Announcement • Aug 24

Kazera Global Plc Receives Final Technical Report For Sea Concession 2A Heavy Mineral Sands Project

Kazera Global plc announced that the independent technical report in respect of the Sea Concession 2A heavy mineral sands project in Alexander Bay, Northern Cape, South Africa has now been completed, approved and signed off by Creo Geo Consulting (Pty) Ltd. The initial surf-zone Evaluation Area of 42.86 hectares represents only 1.42% of the total 2A licence area but contains an Inferred Mineral Resource of 6.65 million tonnes of HMS at a grade of 20.04% Total Heavy Minerals. Creo has calculated an indicative in-situ value of approximately USD 369.3 million for the contained ilmenite, garnet, zircon and rutile within this Evaluation Area alone, based on Second Quarter 2026 FOB prices. No indicative in-situ value has been attributed at this stage to the remaining 98.58% of 2A, which the Technical Report identifies as a substantial Geological Target. The Evaluation Area, covering just 42.86 hectares and 1.42% of the total 2A licence area, contains an Inferred Mineral Resource of 6,651,065 tonnes of HMS at a grade of 20.04% THM. Creo has calculated an indicative in-situ value of approximately USD 369.3 million for the valuable heavy minerals contained within this 1.42% Evaluation Area alone, based on Second Quarter 2026 FOB prices. This comprises approximately USD 174.3 million of ilmenite, USD 130.0 million of garnet, USD 39.4 million of zircon and USD 25.6 million of rutile. The Mineral Resource contains approximately 1.33 million tonnes of contained THM, of which approximately 1.31 million tonnes comprise economic heavy minerals. The Inferred Mineral Resource grade compares extremely favourably with typical operating HMS mines globally and the heavy mineral assemblage contains a high proportion of economic heavy minerals, principally garnet, ilmenite, zircon and rutile. The remaining 98.58% of 2A is identified as a substantial Geological Target, to which no indicative in-situ value has been attributed at this stage. On a conservative basis, the Geological Target is estimated to contain an additional 265.2 million tonnes of HMS, with grades yet to be determined, refining the preliminary estimate of at least 234 million tonnes. Granting of the 2A Mining Right remains the key next regulatory milestone. The USD 369.3 million indicative in-situ value relates solely to the current Mineral Resource within the 1.42% Evaluation Area. It is an indicative gross in-situ value only and does not represent recoverable value, revenue, profit, net present value or an Ore Reserve. 2A covers approximately 3,012.95 hectares and extends for around 30 kilometres along the coast between Port Nolloth and Alexander Bay, within the diamond mining concession boundaries of Alexkor SOC Limited. The Project occupies the nearshore surf-zone and mid-water areas adjacent to Alexkor's land-based diamond mining areas. The April and May 2026 sampling programme was designed to cover as much of the 2A surf-zone area as practicable. Sampling was conducted on an unbiased grid and comprised 30 samples, with 18 samples collected from the southern section and 12 from the northern section. Pit depths ranged from 4.5 metres to 8.9 metres. Creo states that sufficient exploration data has been acquired to estimate a Mineral Resource for the 2A surf zone in accordance with JORC reporting standards. The Technical Report states that the sampling is representative, covers the deposit appropriately and demonstrates geological and grade continuity. The Mineral Resource estimate relates to the 42.86 hectare Evaluation Area, representing 1.42% of the total 2A area. The final Technical Report confirms the following Inferred Mineral Resource: Classification Resource tonnage THM grade Contained THM Contained economic HM Inferred 6,651,065 tonnes 20.04% 1,332,873 tonnes 1,312,920 tonnes. The principal economic heavy minerals contained within the Mineral Resource are: Mineral Contained tonnes Garnet 649,895 Ilmenite 590,814 Zircon 26,258 Rutile 19,694. The Technical Report notes that typical head grades at operating heavy mineral mines globally are in the range of 8% to 12% THM and that valuable heavy minerals typically comprise approximately 50% to 60% of the heavy mineral assemblage. By comparison, the Evaluation Area has a THM grade of 20.04% and the report states that economic heavy minerals comprise approximately 98.5% of the THM assemblage. No Ore Reserves have been declared at this stage. The final Technical Report calculates an indicative in-situ value of approximately USD 369.3 million for the contained ilmenite, garnet, zircon and rutile within the current Mineral Resource in the 42.86-hectare Evaluation Area, representing just 1.42% of 2A, based on Second Quarter 2026 FOB prices. The component values are set out below: Mineral Contained tonnes Price per tonne used by Creo Indicative in-situ value Ilmenite 590,814 USD 295 USD 174.3 million Garnet 649,895 USD 200 USD 130.0 million Zircon 26,258 USD 1,500 USD 39.4 million Rutile 19,694 USD 1,300 USD 25.6 million Total USD 369.3 million. The Company notes that the USD 369.3 million in-situ value relates only to the current Mineral Resource within the Evaluation Area. It is indicative only and does not represent recoverable value, revenue, profit, net present value or an Ore Reserve and is subject to, among other things, mineral recoveries, mining and processing costs, capital costs, transport, product specifications, permitting, environmental constraints and commodity price movements. No indicative in-situ value has been attributed to the wider Geological Target at this stage. In addition to the current Mineral Resource, Creo identifies the remaining 98.58% of 2A as a substantial Geological Target. On the conservative basis set out in the Technical Report, and based on extrapolation of the current Inferred Mineral Resource and the observed homogeneous nature of the deposit thus far, Creo considers that the 2A area has the potential to host at least 265.2 million tonnes of HMS. The Geological Target is conceptual in nature. The wider area has not yet been subjected to the same level of exploration as the Evaluation Area, its grade has yet to be determined and there has been insufficient exploration to estimate a Mineral Resource or Ore Reserve over that area. It is therefore uncertain whether further exploration will result in the estimation of any additional Mineral Resource or Ore Reserve. No indicative in-situ value has been attributed to the Geological Target at this stage. The Technical Report states that further exploration is warranted and that there is significant scope to expand the current resource footprint. Creo notes that the geological controls observed to date are consistent with wave-driven nearshore deposition within a predictable active marine framework, although specialised exploration and sampling techniques will be required for the deeper-water areas of 2A. Granting of the 2A Mining Right remains the key next regulatory milestone.

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