Highlights – LSE:MKA

• Mkango entered AIM's Capital Access Window from 7:30am UK time on 9 November 2026.

• A Trading halt on the TSX Venture Exchange began from the opening of Toronto trading the same day.

• Proposed proceeds would fund capital spending to scale recycling and rare earth magnet manufacturing, plus working capital.

• The company intends to include a retail offer but warned there is no certainty any fundraise proceeds.

Shares in a rare earths group went quiet before most investors had finished their coffee. Mkango (LSE: MKA) said on Monday 9 November 2026 that it was entering AIM's Capital Access Window from 7:30am UK time, with a matching trading halt on the TSX Venture Exchange, as it prepares a proposed fundraising aimed at scaling its magnet recycling and Manufacturing business.

A deliberate pause, not a suspension for trouble

The release describes the Capital Access Window as a voluntary, temporary pause in trading on both AIM and the TSX-V. The stated aim is to reach a wider pool of investors and support price stability while the raise is put together. Both the window and the Canadian halt remain in place until a further announcement sets out the results of the fundraise.

No size, issue price or share count was disclosed. Mkango said the material terms would follow in later announcements.

Where the money would go

Proceeds would supplement existing cash reserves and fund Capital Expenditure to scale up recycling and rare earth magnet manufacturing, along with general working capital. If the raise goes ahead, Mkango intends to include an offer for retail investors, an increasingly familiar feature among AIM stocks raising equity.

SP Angel Corporate Finance is named as nominated adviser and joint broker, with Cavendish Capital Markets and H&P Advisory as joint brokers.

The Business behind the raise

Mkango's recycling interests sit within Maginito, which it owns 79.4%, with CoTec Holdings holding the remaining 20.6%. Maginito wholly owns HyProMag Limited, which in turn holds 90% of HyProMag GmbH, rising to 100% once a share purchase announced on 28 October 2026 completes. A 50/50 venture, HyProMag USA, is taking the recycling technology to the United States, while Remloy operates a plant in Bitterfeld, Germany.

On the Mining side, Mkango owns 100% of the Songwe Hill rare earths project in Malawi, subject to a possible free 10% government stake if a large-scale mining licence is granted, and the proposed Pulawy separation plant in Poland. Songwe has received US$4.6 million of reimbursable development funding from the US International Development Finance Corporation for front-end engineering and design.

A busy autumn

The raise lands in a crowded calendar. On 5 November, Mkango said the US Securities and Exchange Commission had declared effective the Form F-4 registration statement for Mkango Rare Earths Limited, the vehicle intended to list Songwe Hill and Pulawy on Nasdaq through a business combination with Crown PropTech Acquisitions. Late October also brought a pre-feasibility study for HyProMag USA.

This would not be the first trip to the market in 2026. In March, Mkango proposed a raise of approximately £10 million, and in April it announced the closing of a fundraise totalling £12.5 million. Warrant exercises followed in October, adding smaller sums along the way.

Risks on the table

The company was blunt about uncertainty: "There is no certainty that a fundraise may proceed." The same caution applies to any retail offer and to the amount raised. The Nasdaq transaction carries its own conditions, including the risk of Shareholder redemptions at the SPAC. For existing holders, any new Equity also raises the question of dilution, which can only be measured once pricing is known.

What the next announcement should reveal

For followers of UK stock market mining names, the key details are still to come: the amount sought, the price and the split between institutional and retail participation. Trading on AIM and the TSX-V is set to resume once Mkango reports the outcome, and that release will show how much backing the magnet recycling strategy has attracted.