Exercise Of Warrants

Suite 2900

Vancouver

BC V6C 0A3

Canada

EXERCISE OF WARRANTS

London / Vancouver: 16 July 2025 - Mkango Resources Ltd (AIM / TSX-V:MKA) (the "Company" or "Mkango"), announces that it has received exercise notices from certain Mkango warrant holders to exercise 600,000 warrants over common shares in the Company, at a price of five (5) pence per common share and 5,090,000 warrants over common shares in the Company, at a price of seven (7) pence per common share. Accordingly, the Company will issue 5,690,000 common shares to satisfy this exercise.

The Warrant Shares will rank pari passu with the Company's existing shares and application has been made for the Warrant Shares to be admitted to trading on AIM ("Admission"). It is expected that Admission will become effective and dealings in the Warrant Shares will commence at 8:00 am on or around 21 July 2025.

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 332,742,907 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.

Maginito holds a 100 per cent interest in HyProMag and a 90 per cent direct and indirect interest (assuming conversion of Maginito's convertible loan to HyProMag Germany) in HyProMag Germany, focused on short loop rare earth magnet recycling in the UK and Germany, respectively, and a 100 per cent interest in Mkango Rare Earths UK Ltd ("Mkango UK"), focused on long loop rare earth magnet recycling in the UK via a chemical route.

For more information, please visit www.mkango.caFor more information, please visit www.mkango.ca