Update - Rare Earth Elements at Musensi Hill

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16 September 2026

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

Petrographic Study Supports Rare Earth Elements at Musensi Hill Project

Amigo Resources PLC (LSE: AMGO) is pleased to provide a further technical update on its Musensi Hill Rare Earth Elements Project (the "Musensi Hill Project" or "Project") in Tanzania, following completion of the first phase of petrographic thin-section examination and continued geological interpretation.

The petrographic programme forms part of the Company's ongoing effort to integrate field geology, whole-rock geochemistry, petrography and mineralogical interpretation into a progressively refined exploration model for Musensi Hill.

Approximately 26 petrographic thin sections have been prepared to date and studied.

Highlights

Petrographic Programme

The current petrographic study was designed to identify primary lithologies, alteration styles, mineral associations and late-stage hydrothermal features that cannot be reliably determined from hand-specimen observations alone.

Approximately 26 thin sections have been prepared from representative samples collected and examined.

This work enables the Company to refine its understanding of the Musensi Hill Project intrusive system and distinguish between:

Evolving Geological Interpretation

The petrographic work completed to date indicates that Musensi Hill Project is more geologically diverse than initially interpreted from surface mapping alone.

The additional observations indicate that the sampled area is dominated by an undersaturated alkaline complex comprising volcanic and intrusive rocks:

Based on these interpretations, the Company considers the most appropriate working description to be an undersaturated alkaline complex containing a minor carbonatite component.

This interpretation is significant as typically both alkaline intrusive complexes and carbonatite systems are recognised geological environments for rare earth elements and high-field-strength elements including niobium and tantalum.

The current interpretation remains preliminary and will continue to evolve as additional petrographic, geochemical and mineralogical data become available.

Further Petrographic Observations

The Company's engaged geological consultant (GeoVale Services) has completed its petrographic review. This review indicated that:

Recognition of a sizeable undersaturated alkaline complex introduces an additional exploration dimension. Subject to confirmation by chemical and mineralogical analyses, target elements requiring particular assessment include niobium, zirconium, hafnium, thorium and uranium, alongside the Company's continuing rare earth element and niobium-tantalum evaluation.

Late-Stage Hydrothermal Activity

One of the most significant observations from the petrographic review is the evidence for extensive late-stage hydrothermal activity.

The presence of late silica veining and iron-oxide alteration is considered important because hydrothermal fluids may remobilise, redistribute and locally concentrate rare earth elements and other metals.

Furthermore, iron oxides may also act as scavengers or carriers for certain specific elements during hydrothermal alteration and weathering. The Company is therefore prioritising these iron-rich and late-vein zones for further mineralogical and geochemical study.

Significance for Rare Earth and Nb-Ta Exploration

The current petrographic interpretation supports continued focus on two principal commodity groups:

The significance of the current work is that the geological environment increasingly demonstrates characteristics consistent with a complex alkaline magmatic and hydrothermal system capable of concentrating these elements.

A coherent geological basis for exploration is provided by the combination of:

Integration with Whole-Rock Geochemistry

The next stage of evaluation will integrate the petrographic findings with the Company's existing whole-rock geochemical data to determine:

This integrated petrographic-geochemical interpretation will be instrumental in refining the Musensi Hill Project exploration programme.

Next Steps

The forthcoming phase of work for the Musensi Hills Project includes:

Craig Ransley, Executive Chair of Amigo Resources PLC, commented:

"The petrographic work is helping us transition from a broad field interpretation to a considerably more precise understanding of the Musensi Hill Project geological system.

The key point emerging from this work is that we are seeing a broader undersaturated alkaline complex with multiple volcanic and intrusive lithologies, a minor carbonatite component and a significant late-stage hydrothermal overprint.

The abundance of silica veining, iron-oxide alteration and alkaline lithologies provides a clear and strong technical foundation to continue focusing on rare earth elements alongside high-field-strength elements such as niobium and tantalum.

At this stage we are not making any statement regarding economic mineralisation. Our objective is to continue building the geological model and identify the mineral hosts and the most prospective parts of the system before advancing to the next stage of exploration."

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, Platinum Group Metals (PGMs), 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, Cautionary Statement & 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. These statements involve risk, uncertainty, and assumptions because they relate to events and depend upon circumstances that will or may occur in the future. Actual results may differ materially from those expressed or implied.

Specifically, no mineral resource, production target, recovery rate or economic outcome has yet been established regarding the Project. The potential environmental, community and commercial benefits described remain subject to satisfactory due diligence, regulatory approvals and the negotiation of definitive agreements. The Company will provide further updates as the due-diligence programme progresses and material results become available. Except as required by law, the Company has no obligation to update these statements.

The petrographic interpretation described in this announcement remains preliminary and is based on work in progress. No Mineral Resource or Mineral Reserve has been defined at Musensi Hill under JORC, NI 43-101 or any other recognised reporting standard. The presence of alkaline lithologies, carbonate-rich rocks, iron-oxide alteration or hydrothermal veining does not in itself demonstrate economically recoverable rare earth or niobium-tantalum mineralisation.

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.