Mkango Closes Private Placement

Suite 2900

Vancouver

BC V6C 0A3

Canada

MKANGO CLOSES PRIVATE PLACEMENT

London / Vancouver: 20 November 2024 - Mkango Resources Ltd. (AIM/TSX-V: MKA) is pleased to announce that further to the Company's announcements of 28 October 2024 and 8 November 2024 , it has now closed its private placement through the issuance of 1,583,332 common shares of the Company (the "Placement Shares") at a price per Placement Share of 6 pence ("p") (approximately C$0.108, using the Bank of Canada exchange rate as of closing on 25 October 2024 of £1:C$1.8005) (the "Private Placement") to management.

Of the total, 666,666 shares have been issued to William Dawes, 666,666 shares to Alexander Lemon and 250,000 shares to Robert Sewell, structured for tax and regulatory reasons as a cash bonus and private placement of the after-tax amounts of the bonus. The value of the after-tax bonus invested in the shares of the Company is £40,000 (C$72,020) for William Dawes and Alexander Lemon, and £15,000 (C$27,008) for Robert Sewell.

Admission to trading on AIM and Total Voting Rights

The Placement Shares will rank pari passu with the Company's existing shares and application has been made for the Placement Shares to be admitted to trading on AIM ("Admission"). It is expected that Admission will become effective and dealings in the Placement Shares will commence at 8:00am on or around 22 November 2024.

In accordance with the Disclosure Guidance and Transparency Rules (DTR 5.6.1R) the Company hereby notifies the market that immediately following Admission of the Placement Shares, its issued and outstanding share capital will consist of 295,036,906 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.

The Placement Shares will also be listed for trading on the TSX-V and will be subject to a statutory hold period in Canada expiring on 20 March 2025.

About Mkango Resources Ltd.