Mkango Resources Ltd. will issue 550,000 common shares following the exercise of warrants by a holder at a price of 7 pence per share. The new shares, referred to as Warrant Shares, will rank pari passu with the company's existing shares. This issuance increases the company's capital base while providing liquidity for the warrant holder.

Admission of the Warrant Shares to trading on AIM is expected to become effective at 8:00 am on or around July 27, 2026. The shares will also be listed for trading on the TSX-V. The company has applied for the necessary admission to facilitate these dealings.

Following the admission, the company's issued and outstanding share capital will consist of 387,803,618 shares. Mkango Resources Ltd. confirmed that it does not hold any shares in treasury. This figure serves as the denominator for shareholders to 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.

Share Capital Details

The transaction is subject to the satisfaction of the requirements of the London Stock Exchange for admission and the acceptance of the TSX Venture Exchange for listing. The expected date of admission is subject to change based on these regulatory approvals.

Mkango Resources Ltd. appointed Cavendish Capital Markets Limited as joint corporate broker effective July 9, 2026, to strengthen its capital markets advisory capabilities. Cavendish, a London-based investment bank regulated by the UK Financial Conduct Authority, will work alongside existing brokers Hannam & Partners and SP Angel. The appointment aims to enhance Mkango's access to market intelligence and investor feedback as it advances its rare earths projects.

The agreement stipulates an annual fee of £50,000, payable quarterly from the company's general working capital. This arrangement covers corporate broking, research services, and general market intelligence regarding Mkango's shares. The contract has an initial term of 12 months, with a provision for termination by one month's notice. Cavendish and Mkango confirmed they are unrelated and unaffiliated entities, with Cavendish holding no direct or indirect interest in Mkango's securities.

Mkango's corporate strategy focuses on becoming a market leader in recycled rare earth magnets, alloys, and oxides through its 79.4% ownership of Maginito Limited. The company is developing sustainable sources of neodymium, praseodymium, dysprosium, and terbium to supply the electric vehicle and wind turbine sectors. Maginito holds a 100% interest in HyProMag Limited and a 90% interest in HyProMag GmbH, targeting short-loop recycling in the UK and Germany, respectively.

The company's asset portfolio includes the Songwe Hill rare earths project in Malawi and the proposed Puławy separation plant in Poland. Both projects have been designated as Strategic Projects under the European Union Critical Raw Materials Act. Songwe Hill has secured US$4.6 million in development funding from the U.S. International Development Finance Corporation for Front End Engineering and Design. Additionally, Mkango signed a Business Combination Agreement with Crown PropTech Acquisitions to list these projects on NASDAQ via a SPAC merger.