Mkango Closes £3m (c$5.6m) Private Placement

Suite 2900

Vancouver

BC V6C 0A3

Canada

MKANGO CLOSES £3M (C$5.6M) PRIVATE PLACEMENT

London / Vancouver: October 6, 2025 - Mkango Resources Ltd. (AIM/TSX-V: MKA) is pleased to announce that further to the Company's announcement of September 18, 2025, it has closed a private placement to raise gross proceeds of £3,000,000 (approximately C$5.6 million) through the issuance of 10,000,000 common shares of the Company (the "Subscription Shares") at a price per Subscription Share of 30 pence ("p") (approximately C$0.56) (the "Subscription"). The Subscription Shares are subject to a statutory hold period in Canada expiring on February 3, 2026.

Furthermore 5,000,000 warrants ("Warrants") (half of one Warrant for each Subscription Share) have been issued. Each whole Warrant will entitle the holder to acquire one common share at a price of 45p per common share ("Mkango Share") for a period of 2 years following the closing of the Subscription (i.e. up until October 2, 2027)

In addition to the Subscription Shares and Warrants, the Company has issued an aggregate of 500,000 warrants ("Broker Warrants") to Jub Capital Management LLP ("Jub Capital"). Each Broker Warrant is exercisable for a period of three years with an exercise price of 30p (approximately C$0.56) per Broker Warrant. The Warrants and Broker Warrants (and the underlying shares) are subject to a statutory hold period in Canada expiring on February 3, 2026.

The net proceeds of the Subscription, after fees, is £2,800,000 (approximately C$5.3 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.

The Private Placement remains subject to final acceptance of the TSX Venture Exchange.

Admission to trading on AIM and Total Voting Rights

The Subscription Shares will rank pari passu with the Company's existing shares. The shares have been admitted to trading on AIM.

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 345,992,907 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.

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 February 6, 2026.

About Mkango Resources Ltd.

Mkango also owns the advanced stage Songwe Hill rare earths project in Malawi ("Songwe") and the Pulawy rare earths separation project in Poland ("Pulawy"). Both the Songwe and Pulawy projects have been selected as Strategic Projects under the European Union Critical Raw Materials Act. Mkango has signed a Business Combination Agreement ("BCA") with Crown PropTech Acquisitions ("CPTK") to list the Songwe Hill and Pulawy rare earths projects on NASDAQ via a SPAC Merger. Completion of the SPAC Merger is subject to satisfaction of the conditions set forth in the BCA.