Mr. William Dawes reports

MKANGO RESOURCES LIMITED RELEASES FIRST ENVIRONMENTAL SOCIAL GOVERNANCE REPORT

Mkango Resources Ltd. has published its inaugural environmental, social and governance (ESG) report for the year 2022. This report has been prepared, to the extent applicable for the current phase of operations, in accordance with the Global Reporting Initiative Standards ("GRI") 'Core' option and is accompanied by a wider set of disclosures on Mkango's sustainability performance.

2022 ESG highlights include:

• IFC compliant ESHIA completed and approved by Malawian Environmental Protection Agency (MEPA)
• In depth stakeholder engagement completed for ESHIA safely despite Covid-19
• Streamlined business structure further enabling Mine, Refine and Recycle Strategy
• CSR spend to date of US$406,000 from inception to 31 December 2022

The disclosure standards and frameworks, including the United Nations Global Compact, Sustainability Accounting Standards, Board Metals and Mining Sustainability Accounting Standard, and the Mining Local Procurement Reporting Mechanism, continue to inform and guide Mkango's sustainable transition from an explorer to a developer and demonstrates the Company's commitment to transparent business conduct and its work to manage potential social and environmental impacts. Please follow this link to the ESG report on the Company's website https://mkango.ca/site/assets/files/4152/mkango_esg_report_web12-11-23.pdf

Alexander Lemon, Mkango President, commented: "I am delighted to publish our inaugural ESG Report. As countries around the world move towards climate-smart economies, there is growing recognition of the importance of the natural and social environment within global society. As we develop the Songwe Hill rare earth project, we are meeting the challenge of managing these precious shared resources, including water, biodiversity, land and air, and in the future will be producing rare earth minerals that are vital to the world's low-carbon transformation. The sustainable development of Songwe Hill in Malawi is an example of where we can make a meaningful contribution to the economic, social and sustainable development of an emerging economy and its people. Mkango is committed to creating lasting value for future generations. We are building a business that is designed to create value for all stakeholders for many years to come."

On Friday 10th November, Hon. Monica Chang'anamuno Minister of Mines for Malawi and a large government delegation visited the Songwe Hill rare earth project. The Hon. Minister was impressed with all of the work that had been completed at the project site to date and indicated that the Ministry of Mines would sign the mining development agreement before the end of 2023.

About Mkango

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.

Mkango is developing its Songwe Hill rare earths project ("Songwe Hill") in Malawi with a Feasibility Study completed in July 2022 and an Environmental, Social and Health Impact Assessment approved by the Government of Malawi in January 2023. Malawi is known as "The Warm Heart of Africa", a stable democracy with existing road, rail and power infrastructure, and new infrastructure developments underway.

In parallel, Mkango and Grupa Azoty PULAWY, Poland's leading chemical company and the second largest manufacturer of nitrogen and compound fertilizers in the European Union, have agreed to work together towards development of a rare earth Separation Plant at Pulawy in Poland (the "Pulawy Separation Plant"). The Pulawy Separation Plant will process the purified mixed rare earth carbonate produced at Songwe Hill.

Through its 79.4% ownership of Maginito Limited ("Maginito") (www.maginito.com), Mkango is also developing green technology opportunities in the rare earths supply chain, encompassing neodymium (NdFeB) magnet recycling as well as innovative rare earth alloy, magnet, and separation technologies.

Mkango also has an extensive exploration portfolio in Malawi, including the Mchinji rutile exploration project, the Thambani uranium-tantalum-niobium-zircon project and Chimimbe nickel-cobalt project.

We seek Safe Harbor.