Mkango Resources Ltd (AIM/TSX-V: MKA) has appointed Cavendish Capital Markets Ltd as joint corporate broker with immediate effect.
Cavendish will work alongside Mkango’s existing joint corporate broker Hannam & Partners, as well as SP Angel, which acts as nominated adviser and joint corporate broker.
The London-based investment bank will provide corporate broking and research services, as well as general market intelligence, investor feedback and updates on trading activity in Mkango’s shares.
Under the agreement, Cavendish will receive an annual fee of £50,000, payable quarterly from Mkango’s general working capital. The agreement runs for an initial 12-month term and includes a one-month termination notice provision.
Mkango said Cavendish is unrelated and unaffiliated to the company. Cavendish has also confirmed that it does not hold any direct or indirect interest in Mkango securities, nor any right to acquire them.
Mkango is focused on developing a rare earths business spanning recycling and primary supply. Its strategy includes becoming a market leader in recycled rare earth magnets, alloys and oxides through its 79.4% interest in Maginito Ltd.
Maginito owns HyProMag Ltd in the UK and has a direct and indirect 90% interest in HyProMag GmbH in Germany, both focused on short-loop rare earth magnet recycling. It also owns Mkango Rare Earths UK Ltd, which is focused on long-loop magnet recycling through a chemical route.
Maginito and CoTec Holdings are also expanding HPMS recycling technology into the US through their 50/50 HyProMag USA joint venture.
Mkango also owns 100% of the advanced Songwe Hill rare earths project in Malawi and the proposed Puławy rare earths separation plant in Poland. Both projects have been selected as Strategic Projects under the European Union Critical Raw Materials Act.
Songwe has also received US$4.6 million in reimbursable development funding from the US International Development Finance Corporation for front-end engineering and design work.
Mkango has signed a business combination agreement with Crown PropTech Acquisitions to list the Songwe Hill and Puławy rare earths projects on Nasdaq through a SPAC merger under the name Mkango Rare Earths Ltd.
For more information, please visit www.mkango.ca.
