Mr. William Dawes reports

MKANGO CLOSES POUNDS STERLING3M (C$5.6M) PRIVATE PLACEMENT

Further to its announcement of Sept. 18, 2025, Mkango Resources Ltd. has closed a private placement to raise gross proceeds of three million British pounds (approximately $5.6-million) through the issuance of 10 million common shares of the company at a price per subscription share of 30 pence (approximately 56 cents). The subscription shares are subject to a statutory hold period in Canada expiring on Feb. 3, 2026.

Furthermore, five million warrants (half of one warrant for each subscription share) have been issued. Each whole warrant will entitle the holder to acquire one common share at a price of 45 pence per common share for a period of two years following the closing of the subscription (that is, up until Oct. 2, 2027).

In addition to the subscription shares and warrants, the company has issued an aggregate of 500,000 warrants to Jub Capital Management LLP. Each broker warrant is exercisable for a period of three years with an exercise price of 30 pence (approximately 56 cents) per broker warrant. The warrants and broker warrants (and the underlying shares) are subject to a statutory hold period in Canada expiring on Feb. 3, 2026.

The net proceeds of the subscription, after fees, are 2.8 million British pounds (approximately $5.3-million). The company intends to use the net proceeds of the subscription to finance continuing recycling development costs in Germany and the United Kingdom, and to finance continuing corporate costs.

The private placement remains subject to final acceptance of the TSX Venture Exchange.

Admission to trading on AIM (Alternative Investment Market) and total voting rights

The subscription shares will rank pari passu with the company's existing shares. The shares have been admitted to trading on the AIM.

In accordance with the disclosure guidance and transparency rules (DTR 5.6.1R), the company hereby notifies the market that, immediately following admission of the subscription shares, its issued and outstanding share capital will consist of 345,992,907 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.

The subscription shares will also be listed for trading on the TSX-V and will be subject to a statutory hold period in Canada expiring on Feb. 6, 2026.

About Mkango Resources Ltd.

Mkango is listed on the AIM and the TSX-V. Mkango's corporate strategy is to become a market leader in the production of recycled rare earth magnets, alloys and oxides, through its interest in Maginito Ltd., which is owned 79.4 per cent by Mkango and 20.6 per cent by Cotec Holdings Corp, and to develop new sustainable sources of neodymium, praseodymium, dysprosium and terbium to supply accelerating demand from electric vehicles, wind turbines and other clean energy technologies.

Maginito holds a 100-per-cent interest in HyProMag Ltd. and a 90-per-cent direct and indirect interest (assuming conversion of Maginito's convertible loan) in HyProMag GmbH, focused on short-loop rare earth magnet recycling in the United Kingdom and Germany, respectively, and a 100-per-cent interest in Mkango Rare Earths U.K. Ltd, focused on long-loop rare earth magnet recycling in the United Kingdom through a chemical route.

Maginito and Cotec are also rolling out HPMS (hydrogen processing of magnet scrap) recycling technology into the United States through the 50/50-owned HyProMag USA LLC joint venture company.

Mkango also owns the advanced-stage Songwe Hill rare earths project in Malawi and the Pulawy rare earths separation project in Poland. Both the Songwe and Pulawy projects have been selected as strategic projects under the European Union Critical Raw Materials Act. Mkango has signed a business combination agreement (BCA) with Crown PropTech Acquisitions (CPTK) to list the Songwe Hill and Pulawy rare earths projects on the Nasdaq Stock Market through a special-purpose acquisition company (SPAC) merger. Completion of the SPAC merger is subject to satisfaction of the conditions set forth in the BCA.

We seek Safe Harbor.