Mkango Resources Ltd. and CoTec Holdings Corp. provided an update on the roll-out of HyProMag's rare earth magnet recycling technology into the United States. These key inputs will be further explored and optimized during the completion of the Feasibility Study.

The basis of design, product suite and operating parameters for the United States operations will be further confirmed, refined and de-risked as the recycling and magnet manufacturing facilities are commissioned and production commences at Tyseley Energy Park in the United Kingdom. First production of rare earth magnets from Tyseley is targeted for this year. HPMS technology was developed at the University of Birmingham, underpinned by approximately USD 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. Maginito is a UK based Company owned 79.4% by Mkango and 20.6% by CoTec. It is focused on developing green technology opportunities in the rare earths supply chain, encompassing neodymium (NdFeB) magnet recycling as well as innovative rare earth alloy, magnet, and separation technologies.

Maginito holds a 100% interest in HyProMag and a 90% 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, and a 100% interest in Mkango Rare Earths UK Ltd. ("Mkango UK"), a company focused on long loop rare earth magnet recycling in The UK via a chemical route. This integrated Mine, Refine, Recycle strategy differentiates Mkango from its peers, uniquely positioning the Company in the rare earths sector. Mkango is developing its Songwe Hill rare earths project ("Songwe") in Malawi with a Definitive Feasibility Study completed in July 2022 and an Environmental, Social and Health Impact Assessment approved by the Government of Malawi in January 2023.

In parallel, Mkango and Grupa Azoty PULAWY, Poland's leading chemical have agreed to work together towards development of a rare earth separation plant at Pulawy in Poland (the "Pulawy Separation Plant") to process the purified mixed rare earth carbonate produced at Songwe Hill. Such factors and risks include, without limiting the foregoing, the availability of (or delays in obtaining) financing to develop HyProMag US's operations, Songwe Hill, the Tyseley Recycling Plant, the HyProMag GmbH Recycling Plant, the Mkango UK Pilot Plant, the Pulawy Separation Plant, governmental action and other market effects on global demand and pricing for the metals and associated downstream products for which Mkango is exploring, researching and developing, geological, technical and regulatory matters relating to the development of Songwe Hill, the ability to scale the HPMS and chemical recycling technologies to commercial scale, competitors having greater financial capability and effective competing technologies in the recycling and separation business of Maginito and Mkango, availability of scrap supplies for Maginito's recycling activities, government regulation (including the impact of environmental and other regulations) on and the economics in relation to recycling and the development of the Tyseley Recy recycling Plant, the HyProMagGmbH Recycling Plant. The HyProMag GmbH recycling Plant, the Hy ProMag GmbH Recy recycling Plant, the Mkango UK pilot Plant, the HyProMag gmbH Recycling Plant., the HyProMag Gmb H Recycling Plant, theHyProMag GmbH RecYcling Plant, the HyPro Mag GmbH Recycling plant, the HyProMag GMBH Recycling Plant, and HyProMag GmbHRecycling Plant, the HyproMag GmbH Recy cycling Plant, the HyProMag MmbH Recycling Plant and are ongoing.