Kendrick Resources Plc
("Kendrick" or "the Company")

Update on Nambian REE Projects

Kendrick Resources (LSE: KEN), the mineral exploration and development company is pleased to advise shareholders of the completion of an internal review and analysis of historic and current work resulting in the emergence of targets consistent with our expectations for the Company's flagship rare earth projects at Teufelskuppe ("TK") and Kieshöhe ("KH") in SW Namibia.  The projects are the subject of a 70% earn-in interest by the Company under a definitive agreement with Bonya Exploration Pty Namibia ("Bonya"). Bonya has title to exploration licence EPL 6691.

Review Highlights

Ø Unaudited in-house gross project valuation (NPV) of US$ 400M for verified in situ LREO-bearing carbonatites at Teufelskuppe (TK) only

Ø All material numbers for this valuation have emerged from current TREO prices, capital costs for similar processing capability and mining and labour costs typical for southern Africa.

Ø Current tonnage estimate of 14Mt for TK for above ground mineralised carbonatite only, equates to a gross estimated rare earth inventory of 448 Kt of LREO based on an average head grade of 3.12 wt%.

Ø Rare earth-bearing carbonatites shown to extend below the surface outcrops as evidenced by boreholes to 80-115m deep at targets TK1 and TK2.

Ø Geological continuity below the surface implies a much larger, resource below the present natural landscape surface

Ø Exceptional high-grade carbonatites (up to 4.5% TREO) dominate the central zone at TK and the dyke stockwork.

Ø Super magnet rare earths Nd and Pr dominate the LREO rare earth assemblage by economic value to the extent of ca.70% of the total LREO resource.

Ø The global REE market is dominated by China and is projected to increase by 130% by 2034

Ø The Rare Earth Trading Industry has taken note of the TK and KH projects that have assumed significant focus in the emerging rare earth arena.  

Chairman of Kendrick Resources, Colin Bird commented "We are very pleased with the amount and quality of data we inherited for the projects. What has surprised our geologists and engineers is the tenor and continuity of rare earths that exist on both properties and rather than looking for independent small potential resources, we are looking at substantial potential resources on both projects.  The board and management team are single minded in their approach to produce a maiden resource by the end of the third quarter 2026 and to nail down an optimised metallurgical flow sheet. The team has done extremely well in a short time, and the recent fundraising will allow progress on all fronts mentioned above. We are in exciting times in an exciting market, and we look forward to providing Shareholders with further updates".

Current Company Assessment

·    Projected Tier 1 project target intact and supported by exploration results

·    Focus is on a 'Mine to Magnet' strategy to unlock value from the TK and KH projects in a timely manner.

Strategic Review

Kendrick Resources is committed to the transparency attached to objective and independent assessments and reviews of its business plans, progress and decision-making developed by the Kendrick Team whom we hold in high regard both collectively and independently.

The recently announced fundraising will allow the Company to aggressively pursue its Tier 1 mission, drilling out resources, assessing other reconnaissance targets and completing the assessment of the petrology and mineralogy of the carbonatite mineralisation to underpin a complete metallurgical design.  

For further information, please contact:

Qualified Person

The technical information contained in this announcement has been reviewed, verified, and approved by Colin Bird, C.Eng, FIMMM, South African and UK Certified Mine Manager and Director of Kendrick Resources plc, with more than 40 years' experience mainly in hard rock mining.

About Kendrick Resources Plc

Kendrick Resources Plc is a mineral exploration and development company whose strategy is to acquire and enhance the value of its mineral resource projects through exploration, technical studies and resource development and to bring projects to production through joint venture or other arrangements or their sale.

 The Kendrick Board has extensive resource project experience in southern Africa and has gravitated back to the region with the acquisition of the Bonya Rare Earth Project located in Namibia and in late 2025 exercised an option in relation to the acquisition of the Blue Fox Licence, 34412-HQ-LEL located in northwest Zambia

 Glossary:

Carbonatite: An igneous rock containing >50 modal % primary (magmatic) carbonate and ≤20 wt% SiO₂. There are three main types: Calcitic (calcio) carbonatites, magnesiocarbonatites and ferrocarbonatites. Occur as lava flows and more commonly as intrusions.

Carbonate: Common minerals containing the carbonate anion (CO3^2-) for example calcite (CaCO₃), dolomite (CaMg(CO₃)₂, siderite (FeCO₃) and Ankerite Ca(Fe,Mg,Mn)(CO₃)₂.

Cone sheet: A type of ring intrusion with margins which dip inwards.

Ferrocarbonatite: A carbonatite in which the main carbonate mineral is iron-rich, for example, ferroan dolomite, ankerite or siderite.

Fluorcarbonates: A group of minerals consisting of variable calcium, high fluorine, and rare earth elements. Examples are Synchysite and Parisite.

Parisite: A group of fluorcarbonates with typical mineral formula Ca(Ce/La/Nd/REE)₂(CO3)₃F₂.

JORC 2012 Mineral Resource Code: The Australian Code for Reporting Exploration results, Mineral resources and Ore reserves. Enforces minimum standards and guidelines for public reporting of mineral resources and ore reserves. Classifies mineral resources into Inferred, Indicated and Measured based on the level of geological confidence regarding the quality and quantity of the resource.

Petrological studies: the study of the formation of rocks, subsequent deformation and alteration. Quantification of mineral composition and mineral relationships.

REE : Rare Earth Elements. Elements with an atomic number between 57 and 71 plus Scandium and Yttrium.

TREE: Total Rare Earth Elements; sum of LREE and HREE to a total of 17 elements.

LREE: Light Rare Earth Elements including Lanthanum (La), Cerium (Ce), Neodymium (Nd), Praseodymium (Pr), Scandium (Sc), Samarium (Sm) and Europium (Eu) and Promethium (Pm).

HREE: Heavy Rare Earth Elements including Yttrium (Y), Gadolinium (Gd), Terbium (Tb), Dysprosium (Dy), Holmium (Ho), Erbium (Er), Thulium (Tm), Ytterbium (Yb) and Lutetium (Lu).

LREO: Light Rare Earth Oxides including La2O3, CeO2, Nd2O3, Pr6O11, Sc2O3, Sm2O3, Eu2O3.

HREO: Heavy Rare Earth Oxides including Y2O3, Gd2O3, Tb4O7, Dy2O3, Ho2O3, Er2O3, Tm2O3, Yb2O3 and Lu2O3.

TREO: Total Rare Earth Oxides.

Wt % = Weight Percentage