Mkango Resources (MKA) Q2 2026 earnings summary

Executive summary

• Cash position at $13.6 million as of June 30, 2026, with additional funds from warrant and option exercises post-period end.

• Completed acquisition of Remloy, expanding rare earth recycling and manufacturing capabilities across Europe and North America.

• Signed Business Combination Agreement to create a global rare earth platform, with a pro forma shareholding value of $400 million (excluding recycling businesses).

• Ongoing discussions for financing and Nasdaq listing for Mkango Rare Earths Limited.

Financial highlights

• Cash position of $13.6 million at June 30, 2026.

• Received $180,515 from exercise of warrants and options after period end.

• Acquisition of Remloy for €8 million ($9.3 million), with €5 million ($5.8 million) paid and €3 million ($3.5 million) due in August 2028.

Outlook and guidance

• Targeting scale-up of Remloy to at least 500 tonnes/year of NdFeB alloy powder.

• HyProMag UK aiming for steady state operations by end of 2026 and scale-up to 100–350 tonnes/year, with feasibility for 1,000 tonnes/year.

• HyProMag USA targeting phased commissioning: magnet finishing in H1 2027, integrated HPMS in Q2 2028, with full capacity of 1,526 tonnes/year.

• Songwe Hill and Pulawy projects selected as EU Strategic Projects, with ongoing FEED and value engineering.