HIGHLIGHTS

• Strategic Review Underway: The Company has commenced a strategic review of it Malawian REE portfolio following a number of enquiries from industry participants.

• Sector Expertise Engaged: A specialist REE consultant with deep sector knowledge and global networks has been appointed to assist in evaluating value realisation options.

• Value Pathways Being Considered: This review will assess a range of corporate and project-level opportunities, including potential joint-ventures, strategic partnerships, outright asset sales, or dedicated REE spin-out on the ASX or an international exchange.

• Strong Project Fundamentals:

• Tundulu (~30kms north of Mkango Resources’ Songwe Hill Project) hosts excellent light rare earth and gallium grades, including:

• 101m @ 1.02%TREO, 3.6% P2O5 from surface (TU030)

• 74m @ 1.55% TREO, 93.26g/t Ga2O3, 4.4% P2O5 from 72m (TU043), including peak results of 310.46 g/t Ga2O3, 5.68% TREO between 97 - 98m

• Machinga (~40kms east of Lindian Resources’ Kangakunde Project) hosts promising heavy rare earth and niobium intersections, including:

• 13m @ 0.65% TREO, 0.25% Nbfrom surface; incl.1m @ 1.06% TREO, 0.37% Nb from 7m, and 1m @ 1.28% TREO, 0.42% Nb from 9m (MR019)

• 15.1m @ 1.01%TREO, 0.36% Nbfrom 23.9m incl. 4m @ 1.75% TREO, 0.63% Nb from 33m drilled downdip (MDD007)

• Advancing Exploration: Soil and rock chip sampling of high priority targets at Machinga has recently completed, with samples from Machinga and Tundulu to be despatched for laboratory analysis in coming weeks.