Mkango Resources Identifies Drill Targets at Nkalonje Hill Rare Earths Project

Mkango Resources Ltd. provided an exploration update on the Nkalonje Hill Rare Earths Project, located 14 kilometers from Mkango's Songwe Mountain Rare Earth Development Project. Mapping, sampling, and ground geophysical data were acquired at Nkalonje during the fourth quarter of 2021 and the Company followed up with geophysical data for the area.

"We are very encouraged by the recent exploration results from the Nkalonje Hill rare earth project. The targets generated from the mapping and geophysical data are encouraging indicators of the potential for further mineralization at depth, and the similarities between Nkalonje and Songwe Hill, together with the high TREO grades in the assay results, justify further investigation. In the long term, the proximity of Nkalonje to Songwe provides a good potential source of additional rare earth element feedstock for processing at Songwe."

Planned work at Nkalonje Hill Rare Earths Project includes continued evaluation of the dike at Target 1, including new sampling. The Company plans to conduct a soil/iron ore sampling and excavation program for field verification of the geophysical anomalies at Target 2.

Sample preparation and analysis were provided by Intertek-Genalysis laboratories (Johannesburg, South Africa, and Perth, Australia) using ICP-MS techniques suitable for REE analysis and following strict in-house laboratory standards for QAQC procedures.

Ground geophysical data were acquired by Gregory Symons Geophysics (Namibia) from November to December 2021 at the Nkalonje Hill Rare Earths Project. Surface magnetic, radiometric, and gravity data were collected over an area of 2.7 x 2.7 km, covering the hills and surrounding lake sediments, at 50 m line spacing for magnetic and radiometric data, and at 100 m line spacing for gravity data. The 3D inversion of the magnetic and gravity data was processed with VOXI Earth Modelling in Oasis Montaj software.

NSAMT data were obtained on two lines bisecting the mountain with a 50 m station spacing, while the IP survey was conducted using pole dipole electrodes distributed over eight lines with a 50 m dipole spacing.

Mkango Resources' corporate strategy is to develop new sustainable primary and secondary resources of neodymium, praseodymium, dysprosium, and terbium to meet the accelerating demand for electric vehicles, wind turbines, and other clean technologies. This integrated mining, refining, and recovery strategy uniquely position Mkango in the rare earth sector.

Mkango is developing the Songwe Hill project in Malawi, with a feasibility study nearing completion. Malawi has existing road, rail, and power infrastructure, and new infrastructure development is underway.

Meanwhile, Mkango and Grupa Azoty PULAWY, a leading Polish chemical company and the second largest manufacturer of nitrogen and compound fertilizers in the EU, have agreed to cooperate in the development of a rare earth separation plant in Pulawy, Poland. The separation plant will process purified mixed rare-earth carbonates produced by Songwe.

Through its ownership of Maginito, Mkango is also developing green technology opportunities in the rare earth supply chain, including neodymium magnet recycling and innovative rare earth alloy, magnet and separation technologies. Maginito holds a 42% interest in HyProMag, a UK-based rare earth, magnet recycler, with the ability to increase its interest retroactively to 49%.

Mkango Resources also has an extensive exploration portfolio in Malawi, including the Mchinji rutile exploration project, the Thambani uranium-tantalum-niobium-zircon project and the Chimimbe nickel-cobalt project.

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