Mkango Resources Ltd. and CoTec Holdings Corp. announced that, on May 29, 2022, they signed a non-binding term sheet in relation to a potential £2 million convertible note investment in Mkango bearing 5% interest, a potential £1.5 million equity investment in Maginito, and a co-operation agreement regarding future investments in rare earth processing technology opportunities in the United States. 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.

Maginito holds a 42% interest in U.K. rare earth (NdFeB) magnet recycler, HyProMag with an option to increase its interest to 49%.Hypromag has licensed the patented technology called HPMS (Hydrogen Processing of Magnet Scrap) developed in the Magnetic Materials Group (MMG) at the University of Birmingham. HyProMag's strategy is to establish short loop recycling facilities for NdFeB magnets at Tyseley Energy Park in Birmingham, U.K. (the "Tyseley Recycling Facilities") and other locations to provide a sustainable solution for the supply of NdFeB magnets and alloy powders for a wide range of markets including, for example, automotive and electronics. In November 2021, HyProMag established an 80%-owned subsidiary in Germany, HyProMag GmbH, to rollout commercialisation of HPMS technology into Germany and Europe.

Mkango UK is establishing a pilot plant at Tyseley Energy Park(the "Mkango UK Pilot Plant")to chemically process recycled HPMS NdFeB powder and magnet swarf (i.e. the powder produced from grinding and finishing magnets) from a range of scrap sources including electronic waste, electric motors and wind turbines, complementing the short loop magnet recycling routes being developed in parallel by HyProMag.