Mr. Alexander Lemon reports

MKANGO MAGNETIC MATERIALS LIMITED ANNOUNCES EFFECTIVENESS OF FORM F-4 REGISTRATION STATEMENT

The registration statement on Form F-4 (as amended) filed by Mkango Magnetic Materials Ltd.'s wholly owned subsidiary, Mkango Rare Earths Ltd. (formerly known as Lancaster Exploration Ltd.) (MKAR), with the U.S. Securities and Exchange Commission (SEC) has been declared effective by the SEC on Nov. 4, 2026. The Form F-4 was filed in connection with the proposed business combination between MKAR and Crown PropTech Acquisitions (CPTK), initially announced on July 3, 2025.

CPTK expects to commence mailing the definitive proxy statement/prospectus, which was updated from the preliminary proxy statement/prospectus included in the Form F-4, on or about Nov. 5, 2026, to its shareholders of record as at the close of business on Oct. 30, 2026, which is the record date for CPTK's extraordinary general meeting to consider and vote on the proposed business combination and related proposals. The extraordinary general meeting is scheduled to be held on Nov. 25, 2026, at 10 a.m. Eastern Time at CPTK's offices. CPTK public shareholders who wish to request CPTK to redeem their shares for cash upon the consummation of the proposed business combination must submit the applicable request and deliver the shares by 5 p.m. Eastern Time on Nov. 23, 2026 (two business days prior to the vote and the extraordinary meeting), in accordance with the procedures set out in the proxy statement/prospectus.

The proxy statement/prospectus filing by CPTK is available on EDGAR. A substantively equivalent prospectus filing by MKAR is available on EDGAR, is filed under Mkango's profile on SEDAR+ and has been delivered to Mkango as sole shareholder of MKAR. Subject to approval by CPTK's shareholders and satisfaction or waiver of the other closing conditions, including approval of MKAR's listing application by the Nasdaq Stock Market, MKAR's common shares and warrants are expected to list on Nasdaq under the symbols MKAR and MKARW on closing. Nasdaq has not yet approved MKAR's initial listing application, and there can be no assurance that it will do so.

Alexander Lemon, president of Mkango, commented: "The SEC's declaration of effectiveness of the Form F-4 registration statement marks a key milestone in our proposed business combination with Crown PropTech Acquisitions. With the definitive proxy statement/prospectus now being mailed to CPTK shareholders, our focus turns to completing the business combination and listing on Nasdaq of Mkango Rare Earths Ltd. (MKAR), which would hold the Songwe Hill rare earths project in Malawi and the proposed Pulawy rare earths separation plant in Poland."

None of the Form F-4, the proxy statement/prospectus or MKAR's equivalent prospectus filing has been reviewed or approved by any Canadian or United Kingdom regulatory authority, constitutes a prospectus under Canadian or United Kingdom securities laws, or constitutes an offer of securities in those jurisdictions. The content of the filings has not been approved by an authorized person within the meaning of the United Kingdom Financial Services and Markets Act 2000. Technical and scientific information in the filings has been prepared in accordance with Regulation S-K under U.S. securities laws, which differs from National Instrument 43-101, Standards of Disclosure for Mineral Projects. Canadian readers are referred to Mkango's "NI 43-101 Updated Technical Report on the Songwe Hill Rare Earth Element Project in Malawi," with an effective date of June 30, 2025, filed on SEDAR+ on Oct. 26, 2026.

About Mkango Magnetic Materials Ltd.

Mkango is listed on the AIM (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 percent 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 indirect interest 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 United Kingdom through a chemical processing 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.

Remloy has developed a plant in Bitterfeld, Germany, which recycles end-of-life rare earth magnets through 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 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, as has HyProMag GmbH. 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, pursuant to which MKAR, which will hold the Songwe Hill and Pulawy projects, is expected to become listed on Nasdaq, subject to the satisfaction or waiver of closing conditions.

About Crown PropTech Acquisitions

CPTK is a Cayman Islands exempted company incorporated in 2020 as a special-purpose acquisition company for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses.

We seek Safe Harbor.