Mkango Resources Ltd. Information

Mkango's strategy is to become a market leader in recycled rare earth magnets, alloys and oxides, through Maginito Limited (79.4% Mkango, 20.6% CoTec Holdings Ltd) and the wholly owned Remloy business, developing new sustainable sources of neodymium, praseodymium, dysprosium and terbium for electric vehicles, wind turbines and other clean energy technologies. Maginito holds 100% of HyProMag Limited and 90% (direct and indirect, assuming conversion of Maginito's convertible loan) of HyProMag GmbH, focused on short loop magnet recycling and manufacturing in the UK and Germany respectively, and 100% of Mkango Rare Earths UK Ltd (Mkango UK), focused on long loop recycling in the UK via chemical processing. Maginito and CoTec are expanding HPMS recycling technology into the US via HyProMag USA, a 50/50 joint venture. Remloy's Bitterfeld plant (Germany) recycles end-of-life magnets by melting (medium loop) to produce NdFeB alloy powders for bonded and hot deformed magnets. This complements HyProMag's short loop process (sintered magnets) and Mkango UK's long loop process (mixed rare earth carbonates and oxides). Mkango owns 100% of the advanced stage Songwe Hill rare earths project (Malawi) and the proposed Pulawy rare earths separation plant (Poland). On grant of the large-scale mining licence, Malawi's Government may elect to take a free 10% interest in the licence-holding entity. Songwe also received US$4.6 million in reimbursable Development Funding from the U.S. International Development Finance Corporation (DFC) for Front End Engineering and Design. MKAR has signed a Business Combination Agreement with CPTK to list Songwe Hill and Pulawy on NASDAQ via a SPAC merger under the name Mkango Rare Earths Limited. Songwe, Pulawy, and HyProMag GmbH have all been designated as Strategic Project status under the European Union Critical Raw Materials Act.