Mkango Resources (AIM:MKA), in its annual results statement, highlighted progress in the period - including the filing of an NI 43‑101 technical report for the Definitive Feasibility Study for the Songwe Hill rare earths project.
Mkango reported US$3.1m cash at the end of 2025, and noted it subsequently raised net proceeds of £11.7m, through a placing priced at 33p each.
Beside's the Songwe mining project, the small-cap firm's attention has been on its 79.4% owned Maginito, which operates HyProMag recycling businesses in the UK and Germany and a 50/50 HyProMag USA joint venture with CoTec to scale NdFeB magnet recycling.
HyProMag has produced 9.2 tonnes of recycled NdFeB alloy powder at its UK Tyseley facility, begun commissioning at the Pforzheim, Germany plant (permitted up to 750 tpa), and signed a lease for a Dallas‑Fort Worth site while securing feedstock and pre‑processing partners for US operations.
Mkango published project economics showing Songwe's post‑tax NPV of approximately US$339m (10% nominal), an IRR of 24% and a 3.4‑year payback, and a Pulawy PFS post‑tax NPV of approximately US$779m and IRR of 40%, with upside cases increasing those NPVs under Adamas Intelligence forecasts.
MKAR has confidentially submitted a draft Form F‑4 in connection with a proposed business combination with Crown PropTech Acquisitions that implies an approximate US$400m pro‑forma valuation of Mkango's MKAR holding, and the company said a US$4.6m reimbursable funding agreement with the U.S. International Development Finance Corporation will support FEED and value‑engineering for Songwe.
