Mr. Alexander Lemon reports

MKANGO RESOURCES LIMITED ANNOUNCES APPOINTMENT OF COHEN & CO AS USA FINANCIAL ADVISOR

Pursuant to the strategic review for the Songwe Hill rare earth project in Malawi and the Pulawy rare earth separation plant in Poland announced on March 25, 2024, Mkango Resources Ltd.'s 100-per-cent-owned subsidiary, Lancaster Exploration, has appointed Cohen & Co. Capital Markets, a division of J.V.B. Financial Group LLC, as financial adviser, encompassing U.S. listing, mergers and acquisitions, strategic and other financial advice, and Welsbach Corporate Solutions LLC-FZ as supply chain adviser.

Cohen is a New York based independent investment and merchant banking group, which has established itself as a leading adviser to companies across the rare earth elements ecosystem. The firm has guided both upstream producers and downstream processors through a range of strategic initiatives and transformative transactions critical to securing the global rare earth supply chain.

Cohen & Co. Capital Markets is a trusted adviser to leading companies in the sector, acting as:

• Exclusive financial adviser, lead capital markets adviser and placement agent to USA Rare Earth LLC on its announced $870-million (U.S.) business combination with Inflection Point Acquisition Corp. II;
• Exclusive financial adviser, lead capital markets adviser and placement agent to Plum Acquisition Corp. III on its announced $589-million (U.S.) business combination with Tactical Resources Corp.;
• Financial adviser, capital markets adviser and placement agent to Sizzle Acquisition Corp. on its closed $838-million (U.S.) business combination with Critical Metals Corp. and as financial adviser to Critical Metals on its acquisition of the Tanbreez Greenland rare earth mine;
• Exclusive financial adviser and lead capital markets adviser to Stardust Power Inc. on its closed $493-million (U.S.) business combination with Global Partner Acquisition Corp. II.

Alexander Lemon, president of Mkango, stated: "We are very excited to appoint Cohen as our financial adviser in the USA for Songwe and Pulawy. This comes at a pivotal time in Mkango's development; against the backdrop of transformational changes in the rare earth sector, we very much look forward to working with Cohen to position the company strategically to significantly increase value for our shareholders."

Brandon Sun, managing director of Cohen, stated: "The rare earth sector is at an inflection point, at the intersection of investor, strategic and retail interest given regulatory tailwinds and secular long-term demand. Mkango will be a major beneficiary going forward, and we are privileged to have the opportunity to drive the growth and capital formation process for the Songwe and Pulawy platform."

Daniel Mamadou, director of Welsbach, stated: "As the global demand for critical materials continues to rise, the rare earths supply chain faces unprecedented pressure to meet the needs of key industries such as renewable energy, electric vehicles and advanced technologies. This demand underscores the urgent need for additional diversification in sourcing these essential elements. Today, the supply of rare earths is heavily concentrated in a few regions, creating vulnerabilities that can disrupt the entire value chain. To build resilience and ensure a stable supply, it is imperative that sourcing efforts are expanded to include new geographies and emerging producers."

About Mkango Resources 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 per cent by Mkango and 20.6 per cent by Cotec, 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 as well as the Pulawy rare earth separation project in Poland.

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