Mr. William Dawes reports

MKANGO RESOURCES LIMITED ANNOUNCES EXERCISE OF WARRANTS

Mkango Resources Ltd. has received an exercise notice from a warrantholder to exercise 1.2 million warrants over common shares in the company at a price of five pence per common share. Accordingly, the company will issue 1.2 million common shares to satisfy this exercise.

The warrant shares will rank pari passu with the company's existing shares and application has been made for the warrant shares to be admitted to trading on the AIM (Alternative Investment Market). It is expected that admission will become effective and dealings in the warrant shares will commence at 8 a.m. on or around Oct. 22, 2025. The warrant shares will also be listed for trading on the TSX Venture Exchange.

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 and outstanding share capital will consist of 347,192,907 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.

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, which is owned 79.4 per cent by Mkango and 20.6 per cent by Cotec, 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 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.

We seek Safe Harbor.