Trading-Places

#GROC Quietly bagged from Nov lows Multi year highs being hit, well on the way to my 7.3p target 🎯

EU and US launch strategic partnership on critical minerals “bilateral cooperation across the full value chain – spanning exploration, extraction, processing, refining, recycling and recovery” Just in time for a certain NASDAQ listing. #MKAR #MKA ec.europa.eu/commission/pre…

@MylesMcNulty $USAR $2.8 B deal for Serra Verda "Deal supported by 100% 15 year offtake with the US government, with floor prices for all four magnetic rare earth" 😲 "Early innings of making USAR the world leader (inc China) in Rare earths". 😲 #MKA $CTH cnbc.com/video/2026/04/…

Another good read for #MKA $MKA $CTH holders: " $USAR wants to bulk up through more acquisitions and new projects in an aggressive push to challenge China’s dominance and become the US leader in rare earth production." "The combined companies will keep seeking deals specifically in the mining and magnet-making stages of the rare earth supply chain." My recent views on USAR possibly making a bid for either HyProMag USA or Mkango in its entirety: x.com/MylesMcNulty/s… mining.com/web/usa-rare-e…

Business and Trade Sub-Committee on Economic Security, Arms and Export Controls Wednesday 22 April 2026 From 17:11:30 parliamentlive.tv/event/index/d0… #Tungsten #SML

#MKA HyProMag collaboration with Siemens Further validation of the emerging importance of HPMS to the recycling of permanent magnets

#ABDX Looking good this morning

Up 40% since #ABDX

Early days, but #ABDX looks to be putting in a reversal pattern here at 6p. Book starting to strengthen, after a dismal few months for the share price. Looking for a break above 6.88p as confirmation.

@all7i8n9 Key part is liberating these embedded EOL magnets in an efficient and cost effective way. HyProMag via automation and HPMS are the cheapest and quickest company out there for recycling magnets directly back to new magnets.

@OC7990 Smart take. Unlocking hidden value in waste streams is the future of sustainable supply chains.

#MKA #HyProMag

#GROC Quietly bagged from Nov lows Multi year highs being hit, well on the way to my 7.3p target 🎯

Off we go #GROC Totally off the radar here and no noise.

#GROC Volume never lies.. 1W chart

📚 Part of a Bigger Series x.com/roblun1/status… This HyProMag breakdown is part of my ongoing series on the new magnet‑recycling and separation ecosystem — covering how different technologies and business models stack up across Ionic Technologies, Cyclic Materials, REEcycle, ReElement, Ucore, and HyProMag, comparing product purity, processing routes, scalability, and where each fits in the emerging circular magnet supply chain. 🧲 HyProMag — The World's Most Carbon-Efficient Rare Earth Magnet Recycler While most recyclers dissolve magnets into chemicals and start again from scratch, HyProMag does something fundamentally different. Their patented Hydrogen Processing of Magnet Scrap (HPMS) technology — commercialised from 45+ years of research at the University of Birmingham and backed by ~US$100M in cumulative R&D — simply exposes end-of-life NdFeB magnets to hydrogen gas at near-atmospheric pressure. The alloy crystal lattice absorbs H₂, expands, and spontaneously decrepitates into a fine, fully demagnetised alloy powder in minutes. That powder is then pressed and re-sintered directly into brand new, high-performance NdFeB sintered magnet blocks — no acid baths, no toxic solvents, no smelting, no chemical destruction of the alloy. This is the "Short Loop" — and it is the cleanest, most energy-efficient pathway in the entire magnet recycling landscape. HPMS is batch-based, which means every reactor run can produce powder with slightly different specifications depending on what went in. This is the key difference from continuous processors like Ionic Technologies, ReElements, Ucore and CyclicMaterials. It doesn't make the output unusable — but it does mean HyProMag's customers need robust incoming QC protocols and flexible sintering process parameters to accommodate batch-to-batch variation. 🏛️ The UK Government Is Quietly Subsidising HyProMag's Operating Costs Two policy mechanisms most investors have missed: ⚡ British Industrial Competitiveness Scheme — reduces electricity prices by up to £40 per MWh from 2027 ⚡ Network Charging Compensation Scheme — electricity relief increases from 60% → 90% by 2026 For a facility running hydrogen reactors, pressing lines and sintering furnaces 24/7, these subsidies are a direct, recurring reduction in Tyseley's OPEX — strengthening UK unit economics every single year from 2026 onward. 👨‍🔬 The Inventor — Professor Allan Walton The man behind HPMS deserves his own moment. Professor Allan Walton, Professor of Critical and Magnetic Materials at the University of Birmingham and Co-Director of the Birmingham Centre for Strategic Elements and Critical Materials, has led the Magnetic Materials Group since 2011 — the only research group in the UK exclusively dedicated to the processing and recycling of permanent rare earth magnetic materials. The technology he and his colleagues built rests on 45+ years of continuous University of Birmingham research and approximately US$100 million in cumulative R&D funding — with the original HPMS concept co-developed alongside the late Professor Emeritus Rex Harris, former Head of the Magnetic Materials Group, and Honorary Fellows Dr. John Speight and Mr. David Kennedy. Under Professor Walton's stewardship, more than £2.4 million in dedicated sustainable manufacturing research has been directly supervised, producing the postgraduate talent — including doctoral researchers Malik Degri (recycled sintered magnet characterisation) and Alec Durrant (microstructural processing) — who now form the scientific backbone of the Tyseley commercial operation. This is not a startup that licensed a university patent and moved on. The inventors are still in the building, still publishing, still improving the process and that continuity of deep domain expertise is a structural moat that no amount of capital can quickly replicate🔬 ♻️ Short Loop. Massive Impact. The numbers are stark: 🌍 95% less CO₂ vs primary mining — just 2.35 kg CO₂-eq per kg of sintered magnet vs ~84 kg for virgin production (ISO-14067 verified by Minviro) ⚡ 88% less energy than the mine-to-magnet primary pathway 🚫 Zero acid waste | Zero organic solvents | Near-zero chemical footprint ✅ Can produce up to N42SH high-temperature grade magnets without adding primary heavy rare earths 🏭 Three Continents. Three Facilities. Right Now. 🇬🇧 Birmingham, UK — Tyseley Energy Park Officially opened January 15, 2026 by the UK Minister for Industry ▪ First commercial rare earth magnet production in the UK in 25 years ▪ Nation's only commercial-scale sintered magnet plant ▪ 100 tpa single-shift → 300 tpa multi-shift capacity ▪ Reactor processes >400 kg rare earth alloy per batch ▪ Funded by £4.5M Innovate UK + EPSRC + Advanced Propulsion Centre + EU Horizon. 🇩🇪 Pforzheim, Germany — HyProMag GmbH (90% owned) ▪ First commissioning runs completed April 9, 2026 ✅ ▪ Official opening ceremony: April 28, 2026 🎉 ▪ Permitted for up to 750 tpa NdFeB magnets and alloys ▪ Identical engineering design to Tyseley — full tech standardisation ▪ Academic partnership with Pforzheim University 🇺🇸 USA — HyProMag USA LLC (50/50 JV with CoTec Holdings, TSXV) Hub & Spoke network across three states: ▪ Texas Hub (Dallas-Fort Worth): ~100,000 sq ft | 1,147 tpa NdFeB input → 750 tpa sintered magnets | First production target Q1 2027 ▪ South Carolina Spoke (Williston): Inserma robotic HDD pre-processing — <3 seconds per drive | >60,000 drives/week ▪ Nevada Spoke: Second Inserma robotic pre-processing deployment ▪ US EXIM Bank: US$92M Letter of Interest issued for Texas hub 💰 HyProMag USA — Texas Hub Economics *(BBA USA Inc. + PegasusTSI Inc. Feasibility Study)* ⚙️ Output: 750 tpa sintered NdFeB magnets 🏗️ CAPEX: US$125.4M 💵 All-In Cost: US$19.63/kg vs market US$55/kg 📈 Post-Tax NPV: US$262M → US$503M (forecast) 🔄 IRR: 23% → 31% ⏱️ Payback: under 4 years 🚀 3-Hub Expansion by 2029 (TX + SC + NV) ▪ 4,656 tpa NdFeB capacity ▪ Conceptual NPV: US$2.18B ▪ IRR: 38.7% at forecast prices ▪ Targeting 10–25% of total US NdFeB demand 🌐 hypromag.com | $MKA $CTH 🤝 OEM Validated — Four Major R&D Consortia 🔵 SCREAM (Innovate UK): Automotive validation with Jaguar Land Rover, GKN Automotive, ZF Automotive, Bowers & Wilkins — GKN formally confirmed recycled magnets replicated virgin-grade motor performance 🔴 RaRE (£2.6M Innovate UK/OLEV): End-to-end supply chain for Bentley Motors ancillary motors — 100,000 unit/year assembly line viability proven with Unipart 🟢 REAP (Innovate UK): Consumer audio recycling with European Metal Recycling — flat-panel TVs and automotive loudspeakers 🟡 REEsilience (EU): European e-mobility supply chain security modelling 🏗️ Feedstock: Multi-Stream & Robotic 🖥️ Hard disk drives (HDD Voice Coil Motors — <3 sec/drive robotic extraction) 🚗 EV & hybrid traction motors 🔊 Consumer audio, flat-panel TVs ⚙️ NdFeB manufacturing swarf (only 60–75% of REO ends up in finished magnets — swarf is enormous) 🤖 Industrial robotics & actuators 🌬️ Wind turbine generators 🏛️ Corporate Structure textMkango Resources (TSX-V/AIM: MKA) └── 79.4% → Maginito Limited ├── 100% → HyProMag Ltd. 🇬🇧 ├── 90% → HyProMag GmbH 🇩🇪 └── 50% → HyProMag USA LLC 🇺🇸 (50% CoTec Holdings, TSXV) ▪ Mkango £12.5M raise closed (Peel Hunt, H&P Advisory, Alternative Resource Capital, Red Cloud Securities) — funding German acquisitions, UK/DE capex, working capital ▪ US NASDAQ listing via SPAC or IPO under evaluation for 2026–2027 🌐 Geopolitical Endorsement ▪ 14-Nation Minerals Security Partnership (USA, UK, AU, CA, FR, DE, JP, IN, KR + EU) formally endorsed HyProMag at the London Metals Exchange, October 2023 ▪ One of only 2 recycling projects selected from the entire 17-project MSP global portfolio ▪ Directly underpins UK Vision 2035 — 20% of UK critical mineral demand from domestic recycling by 2035 ▪ Aligned with US Executive Order 2421 — domestic mineral acceleration mandate ▪ UK Dept. for Business & Trade: up to £50M in critical minerals project funding available 📅 TRL & Milestones — TRL 8–9 ✅ 2018 — Founded, University of Birmingham spin-out ✅ 2022 — Pilot: 50–100 kg batch processing proved | MSP nomination ✅ 2023 — Maginito acquires 100% HyProMag | Bentley supply chain proven | MSP formally endorsed ✅ Nov 2024 — US Feasibility Study: US$262M NPV confirmed | EXIM Bank US$92M LoI ✅ Jan 2026 — Tyseley Birmingham opens — UK's first commercial magnet production in 25 years ✅ April 9, 2026 — Pforzheim commissioning runs completed 🇩🇪 🔜 April 28, 2026 — Pforzheim official opening 🎉 🔜 Q1 2027/28 — Texas first commercial production 🇺🇸 🔜 2029 — 3-Hub USA: 4,656 tpa NdFeB ⚠️ The Honest Feedstock & Quality Caveat HyProMag's HPMS technology is only as good as what goes into it — and that is both its greatest strength and its most important constraint. ⚠️ HyProMag Feedstock — The Real Talk 🔬 Quality in = Quality out HPMS preserves the alloy — so the recycled powder inherits the exact chemistry of the input scrap ✅ Clean, unoxidised NdFeB in → High-grade sintered magnet out ⚠️ Degraded, oxidised or contaminated scrap → rerouted to Medium or Long Loop — slower & costlier The Short Loop process works by preserving the original NdFeB alloy chemistry, which means the recycled powder will inherit the exact chemical composition of the input scrap — no more, no less. Feed it a high-grade, clean, unoxidised N42SH magnet and you get a high-grade powder back. Feed it degraded, heavily oxidised, or contaminated scrap and the output quality degrades accordingly, often requiring rerouting to the slower and more expensive Medium or Long Loop pathways instead. This is not a flaw unique to HyProMag — it is the fundamental thermodynamic reality of short-loop recycling. 🛡️ HyProMag's Answer: 3-Loop Architecture ♻️ Short Loop — clean scrap → direct re-sinter 🔄 Medium Loop — borderline material → chemical purification (with Less Common Metals + ADEY Innovation) 🧪 Long Loop — heavily degraded powder → Mkango's £1.1M hydromet pilot at Tyseley The company has been transparent about it, building a three-loop fallback architecture precisely to handle every grade of input: Short Loop for clean scrap, Medium Loop (with Less Common Metals and ADEY Innovation) for chemically borderline material, and Mkango's £1.1M Long Loop pilot at Tyseley for heavily degraded powders 📦 Feedstock Volume — Near Term vs Long Term ⚠️ HyProMag Feedstock. On feedstock volume, the near-term pipeline is well-supported — HDDs, manufacturing swarf, consumer audio, and some early EV motors are already flowing. However, the big feedstock wave — the one that justifies 4,656 tpa US expansion by 2029 — depends critically on EV traction motors reaching end-of-life at scale. The first mass-market EVs sold from 2017 to 2020 will not broadly hit the recycling stream until the late 2020s, meaning the Texas hub's ramp to full capacity is structurally tied to how quickly the EV fleet turns over. That is not a crisis — it is a sequencing reality — but investors and followers should understand that feedstock volume for the larger hubs grows with the EV scrappage curve, not ahead of it. Now (well supplied): 🖥️ HDDs — robotic Inserma extraction, >60,000 drives/week ⚙️ Manufacturing swarf 🔊 Consumer audio / flat-panel TVs 🚗 Early EV & hybrid motors The Big Ramp (timing-dependent): 🌊 Mass EV traction motor scrappage wave — first mass-market EVs (2017–2020 vintage) won't broadly hit recycling until late 2020s — 4,656 tpa US expansion by 2029 depends on EV fleet turnover accelerating 📌 Bottom Line This isn't a crisis — it's a sequencing reality HyProMag's feedstock ramp grows with the EV scrappage curve, not ahead of it, Near-term volumes are solid, The big numbers require the EV wave to arrive on schedule 🌊 🌐 hypromag.com Mkango: $MKA | CoTec: $CTH #HyProMag #HPMS #HydrogenProcessing #RareEarths #NdFeB #MagnetRecycling #CriticalMinerals #ShortLoop #CircularEconomy #CleanTech #EVs #WindEnergy #DefenceSupplyChain #UKManufacturing #MadeInBritain #GreenSteel #Tyseley #Birmingham #Pforzheim #Texas #CriticalMaterials #SupplyChainResilience #Neodymium #Dysprosium #Decarbonisation #MineralsSecurityPartnership #Mkango #CoTec @roblun1

“Startups and well-established firms including Nissan and Jaguar Land Rover have been awarded £90 million in DRIVE35 funding to ramp up innovative prototype and cutting-edge projects.” Looks like HyPromag are one of 5 projects to share up to £90M #MKA

HyProMag announced as one of the project winners for the DRIVE35 R&D fund. Also awarded a separate grant for a feasibility study for scale up of Tyseley to 1000T of magnet per year. #mka gov.uk/government/new…

#MKA all to NdPr oxide or equiv.... [additionally of course we will be higher value further downstream, ie magnets, that Lynas does not do]: Pulawy 4,400 US Recycle 4,650 UK target 1,000 Germ target 750 Japan target ?

#MKA even more starkly, Lynas are expanding their production to 12,000T by 2030 and their mkt cap is US $14B. If you include likely Japan production in the "knowns" below you get to MKA approx 12,000T, 2030. £150m mkt cap one day soon will be blown out of the water, wake up!

#MKA #Mkango

Further good news for #MKA and its proposed HyProMag 🇯🇵 plant. “Japan to subsidize rare-earth recycling push, reducing reliance on China” asia.nikkei.com/spotlight/supp…

#MKA “GKN cancels plans for magnet factory in setback for Europe's rare earth aims” What are the chances of a bolt on magnet recycling and manufacturing plant at Pulawy? reuters.com/sustainability…

#MKA #HyProMag $CTH “Securing Rare Earth Elements a National Security Imperative” “He noted that other DOW strategies include funding the development of advanced recycling technologies to recover rare earth from systems and materials being retired.” war.gov/News/News-Stor…

Significant read across here for HyProMag and #MKA Phoenix tailings have raised an ADDITIONAL $30M giving them a valuation of $360M. Taking part of the raise were Talaxys as part of Project VAULT. “Financing came very quickly”

“UK businesses are set to receive a major boost, as the UK and US sign a partnership to secure supplies of critical minerals which power everyday essentials like smartphones” #mka #HyProMag gov.uk/government/new…