Mr. William Dawes reports

MKANGO RESOURCES LIMITED ANNOUNCES APPOINTMENT OF JOINT CORPORATE BROKER

Mkango Resources Ltd. has appointed Cavendish Capital Markets Ltd. as joint corporate broker to the company with immediate effect. Cavendish will work alongside the company's existing joint corporate broker, Hannam & Partners, and nominated adviser and joint corporate broker, SP Angel.

Cavendish is a full-service investment bank and advisory firm headquartered in London and authorized and regulated by the United Kingdom Financial Conduct Authority. Under the terms of the broking agreement, Cavendish will provide corporate broking and research services to the company and provide general market intelligence, feedback on the market's view of the company and on market activity in the company's shares. The agreement provides for an annual fee of 50,000 British pounds, payable quarterly, in connection with the provision of such services, financed from the company's general working capital. The agreement runs for an initial term of 12 months with a one-month notice of termination provision.

Cavendish and Mkango are unrelated and unaffiliated entities. Cavendish has confirmed to Mkango that it does not have any interest, direct or indirect, in any securities of Mkango or a right to acquire any such securities.

About Mkango Resources Ltd.

Mkango is listed on the Alternative Investment Market and the TSX Venture Exchange. 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 Ltd., 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 expanding HPMS (hydrogen processing of magnet scrap) recycling technology into the United States through the 50/50-owned HyProMag USA joint venture company.

Mkango currently owns 100 per cent of the advanced-stage Songwe Hill rare earths project in Malawi and the proposed Pulawy rare earths separation plant in Poland. Both the Songwe and Pulawy projects have been selected as strategic projects under the European Union Critical Raw Materials Act. Songwe has also received development funding from the U.S. International Development Finance Corp. (DFC), the U.S. government's development finance institution, securing $4.6-million (U.S.) in reimbursable funding for front-end engineering and design. Mkango signed a business combination agreement with Crown PropTech Acquisitions to list the Songwe Hill and Pulawy rare earths projects on Nasdaq Stock Market through a special-purpose acquisition company (SPAC) merger under the name Mkango Rare Earths Ltd.

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