Mkango Resources (MKA) Q3 2024 earnings summary

Executive summary

• Cash position of US$2 million as of 30 September 2024, supported by a £1.25 million capital raise and grant funding.

• Advancing rare earth magnet recycling and manufacturing projects in the UK, Germany, and USA, with commercial production targeted for 2025 (UK, Germany) and 2027 (USA).

• Strategic review completed for Songwe Hill Rare Earths Project (Malawi) and Pulawy Separation Project (Poland), with new financial and supply chain advisors appointed.

Financial highlights

• US$2 million cash on hand at quarter-end, following recent capital raise and grant receipts.

• 25 million in-the-money warrants outstanding at 7 pence per warrant.

Outlook and guidance

• First revenue from the US rare earth magnet recycling project targeted for Q1 2027, with Notice to Proceed expected mid-2025.

• UK and Germany plants on track for commercial production in 2025.