Mkango Resources (LON:MKA) Shares Up 12.2% – Time to Buy?

Mkango Resources Ltd. (LON:MKA) shares shot up 12.2% during mid-day trading on Monday . The stock traded as high as GBX 11.24 ($0.15) and last traded at GBX 11.19 ($0.14). 2,100,973 shares were traded during trading, an increase of 12% from the average session volume of 1,869,718 shares. The stock had previously closed at GBX 9.97 ($0.13).

Mkango Resources Price Performance

The firm has a market capitalization of £46.84 million, a PE ratio of -14.13 and a beta of 2.17. The company’s fifty day simple moving average is GBX 10.13 and its 200-day simple moving average is GBX 7.97.

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.