Took a wonderful month off of this platform to enjoy the summer - delighted to see this major update from #MKA on the progress of the $MKAR NASDAQ listing, in the fist week back. Two huge positives: 1) Very few changes to the F-4, none of them major or to do with the assets (the Songwe Hill rare earths mine, Malawi; and the Pulawy separation plant, Poland) and proposed operations. I suspect there's been plenty of comms between Crown / MKAR / MKA and the SEC, back and forth, to ensure this is the final version, with effectiveness to follow hopefully very shortly. 2) BlackRock is standing its ground ($4.6m) as an existing investor in Crown. A huge show of support from the world's largest asset manager in Songwe / Pulawy and our mgmt. team. Nothing is ever guaranteed on the markets (particularly so in the world of SPACs!), but my belief is that the business combination agreement completes and MKAR begins trading on NASDAQ in the next couple of months. MKA will hold circa 40m shares in MKAR (and depending on the size of the PIPE - currently pencilled in for $23m but I feel they will upsize it, given great market conditions for such a raise - a 70%-80% stake). At the listing price of $10, that will equate to an equity value of circa $400m. MKA currently has 389m shares in issue. $400m = £296m = 76.1p per share. MKA currently trades at 38p per share. The share price needs to double from here just to be trading in line with MKA's equity value of its soon-to-be-NASDAQ-listed majority-controlled subsidiary. And even if MKA's share price doubles, that would STILL attribute zero value to Mkango's downstream assets - HyProMag, Remloy, Mkango Rare Earths. HyProMag boasts existing nameplate capacity across two fully constructed plants in the UK and Germany of 700 tonnes per annum. The Remloy plant in Germany (also constructed and commissioned) has nameplate capacity of a further 500 tpa. Whilst actual production at all three plants is currently very small (they are all in a slow ramp up phase), the assets themselves are incredibly valuable. It takes years to get the stages these plants are at (concept study, feasibility studies x2, permitting, financing, construction, commissioning, debottlenecking...). Consider this: $USAR acquired Less Common Metals - a UK-based rare earths metal making company - last year for $225m. Its last reported annual revenue was £8.5m. Similarly, this year $UUUU acquired Australian Strategic Materials - whose key asset was its Korean Metals Plant (also rare earths metal making) - for $229m. Its TTM revenue at the time of the acquisition was circa US$7.3m. Using approx. current prices ($60/kg for HyProMag plants; $35/kg for Remloy plant - both my own assumptions), MKA's three plants could be generating a combined circa $60m pa in revenue (with a blended EBITDA margin of circa 40%) once existing nameplate capacity is achieved at all three. The CURRENT value of these three constructed and operational plants to a strategic buyer (namely, the four ex-China REE consolidators - $MP, $USAR, $LYC, $UUUU) is HUGE. And that's before the very many expansion possibilities for the group, not to mention the 40% free carry on HyProMag USA. In the UK, mgmt is looking to expand capacity from 350 tpa to 1,000 tpa; in Germany, from 350 tpa to 750 tpa. They have reiterated in RNSs earlier this week that they are looking at metal making / strip casting operations (seemingly at the Remloy site - which would make the group even more vertically integrated than market leader, MP, given its short-, medium- and long-loop recycling operations that MP does not possess). MKA has also repeatedly stated it is looking to establish HyProMag operations in Japan, South Korea, Canada and possibly in other European nations besides the UK and Germany. And then there's the "up to 10" plants in the US. All of this is possible due to HyProMag's industry-leading PATENTED recycling technology, which opens up colossal, as yet-untapped sources of NdFeB magnets lying dormant in Western nations. I am expecting huge government support, and supply and offtake agreements with tier 1 names to emerge in the coming months - both for HyP USA and for the HyP UK and Germany operations. The valuation disconnect to the international peer group (see image below) is just obscene. Today's news could be the catalyst for MKA's share price to start closing that gap. investegate.co.uk/announceme…