Shareholder Update from Executive Chair

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.

FOR IMMEDIATE RELEASE                                                                                                                                      31 July 2026

Amigo Resources PLC
("Amigo" or the "Company")

Shareholder Update from Craig Ransley, Executive Chair

Dear Fellow Shareholders,

When building companies, I have always found it customary to keep shareholders updated regularly, particularly during the early and organic stages of development. Today, I am pleased to provide such an update.

The Foundation: Organically Developed Growth

In the seven months since we started this journey, Amigo has undergone a significant, yet rational, transformation. Moving beyond theoretical planning, our team has worked tirelessly to build a company from the ground up. I want to emphasise that every operational gain we have achieved - from our geological database to our processing infrastructure - has been organically developed by our internal team.

In record time with our partners, we have pegged and built two gold mines and processing facilities in Tanzania - Mojimoto and Kabete. As previously announced, Amigo has a 51% ownership interest in these projects. This hands-on execution has allowed us to achieve organic growth and focus our resources "on the ground" where real value is created.

Operational Milestone: Processing Gold

I am delighted to confirm that as of last week, we have officially moved into the production phase through the commencement of processing of gold at our Tanzanian sites. As previously announced, initial commissioning activities have already resulted in the recovery of gold.

To ensure the market can accurately value Amigo as a producer, we are implementing a new market disclosure transparency standard.

By the fifth trading day of every month, we will announce our production and sales figures to the market:

·   kilograms of gold produced;

·   kilograms of gold sold; and

·   sales revenue achieved.

This new market disclosure transparency standard will become a matter of ordinary course of business, providing the data required to value Amigo as a producer rather than an explorer. The first market update will be released next week by 7 August 2026, covering July production.

Organic Expansion into Other Commodities: Platinum Group Metals (PGMs) and Rare Earths

Our hands-on execution has allowed us to achieve organic growth across our three strategic pillars: gold, Platinum Group Metals (PGMs), and rare earths.

Our expansion into rare earths and PGMs is progressing rapidly. Following the exciting metallurgical results for the Musensi Hill Project announced earlier this week, we have submitted physical samples to multiple independent laboratories for formal verification. Simultaneously, results from our PGM waste-resource and tailings testing are being confirmed by laboratories, and we hope to announce these results shortly.

Strategic Review: Considering Options for RTO

Having established a robust organic foundation, the Board is now looking toward the next phase of our corporate evolution. While every milestone to date has been organic, achieving the scale required of a mid-tier producer requires us to consider transformative external opportunities.

Accordingly, the Board is considering a number of options any of which could amount to a reverse takeover under the UK Listing Rules (an "RTO"). These evaluations are at a preliminary and exploratory stage, and while there can be no certainty that a transaction will materialise, we are actively undertaking initial due diligence on a number of targets any of which could provide the requisite platform for our high-velocity growth.

Our management team - comprising myself, Anil and Nathan - are proven executors who have collectively bought, sold, and commissioned between 30 and 40 mines across more than 10 countries. We have a demonstrated history of taking assets from discovery to production, scaling multiple projects into growth platforms with market capitalisations in excess of one billion dollars. We are operators focused on production-first criteria, and any RTO we embark upon will be with a target that adds immediate, tangible value to the Company's shareholders.

Funding Strategy and Dilution Protection

A core tenet of our operating philosophy is the protection of our shareholders from unnecessary dilution. We sit here today with no debt and two gold mines coming online.

We are acutely aware of the impact of capital raises on existing shareholders. It is important to note that the interests of the Board are directly aligned with those of our shareholders, as all Directors, key personnel, and major shareholders maintain significant personal investments in the Company and therefore have a vested interest in limiting any dilution.

Our funding strategy is disciplined. Our strategy and intention is to push, where possible, the majority of future fundraising and debt capital raising requirements down to our subsidiaries. Our first and foremost choice will be to raise any required debt or equity within these project-specific subsidiaries, which will be owned by Amigo and its partners. Raising future capital at the PLC headstock is a last resort for this Board. We are here to "mine the resource in the ground" rather than "mining the share market".

Summary and Outlook

The last seven months have been hectic and exciting, but they are merely the tip of the iceberg. The structures are now in place to transform Amigo into a free cash flow generative gold producer in the shortest possible term. It is now time to deliver and put the gold in the vault.

Thank you, and we look forward to your continued support.

Yours sincerely,

Craig Ransley

Executive Chair

Amigo Resources PLC

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014. The Company has implemented its disclosure controls and procedures in connection with this announcement. The Company confirms that, upon publication of this announcement, this inside information is now considered to be in the public domain.  

Contacts:

About Amigo Resources PLC

Amigo is a public limited company registered in England and Wales with registered number 10024479. Amigo is focussed on gold and rare earth mining opportunities in Africa, principally in Tanzania and Mauritania. The Amigo Shares are listed on the Official List of the Financial Conduct Authority and traded on the Main Market of the London Stock Exchange

Important Notice & Caution Regarding Forward-Looking Statements

This announcement is not intended to, and does not, constitute or form part of any offer, invitation, or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell, or otherwise dispose of, any securities, or the solicitation of any vote or approval in any jurisdiction, pursuant to this announcement or otherwise.

This announcement contains forward-looking statements concerning Amigo Resources PLC. Forward-looking statements are not statements of historical fact, and actual events and results may differ materially from those described in the forward-looking statements as a result of a variety of risks, uncertainties, and other factors. Forward-looking statements in this document are based on Amigo's beliefs, opinions, and estimates as of the dates the forward-looking statements are made, and no obligation is assumed to update forward-looking statements if these beliefs, opinions, or estimates should change or to reflect other future developments

-ENDS-