Announcement • Apr 20
Botswana Minerals plc Provides an Update on Its AI Driven Exploration Programme over Licences 458 and 459 in Ngamiland, North West Botswana Botswana Minerals PLC provided an update on its AI driven exploration programme over Licences 458 and 459 in Ngamiland, north west Botswana. These licences are part of the Company's 7,074 km² land holding in the north eastern Damara Belt, a region known for its potential to host copper and other important minerals. The Company is progressing well with its fully funded programme, which aims to identify and rank the most promising exploration targets and identify the best copper prospect for drilling. A copper anomaly stretching approximately 9.5 km has been identified east of a major fault. A silver anomaly corridor of around 20 km has been mapped across a key fault zone, A core zone of lead-zinc mineralisation, about 2.4 km long, has been identified within a larger trend to the west, Several possible deposit types have been recognised, including Irish type (MVT), carbonate replacement, hydrothermal, and potential skarn systems. The next stage of work will include more detailed magnetic and gravity data analysis, additional geochemical testing, integration of hyperspectral satellite data, and a full review of historical drilling records. AI assisted analysis will be used to strengthen the geological interpretation. Results from Phase 1 are helping the Company move from a broad regional view to more clearly defined targets. Current work suggests there may be two separate mineralised zones: A structurally controlled copper-silver trend linked to a major fault, A western area more prospective for lead and zinc. At this stage, there are two possible explanations for the mineralisation: either it comes from one large system with different metals forming in zones, or from two separate but overlapping systems. Ongoing analysis is helping to refine these models and prioritise the best targets for follow-up work. New Risk • Mar 30
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 38% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (13% average weekly change). Earnings have declined by 12% per year over the past 5 years. Shareholders have been substantially diluted in the past year (38% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (UK£3.98m market cap, or US$5.26m). Announcement • Mar 21
Botswana Minerals plc Appoints Rory Harding as Non-Executive Director, Effective March 20, 2026 Botswana Minerals plc announced Rory Harding has been appointed to the board of Botswana Minerals as Non-Executive Director with effect from March 20, 2026. He is also currently the Chief Executive Officer of AIM listed Arkle Resources Plc. Mr. Harding is an emerging markets specialist with experience in energy, mining and investment banking and adviser to London merchant bank Strand Hanson. He is the co-founder and asset originator for multiple publicly listed mining companies, most recently Electrum Discovery. Mr. Harding formerly worked in energy trading and has extensive operational experience in Africa. Rory John Harding, aged 40, currently holds or has held the following directorships in the past five years: Current Directorships/Partnerships: Arkle Resources Plc, American Renaissance Resources LLC, Reston Energy Trading Ltd, Onyofi Capital Pty Ltd, Patina Minerals Doo, Oakridge Vision Ltd, Oxley River Capital Ltd. and Dunonin Resources Ltd. Past Directorships/Partnerships within last five years: NeoGreen Hydrogen Corp, Oxley River Capital Pty Ltd, Aurous Resources Inc, Balkan Metals Corp, Strand Hanson Guyana Ltd, Oryx Services Namibia Pty Ltd, Molecula Prospera Lda, Elipse Fidalga Lda and Inside Theory Lda. 
