Mkango Magnetic Materials Ltd. Acquires Remaining 10% Interest in HyProMag Germany

Mkango Magnetic Materials Ltd. (MKNGF) announced that its wholly owned subsidiary, HyProMag Limited (HyProMag UK), has agreed to acquire the remaining 10% interest in HyProMag GmbH (HyProMag Germany) from Professor Carlo Burkhardt. This acquisition will make HyProMag Germany wholly owned by HyProMag UK. HyProMag Germany is currently commissioning a rare earth magnet recycling and manufacturing plant in Pforzheim and has been selected as a Strategic Project under the European Union Critical Raw Materials Act. The total consideration for the acquisition is £1,060,000, with £757,900 satisfied by the issue of 2,569,152 new common shares of Mkango and the balance payable in cash upon commissioning of the plant.