Mkango Resources (AIM:MKA), the rare‑earths developer and magnet‑recycling owner, is rated Buy by broker SP Angel after the company filed the F‑4 for the proposed MKAR business combination, a move the broker says keeps the planned Nasdaq listing on course.
SP Angel frames the filing as crystallising the intended split of assets, Songwe Hill mine and the Pulawy separation plant to be spun into MKAR while magnet‑recycling operations remain with Mkango, and notes Mkango would hold just under 80% of MKAR post‑transaction.
The broker flags the implied sizing of Mkango’s MKAR stake at roughly US$400m based on the business combination price of US$10.00 per share and highlights the formal business‑combination deadline of 11 March 2027, with completion targeted later this year, as material milestones to monitor.
SP Angel points to the MKAR Nasdaq listing timetable and the deal completion as the near‑term catalysts that will determine whether the spin‑out converts into a meaningful re‑rating for Mkango.
