Mkango Closes £2.34m (c$4.11m) Private Placement

Suite 2900

Vancouver

BC V6C 0A3

Canada

MKANGO CLOSES £2.34M (C$4.11M) PRIVATE PLACEMENT

London / Vancouver: February 3, 2025 - Mkango Resources Ltd. (AIM/TSX-V: MKA) is pleased to announce that further to the Company's announcement of January 20, 2025, it has closed a private placement to raise gross proceeds of £2,335,000 (approximately C$4.11 million) through the issuance of 29,187,500 common shares of the Company (the "Subscription Shares") at a price per Subscription Share of 8 pence ("p") (approximately C$0.14) (the "Subscription").

Accordingly, 29,187,500 Subscription Shares have now been issued pursuant to the private placement. The Subscription Shares are subject to a statutory hold period in Canada expiring on June 1, 2025.

In addition to the Subscription Shares, the Company has issued an aggregate of 1,459,375 warrants ("Broker Warrants") to the brokers who advised in connection with the Placing. Each Broker Warrant is exercisable for a period of three years with an exercise price of 8p per Broker Warrant. The Broker Warrants (and the underlying shares) are subject to a statutory hold period in Canada expiring on June 1, 2025.

The net proceeds of the Subscription, after fees, are £2,218,250 (approximately C$3.9 million). 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.

Admission to trading on AIM and Total Voting Rights

The Subscription Shares will rank pari passu with the Company's existing shares and application was made for the Subscription Shares to be admitted to trading on AIM ("Admission") and for dealings in the Subscription Shares to commence on January 31, 2025.

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 Subscription Shares, its issued and outstanding share capital will consist of 326,266,261 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 Subscription Shares will also be listed for trading on the TSX-V and will be subject to a statutory hold period in Canada expiring on June 1, 2025.