Reply To: Mkango Resources

Nick Hargrave

Management provided a video update and Q&A to shareholders. The key takeaway was that issuance of the MDA in Malawi appears to be close with engagement from all the relevant ministries with just a few points remaining to agree. They noted that this is the single largest commercial investment in Malawi in over a decade, highlighting the incentive of all parties to get the MDA over the line so that engineering and financing can be progressed.

The other quote to note was the CEO’s view that the value of US recycling JV is worth more on its own than the current market cap of the group, which also includes the UK and German recycling operations, the Pulawy separation plant development and the Songwe Hill mine