Mr. William Dawes reports

QUARTERLY RESULTS FOR THE 3 MONTHS ENDING 30 JUNE 2023

Mkango Resources Ltd. has released its financial statements and management discussion and analysis for the six-month period ended June 30, 2023. The reports are available under the company's profile on SEDAR+ and on the company's website.

Furthermore, Mkango has agreed to issue 280,678 shares to Bacchus Capital Advisors Ltd., an arm's-length party to Mkango, in connection with the strategic and financial advisory services provided by Bacchus Capital to the company for the period from April 1, 2023, to June 30, 2023. The value of the shares is equivalent to a monthly retainer of $15,000 (U.S.) for April and May, 2023, and a reduced monthly retainer of $5,000 (U.S.) for June, 2023, and the shares were issued at a deemed price per share of 16.50 cents, based on the closing price of the common shares of Mkango on June 30, 2023, and an exchange rate of $1 (U.S.):$1.3232. Pursuant to the agreement with Bacchus Capital, shares are issuable to it on a quarterly basis, based on the closing price of the shares of Mkango on the last trading day in the applicable quarter. The issuance of the shares to Bacchus Capital remains subject to the approval of the TSX Venture Exchange.

The shares may not be sold through the facilities of the TSX-V or, absent a prospectus exemption, otherwise to a resident of Canada until four months and one day from the date of issue. The shares will rank pari passu with the company's existing shares.

Admission to trading on AIM and total voting rights

Application has been made for the shares to be admitted to trading on the Alternative Investment Market of the London Stock Exchange. It is expected that admission will become effective and dealings in the shares will commence at 8 a.m. on or around Sept. 4, 2023. The shares will also trade on the TSX-V. In accordance with the disclosure guidance and transparency rules (DTR 5.6.1R), the company hereby notifies the market that immediately following admission, its issued share capital will consist of 243,711,543 shares. The company does not hold any shares in treasury. Shareholders may use this figure as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the company under the Financial Conduct Authority's disclosure and transparency rules.

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 AIM and the TSX-V.

We seek Safe Harbor.