ChiswickFox

#MKA $MKAR $NSDQ Listing Financials ($USAR $MP Investors may want to take a close look at this one) #MKA current valuation 37p / $160m USD #MKA holding in $MKAR (80%) valued at a baseline $370-390m USD - valuation of ~78-82p $MKAR will have a total valuation of around $5-600M USD which gives the company enormous firepower for M+A should it be required (complimentary assets, technologies, stakes in upcoming assets) HyProMag on the #MKA books currently has no value attributed to it, however REECYCLE has proposed a NSDQ listing valued at $400m, this is a direct read across to HyProMag m The current output for REECYCLE is 6-8 tonnes PA of recycled OXIDES (not magnets) They are targeting 100tpa by 2027 and attempting to sustain annualised run rates of 50tpa (which triggers a $50m payment) For reference, HyProMag has plants in the UK and Germany, the UK is expected to run at 100tpa next year but currently has produced over 10t of finished magnets and oxides - eerily similar to REECYCLE The German plant is estimated at a max capacity of 750tpa and has current plants for 100-300tpa backed by feedstock The US operation is building out its first plant backed by $CTH targeting 1500tpa in due course (2028/29) Both companies have acquired technologies to recycle tens of thousand of HDD’s per month, again very similar. REECYCLE has proposed a merger at a $400m valuation; it’s hard to argue it’s any better than HyProMag, quite the opposite. Therefore HyProMag should command a valuation north of $400m offering a further base 78-82p per share to Mkango The sum of the parts therefore equates to around £1.40-1.60p per share, minimum, in the current market. At 38p, the stock is just far too cheap.