Darren Willis

#MKA HyProMag Germany. Large press turn out. Just keeps delivering. Well done guys.

@MkangoResources Major milestone for HyProMag Germany! German Federal Ministry for Economic Affairs and Energy to officially open HyProMag Plant in Pforzheim today. #MKA fully permitted site for production of up to 750 tonnes per annum of magnets and alloys 🔗 Read the full update here: share-talk.com/mkango-moves-i…

HyProMag Launches Rare Earth Recycling Plant in Germany New MKA/HyProMag milestone in Germany 🇩🇪🧲 londonstockexchange.com/news-article/M… HyProMag GmbH ("HyProMag") will today officially open its rare earth magnet recycling and manufacturing plant (the "Plant") in Pforzheim, Germany. The opening ceremony will be presided over by Stefan Rouenhoff, Parliamentary State Secretary of the Federal Ministry for Economic Affairs and Energy. 1. HyProMag GmbH is Mkango’s German subsidiary (part of the HyProMag group), focused on rare‑earth magnet recycling using HPMS (Hydrogen Processing of Magnet Scrap). 2. Mkango/HyProMag’s own commercial‐scale EU plant, using their HPMS tech to turn magnet scrap into new sintered NdFeB magnets, directly feeding German and European EV/industrial supply chains, and reducing dependence on Chinese primary supply. On 27 April 2026, the bilateral Germany-UK Business Government Forum took place at the Haus der Deutschen Wirtschaft in Berlin. Katherina Reiche, Federal Minister for Economic Affairs and Energy of Germany and The Right Honourable Peter Kyle MP, Secretary of State for Business and Trade for the United Kingdom signed a Joint Statement on cooperation on Critical Raw Materials. The site is fully permitted and designed to scale up to 750 tpa of NdFeB magnets and alloys, giving Europe a domestic, short‑loop magnet source at a time when 90%+ of global magnets are still made in China. For investors, this is Mkango actually building commercial capacity in Europe, not just talking about recycling. The Pforzheim plant is fully permitted up to 750 tpa NdFeB, but HyProMag is ramping in stages (≈100 t → ≈350 t → targeted 750 t). They already have HDD and other magnet scrap flowing for commissioning and early orders, and they’re shipping alloy powder to multiple customers – but ⚠️Long‑term, 750 tpa feedstock is not magically “sorted”. It will depend on a growing network of scrap‑collection, dismantlers and OEM agreements as they scale. HPMS doesn’t just “recycle magnets” – it cracks them out of complex scrap with hydrogen, then turns that powder straight back into new NdFeB magnets, using less energy, less chemistry and fewer steps than traditional shred‑and‑acid rare‑earth recycling. HyProMag has already produced 9.2 t of recycled NdFeB alloy powder, shipping 7.4 t to customers, and is “engaging with multiple customers for NdFeB alloy powder and magnets” to support scale‑up. hypromag.de/ueber-uns.html $MKA #HyProMag #RareEarths #NdFeB #MagnetRecycling #CriticalMinerals #Germany #EU #EV #SupplyChain 🧲🇩🇪

#MKA HyProMag progressing confirming partnership with Siemens & UK gov grant (with JLR) 👊 New German plant opening next week & German acquisition imminent Mkango Rare Earth SPAC expected this quarter 👀#MKA H&P new broker note today, £2.40 price target vs current c.50p......

Another solid update from #MKA $MKA, highlighting the ongoing scale up at the now operational HyProMag plant in Birmingham. Customer collaboration with German multinational conglomerate, Siemens; UK government funded R&D project with $USAR and Jaguar Land Rover, amongst other names; further UK government funding for a feasibility study, to evaluate scaling up the UK plant from the current nameplate capacity of 350 tpa of NdFeB product, to 1,000 tpa (which would be a $30 million EBITDA pa operation, at current pricing). To note: the market is attributing absolutely zero value to any aspect of the HyProMag group companies, at present. Consider that Mkango is listing its subsidiary, Mkango Rare Earths $MKAR, on NASDAQ this quarter, and at the IPO price Mkango's 40 million shares (circa 80% stake) will be valued at $400 million. That equates to 77.5p per share, after the recent dilution. In a recent post, I have also explained why I think Mkango's equity stake in HyProMag USA (likely to be somewhere around the 30-35% mark by then, in my view) upon its NASDAQ listing in the next 9-12 months will be worth a similar amount (circa $400 million) at the IPO price. So we have HyProMag UK and HyProMag Germany (and likely in the next 1-3 years, HyP Japan, South Korea and Canada!) priced at literally nothing. HyProMag USA is also being priced at literally nothing. Ponder this: both NASDAQ IPOs would have to crash by 70% (assuming I'm correct with my estimated EV for HyP USA of $1 billion) - leaving the two (listed, liquid) assets with a combined value of 46p per MKA share - for the market to be attributing any semblance of value to the ex-US HyProMag businesses. Mkango's valuation is just completely wrong, any way you look at it. Bring in some relative valuation analysis using the US, Canadian and Australian peer groups, and one can quite easily argue for a value of at least 4-6x the current 49p, right now. Hence Hannam & Partners recently initiating with an end-2026 target price of 240p, I guess...!