Announcement • Jul 24
Kendrick Resources Plc Reports New Drill Results At Teufelskuppe Project Kendrick Resources Plc announced further highly encouraging portable X-ray fluorescence analytical results from diamond drill holes TKDD007 to TKDD010 at the Teufelskuppe Project. The latest results confirm high-grade rare earth element mineralisation over substantial widths within the TK carbonatite complex, adding to the Company's confidence in the scale, quality and near-surface potential of the project. The programme continues to identify broad zones of continuous, near-surface mineralisation, with light rare earth oxide grades typically ranging from 2.5% to 3.5% LREO across extensive areas associated with the eight dykes and sills that comprise the TK complex. The consistency of grade, continuity and tenor remains a defining feature of the Complex and highlights the potential significance of its LREO mineralisation. Drill hole TKDD010 delivered a strong downhole sequence of high-grade intercepts, including 2.50% LREO over 26m from 70m and 3.15% LREO over 15m from 101m, 3.5% LREO over 4m from 14.5m, 3.45% LREO over 5m from 32.25m and 2.65% LREO over 7.25m from 44.75m. Drill hole TKDD0091 returned a notable intercept of 3.25% LREO over 17m from 27.75m, including a higher-grade internal interval of 4.04% LREO over 9.5m from 35.25m. Drill hole TKDD007 returned a broad near-surface intercept of 1.52% LREO over 32.75m from surface. Drill hole TKDD008 achieved intercepts of 1.60% LREO over 1.75m from 3.0m and 2.02% LREO over 1.5m from 10.25m. Borehole ID From (m) To (m) Width (m) Grade (wt% LREO) TKDD010 14.5 32.25 44.75 70.0 101.0 18.5 37.25 52.0 96.0 116.0 4.00 5.00 7.25 26.0 15.0 3.50 3.45 2.65 2.50 3.15 TKDD0091 Including Including 27.75 32.25 35.25 29.75 31.75 40.04 4.75 34.04 4.75 45.03 3.75 43.75 17.0 1.75 9.50 15.25 2.00 3.75 3.25 3.54 4.04 2.39 3.31 3.05 TKDD007 0.00 32.75 32.75 1.52 TKDD008 3.00 10.25 4.75 11.75 1.75 1.50 1.60 2.02 Note 1 - Drill rods became stuck in the hole at a downhole depth of 47m and the hole was redrilled from the same collar position and hole with a wedge inserted to divert the drill rods from 29m depth. This resulted in a second sub-parallel intercept returning a grade of 2.39% LREO over 15.25m from 29.75m including internal intercepts of 3.31% over 2m and 3.05% LREO over 3.75m. The predominant rare earths of economic value in the TK complex are light elements in the order Ce > La > Nd > Pr, with neodymium (Nd) and praseodymium (Pr) together providing an average 25% (by wt) of the ca. 3% rare earth pool. HREO's average 0.15% across surface and deeper carbonatites. These grades continue to position the TK carbonatite complex in the upper quartile on a global scale compared with the major producers of rare earths elsewhere. Rare earths are critical to specific modern technologies where no effective substitutes exist. Sustained demand for super magnets in electronics, renewable energy, and electric vehicles continues to push prices upwards and manufacturing need shows no sign of slowing. The global metals market is valued at approximately $18,200 million with a Compound Annual Growth Rate (CAGR) of 7.6%. The present trends are further underpinned by demands for rare earths used in defence systems, medical imaging, telecommunications and advanced visual displays. All these sector demands underpin the commercial potential of the TK project. The Company is advancing JORC-2012 certification of the provisional and visible 14 million tonne surface mineral resource estimate for TK as announced on 11 May 2026. Recent drill results further underpin the confidence that these surface resources are only a modest fraction of the mineable total as indicated on 15 May 2026. Channel data, when tied-in with the results from boreholes provide ever-increasing certainty of both lateral continuity in surface rare earth mineralisation and the continuation of REE-rich resources at mineable depths well below the natural desert land surface. The Company projects a much larger resource for the overall project than is known at this time. Drill data is showing sub-surface geo-continuity thus offering a potentially significant resource upside. TK is developing into a prospective new source of commercial rare earth production for free-market economies and industrialised nations, and the combination therein of 59 Pr and 60 Nd remains the economic cornerstone of the Project. Development through to production will enable Namibia to realise and secure one of the largest newly recognised rare earth deposits in the world for defence and advanced technologies. The nearby presence of other intrusive carbonatites at Kieshohe, together with a defined in-house (non-JORC) Mineral Resource and established access and infrastructure, positions TK as a near-term development opportunity with exciting potential. Announcement • Jul 15
Kendrick Resources plc Reports Strong Channel Sample Results Confirming High-Grade Light Rare Earth Oxide Mineralisation At Teufelskuppe Kendrick Resources Plc has reported strong portable X-ray fluorescence surface channel sample results from five carbonatite bodies (TKCH001 to TKCH005) at Teufelskuppe, confirming extensive and continuous, high-grade light rare earth oxide mineralisation over substantial widths. The results reinforce TK's potential as a significant rare earth element project, with representative channel sampling across all five exposed carbonatite bodies demonstrating continuous and pervasive light rare earth oxide mineralisation consistent with the Company's drilling results. Channel and drilling data will now support the Company's initial mineral resource estimate for TK, including the above-ground exposed mineralised carbonatite recently delineated by Digital Elevation Model survey and estimated at approximately 14 million tonnes. Channel TKCH004 delivered the strongest headline grade, returning 2.94% light rare earth oxide over 53.5 meters. Other exceptional continuous mineralised widths returned, including 1.42% light rare earth oxide over 197 meters at TKCH002, 1.91% light rare earth oxide over 84.5 meters at TKCH003, 1.80% light rare earth oxide over 64 meters at TKCH001, and 1.31% over 140 meters in TKCH005. High-grade, continuous light rare earth oxide mineralisation was confirmed across all five carbonatite bodies, with peak internal intercepts including 3.20% over 32.5 meters, 3.20% over 6.5 meters, 2.95% over 5.5 meters, 2.64% over 9.5 meters, and 2.26% over 15 meters. Results highlight the scale, continuity and grade potential of TK ahead of the Company's initial mineral resource estimate. Exposure of continuous high-grade light rare earth oxide mineralisation at surface reinforces the Company's original observation that a low-cost easily accessible resource can be exploited subject to completion of the current assessment. A third drill rig, a reverse circulation rig has arrived on-site at TK and commenced drilling. Channel ID, From (m), To (m), Width (m), Grade (LREO wt%): The predominant rare earths of economic value in the TK complex are light elements in the order Ce>La>Nd>Pr, with neodymium and praseodymium together providing an average 25% (by weight) of the approximately 3% rare earth pool. Heavy rare earth oxides average 0.15% across surface and deeper carbonatites. These grades continue to position the TK carbonatite complex in the upper quartile on a global scale compared with the major producers of rare earths elsewhere. Rare earths are critical to specific modern technologies where no effective substitutes exist. Sustained demand for super magnets in electronics, renewable energy, and electric vehicles continues to push prices upwards and manufacturing need shows no sign of slowing. The global metals market is valued at approximately $18,200 million with a Compound Annual Growth Rate of 7.6%. The present trends are further underpinned by demands for rare earths used in defence systems, medical imaging, telecommunications and advanced visual displays. All these sector demands underpin the commercial potential of the TK project. Diversification of market supply to meet increasing manufacturing need is a recognised priority for most industrialised nations and international partnerships are being formed to diversify and protect supply chains for key industrial sectors, and to safeguard against supply disruptions. The Company is entirely focused on ways in which the development of TK can address the needs of free-market economies and to the benefit of all stakeholders including Namibia, the host nation. The Company is advancing JORC-2012 certification of the provisional and visible 14 million tonnes surface mineral resource estimate for TK as announced on 11 May 2026. Recent drill results further underpin the confidence that these surface resources are only a modest fraction of the mineable total as indicated on 15 May 2026. Channel data, when tied-in with the results from boreholes provide ever-increasing certainty of both lateral continuity in surface rare earth mineralisation and the continuation of rare earth element-rich resources at mineable depths well below the natural desert land surface. The Company projects a much larger resource for the overall project than is known at this time. Drill data is showing sub-surface geo-continuity thus offering a potentially significant resource upside. TK is developing into a prospective new source of commercial rare earth production for free-market economies and industrialised nations, and the combination therein of 59 Pr and 60 Nd remains the economic cornerstone of the Project. Development through to production will enable Namibia to realise and secure one of the largest newly recognised rare earth deposits in the world for defence and advanced technologies. The nearby presence of other intrusive carbonatites at Kieshohe, together with a defined in-house (non-JORC) Mineral Resource and established access and infrastructure, positions TK as a near-term development opportunity with exciting potential. Announcement • Jul 10
Kendrick Resources Announces Discovery of High-Grade Rare Earth Element Carbonatite Mineralisation At Teufelskuppe Kendrick Resources announced the discovery of high-grade rare earth element ("REE") carbonatite mineralisation hosted within breccia at the Teufelskuppe ("TK") Carbonatite Complex, further reinforcing TK's potential as a significant rare earth development project and an emerging strategic supply opportunity for free-market economies. The newly identified breccia comprises an estimated 40% by volume of high-grade LREO dominant carbonatite, sourced from adjacent mineralised carbonatite bodies. This discovery has the potential to materially enhance the Company's resource growth profile through the delineation of a significant volume of high-grade mineralised breccia located close to surface. Bonya has commenced an accelerated resource development programme to evaluate the breccia while assessing practical and cost-effective methods for upgrading the mineralised material by separating the high-grade carbonatite fraction from the barren component of the breccia prior to downstream REE processing. Successful upgrading has the potential to improve project economics by enhancing feed grade and reducing downstream processing volumes. Exceptional pXRF results from the mineralised breccia returned peak grades of 11.57 wt%, 9.39 wt% and 6.3 wt%, demonstrating the presence of high-grade REE mineralisation with clear potential to support resource growth. The breccia returned an average pXRF grade of approximately 3.75 wt% TREO over 14.42m of continuous breccia mineralisation, highlighting both grade and scale potential. This average grade is comparable with the grade of the neighbouring massive carbonatite bodies at TK, highlighting the strong mineral endowment of the breccia and the origin of the mineralisation. Metallurgical test work has commenced to evaluate a range of physical separation techniques aimed at selectively recovering the high-grade carbonatite component while rejecting the waste-dominated breccia matrix, with the potential to significantly enhance feed grade prior to REE processing. The outcomes of this work will guide the collection of a representative bulk sample for larger-scale pilot testing and process optimisation. Preparation of an initial Mineral Resource Estimate (MRE) for the breccia has commenced, incorporating existing assay data together with information generated from the ongoing drilling programme. The Company's objective is to delineate a substantial tonnage of high-grade breccia mineralisation capable of contributing to the overall TK resource inventory, increasing development momentum and enhancing the project's strategic and commercial potential. Kendrick Resources has already defined an estimated 14Mt of above-surface carbonatite mineralisation, to which it expects to add this breccia. This will be followed by mineralisation currently being defined by a combination of trenching, channel sampling and drilling to delineate the mineralised limits of the TK carbonatite bodies below surface. To this will then be added resources yet to be defined at the neighbouring Kieshöhe ore body, with the objective of building a substantial rare earth Mineral Resource for Bonya and positioning Kendrick strongly within the critical minerals supply chain. 
