Mr. William Dawes reports

MKANGO MAGNETIC MATERIALS LIMITED ANNOUNCES FILING OF AMENDED FORM F-4

Mkango Magnetic Materials Ltd.'s (formerly Mkango Resources Ltd.) wholly owned subsidiary, Mkango Rare Earths Ltd. (formerly Lancaster Exploration Ltd.) (MKAR), filed an amendment to its registration statement on Form F-4 with the United States Securities and Exchange Commission (the SEC) on Sept. 29, 2026, in connection with the proposed business combination between MKAR and Crown PropTech Acquisitions (OTC: CPTKW)(CPTK), initially announced on July 3, 2025.

The amended form F-4 comprises a preliminary proxy statement of CPTK and a preliminary prospectus of MKAR in respect of the common shares and warrants to be issued in the proposed business combination. A copy of the amended form F-4 is available on EDGAR, and will be filed under Mkango's profile on SEDAR+. The amended form F-4 has not yet been declared effective by the SEC and the information it contains is subject to completion or amendment. Subject to completion of the SEC review process and satisfaction of customary closing conditions, including approval by CPTK's shareholders, MKAR's common shares and warrants are expected to list on Nasdaq under the symbols MKAR and MKARW on closing.

The amended form F-4 has not been reviewed or approved by any Canadian or United Kingdom regulatory authority, does not constitute a prospectus under Canadian or United Kingdom securities laws, and does not constitute an offer of securities in those jurisdictions. The content of the amended form F-4 has not been approved by an authorised person within the meaning of the United Kingdom Financial Services and Markets Act 2000. Technical and scientific information in the amended form F-4 has been prepared in accordance with Regulation S-K under United States securities laws, which differs from Canadian National Instrument 43-101. Canadian readers are referred to Mkango's updated technical report on the Songwe Hill rare-earth element project in Malawi, filed on SEDAR+ on April 30, 2026.

About Mkango Magnetic Materials Ltd.

Mkango is listed on the Alternative Investment Market and the TSX Venture Exchange stock exchanges. 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 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., 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 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. MKAR has signed a business combination agreement with CPTK to list the Songwe Hill and Pulawy rare-earths projects on Nasdaq via a SPAC merger under the name Mkango Rare Earths Ltd.

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