Mr. William Dawes reports

MKANGO RELEASES Q1 2023 FINANCIAL STATEMENTS AND AWARDS SHARE OPTIONS AND RSUS

Mkango Resources Ltd. has released the financial statements and management's discussion and analysis for the three-month period ending March 31, 2023. The reports are available under the company's profile on SEDAR and on the company's website.

Furthermore, the company announces that, subject to regulatory approval, Mkango has granted 3.35 million stock options over 3.35 million common shares of the company to directors, officers, employees and consultants of the company in accordance with the company's existing option plans.

The options have an exercise price of 20.25 cents per common share, being the same price at the equity placing announced on Feb. 13, 2023. The options will vest over the next two years and are valid for a period of 10 years from the date of the grant. Furthermore, certain options will, subject to certain exceptions, only vest if the company has finalized the mining development agreement (MDA) in Malawi and secured the mining licence for the Songwe Hill rare earths project.

Of these options, 1,775,000 are granted to directors and officers in accordance with the company's stock option plans. Details of the options being issued to directors and PDMRs (persons discharging managerial responsibilities) are set out herein.

The company has also issued 575,000 restricted share units (RSUs) to Will Dawes and Alexander Lemon (287,500 restricted share units each). Each RSU is exchangeable, on vesting, for one common share of the company. In addition to the normal vesting condition contained in the RSU plan, these RSUs will not vest until the MDA is finalized and the mining license is secured.

Following this grant of options and RSUs, the total number of ordinary shares under option is 24,125,000, representing 9.9 per cent of the company's total issued share capital.

About Mkango Resources Ltd.

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 is listed on the Alternative Investment Market of the London Stock Exchange and the TSX Venture Exchange.

We seek Safe Harbor.