HyProMag

A University of Birmingham spin-out, controlled by Mkango through Maginito, that recycles NdFeB magnet scrap with Hydrogen Processing of Magnet Scrap (HPMS) into alloy powder and sintered magnet blocks. It operates in Birmingham, UK, is commissioning in Pforzheim, Germany, and plans a Texas hub with CoTec.

Points to check

Facts from the sources on this page that a reader should weigh before relying on the company's own figures.

No binding offtake agreement has been disclosed for any HyProMag plant; customer activity is samples, qualification and demonstrations (H1 2026 results).
Cumulative UK output is 10.1 t of recycled alloy powder against a stated 100 t/yr single-shift magnet capacity, and HPMS throughput was recently lower due to debottlenecking (1 Sep 2026).
The Texas Hub has no Notice to Proceed, final investment decision or committed debt; the EXIM US$92M letter of interest is not a financing commitment (H1 2026 results; 13 Oct 2026 release).
US timing has moved from first revenue in Q1 2027 (Nov 2024 study) to HPMS commissioning in Q2 2028 and Phase 1 completion in mid-2028 (Jul and Oct 2026 releases).
The planned Nasdaq listing of Mkango Rare Earths excludes the recycling businesses; the F-4 had not been declared effective as of Amendment No. 3 (29 Sep 2026).

At a glance

Founded

2018 — Founded in 2018 by four members of the University of Birmingham's Magnetic Materials Group, which developed and patented HPMS and licenses it exclusively to HyProMag. Mkango first invested in 2020; its subsidiary Maginito took HyProMag Ltd to 100% in August 2023 (about 80% of HyProMag GmbH, rising to 90% on loan conversion). The US joint venture with CoTec was formed after that.

Headquarters

Birmingham, England, UK (HyProMag Ltd); group parent Maginito Limited; ultimate listed parent Mkango (AIM/TSX-V: MKA, a British Virgin Islands company)

Ownership

Private subsidiaries of listed parents. HyProMag Ltd (UK) is 100% owned by Maginito Limited. Maginito owns about 90% of HyProMag GmbH (Germany), on a direct and indirect basis and assuming conversion of Maginito's convertible loan; the 2023 filing names Prof. Carlo Burkhardt of Pforzheim University as the other holder. HyProMag USA, LLC is 50% CoTec Holdings Corp. (TSXV: CTH) and 50% HyProMag group (Mkango names Maginito; CoTec names HyProMag Ltd). Maginito is 79.4% Mkango (AIM: MKA, TSX-V: MKA; the 13 Oct 2026 CoTec release names the holder as Mkango Magnetic Materials Limited) and 20.6% CoTec. Mkango's planned Nasdaq listing of Mkango Rare Earths Limited (MKAR) through a merger with the SPAC Crown PropTech Acquisitions covers Songwe Hill (Malawi) and Pulawy (Poland), not the recycling businesses.

Stage

HyProMag USA: Early stage. No notice to proceed or committed debt; finishing of imported blocks is planned for 2027 and Phase 1 production for mid-2028.
HyProMag Ltd: Ramping. Opened in January 2026 after first alloy powder in July 2025; 10.1 t produced in total, against a stated 100 t/yr single-shift capacity, and no binding offtake.
HyProMag GmbH: Developing. Pforzheim plant opened in April 2026 and is being commissioned; no production figures published.

Listing

AIM: MKA · TSXV: MKA · TSXV: CTH
Listed through its parent or partner. 50% CoTec Holdings (TSXV: CTH), 50% HyProMag Ltd, which is under Maginito (79.4% Mkango).
Investor relations
AIM: MKA · TSXV: MKA
Listed through its parent or partner. Under Maginito (79.4% Mkango, 20.6% CoTec).
Investor relations
AIM: MKA · TSXV: MKA
Listed through its parent or partner. About 90% Maginito if a convertible loan converts.
Investor relations

Revenue

Not publicly disclosed. This company does not publish revenue and no named third party has published an estimate of it.

Capacity

Each date below links to the document the figure came from. A capacity figure with no source is not on this page.

What	Figure	Status	As of
Tyseley: recycled NdFeB alloy powder from the HPMS vessel, cumulative actual output	10.1 t produced to date (cumulative actual; 9.2 t produced and 7.4 t shipped to customers as of 23 Apr 2026)	Operating	Sep 2026
Tyseley: sintered NdFeB magnets, stated plant capacity	100 t/yr on a single shift; over 300 t/yr on multiple shifts (company capacity statement, not output); over 400 kg alloy per HPMS batch	Commissioned	Jan 2026
Tyseley: NdFeB alloys and magnets, expansion targets	Scale-up to 100–350 t/yr (by shift count), steady state targeted end-2026; feasibility study for at least 1,000 t/yr (study under way)	Announced	Sep 2026
Pforzheim: NdFeB product (alloy and magnets), permit and stated capacity	Permitted for up to 750 t/yr; minimum initial capacity about 100 t/yr once fully commissioned, about 350 t/yr on multiple shifts; 750 t/yr under evaluation (permit and capacity figures, not output)	Commissioned	Sep 2026
Texas Hub cutting and finishing: finished magnets from blocks supplied by the UK and German plants	No capacity stated; initial supply of up to 20 t of magnet blocks (a supply quantity, not annual capacity)	Announced	Oct 2026
Texas Hub Phase 1: recycled sintered NdFeB blocks and finished magnets	About 550 t/yr magnets plus about 484 t/yr co-products (about 1,034 t/yr payable); company plan figure	Announced	Oct 2026
Texas Hub Phase 2 / full study capacity: recycled sintered NdFeB blocks and cylinders	About 1,048 t/yr magnets plus about 478 t/yr co-products (about 1,526 t/yr payable); study figure, 40-year life	Announced	Jun 2026
US multi-hub expansion concept (Texas plus South Carolina and Nevada plants): NdFeB saleable products	About 4,656 t/yr (concept study figure; pre-feasibility studies starting)	Announced	Jun 2026

Narrative

HyProMag was founded in 2018 by researchers from the University of Birmingham's Magnetic Materials Group to commercialize Hydrogen Processing of Magnet Scrap (HPMS). The university patented the process and licenses it exclusively to HyProMag; it turns NdFeB magnet scrap into recycled alloy powder for new sintered magnets. Mkango first invested in 2020, and its subsidiary Maginito took HyProMag Ltd to 100% in August 2023. Maginito is 79.4% owned by Mkango (AIM/TSX-V: MKA) and 20.6% by CoTec Holdings (TSXV: CTH). In the UK, HyProMag operates a facility at Tyseley Energy Park, Birmingham, that the university built. It made its first recycled alloy powder in July 2025 and was officially opened on January 15, 2026. The company states a capacity of 100 t/yr of sintered magnets on one shift and over 300 t/yr on multiple shifts. Actual output was 10.1 t of alloy powder in total as of September 1, 2026, and 7.4 t had been shipped to customers by April 2026. Steady state is targeted by the end of 2026, and a £1.12 million feasibility study, 60% funded by a DRIVE35 grant, is assessing expansion to at least 1,000 t/yr. In Germany, HyProMag GmbH is about 90% owned by Maginito, assuming a convertible loan converts. Its Pforzheim plant opened on April 28, 2026. By September 2026 the HPMS vessel, jet mill and presses were commissioned and the first pressed blocks had been made, with the remaining equipment due in the following months. The plant is permitted for up to 750 t/yr, with a stated initial capacity of about 100 t/yr and about 350 t/yr on multiple shifts. In the US, HyProMag USA is a 50:50 joint venture with CoTec. In June 2026 it occupied a leased building in Northlake, near Dallas–Fort Worth, Texas. Its November 2024 feasibility study targeted first revenue in Q1 2027. The October 13, 2026 plan targets finishing of UK and German magnet blocks in H1 2027 and completion of Phase 1 in mid-2028, at about 550 t/yr of magnets plus 484 t/yr of co-products. Phase 2 would raise this to 1,048 t/yr plus 478 t/yr (plan figures). A June 2026 estimate put initial capex at about US$152 million. No Notice to Proceed or committed financing has been announced; a US EXIM letter of interest for up to US$92 million is not a commitment. Customer activity includes samples, a Siemens servomotor demonstration and Jaguar Land Rover testing, and no binding offtake has been disclosed. Mkango's planned Nasdaq listing of Mkango Rare Earths, through a merger with Crown PropTech Acquisitions, covers its projects in Malawi and Poland and excludes the recycling businesses.

Where public sources disagree

Who holds the non-CoTec 50% of HyProMag USA: Mkango's H1 2026 results (1 Sep 2026) and the Nov 2024 feasibility release name Maginito; CoTec's 22 Jun, 27 Jul and 13 Oct 2026 releases name HyProMag Limited (itself 100% Maginito).
HyProMag GmbH ownership: the 28 Apr 2026 opening release says Maginito owns 90%; Mkango's H1 2026 results say about 90% 'assuming conversion of Maginito's convertible loan'; the Aug 2023 acquisition release said 80% rising to 90% on conversion.
Texas Hub Phase 1 size: 27 Jul 2026 release gives about 400 t/yr magnets plus 278 t/yr co-products initially; 13 Oct 2026 release gives Phase 1 as about 550 t/yr plus 484 t/yr.
Feasibility-study capex baseline: the Nov 2024 study gives US$125M initial (US$134.8M life-of-asset); the Dec 2025 update describes its US$142M as 'up from US$135 million in the feasibility study'.
Tyseley capacity: the Jan 2026 opening release states 100 t/yr sintered magnets on a single shift and over 300 t/yr on multiple shifts; the Apr and Sep 2026 releases present 100–350 t/yr as a scale-up target 'from next year' / with steady state by end-2026.

Latest reports

Period	Published	Report
H1 / Q2 2026 (six months to 30 Jun 2026; FY ends 31 Dec)	2026-08-31	Mkango Resources Limited MD&A Q2 2026 (release: 'Mkango Releases Half Year 2026 Financial Statements and Management's Discussion and Analysis')
Q1 2026 (quarter to 31 Mar 2026)	2026-06-01	Mkango Releases Q1 2026 Results
FY 2025 (year to 31 Dec 2025)	2026-04-30	Mkango Releases Year End 2025 Financial Statements and Files NI 43-101 Definitive Feasibility Study Report for the Songwe Hill Project (MD&A Q4 FY2025, dated 30 April 2026)
Q3 2025 (quarter to 30 Sep 2025)	2025-12-01	Mkango Releases Q3 2025 Results

Across these reports

Between the Q3 2025 and H1 2026 reports, Tyseley's cumulative recycled NdFeB alloy powder output rose from about 3 t to 9.2 t (7.4 t shipped), Pforzheim began commissioning in April 2026 without starting production, and Mkango's cash rose to US$13.6 million. The HyProMag USA commissioning, USA Notice to Proceed, Germany production start and SPAC F-4 dates all moved later. Cash rose from US$3.1M to US$13.6M in the first half of 2026 on a raise earmarked for recycling. Songwe's first-production target has moved from 2018 to 2025 to 2029, and the SPAC merger holding Songwe and Pulawy has missed its Q4 2025 and Q3 2026 closing targets.

Measure	What the reports show
HyProMag UK (Tyseley) recycled NdFeB alloy powder production, cumulative	About 3 t produced since first production (Q3 2025) → 9.2 t produced, 7.4 t shipped (FY 2025 report) → 9.2 t oxidised recycled NdFeB alloy powder plus 10.1 t HPMS powder produced, 7.4 t shipped (H1 2026); shipments unchanged between the FY 2025 and H1 2026 reports.
Cash	US$2 million (30 Sep 2025) → US$3.1 million (31 Dec 2025) → US$13.6 million (30 Jun 2026), after a GBP 11.7 million placing after year-end.
Net loss (six months)	$3,659,383 (H1 2025) → $3,019,373 (H1 2026).
HyProMag USA planned capacity (Dallas-Fort Worth)	Base case 1,552 t/yr (about 941 t/yr recycled sintered NdFeB magnets plus 611 t/yr co-products); expansion studies started January 2026 on 4,656 t/yr NdFeB; lease signed December 2025.
HyProMag Germany (Pforzheim)	Equipment installation nearing completion (Q3 2025) → first commissioning runs April 2026 and official opening 28 Apr 2026, 750 t/yr permitted, initial about 100 t/yr (FY 2025 report) → production not yet started, commissioning continuing (H1 2026).
Remloy recycling plant acquisition (Bitterfeld, Germany)	Completed after 30 Jun 2026: EUR 5 million upfront and EUR 3 million deferred to 2028; the plant targets at least 500 t/yr of NdFeB alloy powder.
cash	US$1.16M at 31 Dec 2024; US$1.21M at 30 Jun 2025; US$3.06M at 31 Dec 2025; US$13.6M at 30 Jun 2026 after the Apr 2026 GBP 12.5M raise; EUR 5M paid for Remloy on 28 Aug 2026 (EUR 3M deferred to Aug 2028).
resource	M+I rose from 21.03 Mt @ 1.41% TREO (2019 estimate) to 38.1 Mt @ 1.15% TREO at 0.55% cut-off (effective Jun 2025); Inferred from 27.54 Mt @ 1.33% to 55.9 Mt @ 1.05%. Reserve unchanged at 18.1 Mt @ 1.16% TREO between the 2022 DFS and the 2026 FS.
study	Songwe post-tax NPV10 US$559.0M / IRR 31.5% (Jul 2022 DFS) to US$339M / IRR 24.3% nominal (Mar 2026 FS) at the same stated output (5,954 t/yr TREO, 1,953 t/yr NdPr oxide in MREC); initial capex incl. contingency US$311.2M to US$325.5M.
capacity	Pulawy described as 2,000 t/yr Nd/Pr oxides (Mar 2025) and as 13,430 t/yr REO feed with 3,037 t/yr Nd oxide + 920 t/yr Pr oxide output in the Mar 2026 PFS / Jun 2026 presentation.
study	First Pulawy PFS published 19 Mar 2026: capex ~US$212M, post-tax NPV10 ~US$779M, IRR 39.7%.

Stated dates

Target	First stated	Now	Status
HyProMag Germany initial production	commissioning of key equipment by end of 2025, initial production Q1 2026 (Q3 2025 report)	first commissioning runs April 2026; production not yet started as of 2026-08-31	moved later
HyProMag USA commissioning	mid-2027 (Q3 2025 report)	magnet finishing H1 2027; integrated HPMS section Q2 2028 (H1 2026 report)	moved later
HyProMag USA Notice to Proceed	Q1 2026 (Q3 2025 report)	not announced as of 2026-08-31; lease in effect and preparatory work started 2026-06-03	moved later
Form F-4 effectiveness for the Mkango Rare Earths / Crown PropTech SPAC merger (Nasdaq listing)	Q1 2026 (Q3 2025 report)	F-4 filed May 2026, not yet effective at 2026-08-31; no closing date given	moved later
HyProMag UK scale-up to 100-350 t/yr, then 1,000 t/yr	phased expansion 'beginning next year', i.e. 2026 (Q3 2025 report)	scaling toward 100-350 t/yr, no date (H1 2026 report)	not yet due
Songwe Hill first / full production	First production 2018 (Nov 2015 PFS); then mining start Feb 2025 and full production Sep 2025 (Jul 2022 DFS)	Capital spending to start Jul 2027 (Mar 2026 FS); construction 2027-2029 and full production 2029 (Jun 2026 MKAR investor presentation)	moved later
Songwe large-scale mining license	Mining Development Agreement signed Jul 2024 (no license grant date stated)	Application with Malawi Mining Regulatory Authority pending (H1 2026 MD&A, 31 Aug 2026); Minister Thoko Tembo said on 20 Jul 2026 there is a moratorium on issuing mining licenses	not yet due
MKAR / CPTK SPAC closing and Nasdaq listing	Q4 2025 (Jul 2025 BCA announcement)	Q3 2026 (Jun 2026 investor presentation); not closed as of 21 Sep 2026, still subject to Nasdaq approval and shareholder votes	moved later
Pulawy commissioning / production	Commissioning start Oct 2028; ramp-up Q2 2029 to Q1 2030 (Mar 2026 PFS)	Same schedule restated in H1 2026 MD&A (Aug 2026); June 2026 presentation shows full production 2030	not yet due
Songwe final investment decision	not dated in public documents found	Not reached as of Jul 2026 (Nyasa Times, 19 Jul 2026)	not yet due

Figures are as the company reported them, linked to each report. This summarizes what changed between reports; it is not a view on the company or its shares.

Sources

Mkango H1 2026 results — Mkango Resources Ltd via ACCESS Newswire (2026-09-01)
HyProMag USA secures power and advances project — CoTec Holdings Corp. via Newswire (2026-10-13)
HyProMag USA early magnet finishing, phased Texas Hub — CoTec Holdings Corp. via ACCESS Newswire (2026-07-27)
HyProMag USA advances Texas Hub (study update) — CoTec Holdings Corp. via ACCESS Newswire (2026-06-22)
Pforzheim plant officially opened — Mkango Resources Ltd via ACCESS Newswire (2026-04-28)
HyProMag advances UK magnet manufacturing — Mkango Resources Ltd via finanznachrichten.de (2026-04-23)
Pforzheim first commissioning runs — Sharecast via Hargreaves Lansdown (2026-04-09)
Tyseley official opening — Mkango Resources Ltd via goldsilver.ai (2026-01-15)
Mkango Rare Earths F-4/A Amendment No. 3 — SEC EDGAR (2026-09-29)
Filing of amended F-4 (Amendment No. 1) — Mkango Resources Ltd RNS via Investegate (2026-06-09)
HyProMag USA valuation update — Mkango Resources Ltd RNS via LSE.co.uk (2025-12-15)
HyProMag USA project update — HyProMag USA via FinancialContent (2025-09-15)
EXIM letter of interest — NS Energy (2025-06-13)
HyProMag USA feasibility study — CoTec Holdings via Stock Titan (2024-11-25)
Maginito completes acquisition of HyProMag — Mkango Resources Ltd RNS via Investegate (2023-08-03)
Mkango FY2025 results summary — Sharecast via Hargreaves Lansdown (2026-05-01)
Mkango agrees acquisition of Remloy — Sharecast via Hargreaves Lansdown (2026-05-20)

How this page is sourced

Everything here comes from public sources — company filings, annual reports, exchange announcements, government releases and trade press. Every figure is linked to the document it came from and carries the date that document was published, because a capacity number without a date is not a fact, it is a rumor with a decimal point.

What is deliberately absent: material nonpublic information. I have spent more than two decades in this industry and a good deal of what I know about these companies I learned under NDA. Those obligations do not expire and they do not bend for a website. Nothing I have been told in confidence appears here in any form, and nothing on this page — or missing from it — should be read as a signal about what I know privately. I hold NDAs absolutely. It is the reason clients tell me things.

Judgment is the other thing left out on purpose. This page reports what has been published and who published it. Whether a target is credible, whether a ramp will hold, whether a capacity figure survives contact with the plant behind it — that is the work I do for clients, and it does not belong in a free reference page.

Where public sources disagree, I say so rather than picking a winner. Where a figure has not been published, the field says so rather than carrying an estimate. An empty field is information too.

Public filings tell you what a company has said. Whether it holds up is a different question, and the one I get hired to answer.

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