Mkango Resources (LON:MKA) Stock Price Up 14.6% – Should You Buy?

Mkango Resources Ltd. (LON:MKA) shot up 14.6% on Tuesday . The stock traded as high as GBX 15.45 ($0.20) and last traded at GBX 13.75 ($0.18). 7,033,039 shares changed hands during trading, an increase of 271% from the average session volume of 1,894,912 shares. The stock had previously closed at GBX 12 ($0.15).

Mkango Resources Trading Down 5.8 %

The business has a 50-day moving average of GBX 10.32 and a two-hundred day moving average of GBX 8.24. The firm has a market cap of £51.27 million, a P/E ratio of -15.47 and a beta of 2.17.

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.