MKANGORESOURCESLTD. 550BurrardStreet Suite2900 Vancouver

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MKANGORESOURCESLTD.

550BurrardStreet

Suite2900

Vancouver

BCV6C0A3

Canada

MKANGORELEASESYEAREND2025FINANCIALSTATEMENTSANDFILESNI43-101DEFINITIVEFEASIBILITY

STUDYREPORTFORTHESONGWEHILLRAREEARTHSPROJECTINMALAWI

London/Vancouver:1May2026 -MkangoResourcesLtd(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 period ended 31 December 2025 and has filed on SEDAR+ a Technical Report (the “Report”)

prepared in compliance with National Instrument 43-101 –Standards of Disclosure for Mineral Projects(“NI 43-

101”) in relation to the Definitive Feasibility Study for the Songwe Hill Rare Earths Project in Malawi announced

on 19 March 2026. The Financial Statements, MD&A and the Report are available under the Company's profile

on SEDAR+ (www.sedarplus.com) and on the Company's website (https://mkango.ca/investors/financials/) (in

respectoftheFinancialStatementsandMD&A).

2025HIGHLIGHTSANDRECENTMILESTONES

 Cash position of US$3.1 million as at 31 December 2025. Subsequent to the year end, the Company

raisednetproceedsof£11.7million(approximately$15.5million)throughtheissuanceof37,878,788

commonsharesoftheCompanyatapricepershareof33pence(approximately$0.44).

RareEarthMagnetRecyclingandManufacturingProjects

HyProMagLtd(UK)

 Firstproductionrunsofrecycledneodymiumironboron(“NdFeB”)alloypowderfromthecommercial

scale Hydrogen Processing of Magnet Scrap (“HPMS”) vessel at Tyseley Energy Park (“TEP”) in

Birmingham,UK,wereannouncedinJuly2025,with9.2tonnesproducedtodate,ofwhich7.4tonnes

hasbeenshippedtocustomers.

 TheTEPplantwasofficiallyopenedbyChrisMcDonaldMP,UKMinisterforIndustryintheDepartment

forEnergySecurityandNetZeroandtheDepartmentforBusinessandTradeinJanuary2026.

 Evaluationis underwayforaphasedexpansionofcapacitystartingnextyear, initiallyto100-350 tpa

ofNdFeBalloysandmagnetsandsubsequentlyto1,000tpa.

 Pre-processing of hard disk drives (“HDD”) commenced at TEP utilising the recently commissioned

automatedpre-processingunit,developedandmanufacturedbyInsermaAnoiaS.L.(“InsermaUnit”),

which provides both magnet feedstock for HPMS processing and the opportunity for automated

recoveryofprintedcircuitboardassembliesasperthefollowingvideo: HyProMagUK-InsermaHDD

Pre-processingUnit

 HyProMagisengagingwithmultiplecustomers,withcollaborationsincludingSiemensAG,whichhas

incorporated recycled NdFeB magnets produced by HyProMag into a SIMOTICS servomotor rotor

recentlypresentedatHannoverMesse26asfollows: HannoverMesse26Siemens

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Left: Finished coated recycled NdFeB magnets for prototype demonstrations in medical devices.

Right: Mkango, HyProMag, and University of Birmingham colleagues at the opening ceremony of the magnet

manufacturing facility at TEP.

HyProMagGmbH(Germany)

 First commissioning runs of recycled NdFeB alloy powder from the commercial scale HPMS vessel at

HyProMag’splantsiteinPforzheim,Germany,wereannouncedinApril2026.Thesiteisfullypermitted

forproductionofupto750tonnesperannumofNdFeBmagnetsandalloys.

 TheplantwasofficiallyopenedbytheGermanFederalMinistryforEconomicAffairson28April2026,

with the opening ceremony presided over by Stefan Rouenhoff, Parliamentary State Secretary of the

FederalMinistryforEconomicAffairsandEnergy.

 On 27 April 2026, the bilateral Germany-UK Business Government Forum took place in Berlin, where

Katherina Reiche, Federal Minister for Economic Affairs and Energy of Germany and The Right

Honourable Peter Kyle MP, Secretary of State for Business and Trade for the United Kingdom signed

aJointStatementoncooperationonCriticalRawMaterialswithHyProMagfeaturingexplicitlyinthe

declaration as follows:Joint Statement of the Department for Business and Trade of the United

Kingdom and the Federal Ministry for Economic Affairs and Energy of Germany on cooperation on

CriticalRawMaterials

 Oncefullycommissioned,thePlantwillhaveaminimuminitialcapacityofapproximately100tonnes

per annum of NdFeB increasing to up to circa 350 tonnes per annum with multiple shifts. A further

expansiontoatargeted750tonnesperannumisunderevaluation.

 HyProMag is engaging with multiple customers for NdFeB alloy powder and magnets on an ongoing

basistosupportthescale-upofoperations.

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Left: William Dawes, Chief Executive Officer, Mkango makes closing remarks at the HyProMag opening ceremony

in Pforzheim.

Right: Dignitaries cutting the ribbon at the HyProMag plant opening ceremony in Pforzheim.

HyProMagUSA

 A lease agreement for HyProMag USA’s proposed rare-earth magnet recycling and manufacturing

facility in Dallas-Fort Worth, Texas was signed in December 2025. The site, located at the Ironhead

CommerceCenter,Building1,isstrategicallylocatednexttocriticalinfrastructure,includingtheBNSF

intermodal rail link and the Alliance airport as illustrated in the following fly through video:

https://www.youtube.com/watch?v=xNmJF3Hh1Mk

 In December 2025, HyProMag USA announced expansion of magnet capacity and completion of an

updated Class 2 AACE capital cost estimate as part of Detailed Engineering Design and Value

EngineeringPhaseactivities,whichconfirmedmateriallyimprovedprojecteconomicsandvaluation.

 US$409 million post-tax Net Present Value (“NPV”) and 27.6% real internal rate of return

(“IRR”)basedoncurrentmarketprices

 US$780millionpost-taxNPVand38.7%realIRRbasedonforecastmarketprices

 Concept studies for expansion of the South Carolina and Nevada hubs were announced in January

2026,whichwouldincreasetotalHyProMagUSAmagnetandalloyproductionfrom1,552metrictons

NdFeB to 4,656 metric tons NdFeB per annum, supporting scalable U.S. manufacturing strategy and

reinforcingmomentumtowardsaplannedU.S.publiclisting.

 Greater than $2 billion post-tax NPV and 38.7% real IRR for expanded developments, based

on forecast market prices, support commencement of pre-feasibility studies for the

expansions

 HyProMag USA entered into an agreement with global electronics recycler, Intelligent Lifecycle

Solutions, in July 2025 for feedstock supply and pre-processing site share in Nevada and South

Carolina,withInsermaUnitscommissionedinSouthCarolinainMarch2026.

UpstreamRareEarthsProjects

 MkangofiledaTechnicalReport(the“Report”)underNI43-101inrelationtotheDefinitiveFeasibility

Study(“DFS”)fortheSongweHillRareEarthsProject(“Songwe”orthe“Project”)inMalawi,previously

announced on March 19, 2026. The press release in relation to the DFS update is available to be

downloaded from Mkango’s website via the following link:Mkango Announces Results of Updated

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Feasibility Study for the Songwe Hill Rare Earths Project in Malawi. The Report is available to be

downloadedfromMkango’sprofileonSEDARplus( https://www.sedarplus.ca).

 The Company’s subsidiary Mkango Rare Earth Limited (“MKAR”) has confidentially submitted a draft

registration statement on Form F‑4 to the U.S. Securities and Exchange Commission in connection

with the previously announced proposed business combination with Crown PropTech Acquisitions

(“CPTK”). The implied pro forma valuation of Mkango’s shareholding in MKAR is $400million,

excludingtheeffectsofMKAR’sindebtedness,closingcash,transactionexpenses,certaininvestments

fromCPTK’ssponsorandaffiliate,anynetproceedsfromaPIPEfinancing,andamountsremainingin

CPTK’strustaccount.

 Results of the updated DFS for Songwe were issued in March 2026. Songwe’s post-tax net present

value(“NPV”)isapproximately$339million,usinga10%nominaldiscountrate,withaninternalrate

ofreturn(“IRR”)of24%,paybackperiodof3.4yearsfromstartoffullproductionandpost-taxlife-of-

operationsnominalcashflowof$1.55billion.

 Results of a pre-feasibility study (“PFS”) for the proposed Puławy Rare Earths Separation Plant

(“Puławy”)inPolandwereissuedinMarch2026alongsidetheSongweDFSupdate.Pulawy’spost-tax

NPV is approximately $779 million, using a 10% nominal discount rate, with an IRR of 40%, payback

periodof3.4yearsfromstartoffullproductionandapost-taxlife-of-operationsnominalcashflowof

$4.95billion.

 Applying Adamas Intelligence upside forecastsi, Songwe's post-tax NPV increases to approximately

US$489 million with a nominal IRR of 29%, payback period of 2.9 years from start of full production

and post-tax life-of-operations nominal cash flow of $2.04 billion while Puławy's expanded 100%

neodymium/praseodymium("NdPr")separationcaserisestoapost-taxNPVofapproximatelyUS$892

million and nominal IRR of 43%, payback period of 1.89 years from start of full production and post-

taxlife-of-operationsnominalcashflowof$5.58billion.

 MKAR entered into a Project Development Funding Agreement with the U.S. International

Development Finance Corporation, to secure $4.6 million in reimbursable funding for Songwe in

September2025.ThefundsareexpectedtosupporttheFront-EndEngineeringandDesign(FEED)and

valueengineeringstudies.

 In December 2025, the now Senior Bureau Official leading the U.S. Department of State’s Bureau of

African Affairs, Nick Checker, visited Songwe alongside colleagues from the U.S. Embassy in Malawi

andtheInternationalFinanceCorporation.

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Left: Senior Bureau Official, Nick Checker and Mkango President, Alexander Lemon, at Songwe Hill on a site visit.

Right: Songwe Hill in the background.

AboutMkangoResourcesLtd.

MkangoislistedontheAIMandtheTSX-VStockExchanges.Mkango’scorporatestrategyistobecomeamarket

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 Ltd

(“CoTec”), and to develop new sustainable sources of neodymium, praseodymium, dysprosium and terbium to

supplyacceleratingdemandfromelectricvehicles,windturbinesandothercleanenergytechnologies.

Maginito holds a 100 per cent interest in HyProMag Limited 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

magnetrecyclingintheUKandGermany,respectively,anda100percentinterestinMkangoRareEarthsUKLtd

(“MkangoUK”),focusedonlonglooprareearthmagnetrecyclingintheUKviaachemicalroute.

Maginito and CoTec are also expanding HPMS recycling technology into the United States via the 50/50 owned

HyProMagUSAjointventurecompany.

Mkangocurrentlyowns100%oftheadvancedstageSongweHillrareearthsprojectinMalawiandtheproposed

Puławy rare earths separation plant in Poland. Both the Songwe and Puławy projects have been selected as

StrategicProjectsundertheEuropeanUnionCriticalRawMaterialsAct.SongwehasalsoreceivedDevelopment

Funding from the U.S. International Development Finance Corporation (DFC), the U.S. Government’s

developmentfinanceinstitution,securingUS$4.6millioninreimbursablefundingforFrontEndEngineeringand

Design.MkangosignedaBusinessCombinationAgreementwithCrownPropTechAcquisitionstolisttheSongwe

HillandPuławyrareearthsprojectsonNASDAQviaaSPACMergerunderthenameMkangoRareEarthsLimited.

Formoreinformation,pleasevisit www.mkango.ca

MarketAbuseRegulation(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.

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CautionaryNoteRegardingForward-LookingStatements

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 “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”,occurorbeachieved,orthenegativeconnotationsthereof

includingstatementsregardingMkango’scorporatestrategy.Readersarecautionednottoplaceunduereliance

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,

knownandunknownrisksanduncertainties,bothgeneralandspecific,thatcontributetothepossibilitythatthe

predictions,forecasts,projectionsandotherforward-lookingstatementswillnotoccur,whichmaycauseactual

performance and results in future periods to differ materially from any estimates or projections of future

performanceorresultsexpressedorimpliedbysuchforward-lookingstatements.Suchfactorsandrisksinclude,

without limiting the foregoing, the availability of (or delays in obtaining) financing to develop Songwe Hill and

the proposed Pulawy separation plant in Poland, the ability to secure and maintain valid mining rights, permits

andlicensesinrespectofSongweHillandPulawy,theabilitytoobtainfeedstockforPulawyfromsourcesother

than Songwe Hill, changes to cost of production from what is assumed, unrecognized environmental risks,

unanticipated reclamation expenses, unexpected variations in throughput, grade or recovery rates, failure of

plan,equipmentorprocessestooperateasanticipated,changestoassumptionsastotheavailabilityofelectrical

power and the power rates used in the operating cost estimates and financial analysis, ability to maintain the

social licence to operate, accidents, labour disputes and other risks of the industry, changes to interest rates,

changes to tax rates, ability to secure offtake and supply agreements with the government of Poland, the

potential for the owner of the land on which the proposed Pulawy plant its to be build terminating thee lease,

the ability of Polska to obtain the necessary permits to construct the Pulawy plant, competition from existing

and new competitors, an increase in the global supply of rare earth oxides or dumping, predatory pricing and

other tactics by Mkango’s competitors, the recycling plants being developed by Maginito in the UK, Germany

and the US (the “Maginito Recycling Plants”), governmental action and other market effects on global demand

andpricingforthemetalsandassociateddownstreamproductsforwhichMkangoisexploring,researchingand

developing, geological, technical and regulatory matters relating to the development of Songwe Hill, the ability

toscaletheHPMSandchemicalrecyclingtechnologiestocommercialscale,competitorshavinggreaterfinancial

capability and effective competing technologies in the recycling and separation business of Maginito and

Mkango, availability of scrap supplies for Maginito’s recycling activities, government regulation (including the

impact of environmental and other regulations) on and the economics in relation to recycling and the

developmentoftheMaginitoRecyclingPlantsandPulawy,andfutureinvestmentsintheUnitedStatespursuant

to the cooperation agreement between Maginito and CoTec, cost overruns, complexities in building and

operating the plants, the positive results of feasibility studies on the various proposed aspects of Mkango’s and

Maginito’s activities, political and economic uncertainty in the jurisdictions in which the Company operates and

theimpactofthewarinIran.Theforward-lookingstatementscontainedinthisnewsreleasearemadeasofthe

date of this news release. Except as required by law, the Company disclaims any intention and assumes no

obligation to update or revise any forward-looking statements, whether because 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.

ForfurtherinformationonMkango,pleasecontact:

MkangoResourcesLimited

WilliamDawes AlexanderLemon

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i Recent REO price movements have driven Nd & Pr oxide prices to levels broadly aligned with Adamas Intelligence's Q4

2025basecasepricingreportfor2028andupsidecasefor2030-2031,providingsupportfortheforecastscenario.

ChiefExecutiveOfficer President

[email protected] [email protected]

Canada:+14034445979

www.mkango.com

@MkangoResources

MontfortCommunications

Ann-marieWilkinson,JackHickman

UK:+442035140897

[email protected]

SPAngelCorporateFinanceLLP

NominatedAdviserandJointBroker

CarolineRowe,JenClarke,DevikMehta

UK:+442034700470

AlternativeResourceCapital

JointBroker

AlexWood,KeithDowsing

UK:+442045309160/9177

H&PAdvisoryLimited

JointBroker

AndrewChubb,LeifPowis,JayAshfield

UK:+442079078500

The TSX Venture Exchange has neither approved nor disapproved the contents of this press release. Neither

theTSXVentureExchangenoritsRegulationServicesProvider(asthattermisdefinedinthepoliciesoftheTSX

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.