Maginito Completes Acquisition of Pioneering Rare Earth Magnet Recycler Hypromag - Seite 2

Admission to trading on AIM and Total Voting Rights

Application has been made for the Consideration Shares, which will rank pari passu with the existing common shares of no par value each ("Common Shares") of the Company, to be admitted to trading on AIM ("Admission") and it is expected that Admission of the Consideration Shares will become effective and dealings will commence at 8:00 a.m. BST on or around August 4, 2023.

Following the issue of these Placing Shares, the total issued share capital of the Company will consist of 253,172,896 Common Shares. The Company does not hold any Common Shares in Treasury. Therefore, the total current voting rights in the Company following Admission will be 253,172,896 and this figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.

Maginito

Maginito is focused on developing green technology opportunities in the rare earths supply chain, encompassing neodymium (NdFeB) magnet recycling as well as innovative rare earth alloy, magnet, and separation technologies.

As a result of completion of the Transaction, Maginito holds a 100% interest in HyProMag focused on short loop rare earth magnet recycling in the UK, a 90% direct and indirect interest (assuming conversion of Maginito's recently announced convertible loan) in HyProMag GmbH, a company focused on short loop rare earth magnet recycling in Germany, and a 100% interest in Mkango Rare Earths UK Ltd ("Mkango UK"), a company focused on long loop rare earth magnet recycling in the UK via a chemical route. A new US subsidiary, to be jointly owned byMaginito and CoTec, is expected to be formed to develop rare earth recycling opportunities in the United States.

In March 2023, CoTec invested £1.5 million (C$2.6 million) into Maginito, and Maginito and CoTec agreed to collaborate on the commercialisation of downstream rare earth technologies in the United States. Mkango UK was at the same time transferred to become a subsidiary of Maginito. In connection with CoTec's investment, John Singleton, Chief Operating Officer of CoTec, was appointed to the Board of Maginito.

HyProMag

HyProMag was founded in 2018 by the late Professor Emeritus Rex Harris, former Head of The Magnetic Materials Group ("MMG") within the School of Metallurgy and Materials at the University of Birmingham ("UoB"), Professor Allan Walton, current Head of the MMG, and two Honorary Fellows, Dr John Speight and Mr David Kennedy, leading world experts in the field of rare earth magnetic materials, alloys and hydrogen technology, with significant industry experience. The HPMS process for extracting and demagnetising NdFeB alloy powders from magnets embedded in scrap and redundant equipment was originally developed within the MMG and subsequently licenced to HyProMag. The MMG has been active in the field of rare earth alloys and processing of permanent magnets using hydrogen for over 40 years. Originated by Professor Emeritus Rex Harris, the hydrogen decrepitation method, which is used to reduce NdFeB alloys to a powder, is now ubiquitously employed in worldwide magnet processing.