Insights › Rare-earth magnet supply chain atlas › Mkango Magnetic Materials (formerly Mkango Resources): Songwe Hill and Pulawy
Malawi and Poland
Mkango Magnetic Materials (formerly Mkango Resources): Songwe Hill and Pulawy
A company listed in Toronto and London that owns the Songwe Hill rare earth deposit in Malawi and a planned separation plant at Pulawy, Poland, both in a subsidiary being merged into a Nasdaq SPAC; its parent now describes itself mainly as a magnet recycler through HyProMag.
Points to check
Facts from the sources on this page that a reader should weigh before relying on the company's own figures.
- Songwe has no large-scale mining license: the application to the Malawi Mining Regulatory Authority is pending (MD&A, 31 Aug 2026), and Malawi's mining minister said on 20 Jul 2026 that a moratorium on issuing mining licenses is in place.
- Songwe's first-production target has moved from 2018 (2015 PFS) to Sep 2025 (2022 DFS) to full production in 2029 (June 2026 investor presentation), and no final investment decision has been made.
- No offtake agreement for Songwe MREC or Pulawy oxides has been disclosed, and the only signed project financing is the US$4.6M DFC development funding; the DFC's US$100M figure is an expressed interest to consider.
- Mkango's FY2025 audited statements (approved 30 Apr 2026) disclose a material uncertainty that may cast significant doubt on its ability to continue as a going concern.
- Pulawy's economics assume 55% of feed in 2030-2036 is bought from the market, and the SPAC transaction that is to fund both projects was targeted for Q4 2025, then Q3 2026, and had not closed by late Sep 2026.
At a glance
- Founded
- 2011 — Mkango Resources Ltd. was formed on 5 Jan 2011 when TSX-V capital pool company Alloy Capital Corp. completed its qualifying transaction by acquiring Lancaster Exploration Limited (BVI), holder of the southern Malawi prospecting licenses containing Songwe Hill. Lancaster's parent Leominex was co-founded in Sep 2007 by William Dawes and Alexander Lemon; Lancaster was awarded its Malawi license on 21 Jan 2010.
- Headquarters
- Vancouver, British Columbia, Canada (Suite 2900, 550 Burrard Street, per H1 2026 MD&A); operated historically from Calgary, Alberta
- Ownership
- Listed on TSX Venture Exchange (MKA) and London AIM (MKA); US OTC quote MKNGF. Songwe Hill (via Lancaster Exploration) and Pulawy (via Mkango Polska) sit in Mkango Rare Earths Limited (MKAR), which is merging with Nasdaq SPAC Crown PropTech Acquisitions (CPTK); definitive agreement signed 2-3 Jul 2025, amended 13 Feb and 20 May 2026, Form F-4 filed with the SEC; not closed as of Sep 2026. June 2026 investor presentation: Mkango Resources would own 79.4% of MKAR post-closing, BCA equity value US$399M, targeted PIPE US$23.0M. Songwe was 100% Mkango after buying out Talaxis (Noble Group) in Nov 2021; Government of Malawi holds a 10% non-diluting free carried interest in the Songwe project under the Jul 2024 Mining Development Agreement. HyProMag (already on atlas): Mkango owns 79.4% of Maginito (CoTec Holdings 20.6%); Maginito owns 100% of HyProMag Ltd (UK) and 90% effective of HyProMag GmbH (80% currently, rising on loan conversion); HyProMag USA is a 50/50 JV of Maginito and CoTec. Maginito/HyProMag is NOT part of the MKAR Nasdaq SPAC listing and has not been separately listed. Mkango GmbH (100%) acquired the Remloy magnet-powder recycling business from Heraeus Amloy on 28 Aug 2026 for EUR 8M.
- Stage
- Early stage. Neither Songwe Hill nor Pulawy has a final investment decision or construction financing; Songwe's mining license application is pending and Pulawy is at PFS stage. Mkango's only revenue (US$14,493 in FY2025) came from its recycling segment.
- Listing
- TSX Venture Exchange: MKA · London Stock Exchange AIM: MKA · OTC Markets: MKNGF
Investor relations - Revenue
- US$14,493
Reported, FY ended 31 Dec 2025.
Source
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 |
|---|---|---|---|
| Songwe Hill mine and mill, ore throughput (input) | approximately 1.0 million t/yr ore processed (in) | Announced | Mar 2026 |
| Songwe Hill flotation concentrate grade (intermediate, fed to on-site hydromet) | 15.05% TREO first-5-year average; 11.64% TREO life-of-operations average | Announced | Mar 2026 |
| Songwe Hill MREC product (output) | 5,954 t/yr TREO contained in MREC (55% TREO dry) first 5 years, incl. 1,953 t/yr NdPr oxide and 56 t/yr Dy+Tb oxide contained in MREC; 4,081 t/yr TREO in MREC years 6-18 | Announced | Mar 2026 |
| Pulawy separation plant feed capacity (input) | 30,000 t/yr MREC feed (wet basis, 45% TREO) = 13,430 t/yr REO throughput capacity (in); Songwe assumed to supply 45% of feed in 2030-2036, 55% from market | Announced | Mar 2026 |
| Pulawy separated oxide output (output) | 3,037 t/yr Nd oxide + 920 t/yr Pr oxide (life-of-operations average from 2030, per '2025 Pulawy Projections' in the MKAR June 2026 investor presentation) | Announced | Jun 2026 |
| Pulawy separated oxide output, earlier description (output) | 2,000 t/yr Nd and/or Pr oxides plus 50 t/yr Dy and Tb oxides; lanthanum-cerium carbonate also produced | Historical | Mar 2025 |
Narrative
Songwe Hill is a carbonatite in southern Malawi. Mkango's updated feasibility study of March 2026 plans about 1.0 Mt/yr of ore processed on site to a mixed rare earth carbonate grading 55% TREO, containing 1,953 t/yr of NdPr oxide in the first five years, for capital of US$325.5 million; the reserve of 18.1 Mt at 1.16% TREO is unchanged from the 2022 study, while the study's net present value fell from US$559 million to US$339 million at the same stated output. First production has been targeted for 2018, then 2025, and a June 2026 presentation shows full production in 2029. Malawi holds a 10% free carried interest under a 2024 development agreement, but no large-scale mining license has been granted, and in July 2026 the mining minister said a moratorium on new licenses was in place. The carbonate would go to a planned separation plant at Pulawy in Poland, on land leased from Grupa Azoty, producing separated Nd and Pr oxides; its pre-feasibility study targets commissioning in October 2028. Both projects are EU Critical Raw Materials Act strategic projects and sit in Mkango Rare Earths Limited, which is merging with the Nasdaq SPAC Crown PropTech Acquisitions, a deal still pending in September 2026. Mkango itself, renamed Mkango Magnetic Materials in September 2026, controls the HyProMag magnet recycling companies, which are excluded from the SPAC.
Where public sources disagree
- Two sources disagree on Pulawy initial capex and NPV: the 19 Mar 2026 PFS release gives initial capex ~US$212M (incl. US$35.4M contingency) and post-tax NPV ~US$779M, and the 31 Aug 2026 MD&A repeats US$212M; the MKAR June 2026 investor presentation filed with the SEC shows 'Initial CapEx $128.2M' and 'NPV $702.0M', footnoted to '2025 Pulawy Projections'. Difference: US$83.8M in capex and US$77M in NPV.
- Mining Technology's project page (updated 21 Apr 2026) lists plant construction April 2027 and commissioning October 2028 under the Songwe Hill timeline; in the 19 Mar 2026 company release those dates are the Pulawy PFS schedule, and the Songwe study states only a July 2027 start of capital spending.
- The 19 Mar 2026 release states NdPr is 31% of the rare earth oxide content, while its stated first-5-year output of 1,953 t/yr NdPr oxide within 5,954 t/yr TREO works out to 32.8%; the release does not say which basis (reserve, life-of-mine, or first 5 years) the 31% refers to.
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 Announces Results of Updated Feasibility Study for the Songwe Hill Rare Earths Project in Malawi and Pre-Feasibility Study for the Pulawy Rare Earth Separation Plant (web) — Mkango Resources (2026-03-19)
- Updated feasibility study / Pulawy PFS press release (PDF) — Mkango Resources (2026-03-19)
- Mkango Announces Results of Definitive Feasibility Study for the Songwe Hill Rare Earths Project in Malawi - NPV of US$559.0 Million and IRR of 31.5% — GlobeNewswire / Mkango Resources (2022-07-05)
- Songwe Hill DFS estimates $277m capex requirement, $559m NPV — Mining Weekly (2022-07-05)
- Mkango Resources Announces Results of Updated Pre-Feasibility Study for the Songwe Hill Rare Earth Project in Malawi — Mkango Resources (2015-11-09)
- Mkango Signs MDA with Malawi Government for Songwe — Mkango Resources via ACCESS Newswire (2024-07-29)
- U.S. International Development Finance Corporation Provides Project Development Funding of US$4.6 Million to the Songwe Hill Rare Earths Project — Mkango Resources (2025-09-29)
- Mkango Rare Earths Investor Presentation, June 2026 (Exhibit 99.1) — SEC EDGAR (Crown PropTech Acquisitions filing) (2026-06)
- Mkango and Crown PropTech Acquisitions Announce Business Combination Agreement — Mkango Resources (2025-07-03)
- Mkango Releases Half Year 2026 Financial Statements and Management's Discussion and Analysis — Mkango Resources (2026-09-01)
- Mkango Resources Limited MD&A Q2 2026 — Mkango Resources (2026-08-31)
- Mkango Resources consolidated financial statements, year ended 31 Dec 2025 — Mkango Resources (2026-04-30)
- Mkango Releases Year End 2025 Financial Statements and Files NI 43-101 Definitive Feasibility Study Report for the Songwe Hill Project — Mkango Resources (2026-05-01)
- Mkango Resources MD&A Q2 FY2025 — Mkango Resources (via minedocs) (2025-08-29)
- Mkango Resources Limited Announces Results Of Fundraise Of GBP 12.5 Million — Mkango Resources via ACCESS Newswire (2026-04-01)
- Mkango Resources to Become Mkango Magnetic Materials as Strategy Shifts Downstream — Share Talk (secondary) (2026-09-21)
- Land Lease Agreement Signed To Construct a Rare Earths Separation Plant in Poland — Mkango Resources (2025-02-17)
- Mkango's Pulawy Rare Earth Separation Project Announced as a Strategic Project under EU Critical Raw Materials Act — Mkango Resources (2025-03-25)
- Mkango Resources Limited - Songwe Project Announced as a Strategic Project — Mkango Resources via ACCESS Newswire (2025-06-04)
- Songwe Hill Rare Earths Project, Malawi, East Africa — Mining Technology (secondary) (2026-04-21)
- Malawi Banks On Songwe Hill Rare Earths to Plug Fiscal Gap — Nyasa Times via allAfrica (secondary) (2026-07-19)
- Malawi banks on Songwe Hill rare earths to plug fiscal gap — Nyasa Times (secondary) (2026-07-19)
- Songwe rare earth project edges closer to mining — Malawi24 (secondary) (2026-07-20)
- The Songwe promise: forensic scrutiny of Mkango's rare earth pitch — Nyasa Times (secondary, opinion) (2026-07-22)
- License freeze dampens mining growth - chamber — The Nation (Malawi) (secondary) (2026-08-19)
- Mkango Resources Ltd (formerly Alloy Capital Corp.) Completes Acquisition of Lancaster Exploration Limited as its Qualifying Transaction — Mkango Resources (2011-01-05)
- Songwe Hill rare earths (project page) — Mkango Resources (2026-09)
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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