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Associated Press
3 days ago
- Business
- Associated Press
CoTec Holdings Corp. Announces Initial Closing of Life Offering and Concurrent Private Placement
VANCOUVER, BC / ACCESS Newswire / June 18, 2025 / CoTec Holdings Corp. (TSXV:CTH)(OTCQB:CTHCF) (the 'Corporation') is pleased to announce that it has completed an initial closing (the 'Initial Closing') of its previously announced financing under the Listed Issuer Financing Exemption (as defined below) (the 'LIFE Offering') and concurrent private placement (the 'Private Placement' and together with the LIFE Offering, the 'Offerings') of up to an aggregate of 12,820,512 units (each, a 'Unit') at a price of $0.78 per Unit for aggregate gross proceeds of up to $10,000,000 (comprised of $5,000,000 under the LIFE Offering and $5,000,000 under the Private Placement). Each Unit consists of one common share in the capital of the Corporation (each a 'Common Share') and one Common Share purchase warrant (each a 'Warrant'). Each Warrant entitles the holder to purchase one Common Share at an exercise price of $1.20 for a period of 18 months following the issuance of the Units. Pursuant to the Initial Closing, the Corporation issued a total of 2,732,312 Units for aggregate gross proceeds of $2,131,203.91 under the LIFE Offering and 3,947,131 Units for aggregate gross proceeds of $3,078,763.82 under the Private Placement. The Corporation expects to complete a second and final closing of the Offerings prior to the end of June Corporation will use the net proceeds of the private placement to fund the detailed design and engineering at HyProMag USA LLC, the Corporation's drilling program at its Lac Jeannine property, further investment obligations and for general corporate purposes. Certain directors of the Corporation and Kings Chapel International Ltd. ('Kings Chapel') purchased an aggregate of 864,316 Units in the Initial Closing. Kings Chapel is an existing insider and Control Person (as defined by TSX Venture Exchange Rules) of the Corporation. Julian Treger, a director of the Corporation and its Chief Executive Officer, is a beneficiary of a family trust associated with Kings Chapel. As a result, the Private Placement is a related party transaction subject to Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ('MI 61-101"). The Private Placement is exempt from the formal valuation requirements of MI 61-101 pursuant to subsection 5.5(b) of MI 61-101 because the Common Shares are listed only on the TSX Venture Exchange (the 'TSXV') and is exempt from the minority shareholder approval requirements of MI 61-101 pursuant to subsection 5.5(a) thereof, because neither the fair market value of the Units to be issued to related parties nor the consideration to be paid by related parties pursuant to the Private Placement exceeds 25% of the Corporation's market capitalization as determined in accordance with MI 61-101. The Corporation did not file a material change report more than 21 days before the expected date of the Initial Closing as the participation therein by related parties was not settled until shortly prior to the closing of the Offerings. In connection with the Initial Closing, the Corporation paid cash fees and compensation warrants ('Compensation Warrants') to certain agents and finders as follows: $65,142.72 and 83,516 Compensation Warrants to ECM Capital Advisors Ltd.; $90,599.40 and 116,153 Compensation Warrants to Odeon Capital Group LLC; $90,386.40 and115,880 Compensation Warrants to Integrity Capital Group Inc.; $14,759.83 and 18,923 Compensation Warrants to INTE Securities LLC; $733.20 and 940 Compensation Warrants to Leede Financial Inc.; $1,872.00 and 2,400 Compensation Warrants to Canaccord Genuity Corp.; $1,014 and 1,300 Compensation Warrants to Research Capital Corporation; and $1,560 and 2,000 Compensation Warrants to Haywood Securities Inc. All securities issued to investors in connection with the Private Placement will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation in Canada. Early Warning Report This press release is also being disseminated as required by National Instrument 62-103 - The Early Warning System and Related Take Over Bids and Insider Reporting Issues in connection with the filing of an early warning report by Kings Chapel in respect of its ownership position in the Corporation. Kings Chapel participated in the Initial Closing and purchased an aggregate of 641,025 Units. Prior to the Initial Closing, (i) Kings Chapel owned or controlled 32,286,307 Common Shares representing approximately 45.09% of the 71,598,692 issued and outstanding Common Shares, and (ii) Julian Treger owned or controlled 2,708,500 Common Shares representing approximately 3.78% of the issued and outstanding Common Shares as well as 3,608,626 options to purchase Common Shares. Immediately following the Initial Closing, (i) Kings Chapel owned or controlled 32,927,332 Common Shares representing approximately 42.06% of the 78,278,135 issued and outstanding Common Shares as well as 641,025 warrants to purchase Common Shares, and (ii) Julian Treger owned or controlled 2,708,500 Common Shares representing approximately 3.46% of the issued and outstanding Common Shares as well as 3,608,626 options to purchase Common Shares. Kings Chapel and Mr. Treger hold Common Shares for investment purposes. Each of them has a long-term view of the investment and may acquire additional securities including on the open market or through private acquisitions or sell the securities including on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors. Depending on market conditions, general economic, and industry conditions, the Company's business and financial condition, and/or other relevant factors, each such shareholder may develop such plans or intentions in the future. A copy of the Early Warning Report to be filed by Kings Chapel in connection with the transactions described above will be available on the Corporation's SEDAR+ profile at The head office of the Corporation is located at Suite 428, 755 Burrard Street, Vancouver, BC V6Z 1X6. Kings Chapel's address is No. 2 The Forum, Grenville Street, St. Helier, Jersey JE1 4HH. About CoTec CoTec is a publicly traded investment issuer listed on the TSXV and the OTCQB and trades under the symbol CTH and CTHCF respectively. CoTec is a forward-thinking resource extraction company committed to revolutionizing the global metals and minerals industry through innovative, environmentally sustainable technologies and strategic asset acquisitions. With a mission to drive the sector toward a low-carbon future, CoTec employs a dual approach: investing in disruptive mineral extraction technologies that enhance efficiency and sustainability while applying these technologies to undervalued mining assets to unlock their full potential. By focusing on recycling, waste mining, and scalable solutions, the Company accelerates the production of critical minerals, shortens development timelines, and reduces environmental impact. CoTec's strategic model delivers low capital requirements, rapid revenue generation, and high barriers to entry, positioning it as a leading mid-tier disruptor in the commodities sector. For more information, please visit Forward-Looking Information Cautionary Statement Statements in this press release regarding the Company, its investments and the Offerings which are not historical facts are 'forward-looking statements' that involve risks and uncertainties, including statements relating to management's expectations with respect to its current and potential future investments and the benefits to the Company which may be implied from such statements. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements, due to known an unknown risks and uncertainties affecting the Company, including by not limited to: general economic, political and market factors in North America and internationally, interest and foreign exchange rates, changes in costs of goods and services, global equity and capital markets, business competition, technological change, changes in government relations, industry conditions, unexpected judicial or regulatory proceedings and catastrophic events. The Company's investments are being made in mineral extraction related assets and technologies which are subject to their own inherent risks and the success of such Investments may be adversely impacted by, among other things: environmental risks and costs; labor costs and shortages; uncertain supply and price fluctuations in materials; increases in energy costs; labor disputes and work stoppages; leasing costs and the availability of equipment; heavy equipment demand and availability; contractor and subcontractor performance issues; worksite safety issues; project delays and cost overruns; extreme weather conditions; and social disruptions. As the investments are being made in mineral extraction technology, such investments will also be subject to risks of successful application, scaling and deployment of technology, acceptability of technology within the industry, availability of assets where technology could be applied, protection of intellectual property in relation to such technology, successful promotion of technology and success of competitor technology. Any material adverse change in the Company's financial position or a failure by the Company to successfully make investments in the manner currently contemplated, could have a corresponding material adverse change on the investments and, by extension, the Company. For further details regarding risks and uncertainties facing the Company, please refer to 'Risk Factors' in the Company's filing statement dated April 6, 2022 and its other continuous disclosure documents, copies of which may be found under the Company's SEDAR+ profile at The Company assumes no responsibility to update forward-looking statements in this press release except as required by law. Readers should not place undue reliance on the forward-looking statements and information contained in this press release and are encouraged to read the Company's continuous disclosure documents, which are available on SEDAR+ at For further information, please contact: Braam Jonker - (604) 992-5600 Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. NOT FOR DISTRIBUTION TO THE U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES SOURCE: CoTec Holdings Corp. press release
Associated Press
5 days ago
- Business
- Associated Press
Hypromag Achieves Further Technical Milestones as Piloting Ramps Up in Advance of Commercial Rare Earth Magnet Production in The Uk, Germany and USA
LONDON, UK AND VANCOUVER, BC / ACCESS Newswire / June 16, 2025 / Mkango Resources Ltd. (AIM:MKA)(TSX-V:MKA) ('Mkango') and CoTec Holdings Corp. (TSXV:CTH)(OTCQB:CTHCF) ('CoTec') are pleased to provide a technical update for HyProMag Limited ('HyProMag') and its ongoing advanced pilot programme for the scale-up and roll out of Hydrogen Processing of Magnet Scrap ('HPMS') technology to produce domestically sourced and short-loop recycled rare earth magnets with a minimal carbon footprint in the UK (2025), Germany (2025) and United States (2027). The ongoing advanced pilot programme at the University of Birmingham is proceeding in parallel with development of the commercial scale plant at Tyseley Energy Park in Birmingham, UK. HPMS technology was developed by the Magnetic Materials Group at the University of Birmingham ('UoB'), underpinned by approximately US$100 million of research and development funding. HPMS has major competitive advantages over other rare earth magnet recycling technologies, which are largely focused on chemical processes but do not solve the challenges of extracting magnets from end-of-life scrap streams and only produce rare earth oxides or mixed rare earth carbonates, which require further processing. HyProMag provides the solution, producing a value-added, magnet product for direct sale to domestic customers across multiple jurisdictions. Over the course of the previous 12 months, HyProMag has made significant technical progress to support its efforts in optimising design criteria, processing different NdFeB scrap feed materials and producing recycled, low carbon, commercial, magnets of different technical grades. To date, the University of Birmingham Pilot plant has produced over 3,500 magnets of commercial grade from various waste streams. Sample magnets have been provided to commercial partners for extensive testing and product verification and will support continued off taker due diligence over the coming 12 months for the UK, Germany and U.S. businesses. Recent progress and technical milestones for HyProMag include the following: Through the abovementioned workstreams, together with further optimisation and development of blending and grain boundary technologies, HyProMag expects to significantly expand the range of commercial grades produced as illustrated below: Will Dawes, Mkango CEO commented: 'HyProMag is going from strength to strength with the support of its excellent and growing team, as well as from the University of Birmingham and its other partners. The company is well placed to capitalise on the increasing demand for more robust supply chains and sustainably sourced magnetic materials - technologies being commercialised by HyProMag will be transformational for the sector, and we look forward to first sales in UK and Germany in the coming months, as well as completion of detailed engineering in the USA in advance of large-scale project development.' Julian Treger, CoTec CEO commented: " We are very pleased with the continued progress of HyProMag in advance of the commissioning of the UK and German plants. The learnings from these plants and the University of Birmingham's pilot plant programme represent a significant opportunity for HyProMag USA to optimise and refine the detailed design phase. Furthermore, the production of a wide range of magnet grades for U.S. customers from multiple scrap feedstocks will support our financing and off take activities.' Nick Mann, HyProMag Limited MD commented: 'The improvements on magnetic properties made are down to the increased understanding gained by the metallurgical team on how to process, blend and sinter differing input feed stocks to achieve a consistent grade of magnet. As we begin production at Tyseley we are testing, collaborating and supplying our commercial partners with our magnets against specifications and are demonstrating good alignment with their products.' Sean Worrall, GKN Automotive Chief Engineer Product Sustainability commented: 'As the key physical testing and simulation partner, we are pleased to confirm that the recycled magnets replicated expected performance exceptionally closely during testing. This means HyProMag's short-cycled magnets can be reliably used in motor design simulation to deliver real world performance. The HPMS process enables a supply chain of sustainable, competitive, rare-earth magnets, decoupled from the problems of the virgin material supply chain' 2025 University of Birmingham (UoB) Accelerated Pilot Programme In parallel with commissioning of the commercial plants in UK and Germany, and to support ongoing HyProMag USA LLC ('HyProMag USA') detailed design [ii] , HyProMag has further invested in piloting utilising the UoB infrastructure, onboarded new production engineers and tripled the throughput capacity of the UoB pilot vessel and associated processes. During a six-month period, multiple sources of scrap feeds will be processed with a target of two tonnes of HPMS power produced and converted into commercial grade magnets. HyProMag will provide these samples to potential customers, as well as targeting further improvements in the engineering design criteria, recoveries and magnet making capability to support commercial developments in the UK, Germany and U.S. The main objectives of the 2025 UoB Accelerated Pilot Programme are to: The Accelerated Piloting Programme targets over 50 additional HPMS runs over a six-month period covering principal scrap feeds containing: separated magnet scrap, VCMs from different sources, pre-processed HDD feed, surface mounted and embedded rotors from electric motors, MRI, wind turbine feed, speaker assemblies and other forms of NdFeB scrap material provided by strategic partners. About Mkango Resources Ltd. Mkango is listed on the AIM and the TSX-V. Mkango's corporate strategy is to become a market leader in the production of recycled rare earth magnets, alloys and oxides, through its interest in Maginito Limited ('Maginito'), which is owned 79.4 per cent by Mkango and 20.6 per cent by CoTec, and to develop new sustainable sources of neodymium, praseodymium, dysprosium and terbium to supply accelerating demand from electric vehicles, wind turbines and other clean energy technologies. Maginito holds a 100 per cent interest in HyProMag and a 90 per cent direct and indirect interest (assuming conversion of Maginito's convertible loan) in HyProMag GmbH, focused on short loop rare earth magnet recycling in the UK and Germany, respectively, and a 100 per cent interest in Mkango Rare Earths UK Ltd ('Mkango UK'), focused on long loop rare earth magnet recycling in the UK via a chemical route. Maginito and CoTec are also rolling out HPMS recycling technology into the United States via the 50/50 owned HyProMag USA LLC joint venture company. Mkango also owns the advanced stage Songwe Hill rare earths project in Malawi ('Songwe') and the Pulawy rare earths separation project in Poland ('Pulawy'). Both the Songwe and Pulawy projects have been selected as Strategic Projects under the European Union Critical Raw Materials Act. Mkango has signed a letter of Intent with Crown PropTech Acquisitions to list the Songwe Hill and Pulawy rare earths projects on NASDAQ via a SPAC Merger. For more information, please visit About CoTec Holdings Corp. CoTec is a publicly traded investment issuer listed on the Toronto Venture Stock Exchange ('TSX- V') and the OTCQB and trades under the symbols CTH and CTHCF respectively. CoTec Holdings Corp. is a forward-thinking resource extraction company committed to revolutionizing the global metals and minerals industry through innovative, environmentally sustainable technologies and strategic asset acquisitions. With a mission to drive the sector toward a low-carbon future, CoTec employs a dual approach: investing in disruptive mineral extraction technologies that enhance efficiency and sustainability while applying these technologies to undervalued mining assets to unlock their full potential. By focusing on recycling, waste mining, and scalable solutions, the Company accelerates the production of critical minerals, shortens development timelines, and reduces environmental impact. CoTec's strategic model delivers low capital requirements, rapid revenue generation, and high barriers to entry, positioning it as a leading mid-tier disruptor in the commodities sector. For more information, please visit About HyProMag USA LLC. HyProMag USA is owned 50:50 by CoTec and HyProMag Limited. HyProMag Limited is 100 per cent owned by Maginito, which is owned on a 79.4/20.6 per cent basis by Mkango and CoTec. For more information, please visit Market Abuse Regulation (MAR) Disclosure The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ('MAR') which has been incorporated into UK law by the European Union (Withdrawal) Act 2018. Upon the publication of this announcement via Regulatory Information Service, this inside information is now considered to be in the public domain. Cautionary Note Regarding Forward-Looking Statements This news release contains forward-looking statements (within the meaning of that term under applicable securities laws) with respect to Mkango and CoTec. Generally, forward looking statements can be identified by the use of words such as 'plans', 'expects' or 'is expected to', 'scheduled', 'estimates' 'intends', 'anticipates', 'believes', or variations of such words and phrases, or statements that certain actions, events or results 'can', 'may', 'could', 'would', 'should', 'might' or 'will', occur or be achieved, or the negative connotations thereof. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause actual performance and results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. Such factors and risks include, without limiting the foregoing, the delivery and effectiveness of the HDD magnet separation system built by Inserma, the results of the Accelerated Pilot Programme at UoB, the availability of (or delays in obtaining) financing to develop Songwe Hill, the Recycling Plants being developed by Maginito in the UK, Germany and the US (the 'Maginito Recycling Plants'), governmental action and other market effects on global demand and pricing for the metals and associated downstream products for which Mkango is exploring, researching and developing, geological, technical and regulatory matters relating to the development of Songwe Hill, the ability to scale the HPMS and chemical recycling technologies to commercial scale, competitors having greater financial capability and effective competing technologies in the recycling and separation business of Maginito and Mkango, availability of scrap supplies for Maginito's recycling activities, government regulation (including the impact of environmental and other regulations) on and the economics in relation to recycling and the development of the Maginito Recycling Plants, and Pulawy and future investments in the United States pursuant to the proposed cooperation agreement between Maginito and CoTec, cost overruns, complexities in building and operating the plants, and the positive results of feasibility studies on the various proposed aspects of Mkango's, Maginito's and CoTec's activities. The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company and CoTec disclaim any intention and assume no obligation to update or revise any forward-looking statements, whether because of new information, future events or otherwise, except as required by applicable law. Additionally, the Company and CoTec undertake no obligation to comment on the expectations of, or statements made by, third parties in respect of the matters discussed above. For further information on Mkango, please contact: Mkango Resources Limited William Dawes Alexander Lemon Chief Executive Officer President [email protected]@ Canada: +1 403 444 5979 @MkangoResources SP Angel Corporate Finance LLP Nominated Adviser and Joint Broker Jeff Keating, Jen Clarke, Devik Mehta UK: +44 20 3470 0470 Alternative Resource Capital Joint Broker Alex Wood, Keith Dowsing UK: +44 20 7186 9004/5 For further information on CoTec, please contract: CoTec Holdings Corp. Braam Jonker Chief Financial Officer [email protected] Canada: +1 604 992-5600 The TSX Venture Exchange has neither approved nor disapproved the contents of this press release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This press release does not constitute an offer to sell or a solicitation of an offer to buy any equity or other securities of the Company in the United States. The securities of the Company will not be registered under the United States Securities Act of 1933, as amended (the 'U.S. Securities Act') and may not be offered or sold within the United States to, or for the account or benefit of, U.S. persons except in certain transactions exempt from the registration requirements of the U.S. Securities Act. [i] [ii] SOURCE: CoTec Holdings Corp. press release
Associated Press
30-05-2025
- Business
- Associated Press
Mkango Resources Limited Releases Q1 2025 Results
LONDON, UK and VANCOUVER, BC / ACCESS Newswire / May 30, 2025 / Mkango Resources Ltd (AIM:MKA)(TSX-V:MKA) (the 'Company' or 'Mkango'), is pleased to announce that it has released the Financial Statements and Management's Discussion and Analysis for the 3-month period ending 31 March 2025. The reports are available under the Company's profile on SEDARplus ( ) and on the Company's website ( ). To view the Financial Statements, please click here: To view the Management Discussion and Analysis, please click here: About Mkango Resources Ltd. Mkango is listed on AIM and the TSX-V. Mkango's corporate strategy is to become a market leader in the production of recycled rare earth magnets, alloys and oxides, through its interest in Maginito Limited ('Maginito'), which is owned 79.4 per cent by Mkango and 20.6 per cent by CoTec, and to develop new sustainable sources of neodymium, praseodymium, dysprosium and terbium to supply accelerating demand from electric vehicles, wind turbines and other clean energy technologies. Maginito holds a 100 per cent interest in HyProMag and a 90 per cent direct and indirect interest (assuming conversion of Maginito's convertible loan) in HyProMag GmbH, focused on short loop rare earth magnet recycling in the UK and Germany, respectively, and a 100 per cent interest in Mkango Rare Earths UK Ltd ('Mkango UK'), focused on long loop rare earth magnet recycling in the UK via a chemical route. Maginito and CoTec are also rolling out HyProMag's recycling technology into the United States via the 50/50 owned HyProMag USA LLC joint venture company. Mkango also owns the advanced stage Songwe Hill rare earths project and an extensive rare earths, uranium, tantalum, niobium, rutile, nickel and cobalt exploration portfolio in Malawi, and the Pulawy rare earths separation project in Poland. Songwe Hill is one of the few rare earths projects to have progressed to the Definitive Feasibility Stage, with an expected life of mine of 18 years, producing a 55% mixed rare earth carbonate, yielding 1,953 tons per annum of NdPr and 56 tons per annum of DyTb. Mkango's proposed Pulawy separation facility site, located in a Special Economic Zone in Poland, stands adjacent to the EU's second largest manufacturer of nitrogen fertilisers, and features established infrastructure, access to reagents and utilities on site. Mkango has signed a letter of Intent with Crown PropTech Acquisitions to list Mkango's Songwe Hill and Pulawy Rare Earths Projects on NASDAQ via a SPAC Merger. For more information, please visit Market Abuse Regulation (MAR) Disclosure The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ('MAR') which has been incorporated into UK law by the European Union (Withdrawal) Act 2018. Upon the publication of this announcement via Regulatory Information Service, this inside information is now considered to be in the public domain. Cautionary Note Regarding Forward-Looking Statements This news release contains forward-looking statements (within the meaning of that term under applicable securities laws) with respect to Mkango. Generally, forward looking statements can be identified by the use of words such as 'targeted', 'plans', 'expects' or 'is expected to', 'scheduled', 'estimates' 'intends', 'anticipates', 'believes', or variations of such words and phrases, or statements that certain actions, events or results 'can', 'may', 'could', 'would', 'should', 'might' or 'will', occur or be achieved, or the negative connotations thereof. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause actual performance and results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. Such factors and risks include, without limiting the foregoing, the availability of (or delays in obtaining) financing to develop Songwe Hill, and the various recycling plants in the UK, Germany and the US as well as the separation plant in Poland, governmental action and other market effects on global demand and pricing for the metals and associated downstream products for which Mkango is exploring, researching and developing, geological, technical and regulatory matters relating to the development of Songwe Hill, the ability to scale the HPMS and chemical recycling technologies to commercial scale, competitors having greater financial capability and effective competing technologies in the recycling and separation business of Maginito and Mkango, availability of scrap supplies for recycling activities, government regulation (including the impact of environmental and other regulations) on and the economics in relation to recycling and the development of the various recycling and separation plants of Mkango and Maginito and future investments in the United States pursuant to the cooperation agreement between Maginito and CoTec, the outcome and timing of the completion of the feasibility studies, cost overruns, complexities in building and operating the plants, and the positive results of feasibility studies on the various proposed aspects of Mkango's and Maginito's activities. The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assume no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. Additionally, the Company undertakes no obligation to comment on the expectations of, or statements made by, third parties in respect of the matters discussed above. For further information on Mkango, please contact: Mkango Resources Limited William Dawes Chief Executive Officer [email protected] Canada: +1 403 444 5979 @MkangoResources Alexander Lemon President [email protected] SP Angel Corporate Finance LLP Nominated Adviser and Joint Broker Jeff Keating, Jen Clarke, Devik Mehta UK: +44 20 3470 0470 Alternative Resource Capital Joint Broker Alex Wood, Keith Dowsing UK: +44 20 7186 9004/5 The TSX Venture Exchange has neither approved nor disapproved the contents of this press release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This press release does not constitute an offer to sell or a solicitation of an offer to buy any equity or other securities of the Company in the United States. The securities of the Company will not be registered under the United States Securities Act of 1933, as amended (the 'U.S. Securities Act') and may not be offered or sold within the United States to, or for the account or benefit of, U.S. persons except in certain transactions exempt from the registration requirements of the U.S. Securities Act. This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit SOURCE: Mkango Resources Ltd. press release
Associated Press
05-03-2025
- Business
- Associated Press
HyProMag USA's ISO-Compliant Product Carbon Footprint Study Confirms Exceptionally Low CO2 Footprint of 2.35 kg CO2 eq. per kg of NdFeB Cut Sintered Block
LONDON, UK AND VANCOUVER BC / ACCESS Newswire / March 5, 2025 / CoTec Holdings Corp. (TSXV:CTH)(OTCQB:CTHCF) ('CoTec') and Mkango Resources Ltd. (AIM/TSX-V:MKA) ('Mkango') are pleased to announce the completion of an independent, Product Carbon Footprint (the 'PCF') analysis conducted in accordance with ISO 14067:2018 by Minviro Limited ('Minviro') for HyProMag USA LLC. ('HyProMag USA or the Project'), which is developing a major new domestic source of recycled rare earth permanent magnets in Texas, United States. Minviro confirmed a PCF of 2.35 kg of CO2 eq. per kg of NdFeB cut sintered block product[i] under the independent Feasibility Study[ii] (the 'feasibility study') base case scenario of 750 metric tons payable of sintered neodymium iron boron (NdFeB) magnets and 291 metric tons of associated NdFeB co-products annually. Furthermore, Minviro assessed that the associated HPMS[iii] recycled NdFeB alloy powder, which is a co-product produced by HyProMag USA would have a carbon footprint of 0.38 kg of CO2 eq. per kg of NdFeB alloy powder product. A PCF is a standardized, scientific method for quantifying the direct and embodied environmental impacts associated with a particular product or process. The PCF was conducted in accordance with ISO-14067 standards sourcing data from the feasibility study and public and commercial databases such as ecoinvent 3.10. Julian Treger, CoTec CEO commented: 'We are very pleased with the results of the Minviro Study, which further demonstrates the low carbon footprint potential of HyProMag's technology. HyProMag has the capacity to provide the United States with the lowest carbon domestic source of permanent magnets to accelerate the revitalizing of U.S. rare earth permanent magnet production, metallization, and skills development, a strategic priority for the U.S. Government.' Will Dawes, Mkango CEO commented: 'HyProMag has the opportunity to transform rare earth magnet supply chains in USA, Europe and Asia, leveraging off HPMS and associated magnet manufacturing, to produce a rare earth magnet product suite with a minimal carbon footprint, the latter now confirmed by this independent analysis by Minviro.' Robert Pell, Minviro CEO commented: 'Having worked on rare earth and permanent magnet sustainability for over a decade, the PCF data that Minviro conducted clearly demonstrates that this innovative short-loop recycling technology delivers a remarkably low carbon footprint.' Ownership HyProMag is 100 per cent owned by Maginito Limited ('Maginito'), which is owned on a 79.4/20.6 per cent basis by Mkango and CoTec. HyProMag USA is owned 50:50 by CoTec and Maginito. HPMS technology The Project is underpinned by the patented Hydrogen Processing of Magnet Scrap ('HPMS') technology which is being commercialized by HyProMag in the United States, United Kingdom and Germany. HPMS was developed at the Magnetic Materials Group at the University of Birmingham and is exclusively licensed to HyProMag. The HPMS process recovers NdFeB permanent magnets from end-of-life scrap streams in the form of a demagnetized NdFeB metallized alloy powder for remanufacture into recycled NdFeB magnets with a significantly reduced carbon footprint and has major competitive advantages versus other magnet recycling methods using chemical processes. HyProMag USA Project and Infrastructure included in the PCF Analysis Study Scope The Project is based on development of a state-of-the-art 40-year rare earth magnet recycling and manufacturing facility in Dallas-Fort Worth, Texas, capable of producing up to 750 metric tons payable of sintered NdFeB magnets and 291 metric tons of associated neodymium iron boron (NdFeB) co-products (total payable capacity - 1,041 metric tons NdFeB) annually. The potential recycling and manufacturing site is approximately 100,000 square feet in area, 36 feet in height and utilizes a pre-existing light industrial storage unit with basic utilities fully installed. The HyProMag USA cradle-to-gate product carbon footprint examines the production of NdFeB sintered materials from magnet scrap at HyProMag's 40-year magnet recycling and manufacturing facility in Dallas-Fort Worth, Texas for the reference year 2024. The functional unit for this study is, '1 kg of NdFeB cut sintered block' and the reference flow is, '1 kg of NdFeB cut sintered block produced in 2024 from end-of-life neodymium iron boron magnets.' HyProMag USA primary product is 750 metric tons per annum of NdFeB sintered blocks and magnets at an average realised price per kg used in the the independent feasibility study. The project will co-produce several grades of co-products, which include magnet swarf, sintered block off cuts, HPMS NdFeB alloy powder for chemical processing, and for external processing. Environmental impacts have been allocated between the primary product and the co-products using economic allocation based on their respective market values throughout the study. Power supply will be provided through local utility providers assuming 100% grid sourced renewable power. Liquified industrial gasses will be supplied by local distributors. These gases will be delivered and stored on-site in dedicated tanks equipped with vaporizers to ensure the conversion from liquid to gas as needed for the operations in an 'over the fence' solution. The System boundary used for the PCF study is shown in Figure 1. Figure 1: Diagram of the HyProMag USA System boundary used for the PCF The logistics for the project include two main satellite spokes: Satellite Spoke 1, potentially located in Las Vegas, or Reno, Nevada and a Satellite Spoke 2, potentially located in South Carolina as depicted in Figure 2. The transportation process from each Satellite Spoke to the hub employs intermodal (truck and rail) transportation. Figure 2: Map of the United States showing planned locations of HyProMag USA's operations and functions HyProMag USA and increasing electrification of the economy Increasing electrification of the economy is accelerating growth in the defense, robotics, AI and other industries, such as electric vehicles and wind power generation, which rely on permanent magnets. Along with end-of-life electronics these sectors will also contribute to a rapidly expanding pool of scrap battery material available for recycling using HyProMag's HPMS process. As well as improving security of supply and reducing landfill along with its associated environmental costs, one of the advantages of HyProMag compared to the production of rare earths from mine-based supply is its highly energy efficiency, which means that HyProMag NdFeB production is far less carbon emitting. The PCF estimated the carbon emissions generated in HyProMag's short loop HPMS recycling process will be 2.35 kg CO2-e per kg of NdFeB cut sintered block. HyProMag USA calculate that when compared to a mine to magnet primary based production of 84 kg of CO2 eq. per kg of NdFeB plated magnet (Wang et al., 2025)[iv], the HyProMag process shows a significantly lower carbon footprint with an approximate 95% reduction[v] of CO2-eq emissions. The carbon footprint figures referenced here (Wang et al., 2025) are derived from separate studies that do not adhere to the same methodology or system boundaries required by ISO 14067:2018. As this standard mandates a consistent life cycle assessment approach-including uniform data quality, allocation methods, and cut‐off criteria-the figures can be used as an indicative guide but cannot be directly compared. Any comparison between these numbers should be approached with caution, as differences in study scope and methodology can lead to misleading conclusions. Independent Minviro Review The Minviro PCF study was completed by Dr Robert Pell PhD and Kangyu Li in December 2024. The PCF study was independently critically reviewed and complies with ISO 14040 and ISO 14067. The PCF appropriately summarizes the study's goals, scope, methodology, assumptions, life cycle inventory, data quality, results, and sensitivity analyses. Responsible for the critical review report and critical review statement was completed by Tara Ryan (BChemEng/Economics) in March 2025. Minviro have reviewed and approved the PCF scientific and technical content of this news release. About Minviro Minviro is a London-based, globally recognized consultancy and technology company specializing in advanced life cycle assessments for the technology metals sector. With a proven track record of partnering with leading mining and metals organizations, battery manufacturers, and OEMs, Minviro delivers robust, science-based quantitative environmental and climate impact data for mineral resource projects. Our innovative methodologies and rigorous LCA frameworks enable stakeholders to make environmentally informed decisions and drive the transition toward sustainable, low-carbon operations. For more information, please visit About HyProMag HyProMag is commercializing HPMS recycling technology in the UK, Germany and United States. HyProMag is also evaluating other jurisdictions, and in mid-2024 launched a collaboration with Envipro on rare earth magnet recycling in Japan. HPMS technology was developed at the Magnetic Materials Group (MMG) at University of Birmingham, underpinned by approximately US$100 million of research and development funding, and has major competitive advantages versus other rare earth magnet recycling technologies, which are largely focused on chemical processes but do not solve the challenges of liberating magnets from end-of-life scrap streams - HPMS provides this solution. The MMG is internationally recognized for its work on the circular economy of rare earth magnets. The group has made major contributions to research and industrial application of hydrogen for processing of magnets. Professor Emeritus Harris pioneered the initial work on hydrogen decrepitation (HD), currently used worldwide to produce magnets, and co-authored the 1986 paper on the world's first hydrogen based sintered magnet. Today, almost all NdFeB magnet production and recycling methods take advantage of the HD process. About CoTec Holdings Corp. CoTec is a publicly traded investment issuer listed on the Toronto Venture Stock Exchange ('TSX- V') and the OTCQB and trades under the symbol CTH and CTHCF respectively. CoTec Holdings Corp. is a forward-thinking resource extraction company committed to revolutionizing the global metals and minerals industry through innovative, environmentally sustainable technologies and strategic asset acquisitions. With a mission to drive the sector toward a low-carbon future, CoTec employs a dual approach: investing in disruptive mineral extraction technologies that enhance efficiency and sustainability while applying these technologies to undervalued mining assets to unlock their full potential. By focusing on recycling, waste mining, and scalable solutions, the Company accelerates the production of critical minerals, shortens development timelines, and reduces environmental impact. CoTec's strategic model delivers low capital requirements, rapid revenue generation, and high barriers to entry, positioning it as a leading mid-tier disruptor in the commodities sector. For more information, please visit About Mkango Resources Ltd. Mkango is listed on the AIM and the TSX-V. Mkango's corporate strategy is to become a market leader in the production of recycled rare earth magnets, alloys and oxides, through its interest in Maginito Limited ('Maginito'), which is owned 79.4 per cent by Mkango and 20.6 per cent by CoTec, and to develop new sustainable sources of neodymium, praseodymium, dysprosium and terbium to supply accelerating demand from electric vehicles, wind turbines and other clean energy technologies. Maginito holds a 100 per cent interest in HyProMag and a 90 per cent direct and indirect interest (assuming conversion of Maginito's convertible loan) in HyProMag GmbH, focused on short loop rare earth magnet recycling in the UK and Germany, respectively, and a 100 per cent interest in Mkango Rare Earths UK Ltd ('Mkango UK'), focused on long loop rare earth magnet recycling in the UK via a chemical route. Maginito and CoTec are also rolling out HPMS recycling technology into the United States via the 50/50 owned HyProMag USA LLC joint venture company. Mkango also owns the advanced stage Songwe Hill rare earths project and an extensive rare earths, uranium, tantalum, niobium, rutile, nickel and cobalt exploration portfolio in Malawi, and the Pulawy rare earths separation project in Poland. For more information, please visit Market Abuse Regulation (MAR) Disclosure The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ('MAR') which has been incorporated into UK law by the European Union (Withdrawal) Act 2018. Upon the publication of this announcement via Regulatory Information Service, this inside information is now considered to be in the public domain. Cautionary Note Regarding Forward-Looking Statements This news release contains forward-looking statements (within the meaning of that term under applicable securities laws) with respect to Mkango and CoTec. Generally, forward-looking statements can be identified by the use of words such as 'plans', 'expects' or 'is expected to', 'scheduled', 'estimates' 'intends', 'anticipates', 'believes', or variations of such words and phrases, or statements that certain actions, events or results 'can', 'may', 'could', 'would', 'should', 'might' or 'will', occur or be achieved, or the negative connotations thereof. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause actual performance and results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. Such factors and risks include, without limiting the foregoing, the successful conclusion of the MDA, the availability of (or delays in obtaining) financing to develop Songwe Hill, the Recycling Plants being developed by Maginito in the UK, Germany and the US (the 'Maginito Recycling Plants'), the results of the Feasibility Study and the Pulawy Separation Plant, governmental action and other market effects on global demand and pricing for the metals and associated downstream products for which Mkango is exploring, researching and developing, geological, technical and regulatory matters relating to the development of Songwe Hill, the ability to scale the HPMS and chemical recycling technologies to commercial scale, competitors having greater financial capability and effective competing technologies in the recycling and separation business of Maginito and Mkango, availability of scrap supplies for Maginito's recycling activities, government regulation (including the impact of environmental and other regulations) on and the economics in relation to recycling and the development of the Maginito Recycling Plants, and the Pulawy Separation Plant and future investments in the United States pursuant to the proposed cooperation agreement between Maginito and CoTec, the outcome and timing of the completion of the feasibility studies, cost overruns, complexities in building and operating the plants, and the positive results of feasibility studies on the various proposed aspects of Mkango's, Maginito's and CoTec's activities. The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company and CoTec disclaim any intention and assume no obligation to update or revise any forward-looking statements, whether because of new information, future events or otherwise, except as required by applicable law. Additionally, the Company and CoTec undertake no obligation to comment on the expectations of, or statements made by, third parties in respect of the matters discussed above. CoTec Holdings Corp. Canada: +1 604 992-5600 For further information on Mkango, please contact: Mkango Resources Limited William Dawes Chief Executive Officer Alexander Lemon President [email protected] Canada: +1 403 444 5979 @MkangoResources SP Angel Corporate Finance LLP Nominated Adviser and Joint Broker Jeff Keating, Jen Clarke, Devik Mehta UK: +44 20 3470 0470 Alternative Resource Capital Joint Broker Alex Wood, Keith Dowsing UK: +44 20 7186 9004/5 The TSX Venture Exchange has neither approved nor disapproved the contents of this press release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This press release does not constitute an offer to sell or a solicitation of an offer to buy any equity or other securities of the Company in the United States. The securities of the Company will not be registered under the United States Securities Act of 1933, as amended (the 'U.S. Securities Act') and may not be offered or sold within the United States to, or for the account or benefit of, U.S. persons except in certain transactions exempt from the registration requirements of the U.S. Securities Act. [i] Cut Sintered Block Product is the final product prior to nickel plating and magnetization [ii] November 2024 independent HyProMag USA feasibility study undertaken by a multidisciplinary team appointed by CoTec and Mkango and led by independent engineers, Canada-based BBA USA Inc. ('BBA') and U.S. based PegasusTSI Inc. ('PegasusTSI') with other independent experts and support from University of Birmingham, HyProMag Ltd and HyProMag GmbH. [iii] HPMS is the patented 'Hydrogen Processing of Magnet Scrap' [iv] Wang, Q-Q.; Wang, L.; Zhao, S.; Li, F-P.; Chen, W-Q.; Wang, P. (2025) A critical life cycle assessment of present and potential rare earth circularity routes from permanent magnets. Resources, Conservation and Recycling, 215, pp. 1-12. [v] HyProMag USA calculated this percentage reduction in CO2 eq.: 2.35 kg CO2 eq. per kg of NdFeB cut sintered block / 84 kg CO2 eq. per kg of NdFeB sintered plated magnet with a small allowance for Nickel plating and magnetization.
Yahoo
05-03-2025
- Business
- Yahoo
Mkango Resources Limited Announces Hypromag USA's Product Carbon Footprint Study
HYPROMAG USA's ISO-COMPLIANT PRODUCT CARBON FOOTPRINT STUDY CONFIRMS EXCEPTIONALLY LOW CO2 FOOTPRINT of 2.35 kg CO2 eq. per kg of NdFeB CUT SINTERED BLOCK CALGARY, AB AND LONDON, UK AND VANCOUVER, BC / / March 5, 2025 / CoTec Holdings Corp. (TSXV:CTH)(OTCQB:CTHCF) ("CoTec") and Mkango Resources Ltd. (AIM:MKA)(TSXV:MKA) ("Mkango") are pleased to announce the completion of an independent, Product Carbon Footprint (the "PCF") analysis conducted in accordance with ISO 14067:2018 by Minviro Limited ("Minviro") for HyProMag USA LLC. ("HyProMag USA or the Project"), which is developing a major new domestic source of recycled rare earth permanent magnets in Texas, United States. Minviro confirmed a PCF of 2.35 kg of CO2 eq. per kg of NdFeB cut sintered block product[i] under the independent Feasibility Study[ii] (the "Feasibility Study") base case scenario of 750 metric tons payable of sintered neodymium iron boron ("NdFeB") magnets and 291 metric tons of associated NdFeB co-products annually. Furthermore, Minviro assessed that the associated HPMS[iii] recycled NdFeB alloy powder, which is a co-product produced by HyProMag USA would have a carbon footprint of 0.38 kg of CO2 eq. per kg of NdFeB alloy powder product. A PCF is a standardized, scientific method for quantifying the direct and embodied environmental impacts associated with a particular product or process. The PCF was conducted in accordance with ISO-14067 standards sourcing data from the Feasibility Study and public and commercial databases such as ecoinvent 3.10. Julian Treger, CoTec CEO commented: "We are very pleased with the results of the Minviro Study, which further demonstrates the low carbon footprint potential of HyProMag's technology. HyProMag has the capacity to provide the United States with the lowest carbon domestic source of permanent magnets to accelerate the revitalizing of U.S. rare earth permanent magnet production, metallization, and skills development, a strategic priority for the U.S. Government." Will Dawes, Mkango CEO commented: "HyProMag has the opportunity to transform rare earth magnet supply chains in USA, Europe and Asia, leveraging off HPMS and associated magnet manufacturing, to produce a rare earth magnet product suite with a minimal carbon footprint, the latter now confirmed by this independent analysis by Minviro." Robert Pell, Minviro CEO commented: "Having worked on rare earth and permanent magnet sustainability for over a decade, the PCF data that Minviro conducted clearly demonstrates that this innovative short-loop recycling technology delivers a remarkably low carbon footprint." Ownership HyProMag is 100 per cent owned by Maginito Limited ("Maginito"), which is owned on a 79.4/20.6 per cent basis by Mkango and CoTec. HyProMag USA is owned 50:50 by CoTec and Maginito. HPMS technology The Project is underpinned by the patented Hydrogen Processing of Magnet Scrap ("HPMS") technology which is being commercialized by HyProMag in the United States, United Kingdom and Germany. HPMS was developed at the Magnetic Materials Group at the University of Birmingham and is exclusively licensed to HyProMag. The HPMS process recovers NdFeB permanent magnets from end-of-life scrap streams in the form of a demagnetized NdFeB metallized alloy powder for remanufacture into recycled NdFeB magnets with a significantly reduced carbon footprint and has major competitive advantages versus other magnet recycling methods using chemical processes. HyProMag USA Project and Infrastructure included in the PCF Analysis Study Scope The Project is based on development of a state-of-the-art 40-year rare earth magnet recycling and manufacturing facility in Dallas-Fort Worth, Texas, capable of producing up to 750 metric tons payable of sintered NdFeB magnets and 291 metric tons of associated neodymium iron boron (NdFeB) co-products (total payable capacity - 1,041 metric tons NdFeB) annually. The potential recycling and manufacturing site is approximately 100,000 square feet in area, 36 feet in height and utilizes a pre-existing light industrial storage unit with basic utilities fully installed. The HyProMag USA cradle-to-gate product carbon footprint examines the production of NdFeB sintered materials from magnet scrap at HyProMag's 40-year magnet recycling and manufacturing facility in Dallas-Fort Worth, Texas for the reference year 2024. The functional unit for this study is, "1 kg of NdFeB cut sintered block" and the reference flow is, "1 kg of NdFeB cut sintered block produced in 2024 from end-of-life neodymium iron boron magnets." HyProMag USA primary product is 750 metric tons per annum of NdFeB sintered blocks and magnets at an average realised price per kg used in the the independent Feasibility Study. The project will co-produce several grades of co-products, which include magnet swarf, sintered block off cuts, HPMS NdFeB alloy powder for chemical processing, and for external processing. Environmental impacts have been allocated between the primary product and the co-products using economic allocation based on their respective market values throughout the study. Power supply will be provided through local utility providers assuming 100% grid sourced renewable power. Liquified industrial gasses will be supplied by local distributors. These gases will be delivered and stored on-site in dedicated tanks equipped with vaporizers to ensure the conversion from liquid to gas as needed for the operations in an "over the fence" solution. The System boundary used for the PCF study is shown in Figure 1. Figure 1: Diagram of the HyProMag USA System boundary used for the PCF The logistics for the project include two main satellite spokes: Satellite Spoke 1, potentially located in Las Vegas, or Reno, Nevada and a Satellite Spoke 2, potentially located in South Carolina as depicted in Figure 2. The transportation process from each Satellite Spoke to the hub employs intermodal (truck and rail) transportation. Figure 2: Map of the United States showing planned locations of HyProMag USA's operations and functions HyProMag USA and increasing electrification of the economy Increasing electrification of the economy is accelerating growth in the defense, robotics, AI and other industries, such as electric vehicles and wind power generation, which rely on permanent magnets. Along with end-of-life electronics these sectors will also contribute to a rapidly expanding pool of scrap battery material available for recycling using HyProMag's HPMS process. As well as improving security of supply and reducing landfill along with its associated environmental costs, one of the advantages of HyProMag compared to the production of rare earths from mine-based supply is its highly energy efficiency, which means that HyProMag NdFeB production is far less carbon emitting. The PCF estimated the carbon emissions generated in HyProMag's short loop HPMS recycling process will be 2.35 kg CO2-e per kg of NdFeB cut sintered block. HyProMag USA calculate that when compared to a mine to magnet primary based production of 84 kg of CO2 eq. per kg of NdFeB plated magnet (Wang et al., 2025)[iv], the HyProMag process shows a significantly lower carbon footprint with an approximate 95% reduction[v] of CO2-eq emissions. The carbon footprint figures referenced here (Wang et al., 2025) are derived from separate studies that do not adhere to the same methodology or system boundaries required by ISO 14067:2018. As this standard mandates a consistent life cycle assessment approach-including uniform data quality, allocation methods, and cut‐off criteria-the figures can be used as an indicative guide but cannot be directly compared. Any comparison between these numbers should be approached with caution, as differences in study scope and methodology can lead to misleading conclusions. Independent MinviroReview The Minviro PCF study was completed by Dr Robert Pell PhD and Kangyu Li in December 2024. The PCF study was independently critically reviewed and complies with ISO 14040 and ISO 14067. The PCF appropriately summarizes the study's goals, scope, methodology, assumptions, life cycle inventory, data quality, results, and sensitivity analyses. Responsible for the critical review report and critical review statement was completed by Tara Ryan (BChemEng/Economics) in March 2025. Minviro have reviewed and approved the PCF scientific and technical content of this news release. About Minviro Minviro is a London-based, globally recognized consultancy and technology company specializing in advanced life cycle assessments for the technology metals sector. With a proven track record of partnering with leading mining and metals organizations, battery manufacturers, and OEMs, Minviro delivers robust, science-based quantitative environmental and climate impact data for mineral resource projects. Our innovative methodologies and rigorous LCA frameworks enable stakeholders to make environmentally informed decisions and drive the transition toward sustainable, low-carbon operations. For more information, please visit About HyProMag HyProMag is commercializing HPMS recycling technology in the UK, Germany and United States. HyProMag is also evaluating other jurisdictions, and in mid-2024 launched a collaboration with Envipro on rare earth magnet recycling in Japan. HPMS technology was developed at the Magnetic Materials Group (MMG) at University of Birmingham, underpinned by approximately US$100 million of research and development funding, and has major competitive advantages versus other rare earth magnet recycling technologies, which are largely focused on chemical processes but do not solve the challenges of liberating magnets from end-of-life scrap streams - HPMS provides this solution. The MMG is internationally recognized for its work on the circular economy of rare earth magnets. The group has made major contributions to research and industrial application of hydrogen for processing of magnets. Professor Emeritus Harris pioneered the initial work on hydrogen decrepitation (HD), currently used worldwide to produce magnets, and co-authored the 1986 paper on the world's first hydrogen based sintered magnet. Today, almost all NdFeB magnet production and recycling methods take advantage of the HD process. About CoTec Holdings Corp. CoTec is a publicly traded investment issuer listed on the Toronto Venture Stock Exchange ("TSX- V") and the OTCQB and trades under the symbol CTH and CTHCF respectively. CoTec Holdings Corp. is a forward-thinking resource extraction company committed to revolutionizing the global metals and minerals industry through innovative, environmentally sustainable technologies and strategic asset acquisitions. With a mission to drive the sector toward a low-carbon future, CoTec employs a dual approach: investing in disruptive mineral extraction technologies that enhance efficiency and sustainability while applying these technologies to undervalued mining assets to unlock their full potential. By focusing on recycling, waste mining, and scalable solutions, the Company accelerates the production of critical minerals, shortens development timelines, and reduces environmental impact. CoTec's strategic model delivers low capital requirements, rapid revenue generation, and high barriers to entry, positioning it as a leading mid-tier disruptor in the commodities sector. For more information, please visit About Mkango Resources Ltd. Mkango is listed on the AIM and the TSX-V. Mkango's corporate strategy is to become a market leader in the production of recycled rare earth magnets, alloys and oxides, through its interest in Maginito Limited ("Maginito"), which is owned 79.4 per cent by Mkango and 20.6 per cent by CoTec, and to develop new sustainable sources of neodymium, praseodymium, dysprosium and terbium to supply accelerating demand from electric vehicles, wind turbines and other clean energy technologies. Maginito holds a 100 per cent interest in HyProMag and a 90 per cent direct and indirect interest (assuming conversion of Maginito's convertible loan) in HyProMag GmbH, focused on short loop rare earth magnet recycling in the UK and Germany, respectively, and a 100 per cent interest in Mkango Rare Earths UK Ltd ("Mkango UK"), focused on long loop rare earth magnet recycling in the UK via a chemical route. Maginito and CoTec are also rolling out HPMS recycling technology into the United States via the 50/50 owned HyProMag USA LLC joint venture company. Mkango has signed a letter of Intent with Crown PropTech Acquisitions to list Mkango's Songwe Hill and Pulawy Rare Earths Projects on NASDAQ via a SPAC Merger. For more information, please visit Market Abuse Regulation (MAR) Disclosure The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ('MAR') which has been incorporated into UK law by the European Union (Withdrawal) Act 2018. Upon the publication of this announcement via Regulatory Information Service, this inside information is now considered to be in the public domain. Cautionary Note Regarding Forward-Looking Statements This news release contains forward-looking statements (within the meaning of that term under applicable securities laws) with respect to Mkango and CoTec. Generally, forward looking statements can be identified by the use of words such as "plans", "expects" or "is expected to", "scheduled", "estimates" "intends", "anticipates", "believes", or variations of such words and phrases, or statements that certain actions, events or results "can", "may", "could", "would", "should", "might" or "will", occur or be achieved, or the negative connotations thereof. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause actual performance and results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. Such factors and risks include, without limiting the foregoing, the successful conclusion of the MDA, the availability of (or delays in obtaining) financing to develop Songwe Hill, the Recycling Plants being developed by Maginito in the UK, Germany and the US (the "Maginito Recycling Plants"), the results of the Feasibility Study and the Pulawy Separation Plant, governmental action and other market effects on global demand and pricing for the metals and associated downstream products for which Mkango is exploring, researching and developing, geological, technical and regulatory matters relating to the development of Songwe Hill, the ability to scale the HPMS and chemical recycling technologies to commercial scale, competitors having greater financial capability and effective competing technologies in the recycling and separation business of Maginito and Mkango, availability of scrap supplies for Maginito's recycling activities, government regulation (including the impact of environmental and other regulations) on and the economics in relation to recycling and the development of the Maginito Recycling Plants, and the Pulawy Separation Plant and future investments in the United States pursuant to the proposed cooperation agreement between Maginito and CoTec, the outcome and timing of the completion of the feasibility studies, cost overruns, complexities in building and operating the plants, and the positive results of feasibility studies on the various proposed aspects of Mkango's, Maginito's and CoTec's activities. The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company and CoTec disclaim any intention and assume no obligation to update or revise any forward-looking statements, whether because of new information, future events or otherwise, except as required by applicable law. Additionally, the Company and CoTec undertake no obligation to comment on the expectations of, or statements made by, third parties in respect of the matters discussed above. For further information on CoTec, please contract CoTec Holdings JonkerChief Financial +1 604 992-5600 For further information on Mkango, please contact:Mkango Resources Limited William Dawes Alexander LemonChief Executive Officer Presidentwill@ alex@ +1 403 444 SP Angel Corporate Finance LLPNominated Adviser and Joint BrokerJeff Keating, Jen Clarke, Devik MehtaUK: +44 20 3470 0470Alternative Resource CapitalJoint BrokerAlex Wood, Keith DowsingUK: +44 20 7186 9004/5 The TSX Venture Exchange has neither approved nor disapproved the contents of this press release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This press release does not constitute an offer to sell or a solicitation of an offer to buy any equity or other securities of the Company in the United States. The securities of the Company will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") and may not be offered or sold within the United States to, or for the account or benefit of, U.S. persons except in certain transactions exempt from the registration requirements of the U.S. Securities Act. [i] Cut Sintered Block Product is the final product prior to nickel plating and magnetization [ii] November 2024 independent HyProMag USA feasibility study undertaken by a multidisciplinary team appointed by CoTec and Mkango and led by independent engineers, Canada-based BBA USA Inc. ("BBA") and U.S. based PegasusTSI Inc. ("PegasusTSI") with other independent experts and support from University of Birmingham, HyProMag Ltd and HyProMag GmbH. [iii] HPMS is the patented "Hydrogen Processing of Magnet Scrap" [iv] Wang, Q-Q.; Wang, L.; Zhao, S.; Li, F-P.; Chen, W-Q.; Wang, P. (2025) A critical life cycle assessment of present and potential rare earth circularity routes from permanent magnets. Resources, Conservation and Recycling, 215, pp. 1-12. [v] HyProMag USA calculated this percentage reduction in CO2 eq.: 2.35 kg CO2 eq. per kg of NdFeB cut sintered block / 84 kg CO2 eq. per kg of NdFeB sintered plated magnet with a small allowance for Nickel plating and magnetization. This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@ or visit SOURCE: Mkango Resources Ltd. View the original press release on ACCESS Newswire Sign in to access your portfolio
