Mr. William Dawes reports

MKANGO MAGNETIC MATERIALS LIMITED ANNOUNCES EXERCISE OF WARRANTS

Mkango Magnetic Materials Ltd. has received an exercise notice from a Mkango warrantholder to exercise 300,000 warrants over common shares in the company, at a price of seven pence per common share. Accordingly, the company will issue 300,000 common shares to satisfy this exercise.

The warrant shares will rank pari passu with the company's existing common shares and application has been made for the warrant shares to be admitted to trading on the Alternative Investment Market (AIM). It is expected that admission will become effective and dealings in the warrant shares will commence at 8 a.m. on or around Oct. 1, 2026. 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 389,253,618 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 Magnetic Materials 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 Ltd., and the Remloy business acquired by its wholly owned German subsidiary, 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 and manufacturing in the United Kingdom and Germany, respectively, and a 100-per-cent interest in Mkango Rare Earths U.K. Ltd (Mkango U.K.), focused on long-loop rare earth magnet recycling in the U.K. via a chemical processing route.

Maginito and CoTec are also expanding HPMS recycling technology into the United States via the 50/50-owned HyProMag USA joint venture company.

Remloy has developed a plant in Bitterfeld, Germany, which recycles end-of-life rare earth magnets via a melting process (medium-loop rare earth magnet recycling) to produce neodymium-iron-boron (NdFeB) alloy powders for the bonded and hot deformed magnet markets, complementary to HyProMag's short loop recycling process, to produce sintered magnets and to Mkango U.K.'s long-loop recycling process, to produce mixed rare earth carbonates and oxides.

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. On grant of the large-scale mining licence, the government of Malawi may elect to take a free 10-per-cent interest in the entity holding that licence. 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 Corporation (DFC), the U.S. government's development finance institution, securing $4.6-million (U.S.) in reimbursable funding for front-end engineering and design. MKAR has signed a business combination agreement with CPTK to list the Songwe Hill and Pulawy rare earths projects on the Nasdaq Stock Market via a SPAC (special-purpose acquisition company) merger under the name Mkango Rare Earths Ltd.

We seek Safe Harbor.