Spreadex Ltd has reduced its aggregate voting rights in Mkango Resources Limited to 2.991300%, falling below the previous level of 3.190300%. The London-based trading platform filed the disclosure under the UK Disclosure and Transparency Rules (DTR) on August 3, 2026, following the threshold crossing date of July 31, 2026. The reduction reflects a strategic adjustment in financial instrument exposure rather than a change in direct equity ownership, signaling a shift in how Spreadex manages its risk or position sizing in the junior gold miner.

The filing reveals that Spreadex’s direct shareholding remained static at 2,504,751 shares, representing 0.645900% of the issuer’s voting rights. The decrease in total influence stemmed entirely from a reduction in financial instruments with similar economic effects to long positions, specifically Cash-settled Contracts for Difference (CFDs) and Swaps. These instruments previously contributed 2.530300% to Spreadex’s voting power but were scaled back to 2.345400%.

Breakdown of Voting Rights

The following table details the composition of Spreadex Ltd’s holdings in Mkango Resources Limited as of the notification date:

Previously, Spreadex held an aggregate position of 3.190300%, comprising the same 0.645900% in direct shares but with a higher exposure of 2.530300% through financial instruments. The total number of voting rights attached to these positions now stands at 11,600,473.

What the Numbers Show

The divergence between stable direct equity ownership and reduced derivative exposure suggests a nuanced positioning strategy. While Spreadex maintains its foundational stake of 2,504,751 shares, the reduction in CFD/Swap contracts indicates a potential de-leveraging or a neutralization of speculative upside bets on Mkango Resources’ stock price. For market observers, this distinction is critical: the trader has not sold underlying assets that would trigger secondary market selling pressure, but has instead adjusted its synthetic exposure. This pattern is common among professional traders managing risk profiles around specific corporate events or broader sector volatility.

Spreadex Ltd, regulated by the UK Financial Conduct Authority (FCA), confirmed it is not controlled by any natural person or other legal entity holding an interest in the issuer. The notification was completed in St. Albans, United Kingdom, and submitted via the Regulatory News Service (RNS), the primary information provider approved by the FCA for such disclosures.

HyProMag USA, LLC ("HyProMag USA"), a joint venture between Mkango Resources Ltd (AIM:MKA)(TSXV:MKA) and CoTec Holdings Corp. (TSXV:CTH)(OTCQX:CTHCF), has announced an accelerated phased development strategy for its Ironhead facility in Dallas-Fort Worth, Texas. The company is fast-tracking the commissioning of initial finished neodymium-iron-boron ("NdFeB") magnet production equipment to the first half of 2027 (H1 2027). This move allows HyProMag USA to begin supplying finished magnets to U.S. customers earlier than previously planned, leveraging existing supply chains from Europe while building domestic finishing capabilities.

The initial U.S. operations will utilize up to 20 tonnes of magnet blocks supplied by HyProMag Group operations in the United Kingdom and Germany. These blocks will be shaped and finished at HyProMag USA's Texas facility for U.S. customers. Management emphasized that this arrangement does not affect the supply of finished magnet products to European customers from HyProMag's UK and German operations. The early establishment of this capability enables HyProMag USA to work directly with U.S. customers on product specifications, tolerances, coatings, and performance requirements, thereby derisking downstream magnet making and advancing qualification programmes in parallel with the broader Texas Hub development.

Phased Commissioning Timeline

The development strategy separates downstream finishing from upstream recycling to accelerate market entry. The Hydrogen Processing of Magnet Scrap ("HPMS") section, which handles integrated recycling and manufacturing, remains targeted for commissioning in the second quarter of 2028 (Q2 2028). At that stage, HyProMag USA expects to integrate U.S.-sourced magnet-bearing feedstock into its domestic operations.

Once the HPMS section is operational, the facility aims for an initial annual production capacity of approximately 400 metric tonnes of recycled sintered NdFeB magnets and approximately 278 metric tonnes of NdFeB co-products. This represents a total payable capacity of approximately 678 metric tonnes of NdFeB material. Additional equipment installations are expected to support a staged ramp-up to the Texas Hub's full targeted annual capacity of approximately 1,526 metric tonnes of magnetic products.

Strategic Context and Ownership

Julian Treger, Chief Executive Officer of CoTec Holdings Corp., stated that establishing finishing capability in Texas ahead of the integrated plant allows the company to produce customer-ready magnets in the United States and engage directly with customers on specifications. He noted that magnet finishing is a critical part of the value chain with limited commercial-scale capacity available in the U.S.

Will Dawes, Chief Executive of Mkango Resources, highlighted that this development positions HyProMag to supply finished magnets to customers in the UK, Germany, USA, and other markets. He added that the strategy de-risks the route to market while leveraging technical capabilities supported by the University of Birmingham and University of Pforzheim.

HyProMag USA LLC is owned 50:50 by CoTec Holdings Corp. and HyProMag Limited. HyProMag Limited is 100% owned by Maginito Limited, which is owned 79.4% by Mkango Resources Ltd and 20.6% by CoTec. As announced on June 22, 2026, HyProMag USA has commenced procurement of long-lead equipment and continues to advance detailed engineering, feedstock aggregation, customer offtake, and project financing discussions. The company is also exploring a potential U.S. listing, having begun engaging prospective advisors and investment banks since December 2025.