MKANGO RESULTS OF AGM AND EXERCISE OF CALL OPTION

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Vancouver

BC V6C 0A3

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MKANGO ANNOUNCES RESULTS OF ANNUAL GENERAL MEETING

EXERCISE OF CALL OPTION - EIT RAW MATERIALS

London / Vancouver: November 26, 2024 - Mkango Resources Ltd. (AIM/TSX-V: MKA) ("Mkango) announces that at its Annual General Meeting ("AGM") held today all resolutions were duly passed. Furthermore, in accordance with the Put and Call Option Agreement entered into between Mkango and EIT RawMaterials GmbH dated 12 August 2024, Mkango announces that it is exercising its call option as of today, 26 November 2024, to acquire the 6 shares in Mkango Polska with a nominal value of PLN 50 each, currently held by EIT RawMaterials. To settle the agreed purchase price of EUR 200,000 and PLN 300, Mkango Resources Limited will issue 2,041,855 Mkango shares, calculated based on a price of CAD 0.145 per share.

AGM Results

All business put forth at the Meeting was approved by shareholders of the Company, including:

• the election of Derek Linfield, William Dawes, Alexander Lemon, Philipa Varris, Susan Muir and Shaun Treacy as Directors of the Company;
• appointment of MNP LLP as auditors of the Company and authorising the Directors to fix their remuneration; and
• approval of the Company's amended stock option plan, amended Enterprise Management Incentive (EMI) plan and amended Restricted Stock Unit (RSU) plan in accordance with the policies of the TSX Venture Exchange.

Exercise of Call Option

In accordance with the Put and Call Option Agreement entered into between Mkango Resources Limited and EIT RawMaterials GmbH ("EITRM") announced 21 August 2024, Mkango announces that it is exercising its call option as of today, 26 November 2024, to acquire the 6 shares in Mkango Polska with a nominal value of PLN 50 each, currently held by EIT RawMaterials. To settle the agreed purchase price of EUR 200,000 and PLN 300, Mkango Resources Limited will issue 2,041,855 Mkango shares ("Settlement Shares"), calculated on a price of CAD 0.145 per share.

Issuing Settlement Shares

The Settlement Shares are expected to be issued on or around 5 December 2024 and is subject to the receipt of the approval of the TSX-V, and admission of the Placement Shares to trading on AIM.

The Settlement Shares will rank pari passu with the Company's existing shares and application will be 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 8:00 am on or around 5 December 2024. The Placement 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 Placement Shares, and will also be listed for trading on the TSX-V.

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 297,078,761 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.

About Mkango Resources Ltd.