Interesting LSE announcements explained What changed, why it matters and what to watch next. Market commentary, not investment advice.
London, United Kingdom
Joined August 2026
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#MKA #KEFI #SNDA #KMR #EPP
Week 9 of RNS Brief is out now!
Link - rnsbrief.substack.com/p/rns-…
This week I’ve covered:
• #MKA: HyProMag’s progress in the US
• #KEFI: Tulu Kapi restart
• #SNDA: Institutional holdings and TR-1s
• #EPP: Fundraising and hydrogen plans
• #KMR: Q3 update and takeover developments
Funding and dilution were recurring themes this week. I also took a closer look at TR-1s for the first.
Keen to hear your thoughts on this week's picks.
#MKA is acquiring the remaining 10% stake in HyProMag Germany for £1.06m, giving it full ownership of the German business.
The seller is Professor Burkhardt, one of the founders of HyProMag Germany. I wouldn't necessarily see this as a distressed sale or a sign that he's lost confidence in the business, especially when you look at how the deal is structured.
£758k of the sales consideration will be paid in #MKA shares at 29.5p and comes with a six months lock up. The remaining £302k will be paid in cash upon commissioning of Pforzheim plant or 31 Dec 2026 at the latest.
Professor will also stay in the business as a consultant upon exit so HyProMag Germany isnt losing the founder know how either.
If I have to speculate, I believe the professor might be trading in concentration risk for access to wider #MKA portfolio that is quite attractive with 3 EU CRMA project and the potential value unlock through the proposed US listing.
This event also enables #MKA to further consolidate and simplify its group structure.
I think these are two highly strategic appointments for #MKA. The timing is also equally commendable given the proposed US listing is approaching soon.
Stephen Biegun brings experience from the US government and Boeing and, Mary Howell also has a strong defence background.
If you're looking to secure government backing and industrial contracts in the US, having people with this sort of background and connections on the board could make a real impact.
@MkangoResources (AIM/TSX-V #MKA) Have filed a revised F4 for their Nasdaq listing 🇺🇸 note the new US directors Mr Steven Biegun and Ms Mary Howell.
Stephen E. Biegun: Upon the closing of the Business Combination, Stephen E. Biegun will serve as a Director of the Company. Mr. Biegun currently serves as a Partner of Macro Advisory Partners, a strategic advisory firm for corporate clients, which he rejoined in October 2026 after serving as a Senior Advisor to the firm from 2021 to 2023. Mr. Biegun has more than thirty years of experience across diplomacy, global regulatory engagement and Fortune 100 industry. From 2023 until his retirement in June 2025, he served as a corporate officer and Senior Vice President of The Boeing Company (NYSE: BA), where he supported commercial operations and cross-border industrial partnerships. From 2019 to 2021, Mr. Biegun served as U.S. Deputy Secretary of State, overseeing major geopolitical portfolios and U.S. engagement with Europe and Asia. He has also held senior national security roles, including U.S. Special Representative for North Korea and Executive Secretary of the National Security Council. From 2004 to 2018, Mr. Biegun served as a corporate officer and Vice President for International Governmental Affairs at Ford Motor Company (NYSE: F), where he led global regulatory, trade and government-industry engagement across Europe, Asia, Africa and the Americas. Mr. Biegun serves on the boards of several non-profit organizations, including as Co-Chairman of the U.S.-Russia Foundation and Vice Chairman of the National Endowment for Democracy, and as a director of the International Rescue Committee, the Atlantic Council and the German Marshall Fund. Mr. Biegun holds a B.A. in Russian Language and Political Science from the University of Michigan.
Ms. Mary L Howell: Has served as Chairman of the Board of Directors of V2X, Inc. (NYSE: VVX), since its formation through the merger of Vectrus, Inc. and Vertex Aerospace in July 2022. She served as a director of Vectrus, Inc. from 2014 until that merger. Since 2019, Ms. Howell has served as a director of Astec Industries, Inc. (Nasdaq: ASTE), a manufacturer of infrastructure and construction equipment, where she chairs the Nominating and Corporate Governance Committee. She was a director of Esterline Technologies Corporation, a specialty manufacturer serving the aerospace markets, from 2011 until its acquisition by TransDigm Group in 2019, and served as its Lead Independent Director from 2017 to 2019.
Ms. Howell previously spent 29 years at Textron Inc. (NYSE: TXT), a multi-industry aircraft, industrial, and finance company, which she joined in 1980. She served as an officer for 24 years and as Executive Vice President from 1995 until her retirement in December 2009. As Executive Vice President, she was a member of Textron’s management committee and was responsible for government affairs, the company’s aerospace programs, and its international growth, particularly in China and India.
Ms. Howell has also served as a director of FM Global, the National Association of Manufacturers, and the Aerospace Industries Association. She is a Lifetime Director of the Atlantic Council and a director of The Phillips Collection. She holds a bachelor’s degree from the University of Massachusetts Amherst.
We believe Ms. Howell is qualified to serve on our board of directors because of her extensive public-company board leadership, including service as board chairman and lead independent director; her experience overseeing mergers and strategic transactions; and her more than three decades of executive experience in aerospace, government contracting, and international operations. investegate.co.uk/announceme…
RNS Brief retweeted
Long #MKA on the bell.
Doesn’t look like a placing, but rather the SP simply a casualty of the REE fall out across the pond.
Assume mgmt opted not to issue a statement as they looked at those US equivalents doing similar monthly drops and thought ‘it’s just the market, no need to reassure shareholders’.
Disagree with the lack of proactivity (given how far out of whack MKA already was) but it’s impossible to ignore MKA at this market cap imho (whether or not the US listing is delayed into 2027). If they place in the future, the CAW will no doubt be used to take advantage of the F4 finally being filed, one would assume.
Their assets are extremely attractive, resources being upgraded, their pricing is the most competitive around and the demand for REE isn’t going away (nor is the US/China fisticuffs over the issue).
Too hard to resist ~15% below the recent placing price.
Buyer <30p.
#MKA has made two announcements two announcements today morning.
HyProMag USA has completed its PFS for three additional US magnet plants. The study outlined an incremental post tax NPV of $1.85b to $2.06b.
One interesting find was that the initial Texas facility's NPV has been revised down from $797m as per 1 Sept RNS to $723m due to higher cost and revised construction schedule.
Not significant in the grand scheme of things but something to be aware of.
The second RNS was another amended Form F-4 for the proposed US listing of MKAR which is the biggest near term catalyst.
Two positive RNS today for the business and, I think the gap between #MKA's current mcap and the SOTP is becoming harder to ignore.
Link to the RNS:
HyProMag US - londonstockexchange.com/en/n…
Amended Form F-4 - londonstockexchange.com/en/n…
#GEX has provided an update stating that rig mobilisation is still delayed at Hussar due to road access restrictions and weather.
The announcement follows a recent article by ShareProphets on 25 October questioning #GEX road access agreement and concerns over a potential A$10m cost. See the link to the article on comments below.
#GEX clarified today that it has not received any notification of such charges.
However, management is still negotiating over a Road User Agreement and, now the alternative access routes are also being considered.
The clarification shows that management is listening to the public but it doesn't necessarily resolve the issues related to delays and wider question around access.
On the positive side, the company is working with external consultants to find a solution. Hopefully, this will lead to the access issues being resolved soon and give shareholders greater confidence in a revised drilling timetable.
Link to ShareProphet article - shareprophets.com/views/8892…
#BZT #KMR #SNDA #AXL #TIN
Week 10 of RNS Brief is out now!
Link - substack.com/home/post/p-222…
This week I’ve covered:
• #BZT: A bridging loan with a tight repayment schedule
• #KMR: Still waiting for confirmation on the IA
• #SNDA: More time at Chuditch and a possible change of operator
• #AXL: Record production and going horizontal in C7
• #TIN: Getting South Crofty funded with substantial dilution
Funding features heavily again this week. I also look at why management might accept painful terms to keep projects moving.
Keen to hear your thoughts on this week’s picks.
#BZT secures a £4m short term financing as Hope and Gorob prepares for its first concentrate sale in November.
The facility is a short term unsecured non convertible loan that must be repaid in 10 monthly installments of £400k a month starting from January 2027. Yorkville is also set to receive £3m in warrants at 0.16p.
The loan wasn't cheap either. After 5% interest, £240k upfront fee and £20k structuring fee, we are looking at around approx. £366k in financing cost exc warrants.
For a company that has just commenced production, it is a relatively demanding payment schedule. But this also shows the confidence that the management has on the project which is quite positive.
If that expectation proves correct, shareholders will benefit from avoiding a discounted placing. If not, shareholders could potentially end up with deeper dilution to cover the repayments.
RNS Brief retweeted
At EnergyPathways #EPP, we believe the case for the urgent development of gas storage has never been clearer.
Increasing UK gas storage capacity is critical to strengthening energy security and protecting consumers from the volatility of global energy markets. As Britain builds more renewable generation, gas storage will also play an essential role in balancing the intermittent supply and keeping the lights on.
Developing gas storage assets that can tie back into existing infrastructure can also extend the life of strategically important UK energy facilities, while supporting British jobs, skills and supply chains.
Link to Article and interview: energyvoice.com/oilandgas/ex…
#EnergyPathways #EPP #MESH #LDES #EnergyStorage #GasStorage #EnergySecurity #RenewableEnergy @EnergyVoiceNews @energygovuk
Mozambican local media reported that an agreement has reached between #KMR and the government over Moma's longstanding Implementation Agreement.
But Kenmare released an RNS today that they havent received an official confirmation yet.
This is a great news if it's true. This has been an uncertainty hanging over #KMR for over two years now.
With a potential IRH takeover still in play, the terms of the new agreement could have a bug bearing on how IRH values the business.
See comments for local media report for anyone wanting to read more.
Link to the Mozambican media report - clubofmozambique.com/news/ju…
RNS Brief retweeted
🚨 JPMORGAN’S CRITICAL-MINERALS SIGNAL JUST GOT BIGGER
Last week: JPMorgan named a critical-minerals investment lead.
Now: ~$230B financed in year one of the broader initiative; $5B in direct equity.
Critical minerals are moving up the national-security priority list.
JPMorgan Chase said it has invested $5 billion in equity in industries critical to US economic and national security, as banks seek to capitalize on growing demand for domestic manufacturing, energy infrastructure and supply-chain resilience. reuters.com/legal/transactio…
RNS Brief retweeted
Our CEO spoke with @CruxInvestor about #EST’s partner-funded copper developments in Kazakhstan and what to expect through ‘27. He discusses the dual drilling programme, licence applications, and discovering a major gold deposit with #EDV.
Full interview: shorturl.at/S3cer
RNS Brief retweeted
#MKA #KEFI #SNDA #KMR #EPP
Week 9 of RNS Brief is out now!
Link - rnsbrief.substack.com/p/rns-…
This week I’ve covered:
• #MKA: HyProMag’s progress in the US
• #KEFI: Tulu Kapi restart
• #SNDA: Institutional holdings and TR-1s
• #EPP: Fundraising and hydrogen plans
• #KMR: Q3 update and takeover developments
Funding and dilution were recurring themes this week. I also took a closer look at TR-1s for the first.
Keen to hear your thoughts on this week's picks.
#SNDA has secured another 12 month extension to its Chuditch PSC, following the earlier threat of termination over delays to drilling Chuditch-2.
Definitely an excellent news for shareholders, but I also think it's worth looking back at last year's agreement.
In April 2025, Sunda agreed to reduce its stake from 60% to 30%, with TIMOR GAP covering most of the drilling costs, while Sunda retained operatorship.
That deal fell through due to issues related to securing helicopter support. This ultimately prevented the rig contract from being finalised.
Today's RNS also confirms that Sunda is back in discussions with TIMOR GAP over increasing its stake in Chuditch, but this time a transfer of operatorship is also on the table.
I believe repeated delays and threat of losing the PSC might have weakened Sunda's negotiating position.
It would be interesting to see how much sacrifice #SNDA might have to do this time to get the well drilled.
