Mkango Resources (LON:MKA) Stock Price Up 9.1% – Still a Buy?

Mkango Resources Ltd. (LON:MKA)’s stock price rose 9.1% on Friday. The stock traded as high as GBX 39.32 and last traded at GBX 38.20. 3,187,281 shares changed hands during mid-day trading, an increase of 107% from the average daily volume of 1,541,016 shares. The stock had previously closed at GBX 35.

Mkango Resources Stock Up 9.1%

The company’s fifty day simple moving average is GBX 40.25 and its 200 day simple moving average is GBX 41.76. The company has a current ratio of 1.11, a quick ratio of 0.87 and a debt-to-equity ratio of 25.45. The firm has a market capitalization of £148.58 million, a P/E ratio of -8.23 and a beta of 1.73.

Mkango Resources (LON:MKA) last issued its quarterly earnings data on Tuesday, September 1st. The company reported GBX (0.70) EPS for the quarter. Mkango Resources had a positive return on equity of 5,692.08% and a negative net margin of 31,610.42%.

Mkango Resources Company Profile

Mkango’s corporate strategy is to develop new sustainable primary and secondary sources of neodymium, praseodymium, dysprosium and terbium to supply accelerating demand from electric vehicles, wind turbines and other clean technologies. This integrated Mine, Refine, Recycle strategy differentiates Mkango from its peers, uniquely positioning the Company in the rare earths sector.

Mkango released a Feasibility Study for Songwe Hill, Malawi, in July 2022. Malawi is known as “The Warm Heart of Africa”, a stable democracy with existing road, rail and power infrastructure, and new infrastructure developments underway.

In parallel, Mkango recently announced that Mkango and Grupa Azoty PULAWY, Poland’s leading chemical company and the second largest manufacturer of nitrogen and compound fertilizers in the European Union, have agreed to work together towards development of a rare earth Separation Plant at Pulawy in Poland.