Mkango Resources (MKA) Q3 2025 earnings summary

Executive summary

• Achieved first production and commercial sales of recycled NdFeB alloy powder in the UK, with 3 tonnes produced to date and first revenue to be reported in year-end results.

• Advanced rare earth magnet recycling and manufacturing projects in the UK, Germany, and USA, with phased expansions and new facilities planned.

• Entered a Business Combination Agreement to form a global rare earth platform expected to list on Nasdaq, including key projects in Malawi and Poland.

• Secured $4.6 million in reimbursable funding from the U.S. International Development Finance Corporation for the Songwe Hill project.

Financial highlights

• Cash position of $2 million as of 30 September 2025, with a successful £3 million ($4 million) equity raise completed in October 2025 post quarter-end.

• First commercial sales of NdFeB alloy powder achieved, with revenue to be recognized in year-end results.

Outlook and guidance

• HyProMag UK targets production of 2 tonnes per month of recycled NdFeB alloy powder, with phased expansion to 100-350 tpa and later to 1,000 tpa.

• HyProMag Germany expects commissioning of key equipment by end of 2025 and first production in Q1 2026, with expansion options to 750 tpa.

• HyProMag USA targets Notice to Proceed in Q1 2026 and commissioning by mid-2027, with plans to triple capacity through additional facilities.

• The Nasdaq listing of the rare earth platform is anticipated after regulatory approvals, with a strong financial platform to accelerate project development.