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Making It to the Final Five

+ Recovering Rare Earth prices provided a fertile environment for reconsidering the sector’s attractions
+ Talaxis/Noble entered into the share register with a small financing in October and has since escalated involvement with a substantial stake being taken at the project level in exchange for funding the BFS and arranging project funding for the build
+ The travails of Peak Resources now place Mkango as the most advanced African project of substance
+ Mkango has one of the strongest group of institutional/core shareholders that we have seen in a REE explorer
+ BFS in the works with “right-sizing” options under active consideration
+ Deal with Metalysis provides first sign of vertical integration (and the search for higher margins) while creating a potential offtake client
+ The potential is there for the REE space to achieve a significant rerating once the investor universe realizes that the sub-space is joined at the hip with the EV revolution
Making It to the Final Five

- The capex is targeted at slightly over $200mn which will require significant funding being arranged by Talaxis/Noble
- Noble been experiencing travails in the marketplace since 2015 as a legacy of the long commodity slump
- The Rare Earth space is not out of the woods yet and is only as fragile, or as strong, as the reactivation in the broader mining markets

Full report is available via Capital Network website
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Mkango Resources Ltd Timeline

Related Researches

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September 11 2018

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April 17 2019


  • New image and impetus from an overhauled management team
  • Company is refocused on African projects
  • Earning in on projects in Cameroon - a relatively new frontier
  • Potential revenue streams from legacy Turkish project portfolio
  • A major as a joint venture (JV) partner in Senegal in the form of IAMGOLD
  • Africa is again being seen by investors as the most prospective and least explored territory in the mining universe
  • Cash stood around £1.3mln at the end of December, with another £0.5mln due in from the taxman in the near future


This company may be familiar to many investors under its previous guise as Stratex International, when its focus was as a hybrid developer/project generator, with a strong bias towards Turkey.


Now Oriole Resources PLC is primarily an exploration company, operating in Africa and Europe but with some legacy exposure through investment in, and royalties on, the projects it incubated in Turkey since its listing in 2006.


Oriole is focused on early-stage gold exploration in Cameroon and the more advanced Dalafin gold project in Senegal, where Iamgold has the option to spend US$8mln to earn a 70% interest.


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