Mkango Resources (MKA) Q2 2025 earnings summary

Executive summary

• Cash position stood at US$1.2 million as of 30 June 2025, following the exercise of 8.34 million investor warrants during the quarter.

• 905 kg of recycled NdFeB alloy powder produced at Tyseley Energy Park, with progress toward finished sintered magnet production.

• Scaled-up rare earth magnet recycling and manufacturing plant in Germany remains on track for production by year-end.

• HyProMag USA received a letter of interest from the U.S. EXIM Bank for potential financing up to US$92 million for its Dallas-Fort Worth facility.

• Business Combination Agreement signed to create a global rare earth platform, with a pro forma shareholding value of US$400 million prior to expenses.

Significant events and developments

• HyProMag USA and Intelligent Lifecycle Solutions entered a feedstock supply and site share agreement for NdFeB feedstock in South Carolina and Nevada.

• Lancaster Exploration BVI and Crown PropTech Acquisitions signed a BCA to form Mkango Rare Earths Limited, aiming for a Nasdaq listing.

• Transaction proceeds from the BCA are expected to support strategic growth, including Songwe Hill and Pulawy Project development.

Outlook and guidance

• German plant expected to commence production by year-end, supporting expansion in rare earth magnet recycling.

• MKAR strategy targets supply of rare earth oxides to North America, Europe, and Asia, leveraging new business combination.