REG - Kendrick Resources - Namibia REE Project Update

Kendrick ResourcesAnnouncement

09/04/2026 10:15

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RNS Number : 8266Z  Kendrick Resources PLC  09 April 2026

 

9 April 2026

 

Kendrick Minerals Plc

("Kendrick" or "the Company")

 

Namibia REE Project Update

Highlights

·    Diamond drill programme of targets TK1 to 7 at Teufelskuppe is
ongoing

·    New drill rig acquired and being commissioned at Kieshöhe within the
next 7 days

·    Work underway to generate a Maiden Mineral Resource Estimate (MRE)
based on historic data supplemented by a new Digital Elevation Model ("DEM")
completed on 5 April 2026

 

Kendrick Resources (LSE: KEN) (the 'Company') is pleased to report on progress
with the Bonya rare earth project in Namibia. The Company has a definitive
agreement with Bonya Exploration Pty Namibia ("Bonya") by which it gains a
70% interest in the Teufelskuppe ("TK") and Kieshöhe ("KH") exploration
licences. Kendrick is undertaking work aimed at a more detailed understanding
of the configuration of the TK and KH mineralised outcrops leading to the
definition of an initial surface Mineral Resource Estimate (MRE) and further
details of the rare earth chemistry and petrology to guide optimisation of
metallurgical test work.

 

Chairman, Colin Bird said: "We are re-assessing the figures we inherited of
the tonnage of surface and accessible carbonatites at Teufelskuppe and
Kieshöhe given our commitment to high standards of definition and accuracy.
As we move forward to further assess the economic potential of the
Teufelskuppe carbonatite complex we are now in the middle of a substantial
diamond drill programme that encompasses all seven key targets with a view to
increasing our knowledge of the depth and style of mineralisation and thus the
economic potential of this exciting project along with a parallel mirrored
approach at Kieshöhe. Our key objective now is to match grade with tonnage
and mineral recoverability"

 

Structures

The database inherited by the Company from Bonya included an unverified
estimate of rare earth carbonatite tonnage comprising the visible mineralised
carbonatites encompassing the distinct broadly defined structures 1a to 7 at
TK and a similarly high density of mineralised structures identified at KH.
The exposed portions TK mineralised carbonatite standing prominently above the
surrounding landscape form a circular group of hills of rare earth-bearing
dykes, sills and cone sheets extending for ca. 450m in an E-W direction, and
ca. 380m N-S. The most prominent hill within the TK complex dips ca. 25° to
the NE and is over 120m above the level of the surrounding plain.

At KH, trenching extending for more than 2.5km in cumulative length has
exposed a large number of mineralised carbonatite sheets and dykes over an
extensive area. It would appear that whilst KH has fewer large structures, it
potentially hosts multiple closely-spaced dykes and sheets with the potential
to contribute significantly to future global project tonnage. As a result, a
second drill rig has been acquired and is expected on-site within the next 7
days.

Exploration Results

Exploration work dating back to 2018 for TK included continuous channel
samples reported by Marlow and Palmer (2023) to include a central zone showing
bonanza grades of 4.79 wt% (TK 1A), 4.46 wt% (TK1B) and 4.73 wt% (TK 2).
Latterly these grades have been confirmed with borehole TWDD001 at TK1A
reported to end in mineralisation at a grade of 6.1 wt% TREO (RNS dated
13.3.26).

The super magnet rare earth database inherited from Bonya is summarised in
Table 1, as derived from Marlow and Palmer (2023). This is notable for the
enhanced enrichment ( @ 1%wt) of the high economic value neodymium (Nd) and
praseodymium (Pr).  These grades place the Teufelskuppe carbonatite complex
amongst the highest by grade on a global scale if benchmarked against the
major producers of rare earths in China, the USA and Australia (Centre for
Strategic and International Studies, Jan 26).

Table 1 Neodymium and Praseodymium*

 
Location                               Total REE
(wt%)                                 Combined
Nd and Pr (wt%)

                                TK
1A
4.79
1.13

                                TK
1B
4.46
0.99

                                TK
2
4.73
1.05

                                TK
3
2.80
0.61

                                TK
4
2.50
0.60

                                TK
5
2.92
0.73

                                TK
6
3.00
0.81

                                TK
7
2.88
0.78

 

* as Nd(2)O(3) and Pr(6)O(11)

 

No tonnage estimate for surface resources of carbonatites was reported by
previous operators. With the global reality that economic combinations of
grade and size of rare earth deposits are uncommon, and in the face of rapidly
increasing demand from critical technology sectors where no effective
substitutes exist, the Company reviewed a database from an independent survey
commissioned by Bonya in 2017 (Shapumba & Shilongo, 2017) and determined
to provide a more accurate estimate of the volume and tonnage of surface
resources within the scope of Teufelskuppe locations TK1 through 7.

 

Methodology

The resource estimation undertaken by Bonya utilised elevation data has been
compiled using a proprietary modelling tool:
http://www.zonums.com/gmaps/terrain. Gridding was used to model the surface
terrain by the 'Nearest Neighbour' method with the resulting grid converted
into a Wireframe and georeferenced by satellite images of the same area.
 Volumes were calculated using Wireframes and a bulk density of 2.45g/cm(3)
obtained from previous laboratory results.

 

Because of the semi-quantitative nature of the informal estimate from the
Bonya model, the Company commissioned a more statistically precise and
independent assessment of the above surface resource using a Digital Elevation
Model ("DEM") and high resolution orthophotos. This survey has now been
completed and an updated volumetric and tonnage estimate of above-ground
mineralisation is expected shortly, with the intention of then enabling
compliance with the JORC-2012 international standard.

 

Expansion of Resource Base

The Company is now focused on defining the sub-surface configuration and
dimensions of the carbonatite cone sheets and dykes at Teufelskuppe (and
Kieshöhe) as well as their rare earth composition. The recently published
results (RNS dated 16.3.26) from the TSDD001 80m+ borehole core inherited from
Bonya clearly show that the surface carbonatites potentially represent only a
fraction of the total resource. The well exposed flow banding, a well-defined
gravity anomaly associated with the high-grade TK1A outcrop, and the perceived
structural level of the exposed part of the carbonatite (which is interpreted
to be the cap of a diatreme), provide compelling evidence for mineralization
to extend to depth hence the emphasis on further drilling of all of the
defined bodies in the TK Complex.

 

In contrast to weathered and supergene-enriched carbonate systems, the
late-magmatic mineralization at TK is not expected to decrease in grade at
depth. Indeed, the borehole results published recently show the exact
opposite, with TWDD001 ending in mineralisation at a grade of 6.1 wt% TREO.
This grade hypothesis is supported by TK's central zone displays where REE
enrichment is associated with sub-vertical plunging emplacement structures
(flow banding, shearing, and folding), suggesting the high-grade persists at
considerable depth.

 

The Company believes that this geological advantage enhances the potential for
the project to deliver a significant expansion and resource upgrade and thus
long-term, sustainable production.

 

Reference citations

Marlow AG and Palmer MR. (2023). A preliminary study of the rare earth
element-enriched Teufelskuppe carbonatite complex, southern Namibia.
Geological Magazine 160: 305-321.

Shapumba A and Shilongo E. (2017). Mine Planning and Mining Operations
Consultancy. Volume and Tonnage determination of Twyfelskupje Carbonatite
Hills. 5pp

 

 

For further information, please contact:

 Kendrick Resources Plc: Chairman     Tel: +44 2039 616 086

                                      Colin Bird
 AlbR Capital Limited                 Tel: +44 207 469 0930

 Financial Adviser and Joint Broker   David Coffman / Dan Harris

                                      Jon Bellis
 Shard Capital Partners LLP           Tel: +44 207 186 9952

 Joint Broker                         Damon Heath / Isabella Pierre

 

Qualified Person

The technical information contained in this announcement has been reviewed,
verified, and approved by Colin Bird, CC.ENG, FIMMM, South African and UK
Certified Mine Manager and Director of Kendrick Resources plc, with more than
40 years' experience mainly in hard rock mining.

 

About Kendrick Resources Plc

Kendrick Resources Plc is a mineral exploration and development company whose
strategy is to acquire and enhance the value of its mineral resource projects
through exploration, technical studies and resource development and to bring
projects to production through joint venture or other arrangements or their
sale.

 

The Kendrick Board has extensive resource project experience in southern
Africa and has gravitated back to the region with the acquisition of the Bonya
Rare Earth Project located in Namibia and in late 2025 exercised an option in
relation to the acquisition of the Blue Fox Licence, 34412-HQ-LEL located in
northwest Zambia

 

Glossary:

 

Carbonatite: An igneous rock containing >50 modal % primary (magmatic)
carbonate and ≤20 wt% SiO(2). There are three main types: Calcitic (calcio)
carbonatites, magnesiocarbonatites and ferrocarbonatites. Occur as lava flows
and more commonly as intrusions.

Carbonate: Common minerals containing the carbonate anion (CO3(2-)) for
example calcite (CaCO(3)), dolomite (CaMg(CO(3))(2), siderite (FeCO(3)) and
Ankerite Ca(Fe,Mg,Mn)(CO(3))(2).

Cone sheet: A type of ring intrusion with margins which dip inwards.

Ferrocarbonatite: A carbonatite in which the main carbonate mineral is
iron-rich, for example, ferroan dolomite, ankerite or siderite.

Fluorcarbonates: A group of minerals consisting of variable calcium, high
fluorine, and rare earth elements. Examples are Synchysite and Parisite.

Parisite: A group of fluorcarbonates with typical mineral formula
Ca(Ce/La/Nd/REE)(2)(CO3)(3)F(2).

Jorc 12 Mineral Resource Code: The Australian Code for Reporting Exploration
results, Mineral resources and Ore reserves. Enforces minimum standards and
guidelines for public reporting of mineral resources and ore reserves.
Classifies mineral resources into Inferred, Indicated and Measured based on
the level of geological confidence regarding the quality and quantity of the
resource.

Petrological studies: the study of the formation of rocks, subsequent
deformation and alteration. Quantification of mineral composition and mineral
relationships.

REE : Rare Earth Elements. Elements with an atomic number between 57 and 71
plus Scandium and Yttrium.

TREE: Total Rare Earth Elements; sum of LREE and HREE to a total of 17
elements.

LREE: Light Rare Earth Elements including Lanthanum (La), Cerium (Ce),
Neodymium (Nd), Praseodymium (Pr), Scandium (Sc), Samarium (Sm) and Europium
(Eu) and Promethium (Pm).

HREE: Heavy Rare Earth Elements including Yttrium (Y), Gadolinium (Gd),
Terbium (Tb), Dysprosium (Dy), Holmium (Ho), Erbium (Er), Thulium (Tm),
Ytterbium (Yb) and Lutetium (Lu).

LREO: Light Rare Earth Oxides including La(2)O(3), CeO(2), Nd(2)O(3),
Pr(6)O(11), Sc(2)O(3), Sm(2)O(3), Eu(2)O(3).

HREO: Heavy Rare Earth Oxides including Y(2)O(3), Gd(2)O(3), Tb(4)O(7),
Dy(2)O(3), Ho(2)O(3), Er(2)O(3), Tm(2)O(3), Yb(2)O(3) and Lu(2)O(3).

Wt % = Weight Percentage

 

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