Mkango Releases Q2 2025 Results

Suite 2900

Vancouver

BC V6C 0A3

Canada

MKANGO RELEASES Q2 2025 RESULTS

London / Vancouver: 1 September 2025 - Mkango Resources Ltd (AIM / TSX-V:MKA) (the "Company" or "Mkango"), is pleased to announce that it has released the financial statements and management's discussion and analysis ("MD&A") for the 3-month period ending 30 June 2025. The reports are available under the Company's profile on SEDARplus (www.sedarplus.com) and on the Company's website (https://mkango.ca/investors/financials/).

To view the Financial Statements, please click here:

To view the Management Discussion and Analysis, please click here:

HIGHLIGHTS AND RECENT MILESTONES

• Cash position of US$1.2 million as at 30 June 2025. After the exercise of 8,340,000 investor warrants since the start of the quarter, there are 16.6 million in-the-money investor warrants outstanding at 7 pence exercise price per warrant.
• To date, 905 kilograms of recycled Neodymium Iron Boron ("NdFeB") alloy powder has been produced at Tyseley Energy Park and is being prepared for shipment. The operation is currently progressing towards production of finished sintered NdFeB magnets.
• Development of the scaled-up rare earth magnet recycling and manufacturing plant in Germany is progressing on track for production by the end of the year.
• On 12 June 2025, HyProMag USA, LLC, a Delaware corporation ("HyProMag USA") received a Make More in America ("MMIA") domestic finance letter of interest from the U.S. Export-Import ("EXIM") Bank for its first integrated rare earth recycling and magnet making facility in Dallas-Fort Worth, Texas. In terms of the letter, EXIM may be able to consider potential financing of up to US$92 million of the project's costs with a repayment tenor of 10 years.
• On 24 July 2025, HyProMag USA and global electronics recycling company, Intelligent Lifecycle Solutions, LLC entered into a feedstock supply and pre-processing site share agreement. ILS will secure and store NdFeB feedstock from hard disk drives and other sources for HyProMag USA at the ILS pre-processing sites in Williston, South Carolina and Reno, Nevada in advance of the commissioning of HyProMag USA's advanced stage rare earth magnet recycling and manufacturing plant to be located in Dallas-Fort Worth, Texas.
• On 3 July 2025, Lancaster Exploration BVI and Crown PropTech Acquisitions signed a Business Combination Agreement ("BCA") to create a geographically strategic, pure-play global rare earth platform (expected to be renamed Mkango Rare Earths Limited ("MKAR")). MKAR's strategy is to provide a mined, refined and separated supply of rare earth oxides to supply chains across North America, Europe and Asia. The pro forma value of Mkango's shareholding in MKAR (excluding its existing recycling businesses) pursuant to the BCA is US$400 million prior to transaction expenses and excluding any net proceeds from a PIPE financing and any amounts available from CPTK's trust account. Transaction proceeds are expected to support MKAR's strategic growth plan, including the development of the Songwe Hill Project and the Pulawy Project. Completion of the proposed business combination is subject to a number of conditions, including but not limited to, the approval of a Nasdaq listing application, approval by Mkango as shareholder of MKAR, approval by the shareholders of CPTK, approval by the TSX Venture Exchange ("TSX-V"), and the satisfaction or waiver of other closing conditions.

About Mkango Resources Ltd.