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Mkango Resources Ltd. (LON:MKA) has posted its quarterly results for the three months to March 31, 2020.

The rare earth elements developer ended the period with US$7mln in cash, down from US$9mln as at December 31, 2019, while its net loss grew to US$1mln from US$697,000 in the same period last year.

READ: Mkango surges after announcing the launch of rare earth recycling project

The company, which operates three licences in the Republic of Malawi, said operations for the next 12 months are currently being funded with US$16mln provided by Talaxis, of which the third tranche was received last year.

Mkango announced on Thursday the launch of the Innovate UK grant-funded project, “Rare-Earth Recycling for E-Machines”, to incorporate recycled rare earth magnets into electric vehicles.

Shares rose 6% to 4.4p on Friday before the close.