Mkango Subsidiary, Maginito, and Cotec Appoint Lead Engineers BBA and Pegasus To Complete the Feasibility Study for Hypromag USA - Seite 2

The Feasibility Study will be based on a hub and spoke model using three HPMS vessels and one magnet manufacturing hub which will based in Texas (together the "US Project"). The Feasibility Study will include the completion of detailed engineering designs, as well as permitting and potential site acquisition by the end of 2024, in line with the initial project schedule, which targets initial revenue in 2025/2026. Environment and permiting studies will be supported by US based Weston Solutions, Inc.

Following completion of the Feasibility Study, CoTec and Mkango will make a joint decision as to whether HyProMag USA will proceed with the construction of the US Project. CoTec is responsible for funding the Feasibility Study and the project development costs. Funding provided by CoTec would be in the form of shareholder loans to HyProMag USA.

In parallel, HyProMag USA has also started working on securing US Government funding and strategic partnerships for feed supply and recycled NdFeB magnet offtake.

HyProMag is commercialising HPMS recycling technology in the UK, Germany and United States. HPMS technology was developed at the University of Birmingham, underpinned by approximately US$100 million of research and development funding, and has major competitive advantages versus other rare earth magnet recycling technologies, which are largely focused on chemical processes but do not solve the challenges of liberating magnets from end-of-life scrap streams - HPMS provides the solution. HyProMag's company presentation can be viewed via the following link: HyProMag Corporate Presentation .

About Mkango Resources Ltd.

Mkango is listed on the AIM and the TSX-V. Mkango's corporate strategy is to develop new sustainable sources of neodymium, praseodymium, dysprosium and terbium to supply accelerating demand from electric vehicles, wind turbines and other clean technologies.

Mkango aims to become a market leader in the production of recycled rare earth magnets, alloys and oxides, through its interest in Maginito, which is owned 79.4 per cent by Mkango and 20.6 per cent by CoTec.

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) in HyProMag GmbH, 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.