MKANGO RESOURCES LTD.

550 Burrard Street

Suite 2900

Vancouver

BC V6C 0A3

Canada

MKANGO RAISES £3.0M (C$5.6M) TO ADVANCE RARE EARTH MAGNET RECYCLING AND MANUFACTURING IN UK AND GERMANY

London / Vancouver: September 18, 2025 - Mkango Resources Ltd. (AIM/TSX-V: MKA) is pleased to announce that it has conditionally raised gross proceeds of £3.0 million (approximately C$5.6 million) through the issuance, on a private placement basis, of 10,000,000 Units of the Company at a price per Unit of 30 pence ("p") (approximately C$0.56) (the "Issue Price") (the "Subscription"). A Unit comprises one common share of the Company (the "Subscription Share") and half of one warrant (the "Warrant"). Each whole Warrant will entitle the holder to acquire one common share at a price of 45p per common share ("Warrant Share") for a period of 2 years following the closing of the Subscription.

William Dawes, Chief Executive of Mkango stated: "We are delighted by the continued support and confidence from our existing shareholders reflected in this £3 million investment. This funding enables continued momentum on the development and scale-up of the rare earth magnet recycling and manufacturing projects in the UK and Germany, and strengthens the balance sheet in a crucial period as we continue to evaluate opportunities for rolling out HyProMag operations in additional jurisdictions and other new growth opportunities. The Company continues to engage with government and grant funding bodies in the USA, Europe and Asia to advance its projects across the rare earth supply chain."

In parallel with development of its recycling and magnet manufacturing businesses, and following the definitive business combination agreement between wholly owned subsidiary, Lancaster Exploration and Crown PropTech Acquisitions announced in July 2025, Mkango is progressing towards the Nasdaq listing of its advanced stage Songwe Hill rare earths project in Malawi and Pulawy separation project in Poland. This will create a publicly traded, vertically integrated, global pureplay rare earths platform, against the backdrop of strong market sentiment in the rare earths sector and focus on development of more robust rare earth supply chains."

The net proceeds of the Subscription after fees are expected to be approximately £2.8 million (approximately C$5.3 million). The issue price equates to a discount of 9.32% and 13.49% to the trailing five-day volume weighted average price ("VWAP") of Mkango's shares on AIM and TSX-V, respectively. The Company intends to use the net proceeds of the Subscription to fund ongoing recycling development costs in Germany and the UK, and to fund ongoing corporate costs.

The Subscription is expected to close on or around 1^st October, 2025 and is subject to the receipt of all necessary approvals including the approval of the TSX-V, and admission of the Subscription Shares to trading on AIM.

The Subscription Shares and Warrant Shares will rank pari passu with the Company's existing shares and an application will be made for the Subscription Shares to be admitted to trading on AIM ("Admission"). It is expected that Admission will become effective, and dealings in the Subscription Shares will commence, at 8:00am on or around 1st October 2025. The Subscription Shares and Warrant 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 Units and will also be listed for trading on the TSX-V, provided that approval of such listing from the TSX-V is obtained.

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 345,992,907 common 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.

In connection with the Subscription, Mkango has agreed to pay, at completion of the Subscription, commissions of 5% in cash and 5% in non-transferable broker warrants with reference to cash raised by Jub Capital Management LLP ("JUB Capital"). In addition, JUB Capital will be entitled to a corporate finance fee of £5,000 (approximately C$9,400). A fee of 1% in cash will payable to SP Angel on any proceeds raised in the transaction that are settled via SP Angel and not a direct subscription with the Company, payable on completion of the Subscription. The broker warrants will have a term of 3 years from issue and an exercise price of 30 p (approximately C$0.56). The total number of broker warrants to be issued on completion of the Placing is 500,000. Payment of the commissions to the brokers (and issuance of the broker warrants and the common shares issuable pursuant to exercise of the broker warrants) is subject to acceptance of the TSX-V. The common shares issuable pursuant to exercise of the broker warrants 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 broker warrants.

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 Limited ("Maginito"), which is owned 79.4 per cent by Mkango and 20.6 per cent by CoTec Holdings Corp ("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 Ltd. 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 Business Combination Agreement ("BCA") with Crown PropTech Acquisitions ("CPTK") to list the Songwe Hill and Pulawy rare earths projects on NASDAQ via a SPAC Merger. Completion of the SPAC Merger is subject to satisfaction of the conditions set forth in the BCA.

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, receipt of TSX-V approval for the Subscription, 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 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. Forward-looking statements also include statements regarding the expected benefits of the BCA and the SPAC Merger. The forward-looking statements are based on the current expectations of the respective management teams of CPTK and Mkango as applicable, and are inherently subject to uncertainties and changes in circumstance and their potential effects. There can be no assurance that future developments will be those that have been anticipated. 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.

For further information on Mkango, please contact:

Mkango Resources Limited

William Dawes                                   Alexander Lemon

Chief Executive Officer                  President

will@mkango.ca                               alex@mkango.ca

Canada: +1 403 444 5979

www.mkango.ca

@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 20 4530 9160/9177

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.