Lancaster Exploration and Mkango Polska to go public via a SPAC merger with Crown Proptech Acquisitions in a $400m deal.

Lancaster Exploration, a subsidiary of Mkango Resources involved in the Songwe Hill Rare Earths Project in Malawi, and Mkango Polska, a subsidiary of Mkango Resources involved in the development of a rare earth separation plant in Pulawy, Poland, are set to go public via a SPAC merger with Crown Proptech Acquisitions, a Cayman Islands exempted special purpose acquisition company, in a $400m deal. "We are excited to announce the signing of a transformative Business Combination Agreement with CPTK, which I believe marks a pivotal step towards unlocking substantial shareholder value. This transaction is expected to significantly accelerate the growth trajectory of the Mkango group and position us as a key player in the global rare earth supply chain, with a strong emphasis on sustainability and critical industry demand. Partnering with CPTK, an organization that shares our strategic vision and values, enhances our platform for scalable growth and innovation. As we move towards a Nasdaq listing, we believe this combination will catalyse new opportunities, broaden our investor base, and drive long-term value creation," Alexander Lemon, Mkango President.