[GUEST ACCESS MODE: Data is scrambled or limited to provide examples. Make requests using your API key to unlock full data. Check https://lunarcrush.ai/auth for authentication information.]  Myles McNulty [@MylesMcNulty](/creator/twitter/MylesMcNulty) on x 21.6K followers Created: 2025-07-18 13:26:52 UTC Mkango #MKA now battling to surpass its all-time high share price close of 37.5p, set back in November 2021. A gentle reminder that just one half of MKA's business - the upstream assets, namely the rare earths mine in Malawi, Songwe Hill; and the separating plant in Poland, Pulawy - is being listed on NASDAQ in 4-5 months. The value of MKA's share in this new business, to be named Mkango Rare Earths $MKAR, post all dilution from various equity issuances, will be $400m. That equates to circa 90p per MKA share. The other half of the MKA business - which in most investors' eyes is the more valuable of the two - is HyProMag. The closest peer to HyProMag on NASDAQ is USA Rare Earth $USAR, which is currently valued at circa $1.5bn. USAR and HyProMag's US venture, HyProMag USA, have similar production profiles in the medium- and long-term, both with regards to timings and total output. USAR plans to bring online XXXXX tpa of NdFeB output in 2026; HyP USA plans to bring on almost XXXXX tpa in early 2027. Beyond that, both have plans to scale up to nearly XXXXX tpa. But a rather important(!) point: HyP USA's cost of production will be some 75-80% lower than USAR's. In the current pricing environment, HyP USA's operating costs will be circa $20/kg. USAR's will be circa $100/kg. Moreover, HyP has proprietary recycling tech that will ensure that it need not rely on supply from any mine, be it from MP Materials $MP's Mountain Pass, from China, Myanmar or Australia. It will be tapping into native sources of NdFeB material (located within e-waste!). Just to be at an equal value to USAR, MKA's effective XX% share in HyP USA should be valued at $600m. That's circa 133p/s. That's not me making up numbers. It's a direct read across from the only direct comp. listed on NASDAQ. Readers might say, "Well, USAR is overvalued." Perhaps that's true. Conversely, one could reasonably argue that HyP USA would deserve a huge premium to USAR, courtesy of its significantly superior margins and proprietary recycling technology. But then how to value MKA's XX% controlling interest in the ex-US HyProMag business? This company has an operating plant in the UK, another plant to come online in Germany before year-end, and is evaluating plant rollouts in South Korea, Japan, Canada. It could have magnet recycling and manufacturing operations in five nations beyond the US, within 2-3 years. MKA's stock price has been utterly ignored for years. Finally, the perfect storm has arrived with Trump causing chaos on the geopolitical front, MKAR approaching its NASDAQ listing, and HyProMag commencing commercial production and fast-tracking expansion into multiple jurisdictions. Another way of putting MKA's current mkt cap of circa $150m into context: MP Materials $MP's current mkt cap at a share price of $XX is $12.2bn - 80x larger than MKA's. MP's goal is to build out NdFeB production in the US to XXXXXX tpa, which is just twice as much as HyP's goal. Of course, MP's primary value lies in its Mountain Pass mine, the largest NdPr deposit and the only operating REE mine in the US. And it's now backed heavily (pretty much now classed as, too big to fail) by the US Govt. Moreover, Apple is now both a key supplier and offtake partner of MP. But MP isn't expanding magnet recycling and manufacturing operations across the world, as MKA is. To be clear, I am absolutely not saying that MKA could one day be valued as MP is. What I am doing is pointing out just how absurdly undervalued MKA is with a mkt cap of $150m, relative to US-listed rare earth businesses up and down the supply chain. 100p before Christmas remains my (initial!!) target. XXXXX engagements  **Related Topics** [nasdaq](/topic/nasdaq) [poland](/topic/poland) [malawi](/topic/malawi) [alltime](/topic/alltime) [Post Link](https://x.com/MylesMcNulty/status/1946199998703559039)
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Myles McNulty @MylesMcNulty on x 21.6K followers
Created: 2025-07-18 13:26:52 UTC
Mkango #MKA now battling to surpass its all-time high share price close of 37.5p, set back in November 2021.
A gentle reminder that just one half of MKA's business - the upstream assets, namely the rare earths mine in Malawi, Songwe Hill; and the separating plant in Poland, Pulawy - is being listed on NASDAQ in 4-5 months.
The value of MKA's share in this new business, to be named Mkango Rare Earths $MKAR, post all dilution from various equity issuances, will be $400m. That equates to circa 90p per MKA share.
The other half of the MKA business - which in most investors' eyes is the more valuable of the two - is HyProMag.
The closest peer to HyProMag on NASDAQ is USA Rare Earth $USAR, which is currently valued at circa $1.5bn. USAR and HyProMag's US venture, HyProMag USA, have similar production profiles in the medium- and long-term, both with regards to timings and total output. USAR plans to bring online XXXXX tpa of NdFeB output in 2026; HyP USA plans to bring on almost XXXXX tpa in early 2027. Beyond that, both have plans to scale up to nearly XXXXX tpa.
But a rather important(!) point: HyP USA's cost of production will be some 75-80% lower than USAR's. In the current pricing environment, HyP USA's operating costs will be circa $20/kg. USAR's will be circa $100/kg.
Moreover, HyP has proprietary recycling tech that will ensure that it need not rely on supply from any mine, be it from MP Materials $MP's Mountain Pass, from China, Myanmar or Australia. It will be tapping into native sources of NdFeB material (located within e-waste!).
Just to be at an equal value to USAR, MKA's effective XX% share in HyP USA should be valued at $600m. That's circa 133p/s. That's not me making up numbers. It's a direct read across from the only direct comp. listed on NASDAQ. Readers might say, "Well, USAR is overvalued." Perhaps that's true. Conversely, one could reasonably argue that HyP USA would deserve a huge premium to USAR, courtesy of its significantly superior margins and proprietary recycling technology.
But then how to value MKA's XX% controlling interest in the ex-US HyProMag business? This company has an operating plant in the UK, another plant to come online in Germany before year-end, and is evaluating plant rollouts in South Korea, Japan, Canada. It could have magnet recycling and manufacturing operations in five nations beyond the US, within 2-3 years.
MKA's stock price has been utterly ignored for years. Finally, the perfect storm has arrived with Trump causing chaos on the geopolitical front, MKAR approaching its NASDAQ listing, and HyProMag commencing commercial production and fast-tracking expansion into multiple jurisdictions.
Another way of putting MKA's current mkt cap of circa $150m into context: MP Materials $MP's current mkt cap at a share price of $XX is $12.2bn - 80x larger than MKA's.
MP's goal is to build out NdFeB production in the US to XXXXXX tpa, which is just twice as much as HyP's goal. Of course, MP's primary value lies in its Mountain Pass mine, the largest NdPr deposit and the only operating REE mine in the US. And it's now backed heavily (pretty much now classed as, too big to fail) by the US Govt. Moreover, Apple is now both a key supplier and offtake partner of MP.
But MP isn't expanding magnet recycling and manufacturing operations across the world, as MKA is.
To be clear, I am absolutely not saying that MKA could one day be valued as MP is. What I am doing is pointing out just how absurdly undervalued MKA is with a mkt cap of $150m, relative to US-listed rare earth businesses up and down the supply chain.
100p before Christmas remains my (initial!!) target.
XXXXX engagements
