Mkango Resources Ltd - Vancouver-based mineral explorer and developer with exploration portfolio in Malawi - Reduces executive management salaries by between 25% and 50% each from April through to September this year. Says this is part of its cost-cutting initiatives and complementary to its £750,000 private placement announced on April 11. Explains that cutting executive pay ‘conserves additional working capital to advance the company’s assets’. Board has also ‘implemented a bonus scheme in the form of shares to incentivise the executive management team’. Mkango notes that non-executive directors, including Non-Executive Chair Derek Linfield, have been foregoing remuneration since January 1.

Chief Executive William Dawes says: ‘With development of the recycling operations gathering momentum globally...Mkango’s executive management team are happy to be incentivized for a significant portion of our compensation. We firmly believe in the long-term robust economics and growth potential offered through our investment in HyProMag and the complementary recycling routes being developed by Mkango Rare Earths UK.’

Current stock price: 7.05 pence, up 1.4% in London on Friday

12-month change: down 31%

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