Mkango Resources Ltd (AIM/TSX-V:MKA) Q1 2022 results show DFS nearing completion

MKANGO RELEASES FINANCIAL STATEMENTS AND MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE PERIOD ENDING MARCH 31, 2022

London/Vancouver: May 31, 2022 – Mkango Resources Ltd (AIM / TSX-V:MKA) (the “Company” or “Mkango”), is pleased to announce that it has released the Financial Statements and Management’s Discussion and Analysis for the period ending March 31, 2022. The reports will be available under the Company’s profile on SEDAR (www.sedar.com) and on the Company’s website (https://mkango.ca/investors/financials/).

Mkango Resources* (MKA LN) 24.5p, Mkt Cap £52m – Q1 2022 results show DFS nearing completion

  • Mkango has released its results for the three months ended 31st March, 2022.
  • The company reported a loss of US$2.8m during the quarter vs $1.5m over the same period last year.
  • The company’s cash position at the end of the period was $2.1m vs $4.4m at December 31, 2021 and $3.7m at March 31, 2021.
  • Operational highlights over the period include the major milestone of producing a neodymium and praseodymium enriched rare earth carbonate from final piloting, as part of the DFS.
  • Piloting successfully produced rare earth carbonate grading 55% TREO equivalent enriched in NdPr oxides which together make up 31% of the rare earth oxide content in the carbonate product.
  • The rare earth carbonate produced at Songwe Hill will feed Mkango’s proposed Pulawy separation plant development in Poland – allowing the company to increase its margins from the sale of separated oxides.
  • Post period, Mkango has completed of initial sampling and ground geophysics at its Nkalonje Rare Earths Project with assays of carbonatite dyke samples returning grades of up to 5.92% TREO.
  • Yesterday, the company signed a non-binding term sheet with ESG-focused CoTec who agreed to invest £2m in Mkango and invest £1.5m into Maginito to provide working capital ahead of the DFS release.

Conclusion: Mkango is making strong progress ahead of its DFS for the Songwe Hill Rare Earths project, with completion of the study targeted for second quarter of 2022. Investors should take encouragement as Mkango’s board continues to progress and de-risk the project at a time when NdPr prices are at multi-year highs.

*SP Angel acts as nomad and broker to Mkango Resources

For further information on Mkango, please contact:

Mkango Resources Limited

William Dawes Alexander Lemon

Chief Executive Officer President

[email protected] [email protected]

Canada: +1 403 444 5979

www.mkango.ca


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