Mkango Resources Ltd. (AIM: MKA; TSXV: MKA) announced on August 19, 2026, that it has received an exercise notice from a warrant holder to exercise 800,000 warrants over common shares. The exercise price is set at 7 pence per common share, resulting in the issuance of 800,000 new common shares to satisfy the obligation.

The new shares will rank pari passu with the company's existing common shares. Application has been made for the shares to be admitted to trading on AIM, with dealings expected to commence at 8:00 am on or around August 25, 2026. The shares will also be listed for trading on the TSX-V.

Share Capital Correction

The company simultaneously announced a correction to the total voting rights figure previously disclosed in its announcement dated July 22, 2026. The correction was made due to a reconciliation error. In accordance with Disclosure Guidance and Transparency Rules (DTR 5.6.1R), Mkango notified the market that immediately following the admission of the new shares, its issued and outstanding share capital will consist of 388,953,618 common shares. The company does not hold any common shares in treasury.

Shareholders are advised to use the corrected figure as the denominator for calculations determining 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.

What the Numbers Show

The correction to the total voting rights figure highlights a discrepancy in prior reporting that has been resolved to ensure compliance with DTR 5.6.1R. The issuance of 800,000 shares represents a specific addition to the total share count, which stands at 388,953,618 post-admission. This precise accounting is critical for shareholders to accurately assess their ownership percentages relative to the total outstanding equity.

Corporate Strategy Context

Mkango's corporate strategy focuses on becoming a market leader in the production of recycled rare earth magnets, alloys, and oxides through its 79.4% interest in Maginito Limited. The company is developing sustainable sources of neodymium, praseodymium, dysprosium, and terbium to supply demand from electric vehicles, wind turbines, and other clean energy technologies.

Key assets include:

• Songwe Hill Rare Earths Project: Located in Malawi, selected as a Strategic Project under the European Union Critical Raw Materials Act. It has received US$4.6 million in reimbursable funding from the U.S. International Development Finance Corporation (DFC) for Front End Engineering and Design.
• Puławy Rare Earths Separation Plant: Proposed in Poland, also selected as a Strategic Project under the EU Critical Raw Materials Act.
• Maginito Operations: Includes HyProMag Limited (UK) and HyProMag GmbH (Germany) for short loop recycling, and Mkango Rare Earths UK Ltd for long loop recycling via a chemical route. Expansion into the United States is underway via a 50/50 joint venture with CoTec Holdings Ltd.

Mkango has signed a Business Combination Agreement with Crown PropTech Acquisitions to list the Songwe Hill and Puławy projects on NASDAQ via a SPAC merger under the name Mkango Rare Earths Limited.

Spreadex Ltd has reduced its aggregate voting rights in Mkango Resources Limited to 2.991300%, falling below the previous level of 3.190300%. The London-based trading platform filed the disclosure under the UK Disclosure and Transparency Rules (DTR) on August 3, 2026, following the threshold crossing date of July 31, 2026. The reduction reflects a strategic adjustment in financial instrument exposure rather than a change in direct equity ownership, signaling a shift in how Spreadex manages its risk or position sizing in the junior gold miner.

The filing reveals that Spreadex’s direct shareholding remained static at 2,504,751 shares, representing 0.645900% of the issuer’s voting rights. The decrease in total influence stemmed entirely from a reduction in financial instruments with similar economic effects to long positions, specifically Cash-settled Contracts for Difference (CFDs) and Swaps. These instruments previously contributed 2.530300% to Spreadex’s voting power but were scaled back to 2.345400%.

Breakdown of Voting Rights

The following table details the composition of Spreadex Ltd’s holdings in Mkango Resources Limited as of the notification date:

Previously, Spreadex held an aggregate position of 3.190300%, comprising the same 0.645900% in direct shares but with a higher exposure of 2.530300% through financial instruments. The total number of voting rights attached to these positions now stands at 11,600,473.

What the Numbers Show

The divergence between stable direct equity ownership and reduced derivative exposure suggests a nuanced positioning strategy. While Spreadex maintains its foundational stake of 2,504,751 shares, the reduction in CFD/Swap contracts indicates a potential de-leveraging or a neutralization of speculative upside bets on Mkango Resources’ stock price. For market observers, this distinction is critical: the trader has not sold underlying assets that would trigger secondary market selling pressure, but has instead adjusted its synthetic exposure. This pattern is common among professional traders managing risk profiles around specific corporate events or broader sector volatility.

Spreadex Ltd, regulated by the UK Financial Conduct Authority (FCA), confirmed it is not controlled by any natural person or other legal entity holding an interest in the issuer. The notification was completed in St. Albans, United Kingdom, and submitted via the Regulatory News Service (RNS), the primary information provider approved by the FCA for such disclosures.