Mr. William Dawes reports

MKANGO RESULTS OF AGM AND EXERCISE OF CALL OPTION

At Mkango Resources Ltd.'s annual general meeting (AGM) held today all resolutions were duly passed. Furthermore, in accordance with the put and call option agreement entered into between Mkango and EIT RawMaterials GmbH dated Aug. 12, 2024, Mkango announces that it is exercising its call option as of today, Nov. 26, 2024, to acquire the six shares in Mkango Polska with a nominal value of 50 Polish zloty each, currently held by EIT RawMaterials. To settle the agreed purchase price of 200,000 euros and 300 Polish zloty each, Mkango Resources will issue 2,041,855 Mkango shares, calculated based on a price of 14.5 cents per share.

AGM results

All business put forth at the meeting was approved by shareholders of the company, including:

• The election of Derek Linfield, William Dawes, Alexander Lemon, Philipa Varris, Susan Muir and Shaun Treacy as directors of the company;
• Appointment of MNP LLP as auditor of the company and authorizing the directors to fix their remuneration;
• Approval of the company's amended stock option plan, amended enterprise management incentive (EMI) plan and amended restricted stock unit (RSU) plan in accordance with the policies of the TSX Venture Exchange.

Exercise of call option

In accordance with the put and call option agreement entered into between Mkango Resources and EIT RawMaterials GmbH (EITRM) announced Aug. 21, 2024, Mkango announces that itis exercising its call option as of today, Nov. 26, 2024, to acquire the sixx shares in Mkango Polska with a nominal value of 50 Polish zloty each, currently held by EIT RawMaterials. To settle the agreed purchase price of 200,000 euros and 300 Polish zloty each, Mkango Resources will issue 2,041,855 Mkango shares (settlement shares), calculated on a price of 14.5 cents per share.

Issuing settlement shares

The settlement shares are expected to be issued on or around Dec. 5, 2024, and is subject to the receipt of the approval of the TSX Venture Exchange, and admission of the placement shares to trading on AIM (Alternative Investment Market).

The settlement shares will rank pari passu with the company's existing shares and application will be 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 Dec. 5, 2024. The placement shares will be subject to a statutory hold period in Canada expiring on the date that is four months and one day from issuance of the placement shares, and will also be listed for trading on the TSX-V.

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 297,078,761 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 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.