Mr. Alexander Lemon reports

MKANGO RESOURCES LTD. ANNOUNCES THE FILING OF REGISTRATION STATEMENT BY MKANGO RARE EARTHS LIMITED ON FORM F-4 IN CONNECTION WITH PROPOSED BUSINESS COMBINATION

On May 20, 2026, Mkango Resources Ltd.'s wholly owned subsidiary, Mkango Rare Earths Ltd. (formerly Lancaster Exploration Ltd.), a British Virgin Islands company (MKAR), filed a registration statement on Form F-4 with the U.S. Securities and Exchange Commission (SEC). The filing was made in connection with the previously disclosed proposed business combination contemplated by the business combination agreement dated July 2, 2025, among MKAR, certain other wholly owned subsidiaries of Mkango and Crown PropTech Acquisitions, a Cayman Islands exempted company (CPTK). The Form F-4 includes a proxy statement for the meeting of CPTK shareholders and a prospectus relating to MKAR's common shares and warrants. The proposed business combination was initially announced on July 3, 2025.

The filing of the Form F-4 by MKAR with the SEC marks an important milestone toward the expected completion of the proposed business combination. Subject to the completion of the SEC review process and satisfaction of customary closing conditions, including approval by the shareholders of CPTK, MKAR's common shares and warrants are expected to be listed on the Nasdaq Stock Market under the symbols MKAR and MKARW, respectively, upon the closing of the transaction.

The Form F-4 is also available on the SEDAR+ profile of Mkango. Readers should note that the information contained in the Form F-4 has not yet been declared effective by the SEC and is subject to completion and/or amendment.

The Form F-4 has not been reviewed or approved by any regulatory authority in Canada or the United Kingdom, including any securities commission in Canada, the TSX Venture Exchange, the London Stock Exchange and the Financial Conduct Authority in the United Kingdom. The TSX-V has neither approved nor disapproved the contents of the Form F-4. Neither the TSX-V nor its regulation services provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release. The content of the Form F-4 has not been approved by an authorized person within the meaning of the United Kingdom Financial Services and Markets Act 2000.

No offer of MKAR securities to the public is being made in Canada or the United Kingdom. The Form F-4 does not constitute a prospectus for the purposes of the U.K. Public Offers and Admissions to Trading Regulations 2024 or under any Canadian securities laws.

The Form F-4 discloses technical and scientific information and includes, as an exhibit, a technical report summary, in each case prepared in compliance with applicable requirements in Subpart 1300 of Regulation S-K under U.S. securities laws, which requirements are different from the requirements of National Instrument 43-101, Standards of Disclosure for Mineral Projects, under Canadian securities laws. Canadian readers are encouraged to review the updated technical report of the Songwe Hill rare earth element project in Malawi, which was prepared in compliance with NI 43-101 and filed by Mkango on April 30, 2026, which can be located on the SEDAR+ profile of Mkango.

Mkango also announces that MKAR and CPTK have entered into Amendment No. 2 to the business combination agreement, which, among other things, amends certain definitions and provisions relating to closing and preclosing share issuances by MKAR and to set forth the settlement of intercompany indebtedness through a debt-to-equity exchange by Mkango and MKAR as a condition to the closing of the proposed business combination. A copy of Amendment No. 2 to the business combination agreement can be located on the SEDAR+ profile of Mkango.

About Mkango Resources Ltd.

Mkango is listed on AIM (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 Ltd., which is owned 79.4 per cent by Mkango and 20.6 per cent by Cotec Holdings Corp., and 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 HyProMag's recycling technology into the United States through the 50/50-owned HyProMag USA LLC joint venture company.

Additionally, Mkango, through its 100-per-cent interest in MKAR, owns the advanced-stage Songwe Hill project, a rare earths, uranium, tantalum and niobium exploration portfolio in Malawi, as well as the Pulawy separation project in Pulawy, Poland. Both the Songwe Hill and Pulawy projects have been selected as strategic projects under the European Union Critical Raw Materials Act.

Pulawy, located in a special economic zone in Poland, stands adjacent to the European Union's second-largest manufacturer of nitrogen fertilizers and features established infrastructure, access to reagents and utilities on site.

We seek Safe Harbor.