MKA Corporate presentation

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Corporate Presentation July 2025 Sustainably Sourced Rare Earths for the Green Transition MINE REFINE RECYCLE Mkango Resources Ltd.

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Spearheading Rare Earth Magnet Recycling Overview First UK Production in July 2025 Kicks off Global Growth Pipeline Ongoing commercialisation of HPMS in UK (underway), Germany (by end 2025) and USA (2027) HyProMag has been spearheading short-loop rare earth magnet recycling and manufacturing since 2018, underpinned by the patented Hydrogen Processing of Scrap (HPMS) Technology, developed at the University of Birmingham and exclusively licenced to HyProMag, a 79.4% subsidiary of Mkango Scalable Technology Solution for Rare Earth Magnet Recycling HPMS solves the separation challenge - economic and energy efficient separation of rare earth magnets from waste streams Recycled Magnet Production with 95% Reduction in CO 2 Footprint HPMS enables short-loop production of recycled rare earth magnets and alloys with an exceptionally low CO2 footprint US$100m of R&D Expenditure with University of Birmingham & Partners Underpins new rare earth hub currently being commissioned at Tyseley Energy Park, Birmingham and global roll-out HPMS Short-loop magnet manufacturingtechnology

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Recycling Technology Roll-Out & Growth Pipeline Overview Rare Earth Magnet Recycling & Manufacturing Mkango RE UK First production runs in UK announced July 2025, first production in Germany targeted by end 2025  Focus on short- loop recycling in UK  Commissioning underway with first production runs July 2025  Initial production 20-25tpa recycled NdFeB scaling up to targeted 100- 350tpa  Further expansion options being evaluated  Focus on short- loop recycling in Germany  First production targeted by end 2025  Targeted production of 100-350tpa recycled NdFeB  Further expansion options being evaluated  Focus on long- loop recycling  Complementary process to short- loop  Pilot plant being commissioned in UK  Production of Nd/Pr and Dy/Tb carbonates and oxides  Strategic options being evaluated  Focus on short- loop recycling in USA  Targeted production of 1,000tpa starting H1 2027  NPV US$262m, IRR 23% at current prices  NPV US$503m, IRR 31% at forecast prices  Detailed engineering underway  Collaboration with Envipro in Japan & UK  Joint marketing of recycling solutions in Japan  Recycling trials in UK and Japan  Analysis of scrap feed and offtake opportunities in Japan  Potential HyProMag recycling technology development in Japan 1Maginito’s interest in HyProMag GmbH will increase to 90% once convertible loan note is converted 100% 80%1 79.4% 100% 50% Mkango RE UK 50% 20.6% Group Structure Mkango will also hold an interest in a new Nasdaq listed company holding the Songwe mining & Pulawy separation assets

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Mining  Awarded Strategic Project status by European Commission  Definitive Feasibility Study completed in July 2022, currenty being updated  Targeting 5,954tpa TREO in mixed rare earth carbonate (MREC)  ESHIA approval received in Jan 2023  Mining Development Agreement signed with Government of Malawi in July 2024  Significant opportunities to reduce OPEX Refining Pulawy Separation Project Poland  Awarded Strategic Project status by European Commission  Underpinned by sustainably- sourced, mixed rare earth carbonate from Songwe and other potential sources  Site adjacent to Grupa Azoty Pulawy fertiliser and chemical plant  Pre-feasibility currently being updated  Production of 2,000 tpa Nd / Pr oxides and 50 tpa Dy / Tb oxides (in SEGH carbonate) Mkango’s Upstream Assets to be Listed on Nasdaq Overview Songwe Hill Rare Earths Project Malawi • Business Combination Agreement (BCA) signed for a SPAC merger with Crown Proptech Acquisitions. • Mkango’s Songwe Hill and Pulawy Projects to be listed on NASDAQ, under the name Mkango Rare Earths Limited (MKAR) • Post transaction, Mkango will be focused on rare earth magnet recycling and manufacturing via its 79.4% in Maginito, whilst retaining a majority interest in MKAR, focused on rare earth mining and separation, and continued opportunities for synergies • Proforma valuation for Mkango’s share of MKAR of $400M • Transaction proceeds will support MKAR’s strategic growth plan - including development of Songwe and Pulawy. • Proposed Business Combination and Nasdaq listing is expected to be completed in the Q4 2025 Transaction streamlines Mkango to focus on downstream technologies, whilst unlocking significant value and facilitating development of its mining and separation assets through access to US capital markets

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Mkango Resources AIM/TSXV: MKA Share Price GBP0.313 /C$0.56 Shares Outstanding 332.7m Market Cap. £103.9m / C$186.3m Major Shareholders Talaxis 20.87 % Stewart Newton 3.55 % Michael Geoghegan 2.91 % Leo Mining & Exploration 2.57 % Derek Linfield 2.42 % 3-year share price p (AIM) Mkango - Capital Structure Corporate Information Major upcoming milestones targeted for 2025  Production scale-up for HyProMag UK recycling and magnet manufacturing plant following first production runs in July 2025  First production for HyProMag Germany recycling and magnet manufacturing plant, targeted by end of 2025  Completion of detailed engineering and development decision for HyProMag USA by end 2025  Listing of Songwe mining and Pulawy separation projects on NASDAQ via SPAC transaction

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Derek Linfield, Non-Executive Chairman Former Managing Partner of Stikeman Elliott (London) LLP, over 18 years’ experience in London with African mining and oil & gas sectors, Former Chairman of Cornish Lithium William Dawes, CEO & Co-founder  BSc in Geology, MSc in Mineral Exploration  30 years' experience in exploration, business development, investment banking at Rio Tinto, Robert Fleming, Chase Manhattan and JP Morgan Susan Muir, NED Over 25 years of capital markets experience in senior investor relations roles and equity research with major Canadian banks. Formerly Vice President, IR, at Barrick Gold and Arizona Mining. Shaun Treacy, NED Strategic and Financial Adviser, 25 years’ experience in corporate finance and investment banking. Former MD of J.P. Morgan, Lehman Brothers, Nomura and UBS. Associate of the Institute of Chartered Accountants. Robert Sewell, Chief Financial Officer  B Comm Hons (Accounting) Chartered Accountant (SA)  20 years' experience in commercial accounting, debt and equity finance, and cash management at Deloitte and AfriTin Mining Alexander Lemon, President & Co-founder  BSc in Geological Sciences, MSc in Mineral Exploration  30 years' experience in exploration, business development, operations management at Allied Commercial, Consolidated Contractors Company Mkango - Board and Management Corporate Information Philipa Varris, NED NED of EnviroGold, over 25 years’ experience globally in ESG and H&S management globally with an MSc in Natural Resources. AusIMM Chartered Environmental Professional and UK Committee member. Formerly Head of Sustainability at Horizonte Minerals. • Implemented early-mover recycling strategy • Track record of growth via partnerships • Advanced rare earth project from exploration to DFS • Significant rare earth expertise

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Rare Earth Magnet Recycling and Manufacturing

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2 HyProMag – Introduction Overview Will Dawes Director HyProMag Ltd, Mkango Prof. Allan Walton Director HyProMag Ltd Dr. John Speight Director HyProMag Ltd Nelson Brito Managing Director HyProMag GmbH Prof. Carlo Burkhardt Director HyProMag GmbH Nick Mann Managing Director HyProMag Ltd David Kennedy Director HyProMag Ltd  Founded in 2018 by leading experts in magnetic materials, recycling and hydrogen technologies  Highly-experienced team o Directors with extensive experience in rare earths, alloys and magnets  HyProMag GmbH was established in 2021 to commercialise in Germany  HyProMag USA joint venture formed to commercialise HPMS in USA, fully funded by CoTec Recycle Corporate Information  Major opportunity for growth in recycling - less than 5% of rare earth magnets are currently recycled from end-of-life products  Key challenge is separation – how do you liberate embedded NdFeB magnets for recycling in a cost effective and energy efficient way?  HyProMag has the solution via its patented Hydrogen Processing of Magnet Scrap (HPMS) technology  The resulting recycled NdFeB can be fed back into multiple points of the supply chain including: o short-loop magnet manufacturing to produce magnets with a significantly reduced carbon footprint o long-loop chemical processing to produce rare earth carbonates and oxides  Commercial production for UK and Germany in 2025, USA in H1 2027  Supported by the Minerals Security Partnership and aligned with the Critical Raw Materials Act Recycle

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 Electronic products are not often designed with end-of- use recycling in mind  Current recycling processes are not suitable for NdFeB magnets  Magnets not recovered during shredding process Magnet Recycling Challenges Recycle Most end-of-life rare earth magnets are not currently recycled 1University of Birmingham/HyProMag 2Axion Hard disk drives Rotor from an automotive drive motor Shredded HDDs Shredded automotive motor

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3. The HPMS Solution Explained Recycle HPMS extracts & demagnetises embedded NdFeB magnets using hydrogen, enabling separation from the scrap stream prior to shredding – the resulting NdFeB powder is then fed back into the supply chain

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Rare earth magnet The HPMS Solution Explained Recycle Rare earth alloy Neodymium oxide powder INSERMA HPMS HPMS SHORT LOOP MEDIUM LOOP LONG LOOP Picture A: E-bike rotor with embedded magnets Picture B: NdFeB liberated from rotor via HPMS

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HPMS / Short Loop – HDD Example Recycle Mixed VCM Feed from HDDs Commercial Grades N40M - N45M Magnets

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Key: N52 N50 N50M N48 N48M N48H N45 N45M N45H N45SH N45UH N42 N42M N42H N42SH N42UH N40 N40M N40H N40SH N40UH N38 N38M N38H N38SH N38UH N38EH N35 N35M N35H N35SH N35UH N35EH N33 N33M N33H N33SH N33UH N33EH N30 N30M N30H N30SH N30UH N30EH N28 N28UH N28EH Expected future manufacturing capability at Tyseley Current manufacturing capability from pilot line at UoB Coercivity (kA/m) Remanence (mT) Recycled Magnets with Low CO2 Footprint Recycle Over 3,000 finished recycled magnets produced to date by HyProMag and University of Birmingham, currently being tested in multiple automotive, aerospace, electronics applications, with other applications planned OUTPUTS: RECYCLED NdFeB MAGNETS INPUTS: SCRAP CONTAINING NdFeB MULTIPLE COMMERCIAL GRADES PRODUCED FROM A RANGE OF EoL NdFeB SCRAP Coercivity enhancement through annealing and grain boundary diffusion Remanence enhancement through grain boundary removal and blending

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 Significant competitive advantages  HPMS solves the separation issue – how to liberate and demagnetise separated magnets  Short loop recycling more energy efficient and cost effective than recycling via chemical processes  Underpinned by c.US$100m in research and development funding  Supported by the Minerals Security Partnership  Ability to manufacture magnets with a reduced carbon footprint  Minimal carbon footprint vs. primary mining to separation, to metal alloy, to magnet production  Exclusive agreement with Inserma for automated pre- processing Competitive Advantages Recycle Early mover advantage with strong competitive position Over 3,000 commercial grade recycled finished magnets produced from piloting and being tested in various applications Very strong technical expertise and extensive industry experience with broad network of partnerships and excellent reputation – supported by University of Birmingham Magnetic Materials Group and University of Pforzheim, with specialists in magnet processing in UK and Germany

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Significantly Reduced CO2 Footprint Recycle Carbon Footprint of NdFeB Magnet Manufacturing 89.2 89.1 82 76.2 75.3 75.1 41.4 41 34.6 28.5 27.6 27 21 12.8 12.5 10 5.9 3.3 < 3 0.2 0 10 20 30 40 50 60 70 80 90 100 Climate change, kg CO2e per kg of sintered NdFeB Primary Mined Material Secondary Recycled Material

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 Collaboration with Inserma on the optimisation, commercialisation and roll-out of pre-processing technologies for HyProMag in the UK, Germany and United States  The latest mobile Inserma unit for hard disc drives (HDD) can be co-located at hyperscale data centres, shredding, recycling or HyProMag facilities  The technology not only provides a steady pre-processed NdFeB magnet scrap feed to HyProMag, but also has major benefits for sustainable, secure and low cost recycling of HDDs  Expected VCM removal in less than 3 seconds per HDD  Secure data destruction of the remainder of the HDD can remain on site  Removal of the rare earth magnet reduces costs and carbon footprint of subsequent shredding  Simultaneous removal of centre spindle further facilitates subsequent shredding, and reduces blade breakage, costs and carbon footprint  No heat treatment or dismantling required for magnet recovery  Facilitates HyProMag’s short loop magnet manufacturing process with minimal carbon footprint  Complementary technology for automated Printed Circuit Board Assembly (PCBA) removal under development Inserma Automated Pre-Processing Recycle Exclusive agreement with Inserma to commercialise automated pre- processing of hard disc drives, loudspeakers and electric motors

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New UK Rare Earths Hub at Tyseley Recycle Tyseley Energy Park - delivering low & zero-carbon power, transport, heat, waste and recycling solutions DER (UK) has provided £4.4 million of predominantly capital funding to scale up the HPMS process and magnet manufacturing -Energy Production - Biomass Hydrogen production for fuel cell buses BEIC – University research building Webster and Horsfall Magnet manufacturing Waste handling site for Birmingham

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First Commercial Production Runs Complete Recycle HyProMag – main industrial partner for scale-up and exclusive HPMS licencee  Pilot HPMS vessel at University of Birmingham commissioned in 2022  50 – 100kg per batch  Over 3,000 finished magnets produced and being tested in various applications  Scaled-up HPMS vessel being commissioned with first production runs complete  Minimum 350kg per batch  Presses previously commissioned at Tyseley with first production runs of magnets completed Equipment at Tyseley Energy park, UK  HPMS reactor  Powder processing (sieving, milling, blending)  Pellet press  Axial aligning press(commissioned)  Inert sintering system  Transverse aligning press (commissioned)  Analytical equipment  Chemical processing Initial Tyseley development based on 20% capacity utilisation to produce 20- 25tpa NdFeB

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Tyseley Energy Park Scale-Up Recycle Sintering Sieving & blending Jet milling Pressing Slicing & dicing Chemical processing HPMS sieving Strip casting Degassing Melting HD HPMS powder HPMS powder for remelting Blended HPMS powder Sintered magnet blocks Pre-processed feed Finished magnets HPMS powder for chemical processing HPMS powder for short loop magnet manufacture Sieve stages Jet milling Blending Inlet hopper powder feed Scaled-up Tyseley development based on 100% capacity utilisation targeted to produce 100-350 tpa NdFeB with further expansion being evaluated

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Germany Scaled-Up Development Recycle Sintering Sieving & blending Jet milling Pressing Slicing & dicing Chemical processing HPMS sieving Strip casting Degassing Melting HD HPMS powder HPMS powder for remelting Blended HPMS powder Sintered magnet blocks Pre-processed feed Finished magnets HPMS powder for chemical processing HPMS powder for short loop magnet manufacture Germany development by HyProMag GmbH based on University of Birmingham piloting and Tyseley Energy Park development, and supported by grant funding Scaled-up Germany development based on 100% capacity utilisation by end 2025 targeted to produce 100-350 tpa NdFeB with further expansion being evaluated

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Recycle RE Alloy Beneficiations (Crushing & Concentrating) Mineral Decomposition (Roasting/leaching/ filtration/precipitation) Separation & Purification (Solvent extraction) Metal Winning (Reduction) Alloying Strip Casting Melt Spinning Sintered Magnets Bonded Magnets Hot Formed Magnets End-of-life Magnets Short Loop Shortest Loop Longer Loop Long loop NdFeB magnet recycling - chemical process being developed by Mkango Rare Earths UK Ltd to complement HPMS and short loop processes RE Carbonates RE Oxides RE Metals Mining Medium Loop HPMS process liberates end-of-life magnets in the form of a demagnetised NdFeB powder, which can be fed back into multiple points of the supply chain HyProMag is focused on short-loop recycling route.  Primary supply: mixed rare earth carbonate, rare earth oxides  Recycled supply: NdFeB alloys & sintered magnets, rare earth oxides  NdFeB recovery solutions from EoL products, reduced CO2 footprint Short-Loop and Long-Loop Recycling

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Pilot Plant for Long Loop Chemical Process Recycle Mkango Rare Earths UK has commissioned a pilot plant for long loop chemical processing of swarf and HPMS powder to produce rare earth carbonate and oxides at Tyseley Energy Park - complementary to the HPMS short loop recycling route being commercialised by HyProMag HPMS generates a liberated NdFeB feed for chemical processing to RE carbonates and oxides

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HyProMag USA Rollout Recycle USA Feasibility Study completed for 1,000tpa NdFeB/magnet production • State-of-the art rare earth magnet recycling and manufacturing operation with a central Dallas Fort Worth, Texas hub supported by two pre-processing spoke sites in the eastern and western regions of the United States: o US$262m NPV and 23% IRR based on current market prices o US$503m NPV and 31% IRR based on forecast market Prices o Expansion potential with the inclusion of a third HPMS vessel • Production of 750tpa of recycled sintered NdFeB magnets and 291tpa of associated NdFeB co-products over a 40 year operating life • First Revenue targeted in Q1 2027 with a Notice to Proceed expected in mid-2025 following completion of Detailed Engineering Design and Value Engineering phase, which is underway • Up-front capital cost of US$125 million with significant opportunities to reduce • CoTec is responsible for funding the Detailed Engineering Design, Value Engineering and the project development costs

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Government Support Recycle Minerals Security Partnership (MSP)  HyProMag HPMS technology selected as an MSP project  MSP (est. 2022) consists of 14 governments, including UK and USA  MSP aims to ensure adequate supplies of minerals, such as rare earths, to meet net zero carbon goals  MSP regards resilient supply chains to be critically important for an equitable and sustainable energy transition  MSP aims to catalyse public and private sector investment in responsible critical mineral supply chains globally

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Scale up commercial production at Tyseley Collaboration with Envipro in Japan announced June 2024 Evaluating options for further development of recycling in Canada Commercial production in United States 1,000pa NdFeB spoke and hub operation Short Loop recycling Sintered magnet blocks and finished magnets Initial target of approx. 100-350tpa NdFeB Short Loop recycling Sintered magnet blocks, finished magnets and NdFeB alloys Initial commercial production in Germany Initial target of approx. 100-350tpa NdFeB Short Loop recycling Sintered magnet blocks, finished magnets and NdFeB alloys Initial commercial production at Tyseley Ramping up to initial target of 20-25tpa NdFeB Expected Recycling Development Timeline Recycle 2026 Early 2027By end 2025July 2025 Short Loop recycling NdFeB alloys and sintered magnet blocks

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Expected Recycling Development Timeline To discuss magnet scrap solutions and purchasing, magnet and other product sales please contact magnets@hypromag.com To discuss collaboration and consultation please contact technical@hypromag.com

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Rare Earth Mining and Separation Development Projects

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One of very few independent rare earth projects globally with a Definitive Feasibility Study 28  Initial Mkango drilling programmes carried out in 2011 and 2012 o First resource report prepared in compliance with NI 43-101  Pre-Feasibility Study (PFS) completed in 2015  2019 in-fill and step-out drilling programme o 60% increase in Measured and Indicated Resources  Definitive Feasibility Study (DFS) completed in July 2022, with lead engineers SENET (a DRA Global Group Company)  ESHIA completed and approved by Malawi Government in January 2023 (in compliance with IFC Performance Standards)  Mining Development Agreement (MDA) signed July 2024  Granted Strategic Project Status under the CRMA by the European Commission in June 2025 Songwe Hill Rare Earths Deposit Mine

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Longstanding, supportive relationships with government and local communities 29 Malawi - A Favourable Jurisdiction Mine  Premier African rare earths mineral province  Blantyre, a major commercial centre with rail head and international airport, is located two hours from site by car  Beneficiation, hydrometallurgical and acid plants to be located in Malawi  Power co-generated from sulphuric acid plant and supplemented with grid and solar US Govt Visit, 2025 UK Govt Visit, 2025

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Feasibility Study completed by world leading technical consultants Songwe Hill Feasibility Study Mine  SENET DRA - Lead engineers for design & management of the feasibility study & front -end engineering design work  ALS – Mineral processing – Floatation test work and pilot plant program  ANSTO – Hydrometallurgy – Test work and pilot plant program  DIGBY WELLS ENVIRONMENTAL – Environmental Social Health Impact assessment (ESHIA)  KONGIWE ENVIRONMENTAL – Environmental Social Health Impact assessment (ESHIA)  EPOCH – Tailings Dam design engineers  BARA – Mine plan engineers  MSA – Geological resource & model  STEINWEG BRIDGE – Logistics & transportation studies  GEOCONSULT – Geotechnical engineers  ZUTARI - Geotechnical engineers  GENALYSIS – Assay test work laboratory  NAGROM – Assay test work laboratory  SGS – Assay test work laboratory 30

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A new sustainable source of rare earth production 31  One of the few rare earths projects globally to have reached Feasibility Study stage  Life of Mine: 18 years producing mixed rare earth carbonate (MREC) grading 55% total rare earth oxides (TREO)  Averaging 5,954 tpa TREO in MREC o 1,953 tpa NdPr, and 56 tpa of Dy & Tb oxide Songwe Hill mixed rare earth carbonate split by value Songwe Hill Feasibility Study Mine Neodymium 65%Praseodymium 19% Dysprosium 5% Terbium 6%

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18,000 meters drilled in 129 boreholes across three exploration phases Songwe Hill Rare Earths Deposit Mine  First phase of 12 boreholes in 2011  Second phase of 25 boreholes in 2011-2012  Third phase of 92 boreholes in 2018  Early deep exploratory holes (maximum 360m) end in carbonatite – deposit open at depth  Later boreholes average 120m depth for resource definition Southward view of Songwe Hill terrain model draped with geological map showing all drilling to date Exploration Upside Project History Carbonatite locations 32

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18 Year Mine Life – Open Cast Mining – Further Exploration Potential Songwe Hill Rare Earths Deposit Mine 33

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Songwe Hill Processing Extensive Processing Flow Sheet Development and Piloting Mine Flotation piloting completed - March 2021 Hydrometallurgy piloting completed - March 2022 Carester has assessed the carbonate quality for the purposes of separation Piloting produced a carbonate grading 55% TREO with NdPr oxides comprising 31%Significant opportunities for optimisation of processing flowsheet to reduce OPEX Feasibility study is a culmination of significant mineralogy, bench scale test work and piloting completed since project inception in 2010 Hydrometallurgical flow sheet developed and piloted (6 campaigns)

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Mkango in the Community Strong Track Record in Corporate Social Responsibility Mine 1.Before – an unhappy classroom 2.After – a Happy Classroom after renovation 3.Water Pump in Mphembezu 4.New Bridge Constructed 1 3 4 2boNGO Worldwide Partnership Local community infrastructure projects Scholarships  Happy Classroom Project  Enhancing 3 local primary schools  18 classrooms painted with school syllabus  Secondary education fees paid for the top 12 students from 3 local primary schools – 58 students to date  8 water boreholes & pumps installed. 14 maintained quarterly in the local area  Bridge construction & extensive road refurbishment 35

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Pulawy – A New European Rare Earths Hub Overview  Major opportunity to develop a new rare earths hub in Poland underpinned by sustainably sourced and traceable mixed rare earth carbonate from Malawi and other sources  Scoping and prefeasibility studies for Pulawy to date indicate low operating costs and modest capex due to location and technology  An integrated in-house source of mixed rare earth carbonate and group capability for rare earth magnet manufacturing and recycling differentiates the project from all other rare earth projects in Europe  The Songwe Hill Rare Earths Project will supply Pulawy – Songwe is one of the very few advanced stage rare earth projects globally with DFS and ESHIA complete, and Mine Development Agreement signed  Technical partner, Carester, is the leading expert in rare earth separation outside China - the conventional nitric separation technology being used is a low-cost ex China technology which has been operated in Europe for many years – circular process with no liquid waste streams  Future growth opportunities being evaluated include rare earth metal, alloy and magnet manufacturing, leveraging off expertise within HyProMag, which is developing magnet manufacturing in Germany, UK and USA  Scope of Definitive Feasibility Study includes potential integration of other sources of rare earth carbonate and expansion options

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Pulawy Rzeszów (167km) Warsaw (110km) Gdansk (450km) Berlin (800km)  European rare earths hub underpinned by sustainably sourced, mixed rare earth carbonate from Mkango’s project in Malawi  Site adjacent to a largescale fertiliser and chemicals plant owned by Grupa Azoty Pulawy, the EU’s second largest manufacturer of nitrogen fertilisers  Competitive advantage o Established infrastructure o Reagents and utilities on-site o Located in Special Economic Zone Pulawy Separation Project, Poland – Awarded EC Strategic Project Status 37 Jan 2020 Site visit & initial due diligence Jun 2020 Initial scoping study completed by Carester Jul 2020 MoU & exclusivity signed with Grupa Azoty Pulawy Jan 2021 Updated scoping study Mar 2021 Confirmatory due diligence completed Jun 2021 Lease option agreement signed Next steps Completion of Feasibility Study Production based on studies to date Nd2O3 805 t/y Pr6O11 212 t/y Pr6O11 + Nd2O3 1,018 t/y (SEGH)2(CO3)3 930t/y LaCe(CO3)3 9,670t/y Pulawy Rare Earth Separation Project Refine

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Proposed site – Lease Option Agreement  8-hectare site located next to Pulawy Fertiliser and Chemicals Plant with access to road, rail, reagents, by-product customer and utilities  Opportunity to explore expansion opportunities in the upcoming DFS.  High, medium and low voltage power network, natural gas and process steam network  Water supply system, sewerage and wastewater treatment plants  Internal railway of 60km enables fast transportation of raw materials and products  Electronic weighbridge for trucks and trains  Easy connections with the national road network, S12 Expressway Proposed Site for Separation Plant Refine Access to infrastructure Nitric Acid Plant S12 Expressway

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Expected Recycling Development Timeline William Dawes, Chief Executive Officer – will@mkango.ca Alexander Lemon, President – alex@mkango.ca Robert Sewell, Chief Financial Officer – rob@mkango.ca THANK YOU

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Disclaimer NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, JAPAN, SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION This presentation (and any accompanying verbal presentation) (the "Presentation") has been prepared by Mkango Resources Ltd. (the "Company" or "Mkango") solely for its use at informational meetings relating to it. It does not comprise an admission document, listing particulars or a prospectus relating to the Company and the information contained in, and communicated to you during, this Presentation does not constitute or form part of any offer for sale or solicitation of any offer to buy or subscribe for any securities nor shall it or any part of it form the basis of or be relied on in connection with, or act as any inducement to enter into, any contract or commitment whatsoever. This Presentation is not, and under no circumstances is to be construed as, an advertisement or a public offering of the securities referred to in this document. This Presentation is for informational purposes only and may not be used for any other purposes. This Presentation and its contents are confidential and proprietary to the Company, and no part of it or its subject matter may be reproduced, redistributed, passed on or the contents otherwise divulged, directly or indirectly, to any other person (excluding the relevant person’s professional advisers) or published in whole or in part for any purpose without the prior written consent of the Company. If this Presentation has been received in error it must be returned immediately to the Company. No representation or warranty, express or implied, is made or given by or on behalf of the Company nor its shareholders, directors, officers, agents, advisors or employees of any such entities as to the completeness, accuracy, reliability or fairness of the information or opinions contained in this Presentation and to the extent permitted by law no responsibility or liability is accepted by any person for any loss howsoever arising, directly or indirectly, from any use of this Presentation or such information or opinions contained herein or any revision thereof, or otherwise arising in connection herewith. Certain figures contained in this Presentation, including financial information, have been subject to rounding adjustments. The information set out herein may be subject to updating, completion, revision and amendment and such information may change materially. In furnishing this Presentation, the Company does not undertake or agree to any obligation to provide the attendees with access to any additional information or to update this Presentation or to correct any inaccuracies in, or omissions from, this Presentation that may become apparent. This Presentation has not been independently verified and some of the information is still in preliminary or draft form. The information and opinions contained in this Presentation are provided as at the date of this Presentation. The contents of this Presentation are not to be construed as legal, financial or tax advice and this Presentation does not constitute a recommendation regarding the securities of the Company. Each prospective investor should contact his, her or its own legal adviser, independent financial adviser or tax adviser for legal, financial or tax advice. Past performance of the Company or its shares cannot be relied on as a guide to future performance. Scientific and technical information contained in this Presentation including sampling, analytical, and test data underlying the information has been approved and verified by Dr. Scott Swinden PGeo of Swinden Geoscience Consultants Ltd who is a "Qualified Person" in accordance with National Instrument 43-101- Standards of Disclosure for Mineral Projects ("NI 43- 101"). Scientific and technical information contained in this presentation relating to the mineral resource estimate has been approved and verified by Jeremy Witley Pr. Sci Nat of The MSA Group Pty Ltd, who is a "Qualified Person" in accordance with NI 43-101. The Qualified Persons refer red to above are independent of the Company. An NI 43-101 Technical Report supporting the results of the definitive feasibility study for the Songwe Hill Rare Earths Project ("Songwe" or the "Project") in Malawi has been prepared by SENET, a DRA global company, under the guidance of Mr. Nick Dempers, who is a "Qualified Person" in accordance with NI 43-101, and was filed on the Company's profile on SEDAR+ on August 19, 2022.

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Disclaimer Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking statements or forward-looking information (within the meaning of Canadian securities legislation and, collectively, "forward-looking statements"). Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "believes", "budget", "continue", "could", "estimate", "forecast", "intends", "may", "plan", "predicts", "projects", "should", "will" and other similar expressions. All estimates and statements that describe the Company's future, goals, or objectives, including management's assessment of future plans and operations, including without limitation statements related to significant potential to unlock additional value via integration with Pulawy separation project in Poland; the highlights of the Songwe feasibility study; potential rise in EV sales; increase demand for rare earths used in EV traction motors; future global magnet rare earth oxide consumption; expected annual NdFeB and Nd Pr Oxide shortages; future production; constitute forward- looking statements. By their nature, forward-looking statements are subject to numerous risks and uncertainties that contribute to the possibility that predictions, forecasts and projections and other forward- looking statements will not occur, some of which are beyond Mkango’s control, including the successful conclusion of the MDA, the availability of (or delays in obtaining) financing to develop Songwe Hill, the impact of COVID-19, general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, changes in environmental, tax and royalty legislation, competition from other industry participants, the lack of availability of qualified personnel or management, stock market volatility, and ability to access sufficient capital from internal and external sources and those risk factors identified in the Company's publicly filed disclosure documents available at www.sedarplus.ca/landingpage. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Mkango's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements. Mkango disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Nothing in this Presentation or in documents referred to in it is intended to be, nor should it be construed as, a profit forecast or profit estimate and Mkango's forward-looking statements are expressly qualified in their entirety by this cautionary statement. To the extent any forward-looking statements in this document constitutes "future-oriented financial information" or "financial outlooks" within the meaning of applicable securities laws (collectively, "FOFI"), such information is being provided to demonstrate the Company's internal projections and the reader is cautioned that this information may not be appropriate for any other purpose and the reader should not place undue reliance on such FOFI. FOFI, as with forward-looking statements generally, are, without limitation, based on the assumptions and subject to the risks set out above. The Company's actual financial position and results of operations may differ materially from management's current expectations and, as a result, the Company's revenue and profitability may differ materially from the revenue and profitability profiles provided in this Presentation. Such information is presented for illustrative purposes only and may not be an indication of the Company's actual financial position or results of operations. Certain information contained in the Presentation includes market and industry data that has been obtained from or is based upon estimates derived from third party sources, including industry publications, reports and websites. Third party sources may state that the information contained therein has been obtained from sources believed to be reliable, but there is no assurance or guarantee as to the accuracy or completeness of included data. Although the data is believed to be reliable, neither the Company nor its agents have independently verified the accuracy, currency, reliability or completeness of any of the information from third party sources referred to in this Presentation or ascertained from the underlying economic assumptions relied upon by such sources. The Company and its agents hereby disclaim any responsibility or liability whatsoever in respect of any third-party sources of market and industry data or information.

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Disclaimer The delivery or distribution of this Presentation in or to persons in certain jurisdictions may be restricted by law and persons into whose possession this Presentation comes should inform themselves about, and observe, any such restrictions. Any failure to comply with these restrictions may constitute a violation of the laws of the re levant jurisdiction. The content of this Presentation has not been approved by an authorised person within the meaning of the United Kingdom Financial Services and Markets Act 2000 ("FSMA") and accordingly it is being delivered in the United Kingdom only to persons to whom this Presentation may be delivered without contravening the financial promotion prohibition in Section 21 of the FSMA. Those persons are described in the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 ("Order") and include persons who: (i) have professional experience in matters relating to investments and who fall within the category of person set out in the Artic le 19 (investment professionals) of the Order; (ii) are high net worth bodies corporate, unincorporated associations or partnerships and trustees of high net worth trusts as described in Article 49(2)(a) to (d) (high net worth companies, unincorporated associations, etc) of the Order; or (iii) are other persons to whom this Presentation may otherwise be lawfully communicated (an "Exempt Person"). Any investment, investment activity or controlled activity to which this Presentation relates is only available to, and will only be engaged with, such Exempt Persons and this Presentation should not be acted or relied upon by persons of any other description. By either accepting the Presentation and not immediately returning it or attending the accompanying verbal presentation, you are deemed to represent, warrant and undertake that: (i) you are an Exempt Person (as defined above); (ii) you have read and agree to comply with the contents of this disclaimer; (iii) you are able to receive this Presentation without contravention of any applicable legal or regulatory restrictions; and (iv) you will not at any time have any discussion, correspondence or contact concerning the information in the Presentation with any of the directors or employees of the Company or its subsidiaries or with any of its suppliers, customers, sub-contractors or any governmental or regulatory body without the prior written consent of the Company. This Presentation may not be published, distributed or transmitted by any means or media, directly or indirectly, in whole or in part, in or into the United States. This Presentation does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States. Securities may not be offered or sold within the United States absent (i) registration under the US Securities Act of 1933, as amended (the "Securities Act"); or (ii) an available exemption from registration under the Securities Act. The Company's securities have not been, and will not be, registered under the Securities Act and will not be offered to the public in the United States. The Presentation should not be distributed directly or indirectly to persons with an address in United States, Australia, Japan, or in any other country outside the United Kingdom where such distribution may lead to a breach of any legal or regulatory requirement. In Canada, this Presentation is only addressed to and directed at (i) "permitted clients" as defined in Section 1.1 of National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Relationships and (B) "accredited investors" as defined in Section 73.3(1) of the Securities Act (Ontario) and Section 1.1 of National Instrument 45-106 Prospectus and Registration Exemptions. You understand and acknowledge that no prospectus has been prepared or filed with any securities commission or similar regulatory authority in Canada in connection with the Placing, no securities commission or similar regulatory authority in Canada has made any finding or determination as to the merit for investment in, or made any recommendation or endorsement with respect to, the Placing and that any securities offered in connection with the Placing may not be offered or sold, directly or indirectly, in the Canada, other than in accordance with an exemption from the prospectus requirement under applicable Canadian securities laws. This Presentation contains inside information and may contain information which is not generally available, but which, if available, would or would be likely to be regarded as relevant when deciding the terms on which transactions in the securities of the Company should be effected. By accepting this document and attending the Presentation you agree not to use all or any of the information contained herein (except to the extent it has lawfully been made public) to deal, advise or otherwise require or encourage another person to deal in the securities of the Company or engage in any other behaviour which amounts to the criminal offence of insider dealing under the Criminal Justice Act 1993 or the civil offence of market abuse under Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse, as it forms part of United Kingdom law by virtue of the European Union (Withdrawal) Act 2018, as amended ("UK MAR") or which may constitute a violation of other applicable securities laws.

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