REG - Amigo Resources PLC - Proposed Joint Development Agreement

Amigo ResourcesAnnouncement

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RNS Number : 1720Y  Amigo Resources PLC  26 March 2026

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THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

FOR IMMEDIATE RELEASE
 
                                 26 March 2026

 

Amigo Resources PLC

("Amigo" or the "Company")

 

Proposed Joint Development Agreement - Tanzanian Gold Projects

 

Amigo Resources PLC (LSE: AMGO) is pleased to announce that its wholly owned
subsidiary incorporated in the UAE, Azima Holdings Limited ("Azima"), is
moving forward with the operational development of the Negero-Kilimamzinga and
Mazoka gold projects ("Project") in the Tanga Region of Tanzania.

 

The Project will be executed through Kabete Minerals Company Limited
("Kabete"), a company incorporated under the laws of Tanzania, which is 51%
owned by Azima.

 

To support this transition into active development, Azima has established an
exclusive framework through a Joint Development Agreement ("Agreement") with
its technical collaborator, AK Corporation - FZCO ("Technical Partner") for
the development, exploration and commercial exploitation of the Project.

 

The Technical Partner is an integrated enabler of the development process,
providing the specialised operational execution required to transition the
Project into a commercial-scale producer. The Technical Partner will lead
operational execution, including licence and regulatory management, geological
oversight, plant design and construction, site management, HSE compliance, and
monthly technical reporting.

 

Azima will provide a minimum of USD1.2 million in operational funding to the
Project over the next 12 months.

 

The Project comprises multiple prospecting licences covering a confirmed land
area of around 159.11 km², with additional contiguous licences forming a
district-scale exploration package within the Kilindi-Handeni Goldfields.
There is some artisanal mining ongoing in parts of the Project area.

 

·    In line with our usual processes, the exploration programme included
the following components:

·    High-resolution airborne magnetics and radiometrics surveys,
conducted to map subsurface features and identify potential mineralisation
zones;

·    Ground geophysical surveys, including induced polarisation and
resistivity, carried out in selected areas to further delineate targets of
interest;

·    Regional and detailed soil geochemistry sampling, provided insights
into the distribution of gold and associated elements across the Project area;

·    Reverse Circulation drilling, implemented to test subsurface
anomalies and evaluate mineralised zones;

·    Diamond drilling, conducted to obtain core samples for detailed
geological and structural analysis; and

·    Geological mapping and trenching, performed to enhance understanding
of surface geology and assist in target generation.

 

The drilling campaign at the Project has been comprehensive, with a total of
167 drill holes completed across the project area with a total depth of over
21km.

 

Commenting on the Agreement, Craig Ransley, Executive Chair of Amigo Resources
PLC, said: "Azima's commencement of development at Kabete marks a significant
step forward in the Group's strategy to develop high-potential gold assets in
Tanzania. By partnering with an experienced technical operator, we are
positioning Kabete for efficient execution and value creation. Pilot-scale
production is currently underway, with approximately 5 kg of gold production
expected in April 2026."

 

Below are pictures of Craig, earlier this week, with staff and contractors at
the site of the Project; and a picture of the Project from the air.

 

 

This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014. The person responsible for this
announcement is Nicholas Beal, Chief Executive.

 

 Amigo Holdings PLC         investors@amigo.me
 Craig Ransley              Executive Chair
 Nick Beal                  Chief Executive

 Sponsor                    Beaumont Cornish

                            0207 628 3396

 

About Amigo Resources PLC

Amigo is a public limited company registered in England and Wales with
registered number 10024479. Amigo is focussed on gold and rare earth mining
opportunities in Africa, principally in Tanzania and Mauritania. The Amigo
Shares are listed on the Official List of the London Stock Exchange

 

Additional Information

This announcement is not intended to, and does not, constitute or form part of
any offer, invitation, or the solicitation of an offer to purchase, otherwise
acquire, subscribe for, sell, or otherwise dispose of, any securities, or the
solicitation of any vote or approval in any jurisdiction, pursuant to this
announcement or otherwise.

-ENDS-

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