), with an option to increase its interest to 49%.
Mkango holds 100% of rare earth recycler Mkango Rare Earths UK
Limited.
Mkango also has an extensive exploration
portfolio in Malawi, including the Mchinji rutile exploration
project, the Thambani uranium-tantalum-niobium-zircon project and
Chimimbe nickel-cobalt project.
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, its business, HyProMag,
Mkango UK, the Pulawy Separation Plant, and Songwe Hill and
respective feasibility studies. Generally, forward looking
statements can be identified by the use of words such as “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, governmental action relating to COVID-19,
the fact that actual results may differ significantly from those
projected in the DFS, resource and reserve calculations result in
estimates only, market effects on global demand and pricing for the
metals and associated downstream products for which Mkango is
exploring, researching and developing, factors relating to the
development of Songwe Hill and the Pulawy Separation Plant
including the inexact nature of capex and opex estimates, changes
in economics and government regulation, the positive results of a
feasibility study on the Pulawy Separation Plant and delays in
obtaining financing or governmental approvals for, and the impact
of environmental and other regulations relating to, Songwe Hill and
the Pulawy Separation Plant. 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.
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 |
|
BlytheRayFinancial Public
RelationsTim BlytheUK: +44 207 138 3204
SP Angel Corporate Finance
LLPNominated Adviser and Joint BrokerJeff Keating,
Caroline RoweUK: +44 20 3470 0470
Alternative Resource
CapitalJoint BrokerAlex Wood, Keith DowsingUK: +44 20 7186
9004/5
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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