Mid-Project Update for HyProMag USA Feasibility Study

CoTec Holdings Corp. and Mkango Resources Ltd. have released a mid-project review of the HyProMag USA bankable feasibility study. The study, conducted by BBA USA Inc. and PegasusTSI Inc., aims to engineer and design REE magnet recycling plants and production facilities in the U.S. This will support a sustainable supply of NdFeB permanent magnets.

The study is 50% complete with successful technology transfers from HyProMag’s UK facility. Target production capacity is 500-800 tonnes per annum, with plans to recycle additional alloy products. Site selection is focused on Fort Worth, Texas, with a final decision expected in Q4 2024. Permitting will begin in Q1 2025, aiming for initial production in H2 2026.

The project aligns with the U.S. Defence Production Act (DPA) Title III, aiming for secure and sustainable magnet recycling. Ongoing funding discussions with U.S. government bodies and the Minerals Security Partnership support the venture.