Mr. William Dawes reports

MKANGO CLOSES PRIVATE PLACEMENT

Further to its announcements of Oct. 28, 2024, and Nov. 8, 2024, Mkango Resources Ltd. has now closed its private placement through the issuance of 1,583,332 common shares of the company at a price per placement share of six pence (approximately 10.8 cents, using the Bank of Canada exchange rate as of closing on Oct. 25, 2024, of one British pound to $1.8005) to management.

Of the total, 666,666 shares have been issued to William Dawes, 666,666 shares to Alexander Lemon and 250,000 shares to Robert Sewell, structured for tax and regulatory reasons as a cash bonus and private placement of the after-tax amounts of the bonus. The value of the after-tax bonus invested in the shares of the company is 40,000 British pounds ($72,020) for Mr. Dawes and Mr. Lemon and 15,000 British pounds ($27,008) for Mr. Sewell.

Admission to trading on AIM (Alternative Investment Market) and total voting rights

The placement shares will rank pari passu with the company's existing shares and application has been made for the placement shares to be admitted to trading on AIM. It is expected that admission will become effective and dealings in the placement shares will commence at 8 a.m. on or around Nov. 22, 2024.

In accordance with the disclosure guidance and transparency rules (DTR 5.6.1R), the company hereby notifies the market that, immediately following admission of the placement shares, its issued and outstanding share capital will consist of 295,036,906 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.

The placement shares will also be listed for trading on the TSX Venture Exchange and will be subject to a statutory hold period in Canada expiring on March 20, 2025.

About Mkango Resources 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 Corp., 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 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. HyProMag is also evaluating other jurisdictions, and recently launched a collaboration with Envipro on rare earth magnet recycling in Japan.

Mkango also owns the advanced-stage Songwe Hill rare earth project and an extensive rare earth, uranium, tantalum, niobium, rutile, nickel and cobalt exploration portfolio in Malawi and the Pulawy rare earth separation project in Poland.