Updated Corporate Presentation

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UPDATED CORPORATE PRESENTATION

London / Vancouver: October 18, 2023 - Mkango Resources Ltd. (AIM/TSX-V: MKA) ("Mkango") is pleased to announce that, following the acquisition of HyProMag Ltd, the corporate presentation has been updated in line with Mkango's vision and strategy of sustainably sourcing rare earths for the green transition. The updated presentation is now available on the Company's website www.mkango.ca.

Mkango Resources also announces that it will be attending the 19th International Rare Earths Conference in San Antonio, U.S., hosted by Metal Events, from October 18-20, 2023.

About Mkango Resources Ltd.

Mkango is developing its Songwe Hill rare earths project ("Songwe") in Malawi with a Definitive Feasibility Study completed in July 2022 and an Environmental, Social and Health Impact Assessment approved by the Government of Malawi in January 2023.

In parallel, Mkango and Grupa Azoty PULAWY, Poland's leading chemical producer have agreed to work together towards development of a rare earth separation plant at Pulawy in Poland (the "Pulawy Separation Plant") to process the purified mixed rare earth carbonate produced at Songwe.

HyProMag Ltd is commercialising rare earth magnet recycling using Hydrogen Processing of Magnet Scrap (HPMS) technology, which can liberate and recycle magnets from end-of-life scrap.

HPMS technology was developed at the University of Birmingham, underpinned by approximately US$100 million of research and development funding, and has major competitive advantages versus other rare earth magnet recycling technologies, which are largely focused on chemical processes but do not solve the challenges of liberating magnets from end-of-life scrap streams - HPMS provides the solution. HyProMag's company presentation can be viewed via the following link: HyProMag Corporate Presentation

Having commissioned the UK's first rare earth magnet recycling pilot plant at the University of Birmingham in 2022, alongside the UK's only facility to make sintered rare earth magnets, HyProMag, together with the University of Birmingham, are developing a large-scale recycling plant at Tyseley Energy Park, Birmingham, with first production by the end of this year and supported with funding from UK Research and Innovation. Investment from Mkango Resources in 2020 helped scale-up and catalyse international growth initiatives, including in Germany, where HyProMag has established a sister company, HyProMag GmbH, and in the U.S. through a new Maginito-CoTec 50:50 joint venture company, with evaluation of other jurisdictions underway. Maginito (79.4% Mkango; 20.6% CoTec) acquired HyProMag in 2023.

About Maginito

Maginito is a UK based Company owned 79.4 per cent by Mkango and 20.6 per cent by CoTec. It is focused on developing green technology opportunities in the rare earths supply chain, encompassing neodymium (NdFeB) magnet recycling as well as innovative rare earth alloy, magnet, and separation technologies.