Mkango Resources (LON:MKA) Sets New 12-Month High - Still a Buy?

Key Points

• Mkango Resources shares reached a new 52-week high of GBX 45 ($0.60), closing at GBX 43 ($0.58) with significant trading volume of over 6.47 million shares.
• The company, which has a market cap of £179.98 million and a P/E ratio of -54.31, focuses on developing sustainable sources of rare earth elements to meet the growing demand from electric vehicles and clean technologies.
• Mkango released a Feasibility Study for its Songwe Hill project in Malawi in July 2022, highlighting its strategic position in the rare earths sector.

Mkango Resources Ltd. (LON:MKA - ) shares reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as GBX 45 ($0.60) and last traded at GBX 43 ($0.58), with a volume of 6470564 shares trading hands. The stock had previously closed at GBX 38.80 ($0.52).

Mkango Resources Trading Up 10.8%

The firm has a market cap of £179.98 million, a P/E ratio of -54.31 and a beta of 2.17. The company's 50 day simple moving average is GBX 24.82 and its 200-day simple moving average is GBX 17.61.

About Mkango Resources

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.

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