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Mkango Resources Limited Announces Project Development Funding of US$ 4.6 Million
U.S. International Development Finance Corporation Provides Project Development Funding of US$ 4....
About this update from Mkango Resources Ltd.
[{"type":"text","content":"Mkango Resources Limited Announces Project Development Funding of US$ 4.6 MillionU.S. International Development Finance Corporation Provides Project Development Funding of US$ 4.6 Million to the Songwe Hill Rare Earth Mining Project in Malawi CALGARY, AB / ACCESS Newswire / September 29, 2025 / Mkango Resources Ltd (AIM:MKA)(TSX-V:MKA) (\"Mkango\" or the \"Company\") is pleased to announce that its indirect wholly owned subsidiary, Lancaster Exploration Limited (\"MKAR,\" to be renamed Mkango Rare Earths Limited) has entered into a Project Development Funding Agreement (the \"Agreement\") with the U.S. International Development Finance Corporation (the \"DFC\"), the U.S. government's development finance institution, to secure US$ 4.6 million in reimbursable funding (\"Project Development Funding\") as part of the DFC's Project Development strategy for the Songwe Hill rare earth project in Malawi (\"Songwe Hill\" or the \"Project\").Receipt of the Project Development Funding is subject to satisfaction of certain conditions set out in the Agreement. The funds are expected to support Project Development activities in the form of Front-End Engineering Design (FEED) and value engineering studies. A copy of the Agreement will be filed under the Company's profile on SEDARplus at https://sedarplus.ca/home/.Project Development Funding is to be equally matched by MKAR contributions over the next 18 months. The Funds will need to be repaid to the DFC only if, within ten years of the signing of the Agreement, MKAR obtains financing sufficient to initiate construction, operations, or other material implementation of the Project. Further, for a period until five years after the termination of the Agreement, the DFC will have the right (but not the obligation) to directly provide and/or arrange for financing or investment for the Project on commercial terms substantially comparable to or better than the terms of other financing options available to finance the Project when considered in conjunction with the other benefits brought by DFC to the Project in connection with the Project Development.The DFC's Project Development product is part of the U.S. Better Utilization of Investments Leading to Development (BUILD) Act and provides support for high-impact companies to overcome operational, financial, and developmental challenges, thereby enhanc...