MKANGO RESOURCES LTD.
550 Burrard Street
Suite 2900
Vancouver
BC V6C 0A3
Canada
HYPROMAG TO PARTICIPATE IN
£11
MILLION GRANT FUNDED
PROJECT: POWER-ELECTRONICS UPSCALE FOR LOCALISATION AND SUSTAINABLE
ELECTRIFICATION (PULSE)
Highlights
· HyProMag, a pioneering rare
earth magnet recycler and manufacturer, is participating in the £11
million PULSE project (the "Project"), which is part funded by the
United Kingdom Government through the Advanced Propulsion Centre UK
("APC")
· HyProMag will collaborate
with four industrial partners in the Project, Protean Electric
("Protean"), Unipart Manufacturing ("Unipart"), Viritech and
Transense Technologies plc ("Transense") as well as Coventry
University and the Warwick Manufacturing Group
("WMG")
· PULSE will deliver the first
In-Wheel Motor ("IWM") that will use recycled magnets, produced via
HyProMag's in-house magnet manufacturing capability coupled with
its patented Hydrogen Processing of Magnet Scrap ("HPMS")
technology, developed at the University of Birmingham, to further
strengthen the UK supply chain for rare earth magnet materials and
pathway to net-zero
London / Vancouver: September 24, 2024
- Mkango Resources Ltd. (AIM/TSX-V: MKA) (the "Company" or "Mkango") is pleased to
announce that HyProMag Limited ("HyProMag") is participating in the
£11 million grant funded PULSE project.
HyProMag is 100% owned by Maginito Limited ("Maginito"),
which is 79.4% owned by Mkango and 20.6% owned by CoTec Holdings
("CoTec").
The Project will be led by Protean
and will deliver a first of its kind flexible assembly line for
power electronics systems used by IWM and other net-zero products.
IWM generates power directly in a vehicle's wheels. By moving power
to the wheel, drivers get improved torque response, enhanced
handling, faster acceleration, less charging and greater
range.
William Dawes, Chief Executive of HyProMag stated:
"We are very pleased to be part
of this groundbreaking project and to work with a leading
consortium in the field of electric vehicle innovation, validating
HyProMag's HPMS technology and positioning the company at the
forefront of rare earth magnet recycling technology development and
commercialization."
Dr Rob Arnold, Technical Manager of HyProMag stated:
"This consortium has a great
commitment to sustainability and scaling the manufacturing
capability in the UK, so we are proud to join Project PULSE and
continue returning manufacture of NdFeB sintered magnets to the UK.
Building on our existing relationship with Protean, this project
will see HyProMag deliver a world first by incorporating short-loop
recycled magnets into Protean's In-Wheel Motor technology,
delivering a huge reduction in embedded CO2."
Continuing HyProMag's existing relationships with IWM
manufacturer Protean, and former RARE project partner Unipart,
Project PULSE will expand the IWM market while directly
incorporating state-of-the-art power electronics. Other industrial
partners include fuel cell electric vehicle ("FCEV") powertrain
experts Viritech, and sensor technology specialists Transense;
whilst academic partners Coventry University and WMG complete the
consortium.
PULSE will accelerate development and
industrialisation of IWM and fuel-cell technology. Additionally,
creation of a flexible power electronics manufacturing capability
and a focus on sustainable manufacturing innovation will lead to
significant job creation and safeguarding, while simultaneously
saving in excess of 1 million tonnes of CO2 per year in
the UK.
Apart from the opportunity to
advance the application and commercialisation of HPMS and related
magnet manufacturing, and to further develop its network of
relationships with leading industrial and academic partners,
HyProMag will also receive £43,000 in grant funding as part of the
Project.
About Mkango Resources Ltd.
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 Limited, 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 HyProMag
GmbH, focused on short loop rare earth magnet recycling in the UK
and Germany, respectively, and a 100 per cent interest in Mkango
Rare Earths UK Ltd ("Mkango UK"), focused on long loop rare earth
magnet recycling in the UK via a chemical route.
Maginito and CoTec are also
rolling out HyProMag's recycling technology into the United States
via the 50/50 owned HyProMag USA LLC joint venture company.
HyProMag is also evaluating other jurisdictions,
and recently launched a collaboration with Envipro on rare earth
magnet recycling in Japan.
Mkango also owns the advanced stage Songwe Hill rare
earths project and an extensive rare earths, uranium, tantalum,
niobium, rutile, nickel and cobalt exploration portfolio in Malawi,
and the Pulawy rare earths separation project in Poland.
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 success of the Project to achieve its
aims and the commercial application of the results, the
availability of (or delays in obtaining) financing to develop the
various recycling plants in the UK, Germany, governmental action
and other market effects on global demand and pricing for the
metals and associated downstream products for which Mkango is
researching and developing, 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 business of Maginito and separation
business of 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
plants of 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 Maginito'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.
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
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, Keith Dowsing
UK: +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.