Highlights

• HyProMag's UK facility recycles rare earth magnets using HPMS technology with ADEY validation, though scale remains unconfirmed compared to China's dominance.
• Mkango Resources owns 79.4% of Maginito, controlling HyProMag recycling operations across the UK, Germany, and a US joint venture for short-loop magnet recovery.
• Mkango pursues vertical integration from Songwe Hill mining (Malawi) through Pulawy separation (Poland) to HyProMag recycling, with NASDAQ listing plans via SPAC merger.

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HyProMag’s platform is based on Hydrogen Processing of Magnet Scrap (HPMS), originally developed at the University of Birmingham under Professor Allan Walton. The process is well documented in peer-reviewed literature and industrial pilots.

The facility represents operational recycling capability—not just lab research. UK manufacturer ADEY’s participation as a validation partner confirms that recycled magnets meet commercial performance standards in heating and filtration systems.

That is substantive progress.

The Missing Scale Context

However, scale determines strategic relevance.

China continues to dominate global rare earth separation and magnet manufacturing capacity. Recycling within the UK strengthens circularity and domestic technical know-how, but it does not replace upstream mining or large-scale oxide separation.

Without publicly disclosed annual throughput figures, the term “commercial-scale” should be interpreted cautiously. It likely indicates industrial pilot-to-mid-level production rather than globally material tonnage.

Recycling reduces import dependence at the margin. It does not eliminate it.

Mkango’s Integrated Strategy: Recycling + Upstream Supply

This is where the story deepens. Mkango Resources, listed on AIM and TSX-V, owns 79.4% of Maginito (with CoTec Holdings owning 20.6%). Maginito in turn owns:

• 100% of HyProMag Limited (UK short-loop recycling)
• 90% of HyProMag GmbH (Germany)
• 100% of Mkango Rare Earths UK Ltd (long-loop chemical recycling)

HyProMag USA LLC is being rolled out via a 50/50 joint venture between Maginito and CoTec.

Critically, Mkango also owns the Songwe Hill rare earth project in Malawi and the Pulawy separation project in Poland—both designated Strategic Projects under the EU Critical Raw Materials Act.

This creates a vertically integrated narrative: mining (Songwe), separation (Pulawy), and recycling (HyProMag).

Execution, however, remains the test.

Corporate Update: Management and Market Positioning

On February 13, 2026, Mkango announced:

• Appointment of Tim Slater as Interim CFO (former interim CFO 2020–2022)
• Robert Sewell is stepping down, remaining as a consultant
• 2,038,589 RSUs vesting upon resignation
• Appointment of Scott Beattie as Senior Advisor, Corporate Development
• Engagement of Montfort Communications for investor relations (£5,000/month for three months, plus 8% admin fee; subject to TSX-V approval)
• Chairman Derek Linfield highlighted plans to proceed toward a NASDAQ listing of Mkango Rare Earths Limited via SPAC merger.

For investors, the signal is clear: Mkango is positioning itself as a Western rare earth platform spanning recycling and primary supply.

The question is not vision. The question is scale, financing, and execution speed.

Sources: Mark Allen Group (13 Feb 2026); Mkango Resources Ltd. Corporate Release (13 Feb 2026).