Mkango Resources closes private placement

Mar 13, 2025

2025-03-13 17:26 ET – News Release

Mr. William Dawes reports

MKANGO RESOURCES LIMITED CLOSES PRIVATE PLACEMENT

Further to Mkango Resources Ltd.’s announcement on Feb. 28, 2025, it has closed its private placement through the issuance of 577,271 common shares of the company at a price per placement share of 11 pence (approximately 20.5 cents, using the Bank of Canada exchange rate as of closing on March 12, 2025, of one pound sterling:$1.8649 (Canadian) to management.

Of the total, 236,363 shares have been issued to William Dawes, 236,363 shares to Alexander Lemon and 104,545 shares to Robert Sewell, structured for tax and regulatory reasons as a cash bonus and private placement of the after-tax amounts of the bonus. The value of the after-tax bonus invested in the shares of the company is 26,000 pounds sterling ($48,487) for William Dawes and Alexander Lemon, and 11,500 pounds sterling ($21,446) for Robert Sewell.

In accordance with the Disclosure Guidance and Transparency Rules (DTR 5.6.1R) the company hereby notifies the market that immediately following admission, its issued and outstanding share capital will consist of 326,843,532 shares. The company does not hold any shares in treasury. Shareholders may use this figure as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the company under the Financial Conduct Authority’s Disclosure and Transparency Rules.

The placement shares have been admitted to trading on Alternative Investment Market on March 12, 2025, and will also be listed for trading on the TSX Venture Exchange and will be subject to a statutory hold period in Canada expiring on July 13, 2025.

About Mkango Resources Ltd.

Mkango is listed on the AIM (Alternative Investment Market) and the TSX Venture Exchange. 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 Ltd., which is owned 79.4 per cent by Mkango and 20.6 per cent by Cotec Holdings Ltd., 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 U.K. and Germany, respectively, and a 100-per-cent interest in Mkango Rare Earths U.K. Ltd., focused on long-loop rare earth magnet recycling in the U.K. through a chemical route.

Maginito and Cotec are also rolling out HPMS recycling technology into the United States through the 50/50 owned HyProMag USA LLC joint venture company.

Mkango also owns the advanced-stage Songwe Hill rare earth project and an extensive rare earth, uranium, tantalum, niobium, rutile, nickel and cobalt exploration portfolio in Malawi as well as the Pulawy rare earths separation project in Poland.

Songwe Hill is one of the few rare earth projects to have progressed to the definitive feasibility stage, with an expected life of mine of 18 years, producing a 55 per cent mixed rare earth carbonate, yielding 1,953 tonnes per annum of NdPr and 56 tonnes per annum of DyTb.

Mkango’s proposed Pulawy separation facility site, located in a special economic zone in Poland, stands adjacent to the European Union’s second-largest manufacturer of nitrogen fertilizers and features established infrastructure, access to reagents and utilities on site.

Mkango has signed a letter of intent with Crown PropTech Acquisitions to list Mkango’s Songwe Hill and Pulawy rare earth projects on the Nasdaq Stock Market through a SPAC (special-purpose acquisition company) merger.

We seek Safe Harbor.

https://mkango.ca/