Mkango Resources (MKA) Q4 2024 earnings summary

Executive summary

• Cash position at year-end 2024 was US$1.16 million, with an additional £2.34 million (approx. $2.93 million) raised post-year-end via private placement.

• Signed Mine Development Agreement for Songwe Hill Rare Earths Project in Malawi in July 2024, following completion of DFS and ESHIA approval.

• Entered non-binding LOI for NASDAQ listing of Songwe Hill and Pulawy projects via business combination; Mkango to retain majority interest.

• Pulawy Project designated as a strategic project by the European Commission under the Critical Raw Materials Act.

Financial highlights

• Cash position of US$1.16 million as of December 31, 2024.

• Raised gross proceeds of £2.34 million (approx. $2.93 million) after year-end through private placement.

• 25 million in-the-money investor warrants outstanding at 7 pence exercise price.

Outlook and guidance

• First production from Tyseley rare earth magnet recycling plant in the UK targeted by end of June 2025.

• German recycling plant on track for Q4 2025 production.

• First revenue from HyProMag USA targeted in H1 2027, with Notice to Proceed expected in H2 2025.