Mr. William Dawes reports

MKANGO RESOURCES LIMITED ANNOUNCES MANAGEMENT CHANGES AND APPOINTMENT OF IR ADVISOR

Mkango Resources Ltd. has appointed Tim Slater to the role of interim chief financial officer, as Robert Sewell steps down from the role with immediate effect.

Mr. Slater, who was interim CFO at Mkango from January, 2020, to June, 2022, is a chartered accountant and former partner of Shaw Gibbs, a top 50 accountancy firm. He has over 15 years of experience in the mining sector, acting as interim CFO for a number of listed companies. Mr. Slater will remain in post until a permanent replacement for Mr. Sewell is appointed.

Mr. Sewell will remain as a consultant to Mkango to assist with an orderly transition. In connection with Mr. Sewell's resignation, 2,038,589 restricted share units will vest, converting to shares in the company.

The company is also pleased to announce the appointment of Scott Beattie as senior adviser, corporate development.

Mr. Beattie is a senior business development and finance executive with over 25 years of experience originating and executing complex cross-border transactions across multiple sectors. He has a strong record of structuring and delivering capital raises, strategic partnerships, acquisitions and advisory mandates, leveraging long-standing relationships with banks, institutional investors and corporates. His network and execution experience have supported growth initiatives across both developed and emerging markets.

Appointment of investor relations adviser

Mkango has also appointed Montfort Communications Ltd., an international communications consultant. Montfort will provide strategic communications and investor relations support to Mkango. Montfort is a leading public relations firm based in London, England. Montfort currently holds no securities of Mkango, however, Montfort may from time to time acquire or dispose of securities of the company through the market, privately or otherwise, as circumstances or market conditions warrant and in accordance with applicable securities laws. As consideration for the services to be provided, Montfort will receive cash compensation in the amount of 5,000 pounds sterling per month for three months and an administration fee equal to 8 per cent of the cash compensation. The appointment of Montfort is subject to the approval of the TSX-V.

Derek Linfield, chairman of Mkango, commented:

"We are very pleased that Tim Slater has agreed to rejoin the Mkango team as interim CFO. Tim returns at a pivotal point in the company's history as it proceeds towards a listing on NasDAQ of the company's subsidiary, Mkango Rare Earths Ltd.

"The addition of Scott to the team will allow us to accelerate development of existing and new opportunities in the sector.

"We would like to thank Rob for his contribution and wish him well with his future endeavours."

About Mkango Resources Ltd.

Mkango is listed on the Alternative Investment Market 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 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 U.K. via a chemical route.

Maginito and CoTec are also rolling out HPMS recycling technology into the United States via 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 with Crown PropTech Acquisitions (CPTK) to list the Songwe Hill and Pulawy rare-earths projects on Nasdaq via a SPAC (special purpose acquisition company) merger under the name Mkango Rare Earths Ltd.

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