, July 20, 2024 in

Mkango Receives ESHIA Approval for the Songwe Hill Rare Earths Project in Malawi

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Mkango Resources Ltd. (AIM/TSX-V: MKA) (the “Company” or “Mkango”) is very pleased to announce that the Malawi Environmental Protection Agency (“MEPA”) has approved the Environmental Social Health Impact Assessment (“ESHIA”) for Mkango’s flagship Songwe Hill Rare Earths Project (“Songwe Hill”) in the Phalombe district of Malawi.

The approval of the ESHIA is a significant milestone in the Mining Development Agreement (“MDA”) approval process, it is a fundamental requirement for the Company to be granted a mining licence and is expected to unlock significant stakeholder value and future investment for the development of Sub-Saharan Africa’s first large scale, commercial rare earth mining and processing operation in Malawi.

Mkango President Mr Alexander Lemon stated;

“The approval of the ESHIA for the Songwe Hill Rare Earths project is a major achievement for Mkango and Malawi’s first rare earth mining project. We would like to thank the Malawian government for their ongoing cooperation and support and the Malawi Environmental Protection Agency for their advice and support during the ESHIA engagement, review and approval process. We look forward to the Mining Licence and MDA being approved in the coming weeks.

“The Malawi Ministry of Justice has appointed a London based international law firm with mining expertise to carry out a final review of the Mining Development Agreement (“MDA”) and we are hoping to shortly conclude an agreement that is a win-win for both the Nation of Malawi and all of Mkango’s stakeholders.”

The ESHIA was undertaken by Digby Wells Environmental Limited (https://www.digbywells.com/about-digby-wells/) in compliance with the latest International Finance Corporation (“IFC”) Performance Standards and the Malawi Environmental Management Act, No. 19 of 2017.

Market Abuse Regulation (MAR) Disclosure

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (‘MAR’) which has been incorporated into UK law by the European Union (Withdrawal) Act 2018. Upon the publication of this announcement via Regulatory Information Service, this inside information is now considered to be in the public domain.

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