REG - Mkango Resources Ltd - HYPROMAG GMBH TO PARTICIPATE IN GREENE PROJECT

Mkango ResourcesAnnouncement

29/08/2024 07:00

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RNS Number : 0652C  Mkango Resources Limited  29 August 2024

 

 

 

 

MKANGO RESOURCES LTD.

550 Burrard Street

Suite 2900

Vancouver

BC V6C 0A3

Canada

 

HYPROMAG GMBH TO PARTICIPATE IN GROUNDBREAKING €8 MILLION GRANT FUNDED
PROJECT: RE-ENGINEERING PERMANENT MAGNETS FOR THE GREEN TRANSITION (GREENE)
 

 

Highlights

·      HyProMag GmbH is participating in the €8 million GREENE project
(the "Project"), funded by the European Commission's Horizon Europe Programme,
with 15 partners across industry and academia
(https://cordis.europa.eu/project/id/101129888)

·      GREENE aims to push the boundaries of material science by
re-engineering rare earth permanent magnets to become more resource-efficient,
whilst offering significant improvements to magnetic performance

·      As part of the Project, HyProMag GmbH will receive €350,125 to
advance its proprietary NeoLeach technology, which is an environmentally
friendly and energy efficient chemical process to further upgrade products
from the Hydrogen Processing of Magnet Scrap ("HPMS") process being
commercialised by HyProMag in Germany, UK and United States

London / Vancouver: August 29, 2024 - Mkango Resources Ltd. (AIM/TSX-V: MKA)
(the "Company" or "Mkango") is pleased to announce that HyProMag GmbH is
participating in the €8 million grant funded GREENE project, of which
HyProMag GmbH will receive €350,125. HyProMag GmbH is 80% owned by HyProMag
Limited, a 100% owned subsidiary of Maginito Limited ("Maginito"). Maginito is
79.4% owned by Mkango and 20.6% owned by CoTec Holdings ("CoTec").

The GREENE Project

Rare-earth element (REE) permanent magnets based on Neodymium Iron Boron
(Nd-Fe-B) are vital components of high-tech products enabling a green energy
future. They are highly valued due to their outstanding properties. They are
complex materials consisting of multiple phases and their overall performance
is determined by a high remanence, reflected in magnet strength, and a high
intrinsic coercivity, making them resistant to demagnetization. Their maximum
energy product is thus composed of both remanence and coercivity.

The need to operate at temperatures over 100 °C in applications such as
traction motors in electric vehicles means that a high coercivity is usually
prioritised over a high remanence, which negatively affects power output
linked to remanence. In conventionally sintered magnets, NdFeB grains are
microscopic and the regions between the grains are called grain boundaries.
When exposed to a demagnetizing force, demagnetization begins at the grain
interfaces with the grain-boundary phase before rapidly spreading, influencing
the magnet's coercivity.

GREENE partners aim to push the boundaries of material science by developing
Single-Grain Re-Engineered Nd- Fe-B permanent magnets with a new
grain-boundary interface, thus allowing for a reduction of REE content. The
new GREENE magnets are expected to be more resource-efficient, offering a
roughly 20% increase in coercivity, 10% in remanence, and 20% in overall
maximum energy product.

As a first step, novel grain boundaries and interfaces will be created using
micromagnetic simulations and computational thermodynamics. Following an
initial testing phase, the technology will then be applied to isolated grains
from recycled and fresh streams with the intention of developing a new form of
Nd-Fe-B magnet. By the end of the project, the magnet manufacturing system is
intended to be set up in an actual operational setting.

To achieve this ambitious undertaking, 15 European partners with outstanding
expertise in their respective fields have joined forces, including leading
material scientists, magnet manufacturers and recyclers, lifecycle analysis
experts as well as end user representatives. Several of them have already
cooperated in predecessor projects like SUSMAGPRO, INSPIRES and REEsilience.
The project is coordinated by the Slovenian Jožef Stefan Institute.

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, 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.
HyProMag is also evaluating other jurisdictions, and recently launched a
collaboration with Envipro on rare earth magnet recycling in Japan.

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.

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 success of the Project to achieve its aims and the
commercial application of the results, the availability of (or delays in
obtaining) financing to develop the various recycling plants in the UK,
Germany, governmental action and other market effects on global demand and
pricing for the metals and associated downstream products for which Mkango is
researching and developing, 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
business of Maginito and separation business of 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 plants of 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 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
Alexander Lemon

Chief Executive Officer                    President

will@mkango.ca
alex@mkango.ca

Canada: +1 403 444 5979

www.mkango.ca

@MkangoResources

 

SP Angel Corporate Finance LLP

Nominated Adviser and Joint Broker

Jeff Keating, Caroline Rowe

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.

 

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