Results from Ground Geophysics Programme on PL061 in the Kalahari Copper Belt, Botswana

Disseminated via PRN on 20 May 2026

Serval Resources PLC

("Serval" or the "Company")

20 May 2026

Results from Ground Geophysics Programme on PL061

in the Kalahari Copper Belt, Botswana

Serval Resources Plc (AIM: SRVL), a company focused on building an independent copper and future metals developer, is pleased to announce the results of the ground geophysics programme carried out on Licence PL061/2021 ("PL061") in the Kalahari Copper Belt ("KCB"), Botswana.

Highlights

Interpreted target horizon contacts for the D'Kar and Ngwako Pan Formations in the southern portion of the surveyed area, where the Company can focus future exploration efforts
Progression of exploration approach in determining the most appropriate geophysical techniques to further establish and confirm the target horizon

PL061 is a priority target for Serval as it lies to the north-east and on strike to Cobre's Ngami project, which is a significant and growing copper-silver development project. Existing regional data from the Botswana Geoscience Institute has indicated that exploration for this area would be further complicated by the presence of Karoo volcanic sequences, in addition to the known sand cover that overlies much of the KCB bedrock at varying depths.

The survey consisted of 121 line-kilometres over 84 lines and the aim of this work was to detect and better spatially define the presence of regionally mapped Ngwako Pan and D'Kar Formation contact, being the target horizon for copper-silver mineralisation in the KCB, map the Karoo volcanics, and interpret and map structural trends that potentially control mineralisation.

The survey was focused on the southwestern corner of the licence, in an area where interpretation of the regional magnetic data suggested that no Karoo volcanic cover sequences are expected, as demonstrated in Figure 1.

CEO, Robin Birchall, commented :

"I am delighted to report that we have completed another field programme in Botswana, in short turnaround time and in alignment with our commitment to keep on doing systematic exploration work, building our understanding of the geology, whilst maintaining capital discipline. It is encouraging that this ground geophysics programme has indicated the potential presence of the D'Kar and Ngwako Pan Formations within our licence area and provides a focus for future exploration efforts."

Figure 1: Location of the ground geophysics programme at PL061 in the KCB and regional data compiled by the Botswana Geoscience Institute demonstrating the Karoo volcanic sequences that overlay much of the PL061 and PL082 licence areas.

Interpretation of the ground geophysics data indicates the following:

A northeast-southwest trending, sharp and dominant gradient zone, indicating faulting or shearing or potential reactivation structure is interpreted to separate the southern and northern portions of the grid area.

The northern portion of the grid area is interpreted as volcanic units with variable sedimentary interbeds.

The southern portion of the grid appears significantly less structurally deformed. This has been interpreted to be the D'Kar and Ngwako Pan Formations. The evident smooth magnetic signature suggests thicker sediment cover in this area.

The major contact between the volcanics and the sediments correlates well with the inferred contact taken from the regional geological map, with the delineated magnetic contact shifted southwards by approximately 270 metres.

A broad curved low magnetic anomaly in the southern portion of the area is consistent with an anticline/syncline-type geometry, delineating transition from a magnetically homogeneous zone to a more complex and heterogeneous zone. The south-western portion of the study area is interpreted to comprise sedimentary units of the D'kar and Ngwako Pan Formations. The contact between these two lithological sequences is magnetically gradational.

The gradational change in magnetic characteristics between the two formational contacts of the target horizon in this area has resulted in the magnetic survey not clearly identifying the target horizon. It is suggested that this area be investigated using geophysical methods detecting electrical conductivity/resistivity such as electromagnetic ("EM") or electrical resistivity tomography ("ERT") to more clearly identify the target horizon. However, the more accurate location of the Karoo volcanics contact, as well as the interpreted gradational contact of the target horizon, will assist the Company to more accurately locate future surveys.

Figure 2: Reduced-to-pole ("RTP") map and interpretation showing the well-defined Karoo volcanics contact, as well as the interpreted gradational and possibly anticlinal structure of the target horizon in the south western area.

Qualified Persons Statement

The information in this news release was compiled, reviewed, verified and approved by Mr. Luhann Theron, MSc (Geology), Member of the South African Council for Natural Scientific Professions (SACNASP), Senior Geologist for Lambda Tau. Mr Theron has 14 years' experience in exploration for metals and minerals of this mineralization type, style and geological setting and a qualified person as defined under the JORC code. Mr Theron consents to the inclusion in this announcement of the technical matters based on his information in the form and context in which it appears.

Enquiries:

Serval Resources	Company	Robin Birchall	+ 44 (0) 7711 313 019 [email protected]
	IR	Cathy Malins	+44 (0) 7876 796 629 [email protected]
SP Angel Corporate Finance LLP	Nominated Advisor and Broker	David Hignell Charlie Bouverat Devik Mehta	+44 (0) 20 3470 0470
AlbR Capital Limited	Joint Corporate Broker	Lucy Williams Duncan Vasey	+44 (0) 20 7469 0930
Tavistock Communications	PR	Charles Vivian Eliza Logan	+44 (0) 20 7920 3150

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED.

About Serval Resources

Serval Resources (AIM: SRVL) is an AIM-listed explorer focused on copper and associated future metals critical to the global energy transition and digital economy. The company is building a portfolio of exploration and development assets in the emerging copper belts of Namibia, Botswana and Côte d'Ivoire, aiming to become a leading mid-cap player by applying modern, systematic exploration techniques in underexplored but highly prospective African regions.

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