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Mkango Resources Ltd. (MKA.V)

TSXV - TSXV Real Time Price. Currency in CAD
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0.1550-0.0200 (-11.43%)
At close: 2:11PM EDT
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Previous Close0.1750
Open0.1750
Bid0.1600 x 0
Ask0.1700 x 0
Day's Range0.1550 - 0.1750
52 Week Range0.0500 - 0.1800
Volume32,000
Avg. Volume13,431
Market Cap20.615M
Beta (5Y Monthly)1.54
PE Ratio (TTM)N/A
EPS (TTM)-0.0180
Earnings DateAug. 29, 2019
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target Est0.63
  • GlobeNewswire

    Mkango Announces Results of Annual General Meeting

    LONDON and VANCOUVER, British Columbia, Oct. 08, 2020 (GLOBE NEWSWIRE) -- Mkango Resources Ltd. (AIM/TSX-V: MKA) (the "Company" or "Mkango") is pleased to announce that shareholders have approved all resolutions at the Annual General Meeting (the “Meeting”) held in Toronto today. All business put forth at the Meeting was approved by shareholders of the Company, including:-        the election of Derek Linfield, William Dawes, Alexander Lemon, Adrian Reynolds, Susan Muir and Shaun Treacy as Directors of the Company;-        re-appointment of MNP LLP as auditors of the Company; and-        approval of the Company’s stock option plan in accordance with the policies of the TSX Venture Exchange.Market Abuse Regulation (MAR) DisclosureCertain information contained in this announcement may have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.Cautionary Note Regarding Forward-Looking Statements This news release may contain forward-looking statements (within the meaning of that term under applicable securities laws) with respect to Mkango, its business and the Project. Generally, forward looking statements can be identified by the use of words such as “plans”, “expects” or “is expected”, “scheduled”, “estimates” “intends”, “anticipates”, “believes”, or variations of such words and phrases, or statements that certain actions, events or results “can”, “may”, “could”, “would”, “should”, “might” or “will”, occur or be achieved, or the negative connotations thereof. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause actual performance and results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. Such factors and risks include, without limiting the foregoing, governmental action relating to COVID-19, COVID-19 and other market effects on global demand for the metals and associated downstream products for which Mkango is exploring, researching and developing, the positive results of a feasibility study on the Project and delays in obtaining financing or governmental or stock exchange approvals. The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. Additionally, the Company undertakes no obligation to comment on the expectations of, or statements made by, third parties in respect of the matters discussed above.For further information on Mkango, please contact:Mkango Resources Limited William DawesAlexander Lemon Chief Executive OfficerPresident will@mkango.ca alex@mkango.ca     Tel: +1 403 444 5979  www.mkango.ca   @MkangoResources     Blytheweigh  Financial Public Relations  Tim Blythe  UK: +44 207 138 3204     SP Angel Corporate Finance LLP  Nominated Adviser and Joint Broker  Jeff Keating, Caroline Rowe  UK: +44 20 3470 0470     Alternative Resource Capital  Joint Broker  Alex Wood  UK: +44 20 7186 9004  The TSX Venture Exchange has neither approved nor disapproved the contents of this press release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This press release does not constitute an offer to sell or a solicitation of an offer to buy any equity or other securities of the Company in the United States. The securities of the Company will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) and may not be offered or sold within the United States to, or for the account or benefit of, U.S. persons except in certain transactions exempt from the registration requirements of the U.S. Securities Act.

  • GlobeNewswire

    Mkango Announces Rutile and Ilmenite Discovery in Malawi

    LONDON and VANCOUVER, British Columbia, Sept. 15, 2020 (GLOBE NEWSWIRE) -- Mkango Resources Ltd. (AIM/TSX-V: MKA) (the "Company" or "Mkango") is pleased to announce the results of a reconnaissance shallow soil sampling and auger programme in its 869 square kilometre (“sq km”) Mchinji licence (EPL 0544/19) in Mchinji district, Malawi, held by Mkango’s 100% owned subsidiary MKA Exploration Ltd. (see map https://mkango.ca/site/assets/files/4775/20200914_mchinji_sampling_on_topo.jpg)The results demonstrate the presence of interesting grades of rutile plus anatase (both naturally occurring mineral forms of titanium dioxide: TiO2) mineralisation of up to 1.07%, with overall TiO2 grades in the range 0.51 to 4.10% in auger samples and 0.14–2.38% in soil samples; also ilmenite grades of 1.30 to 3.40% (average 1.85%) – see table below.The grade of the TiO2-bearing minerals in the highest-grading auger hole are in the range of 0.63 to 1.07% rutile plus anatase (average 0.73%) and 1.30 to 3.40% ilmenite (average 1.85%), hosted in free-dig saprolite material from surface.Mkango’s President Alexander Lemon commented:“Mkango is focused on developing the Songwe rare earth deposit in Phalombe district in Malawi and is looking forward to completing the feasibility study. We are very pleased to add this new rutile and ilmenite discovery to our portfolio of projects in Malawi. These early stage results show similarities in terms of saprolite-hosted mineralisation to the recent rutile discoveries made on the adjoining Sovereign Metals Ltd licence to the east, and suggest the potential for discovering high-grade rutile deposits within Mkango’s large licence area, in what could potentially be a new province of rutile mineralisation.”Twelve vertical auger holes were drilled to depths of 0.45 to 9.40m, for a total of 35.8m, from which 41 samples were collected. Available equipment was not able to penetrate beneath a shallow ferricrete horizon in the Ludzi river channel to test the assumed river sands beneath, and eight holes failed to reach more than 2m depth; new auger exploration equipment with improved ground cutting capability has been purchased and is currently being shipped to Malawi. The other four holes were drilled in saprolite on higher ground between the Ludzi’s tributaries.Soil sampling was carried out in pits dug to 50cm (‘B horizon’) on a 500m staggered grid in four areas of the licence, producing 134 samples.Sample preparation and analysis was provided by Scientific Services laboratory in Cape Town, employing two-acid microwave digestion and ICP-OES techniques suitable for multi-element determination and following strict internal QAQC procedures inserting blanks and standards. Internal laboratory QAQC was also completed to include blanks, standards and duplicates.The highest TiO2 grades were returned by nine consecutive samples in a single auger hole (A6), drilled to a depth of 8.9m, that contain between 4.10 and 9.01% total heavy minerals (specific gravity > 2.95) and grade between 3.17 and 4.09% TiO2. These samples were processed by heavy mineral separation and magnetic separation and the separated fractions were sent to XRD Analytical and Consulting CC in Pretoria for quantitative determination of the heavy minerals by X-ray diffraction (“XRD”). Results are given in the table below for vertical auger hole A6 positioned at co-ordinates 507971E 8482591N in UTM Zone 36S:Auger hole A6Total heavy minerals %TiO2 %Rutile + anatase %Ilmenite % 0 – 1 m5.324.090.663.40 1 – 2 m4.953.740.662.87 2 – 3 m7.123.290.691.71 3 – 4 m8.043.210.661.31 4 – 5 m7.783.170.631.30 5 – 6 m9.013.240.741.41 6 – 7 m5.793.560.651.44 7 – 8 m4.103.890.851.58 8 – 8.9 m4.183.811.071.62 Weighted average6.283.550.731.85 Geochemistry of the soil samples reveals anomalous TiO2 values around auger holes A6 and A11, suggesting potential for follow-up and indicating that soil geochemistry may be a useful regional exploration tool.Mkango is planning an exploration programme of more extensive soil sampling, additional auger drilling, and mineralogical test work to identify rutile prospects across this potential new rutile province within the Mchinji licence. The exploration programme will be funded from the Company's existing working capital.Rutile, anatase and ilmenite are naturally occurring TiO2 minerals, whose main uses are 90% for pigments, 5% production of titanium metal and 5% welding. Sierra Rutile owned by Iluka is the only high grade, large scale operating primary source natural rutile mine globally.Scientific and technical information contained in this release has been approved and verified by Dr. Scott Swinden of Swinden Geoscience Consultants Ltd, who is a “Qualified Person” in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects.About MkangoMkango's primary business is exploration for rare earth elements and associated minerals in the Republic of Malawi, a country whose hospitable people have earned it a reputation as “the warm heart of Africa”. The Company holds interests in four exclusive prospecting licenses in Malawi: the Phalombe licence, the Thambani licence, the Chimimbe Hill licence and the Mchinji licence.The main exploration target in the 51% held Phalombe licence is the Songwe Hill rare earths deposit. This features carbonatite-hosted rare earth mineralisation and was subject to previous exploration in the late 1980s. Mkango completed an updated Pre-Feasibility Study for the project in November 2015 and a Feasibility Study is currently underway, the initial phases of which included a 10,900-metre drilling programme and an updated mineral resource estimate, announced in February 2019. In March 2019, the Company announced receipt of a £7 million (C$12.3 million) investment from Talaxis to fund completion of the Feasibility Study. Following completion of the Feasibility Study, Talaxis has an option to acquire a further 26% interest in Songwe by arranging financing for project development including funding the equity component thereof.The main exploration targets in Mkango’s remaining three 100% held licences are, in the Thambani licence, uranium, niobium, tantalum and zircon, in the Chimimbe Hill licence, nickel, cobalt and chromite and in the Mchinji licence, rutile, gold, nickel, cobalt, base metals and graphite.Mkango also holds a 75.5% interest in Maginito with the balance owned by Talaxis. Maginito is focused on downstream opportunities relating to the rare earths supply chain, in particular, recycling and other innovative technologies for the production of neodymium alloy powders and magnets used in electric vehicles, wind turbines and other industries geared to decarbonisation of the economy.Market Abuse Regulation (MAR) Disclosure Certain information contained in this announcement may have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.Cautionary Note Regarding Forward-Looking StatementsThis news release contains forward-looking statements (within the meaning of that term under applicable securities laws) with respect to Mkango, its business and the Project. Generally, forward looking statements can be identified by the use of words such as “plans”, “expects” or “is expected”, “scheduled”, “estimates” “intends”, “anticipates”, “believes”, or variations of such words and phrases, or statements that certain actions, events or results “can”, “may”, “could”, “would”, “should”, “might” or “will”, occur or be achieved, or the negative connotations thereof. Forward looking statements in this news release include statements with respect to the  completion of the feasibility study for Songwe, with respect to the Mchinji licence, the potential for discovering high-grade rutile deposits within the licence area, the potential for a  new province of rutile mineralisation in the area of the licence and Mkango’s plans for an exploration programme on the licence. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause actual performance and results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. Such factors and risks include, without limiting the foregoing, governmental action relating to COVID-19, market effects on global demand for the metals and associated downstream products for which Mkango is exploring, researching and developing, the positive results of a feasibility study on the Songwe Hill rare earths project and delays in obtaining financing or governmental or stock exchange approvals. The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. Additionally, the Company undertakes no obligation to comment on the expectations of, or statements made by, third parties in respect of the matters discussed above.The TSX Venture Exchange has neither approved nor disapproved the contents of this press release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.This press release does not constitute an offer to sell or a solicitation of an offer to buy any equity or other securities of the Company in the United States. The securities of the Company will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") and may not be offered or sold within the United States to, or for the account or benefit of, U.S. persons except in certain transactions exempt from the registration requirements of the U.S. Securities Act.For further information on Mkango, please contact:Mkango Resources Limited  Alexander LemonWilliam Dawes PresidentChief Executive Officer alex@mkango.ca will@mkango.ca UK: +44 207 3722 744  Canada: +1 403 444 5979  www.mkango.ca  @MkangoResources     BlytheweighSP Angel Corporate Finance LLP Financial Public Relations Nominated Adviser and Joint Broker Tim BlytheJeff Keating, Caroline Rowe UK: +44 207 138 3204UK: +44 20 3470 0470    Alternative Resource Capital  Joint Broker  Alex Wood  UK: +44 20 7186 9004

  • GlobeNewswire

    Mkango Releases Second Quarter 2020 Results and Provides Update on Malawi Government Visit to the Songwe Hills Rare Earths Project Site

    LONDON and VANCOUVER, British Columbia, Aug. 28, 2020 (GLOBE NEWSWIRE) -- Mkango Resources Ltd. (AIM/TSX-V: MKA) (the "Company" or "Mkango") is pleased to announce that it has released the Financial Statements and Management's Discussion and Analysis for the period ending June 30, 2020. The reports are available under the Company's profile on SEDAR (www.sedar.com) and on the Company's website (http://www.mkango.ca/s/financials.asp). Mkango is also pleased to report that the Minister of Mining, the Right Hon. Rashid Gaffar MP, visited the Songwe Hills (“Songwe”) rare earths project on Friday 21st August, accompanied by a government delegation including the Ministry of Mines principal secretary, Dr Joseph Mkandawire. The government delegation expressed satisfaction with all of the exploration and development works at Songwe.Hon. Minister Gaffar MP said: “I am impressed with the progress of the project, as well as the project’s level of transparency and all of the Corporate Social Responsibility taking place. You are doing a commendable job; people here are full of praise for your work. We understand you have invested a lot in this project, therefore as Government, my Ministry will support you so that the future mining operation commences.”Principal secretary Dr Joseph Mkandawire added: “Mining is the future of this country, especially when we follow the trend where countries are advocating for use of clean energy. High strength rare earth magnets which will be made from the Songwe rare earths can be used to manufacture electric motors, which are used in hybrid and electric cars, as well as wind turbines to produce clean energy. Currently, the mining industry in Malawi only contributes approximately 1 percent to the national budget, but we want to support the mining industry fully in Malawi, to enable the industry to generate a lot of revenue and profits, so that it can benefit the country and its investors, and we can all benefit from the country’s resources.”Mkango looks forward to working with the Government of Malawi to bring Songwe into production and to advance our other projects in the country.About MkangoMkango's primary business is exploration for rare earth elements and associated minerals in the Republic of Malawi, a country whose hospitable people have earned it a reputation as “the warm heart of Africa”. The Company holds interests in four exclusive prospecting licenses in Malawi: the Phalombe licence, the Thambani licence, the Chimimbe Hill licence and the Mchinji licence.The main exploration target in the 51% held Phalombe licence is the Songwe Hill rare earths deposit. This features carbonatite-hosted rare earth mineralisation and was subject to previous exploration in the late 1980s. Mkango completed an updated Pre-Feasibility Study for the project in November 2015 and a Feasibility Study is currently underway, the initial phases of which included a 10,900-metre drilling programme and an updated mineral resource estimate, announced in February 2019. In March 2019, the Company announced receipt of a £7 million (C$12.3 million) investment from Talaxis to fund completion of the Feasibility Study. Following completion of the Feasibility Study, Talaxis has an option to acquire a further 26% interest in Songwe by arranging financing for project development including funding the equity component thereof.The main exploration targets in Mkango’s remaining three 100% held licences are, in the Thambani licence, uranium, niobium, tantalum and zircon, in the Chimimbe Hill licence, nickel and cobalt, and in the Mchinji licence, rutile, gold, nickel, cobalt, base metals and graphite.Mkango also holds a 75.5% interest in Maginito with the balance owned by Talaxis. Maginito is focused on downstream opportunities relating to the rare earths supply chain, in particular, recycling and other innovative technologies for the production of neodymium alloy powders and magnets used in electric vehicles, wind turbines and other industries geared to decarbonisation of the economy.The TSX Venture Exchange has neither approved nor disapproved the contents of this press release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.This press release does not constitute an offer to sell or a solicitation of an offer to buy any equity or other securities of the Company in the United States. The securities of the Company will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") and may not be offered or sold within the United States to, or for the account or benefit of, U.S. persons except in certain transactions exempt from the registration requirements of the U.S. Securities Act.For further information on Mkango, please contact:  Mkango Resources Limited  William DawesAlexander Lemon Chief Executive OfficerPresident will@mkango.caalex@mkango.ca UK: +44 207 3722 744  Canada: +1 403 444 5979  www.mkango.ca   @MkangoResources      BlytheweighSP Angel Corporate Finance LLP Financial Public Relations Nominated Adviser and Joint Broker Tim BlytheJeff Keating, Caroline Rowe UK: +44 207 138 3204UK: +44 20 3470 0470 Alternative Resource Capital  Joint Broker  Alex Wood  UK: +44 20 7186 9004