Announcement • 17h
Kendrick Resources plc Announces High-Grade Surface Mineralisation At Teufelskuppe Rare Earth Project South-West Namibia Kendrick Resources Plc announced a highly encouraging milestone at its Teufelskuppe rare earth project in south-west Namibia, following the completion of a high-resolution Digital Elevation Model survey and updated volumetric assessment of surface mineralisation. Work completed together with the tonnage estimate provides a visible, high-confidence foundation for resource growth. Under its definitive agreement with Bonya Exploration Pty Namibia, Kendrick holds a 70% interest in the TK project, which is rapidly emerging as a rare earth asset of exceptional grade and potentially corresponding tonnage. 14 million tonnes of high-grade, above ground carbonatite mineralisation identified from exposed outcrops. In-house non-JORC (2012) tonnage estimate based on high quality volumetric modelling and updated bulk density data. Surface carbonatite grades ranging from 2.2% to 7.06% TREO, placing TK amongst the highest grade rare earth projects globally. Easily accessible, visually identifiable mineralisation significantly reduces geological risk. Current tonnage estimate represents only a fraction of total potential, with drilling already confirming substantial mineralisation at depth. Ongoing diamond drilling and channel sampling designed to convert surface and sub-surface mineralisation into a JORC (2012) Mineral Resource Estimate. The DEM volumetric assessment has defined a surface volume of approximately 4.6 million cubic metres which, when combined with a revised bulk density of 3.0 g/cm3, supports an in-house estimate of approximately 14Mt of above-ground mineralised carbonatite. Whilst not yet JORC (2012) compliant, the exceptional exposure, grade continuity, accessibility and abundance of visible mineralisation place these surface carbonatites in a uniquely low-risk category relative to typical sub-surface deposits. It is believed that there are only a few rare earth projects globally that can demonstrate such a large, coherent body of high-grade material exposed at surface. Recent drilling including diamond drill hole TSDD001 that returned exceptional results, provide strong geological indicators for expected sub-surface expansion of the resource. Drill intercepts of high-grade mineralisation reinforce the view that the exposed carbonatites represent only the uppermost fraction of a much larger system. Historic channel sampling returned an average TREO grade of 3.1% with peak values of 4.79% and 4.73% in the central zones. There grades compare extremely favourably with major producing and development-stage rare earth projects worldwide. Whilst some historic in-house tonnage estimates had previously been conducted but not published, the modern DEM surveying programme has provided a step-change in confidence in the estimate. The updated tonnage estimate builds on an inherited 2017 semi-quantitative assessment, replacing earlier modelling techniques with a high-resolution, custom built digital elevation model derived from modern satellite imagery. This approach has delivered a materially more accurate picture of the principal rare earth bearing structures, which represent a circular group of hills dominated by mineralised dyeks, sills and cone sheets. Announcement • May 08
Kendrick Resources plc Provides Update on Teufelskuppe Rare Earth Project -Development Plan Kendrick provided an update on the project development plan which includes a Project Update and history and a Strategic Development and Operational Delivery plan for the Teufelskuppe ("TK") and Kieshöhe ("KH") rare earth licences in Namibia (the "Projects"). As announced on 23 February 2026 the Company has entered into a definitive agreement with Bonya Exploration Pty Namibia ("Bonya") by which it gained a 70% interest in the Projects. Highlights · On-schedule diamond drill programme to unveil sub-surface carbonatites at Teufelskuppe and Kieshöhe · Definition of key milestones in the pathway to initial production · Benchmarking of Teufelskuppe against comparable projects · Business plan framework for partnerships and financing Project History The results of the principal channel sampling programme conducted at TK between 2018 and 2021, and inherited by the Company, have been published following independent review, and are freely available in an open-access scientific journal: Marlow AG and Palmer MR (2023). A preliminary study of the rare earth element-enriched Twyfelskupje carbonatite complex, southern Namibia. Geological Magazine, Volume 160: pages 305-321. This endorsement of the exploration results in a peer-reviewed scientific journal provides exceptional confidence as to their authenticity. Progress since Acquisition The TK project is already broadly defined, and the Company is working towards a maiden Mineral Resource Estimate ("MRE") and accompanying LREO (light rare earth oxides) inventory for outcropping mineralisation over the 8 TK distinct bodies based on data from a custom-made high resolution Digital Elevation Model("DEM")currently being processed. Historic in-house estimates already exist and the DEM survey is expected to provide the basis for a modest but accurate initial resource based on grab and channel sampling and drill data. After concluding the definitive agreement with Bonya, the Company commissioned a higher-resolution natural terrain feature map ofTKusing, satellite imagery to create detailed maps of the eight most prominent plugs, dykes and cone sheets -all of which are above-surface features and exploration targets. This commission follows on from a preliminary surface resource estimation by Bonya which has not been published as it is unverified, albeit very encouraging. The high-grade carbonatite-bearing material being located at, or near, surface significantly reduces the complexity typically associated with mine development. The mean TREO tenor for TK is an exceptional grade of 3.1 wt% with the carbonatites from the central zone showing the highest average TREO abundances (mean of 4.5 wt %, n = 54), and the dyke stockwork also having a high mean abundance (4.2 wt %, n = 45). Data from the less intensively sampled Kieshöhe showed promising TREO grades: averaging 1.5 wt %. On 16 March 2026 the Company announced it had completed assays of an inherited diamond drill hole ("TWDD001") with mineralisation at the base of the core returning a grade of 6.1 wt% TREO and an exceptional intercept of 8.1 w% TREO over 21.2m from 59.5m depth. Notably, TREO wt% grades never dropped below 6.0 wt% and peaked at 10.7 wt% TREO over the 21.2m run. Strategic Development and Operational Delivery plan As outlined below the Company has an Exploration to Production plan including a work programme developed in light of the position of Kendrick's rare earth projects in a global context and have identified clear Commercial Objectives and Partnership Opportunities Exploration to Production The Company is benefitting from an operating environment that allows maximum flexibility, and permits updates on timelines, the assessment of alternative funding strategies, and routes to market. By progressing a dual-pathway model of advancing an in-house production plan in parallel with a receptive approach to external interest, the Company creates multiple opportunities to unlock value from its underlying assets. The publication of the schedule outlined below represents a key milestone by defining a work programme to advance the priority target of TK towards development. Kieshöhe will be progressed in parallel as a key contributor to the rare earth resource base of the Company. The work programme to be delivered includes: An active and targeted drilling campaign to ascertain the depth of carbonatite mineralisation below the natural surface profile of the two EPL landscapes and additional to the 8 outcropping extrusions that make up the TK Complex. A similar campaign but focussed on the carbonatite sheets is underway at Kieshöhe where an extraordinary density of mineralised carbonatite sheets bodes well for a significant tonnage albeit at a lower grade than TK. Conversion of the above-ground resources in target areas TW1 to 7 to JORC (2012) compliance. Comprehensive metallurgical testing, petrology and engineering studies covering comminution, beneficiation, and metallurgy, including the separation of Nd-Pr oxide from mixed rare earth concentrates. Advancing the feasibility of pre-concentrating mined ore for local transport to a central processing facility. Engagement of a specialist engineering consultancy to create conceptual open pit mine (shell) plans, especially for a high-grade 'starter' pit. Associated environmental, permitting and commercial studies. Engagement with potential strategic, development and trading 'off-take' partners. The development of an updated financial model and project valuation. Complete a Preliminary Feasibility Study ("PFS') and Preliminary Economic Assessment ("PEA") in the shortest possible timeframe. This programme is seen by the Company as an important endorsement of TK as a globally significant rare earth project. The planned work creates a platform which will deliver multiple tangible outcomes and sustained news flow, while refining the project's technical and economic parameters and supporting a potential increase in project value through updated financial modelling. This workstream will progress alongside a strategy of pursuing and evaluating potential partnerships across the global rare earths value chains. Kendrick Rare Earth Projects in a Global Context Kendrick is focusing its current endeavours and investment in Namibia on the Bonya project. This benchmarking excludes the low grade but also low operating cost ionic clay projects of Brazil, Uganda and Madagascar as there are too many variables to make a comparison that would withstand peer review. New Risk • May 05
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (21% average weekly change). Earnings have declined by 57% per year over the past 5 years. Revenue is less than US$1m (UK£1.1k revenue, or US$1.5k). Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Shareholders have been diluted in the past year (27% increase in shares outstanding). Market cap is less than US$100m (UK£8.96m market cap, or US$12.1m). 
