Mr. William Dawes reports

MKANGO MAGNETIC MATERIALS LIMITED ANNOUNCES FILING OF AMENDED FORM F-4

Mkango Magnetic Materials Ltd.'s wholly owned subsidiary, Mkango Rare Earths Ltd. (formerly known as Lancaster Exploration Ltd.) (MKAR), filed a further amendment to its registration statement on Form F-4 with the U.S. Securities and Exchange Commission (SEC) on Oct. 26, 2026, in connection with the proposed business combination between MKAR and Crown PropTech Acquisitions (CPTK), initially announced on July 3, 2025. The amended Form F-4 includes as an exhibit a revised technical report summary (TRS) on the Songwe Hill rare earth element project in Malawi prepared in accordance with Subpart 1300 of Regulation S-K.

Additionally, on Oct. 26, 2026, Mkango filed on SEDAR+ a revised technical report on Songwe Hill prepared in accordance with National Instrument 43-101, Standards of Disclosure for Mineral Projects, entitled "NI 43-101 Updated Technical Report on the Songwe Hill Rare Earth Element Project in Malawi," with an effective date of June 30, 2025. The revised technical report was prepared by Phil Bundo of SENET, a DRA Global Group Company, Jeremy Charles Witley of The MSA Group Pty. Ltd., Scott Swinden of Swinden Geoscience Consultants Ltd., Graham Errol Trusler of Digby Wells Environmental, Clive Wyndham Brown of Bara Consulting Pty. Ltd. and George Papageorgiou of Epoch Resources Pty. Ltd. Darren L. Smith of Dahrouge Geological Consulting Ltd. acted as a qualified person on behalf of Adamas Intelligence Inc. in respect of their sections of the revised technical report. Each of Mr. Bundo, Mr. Witley, Mr. Swinden, Mr. Wyndham Brown, Mr. Papageorgiou and Mr. Smith is a qualified person as defined in NI 43-101 and independent of Mkango. The revised technical report supersedes the technical report filed on SEDAR+ on April 30, 2026, but the mineral resource and mineral reserve estimates and the reported economic results remain unchanged. Revisions have been made to the wording in Section 19 (Market Studies and Contracts) and Section 22 (Economic Analysis) of the revised technical report.

The amended Form F-4 comprises a preliminary proxy statement of CPTK and a preliminary prospectus of MKAR in respect of the common shares and warrants to be issued in the proposed business combination. A copy of the amended Form F-4 is available on EDGAR and will be filed under Mkango's profile on SEDAR+. The amended Form F-4 has not yet been declared effective by the SEC and the information it contains is subject to completion or amendment. Subject to completion of the SEC review process and satisfaction of customary closing conditions, including approval by CPTK's shareholders, MKAR's common shares and warrants are expected to list on the Nasdaq Stock Market under the symbols MKAR and MKARW on closing.

The amended Form F-4 has not been reviewed or approved by any Canadian or United Kingdom regulatory authority, does not constitute a prospectus under Canadian or United Kingdom securities laws, and does not constitute an offer of securities in those jurisdictions. The content of the amended Form F-4 has not been approved by an authorized person within the meaning of the United Kingdom Financial Services and Markets Act 2000. Technical and scientific information in the amended Form F-4 has been prepared in accordance with Regulation S-K under U.S. securities laws, which differs from NI 43-101. Canadian readers are referred to the revised technical report.

About Mkango Magnetic Materials Ltd.

Mkango is listed on the AIM (Alternative Investment Market) and the TSX Venture Exchange. Mkango's corporate strategy is to become a market leader in the production of recycled rare earth magnets, alloys and oxides, through its interest in Maginito Ltd., which is owned 79.4 per cent by Mkango and 20.6 per cent by Cotec Holdings Ltd., and the Remloy business acquired by its wholly owned German subsidiary, to develop new sustainable sources of neodymium, praseodymium, dysprosium and terbium to supply accelerating demand from electric vehicles, wind turbines and other clean energy technologies.

Maginito holds a 100-per-cent interest in HyProMag Ltd. and a 90-per-cent indirect interest in HyProMag GmbH, focused on short-loop rare earth magnet recycling and manufacturing in the United Kingdom and Germany, respectively, and a 100-per-cent interest in Mkango Rare Earths U.K. Ltd., focused on long-loop rare earth magnet recycling in the United Kingdom through a chemical processing route.

Maginito and Cotec are also expanding HPMS (hydrogen processing of magnet scrap) recycling technology into the United States through the 50/50-owned HyProMag USA joint venture company.

Remloy has developed a plant in Bitterfeld, Germany, which recycles end-of-life rare earth magnets through a melting process (medium-loop rare earth magnet recycling) to produce neodymium-iron-boron (NdFeB) alloy powders for the bonded and hot deformed magnet markets, complementary to HyProMag's short-loop recycling process (to produce sintered magnets) and Mkango U.K.'s long-loop recycling process (to produce mixed rare earth carbonates and oxides).

Mkango currently owns 100 per cent of the advanced-stage Songwe Hill rare earths project in Malawi and the proposed Pulawy rare earths separation plant in Poland. On grant of the large-scale mining licence, the government of Malawi may elect to take a free 10-per-cent interest in the entity holding that licence. Both the Songwe and Pulawy projects have been selected as strategic projects under the European Union Critical Raw Materials Act, as has HyProMag GmbH. Songwe has also received development funding from the U.S. International Development Finance Corporation (DFC), the U.S. government's development finance institution, securing $4.6-million (U.S.) in reimbursable funding for front-end engineering and design. MKAR has signed a business combination agreement with CPTK to list the Songwe Hill and Pulawy rare earths projects on Nasdaq through a special-purpose acquisition company (SPAC) merger under the name Mkango Rare Earths.

About Crown PropTech Acquisitions

CPTK is a Cayman Islands exempted company incorporated in 2020 as a special-purpose acquisition company for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses.

We seek Safe Harbor.