REG - Kendrick Resources - Option over Rare Earth licenses in Namibia

Kendrick ResourcesAnnouncement

22/01/2026 07:00

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RNS Number : 8583P  Kendrick Resources PLC  22 January 2026

 

21 January 2026

Kendrick Resources PLC

("Kendrick" or the "Company")

Option over Rare Earth licenses in Namibia

 

Kendrick Resources Plc (LSE: KEN), the mineral exploration and development
company, is pleased to announce that it has entered into a binding and
exclusive Option Agreement to acquire not less than 70% interest on terms to
be agreed with Bonya Exploration Pty Namibia ("Bonya") to evaluate EPL4458 and
EPL 6691 licenses for the prospectivity of developing a Rare Earth mining
project.

 

The binding and exclusivity period is valid until 19 May 2026 and can be
extended with the consent of Bonya.

 

Highlights

 

·    The licenses are situated 55km southwest of the town of Aus,
approximately 65km southeast of the deepwater port of Lüderitz

 

·    The two license areas are known as Twyfelskupje and Keishohe and are
hosted within a Carbonatite and Alkaline intrusive structural corridor

 

·    The two licenses represent well-defined, high-grade targets located
within a larger highly prospective area under license

 

·    The Twyfelskupje Carbonatite Complex forms a circular group of hills
with a diameter of 1km

 

·    Historical channel sampling and grab sampling returned peak Rare Earth
Oxides ("REO") grades of 4.47% and 4.18% with an average REO of 3.12%

 

·    ICP analysis undertaken in Canada, returned high Rare Earth Elements
concentrations, greater than 10,000ppm for a number of elements, including
Neodymium, Praseodymium and Samarium, which are all important components of
high-performance, high-temperature magnets

 

·    The Keishohe Carbonatite Complex indicates scope for an additional
three satellite near surface occurrences

 

·    Work will commence immediately on assaying, currently available but
unassayed core, further trenching and identification of drilling targets

 

·    Kendrick will concurrently carry out all necessary legal, financial
and regulatory checks before determining whether to exercise the option

 

Colin Bird, Executive Chairman of Kendrick Resources Plc commented: "Rare
Earths are globally accepted as new age strategic materials and these licenses
are located in Namibia, a country recognized for its support of the
development of natural resource projects. The historical Rare Earth values are
higher than those generally reported in the industry and the high values of
the magnetic elements are very encouraging since such elements are much sought
after.

 

The licenses have areas which are drill ready and historically been well
evaluated with geophysics and exploration fieldwork.

We intend to accelerate our due diligence and technical preparedness in order
to release the high potential of the project area.  We will keep shareholders
advised as our evaluation phase develops."

 

Key conditions of the Option Agreement

 

The period of the agreement is 120-days, concluding 19 May 2026, which can be
extended by Bonya's sole election.

 

Kendrick may, at any time during the 120-day period, give notice to exercise
the option and enter into a definitive agreement to be negotiated.

 

Should Kendrick advise Bonya that it has no intention to exercise the option,
neither party has any obligation towards the other party.

 

The parties agree that there can be no termination by either party during the
option period, other than Kendrick advising Bonya it does not wish to continue
for any reason.

 

 

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

 

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