MKANGO RESOURCES LTD.                                                                                                        

550 Burrard Street                                                                                                                          

Suite 2900                                                                                                                                          

Vancouver                                                                                                                                         

BC V6C 0A3                                                                                                                                        

Canada                                                                                                                                

MKANGO RELEASES Q2 2025 RESULTS

London / Vancouver: 1 September 2025 - Mkango Resources Ltd (AIM / TSX-V:MKA) (the "Company" or "Mkango"), is pleased to announce that it has released the financial statements and management's discussion and analysis ("MD&A") for the 3-month period ending 30 June 2025. The reports are available under the Company's profile on SEDARplus (www.sedarplus.com) and on the Company's website (https://mkango.ca/investors/financials/).

To view the Financial Statements, please click here:

http://www.rns-pdf.londonstockexchange.com/rns/3287X_2-2025-8-29.pdf

To view the Management Discussion and Analysis, please click here:

http://www.rns-pdf.londonstockexchange.com/rns/3287X_1-2025-8-29.pdf

HIGHLIGHTS AND RECENT MILESTONES

·      Cash position of US$1.2 million as at 30 June 2025. After the exercise of 8,340,000 investor warrants since the start of the quarter, there are 16.6 million in-the-money investor warrants outstanding at 7 pence exercise price per warrant.

·      To date, 905 kilograms of recycled Neodymium Iron Boron ("NdFeB") alloy powder has been produced at Tyseley Energy Park and is being prepared for shipment. The operation is currently progressing towards production of finished sintered NdFeB magnets.

·      Development of the scaled-up rare earth magnet recycling and manufacturing plant in Germany is progressing on track for production by the end of the year.

·      On 12 June 2025, HyProMag USA, LLC, a Delaware corporation ("HyProMag USA") received a Make More in America ("MMIA") domestic finance letter of interest from the U.S. Export-Import ("EXIM") Bank for its first integrated rare earth recycling and magnet making facility in Dallas-Fort Worth, Texas. In terms of the letter, EXIM may be able to consider potential financing of up to US$92 million of the project's costs with a repayment tenor of 10 years.

·      On 24 July 2025, HyProMag USA and global electronics recycling company, Intelligent Lifecycle Solutions, LLC entered into a feedstock supply and pre-processing site share agreement. ILS will secure and store NdFeB feedstock from hard disk drives and other sources for HyProMag USA at the ILS pre-processing sites in Williston, South Carolina and Reno, Nevada in advance of the commissioning of HyProMag USA's advanced stage rare earth magnet recycling and manufacturing plant to be located in Dallas-Fort Worth, Texas.

·      On 3 July 2025, Lancaster Exploration BVI and Crown PropTech Acquisitions signed a Business Combination Agreement ("BCA") to create a geographically strategic, pure-play global rare earth platform (expected to be renamed Mkango Rare Earths Limited ("MKAR")). MKAR's strategy is to provide a mined, refined and separated supply of rare earth oxides to supply chains across North America, Europe and Asia. The pro forma value of Mkango's shareholding in  MKAR (excluding its existing recycling businesses) pursuant to the BCA is US$400 million prior to transaction expenses and excluding any net proceeds from a PIPE financing and any amounts available from CPTK's trust account. Transaction proceeds are expected to support MKAR's strategic growth plan, including the development of the Songwe Hill Project and the Pulawy Project. Completion of the proposed business combination is subject to a number of conditions, including but not limited to, the approval of a Nasdaq listing application, approval by Mkango as shareholder of MKAR, approval by the shareholders of CPTK, approval by the TSX Venture Exchange ("TSX-V"), and the satisfaction or waiver of other closing conditions.

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, 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 UK and Germany, respectively, and a 100 per cent interest in Mkango Rare Earths UK Ltd ("Mkango UK"), focused on long loop rare earth magnet recycling in the UK via a chemical route.

Maginito and CoTec are also rolling out HPMS recycling technology into the United States via the 50/50 owned HyProMag USA LLC joint venture company.

Mkango also owns the advanced stage Songwe Hill rare earths project in Malawi ("Songwe") and the Pulawy rare earths separation project in Poland ("Pulawy"). Both the Songwe and Pulawy projects have been selected as Strategic Projects under the European Union Critical Raw Materials Act. Mkango has signed a BCA  with CPTK to list the Songwe Hill and Pulawy rare earths projects on NASDAQ via a SPAC Merger.

For more information, please visit www.mkango.ca

Market Abuse Regulation (MAR) Disclosure

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ('MAR') which has been incorporated into UK law by the European Union (Withdrawal) Act 2018. Upon the publication of this announcement via Regulatory Information Service, this inside information is now considered to be in the public domain.

Cautionary Note Regarding Forward-Looking Statements

This news release contains forward-looking statements (within the meaning of that term under applicable securities laws) with respect to Mkango. Generally, forward looking statements can be identified by the use of words such as "targeted", "plans", "expects" or "is expected to", "scheduled", "estimates" "intends", "anticipates", "believes", or variations of such words and phrases, or statements that certain actions, events or results "can", "may", "could", "would", "should", "might" or "will", occur or be achieved, or the negative connotations thereof. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause actual performance and results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. Such factors and risks include, without limiting the foregoing,  the availability of (or delays in obtaining) financing to develop Songwe Hill, and the various recycling plants in the UK, Germany and the US as well as the separation plant in Poland, governmental action and other market effects on global demand and pricing for the metals and associated downstream products for which Mkango is exploring, researching and developing, geological, technical and regulatory matters relating to the development of Songwe Hill, the various recycling plants in the UK, Germany and the US as well as the separation plant in Poland, the ability to scale the HPMS and chemical recycling technologies to commercial scale, competitors having greater financial capability and effective competing technologies in the recycling and separation business of Maginito and Mkango, availability of scrap supplies for recycling activities, government regulation (including the impact of environmental and other regulations) on and the economics in relation to recycling and the development of the various recycling and separation plants of Mkango and Maginito and future investments in the United States pursuant to the cooperation agreement between Maginito and CoTec, the outcome and timing of the completion of the feasibility studies, cost overruns, complexities in building and operating the plants, and the positive results of feasibility studies on the various proposed aspects of Mkango's, Maginito's and CoTec's activities. The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assume no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. Additionally, the Company undertakes no obligation to comment on the expectations of, or statements made by, third parties in respect of the matters discussed above.

The TSX Venture Exchange has neither approved nor disapproved the contents of this press release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any equity or other securities of the Company in the United States. The securities of the Company will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") and may not be offered or sold within the United States to, or for the account or benefit of, U.S. persons except in certain transactions exempt from the registration requirements of the U.S. Securities Act.

For further information on Mkango, please contact:

Mkango Resources Limited

William Dawes                                           Alexander Lemon

Chief Executive Officer                          President

[email protected]                                       [email protected]

Canada: +1 403 444 5979

www.mkango.com

@MkangoResources

SP Angel Corporate Finance LLP

Nominated Adviser and Joint Broker

Jeff Keating, Jen Clarke, Devik Mehta

UK: +44 20 3470 0470

Alternative Resource Capital

Joint Broker

Alex Wood, Keith Dowsing

UK: +44 (020) 4530 9160/77