REG - Kendrick Resources - Teufelskuppe Rare Earth Project – Development Plan
06/05/2026 07:00
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RNS Number : 1274D Kendrick Resources PLC 06 May 2026
6 May 2026
Kendrick Resources Plc
("Kendrick" or "the Company")
Teufelskuppe Rare Earth Project -Development Plan
Kendrick (LSE: KEN), is pleased to provide 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 of TK using, 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
Colin Bird Chairman commented: "We are moving forward with the TK carbonatite
project on several fronts in parallel. In a dynamic market that has a
voracious appetite for rare earth super magnet minerals we are pursuing our
internal objectives but also remain flexible and thus listen to parties
interested in partnering in relation to our project. We continue to discover
new resources with our fast-track exploration strategy and we are now of the
opinion that TK has the economic potential to become a Tier 1 project in this
sector".
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:
Ø 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.
Ø Conversion of the above-ground resources in target areas TW1 to 7 to JORC
(2012) compliance.
Ø Comprehensive metallurgical testing, petrology and engineering studies
covering comminution, beneficiation, and metallurgy, including the separation
of Nd-Pr oxide from mixed rare earth concentrates.
Ø Advancing the feasibility of pre-concentrating mined ore for local
transport to a central processing facility.
Ø Engagement of a specialist engineering consultancy to create conceptual
open pit mine (shell) plans, especially for a high-grade 'starter' pit.
Ø Associated environmental, permitting and commercial studies.
Ø Engagement with potential strategic, development and trading 'off-take'
partners.
Ø The development of an updated financial model and project valuation.
Ø 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. The TK project in a development and economic context, and
relative to other rare earth elements ("REE") projects is shown in Table 1.
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.
It must be recognised that mining projects are dynamic through their lifespan
so factors such as life of mine, location, output, resource classification,
operating costs and capex plus market or product variables preclude simple
cross-comparisons. Notwithstanding, Table 1 below shows TK in the context of
broadly similar projects elsewhere, specifically those that are focused on the
high-value super magnet rare earths, neodymium and praseodymium. The Company
expects to provide a near-term update of the benchmarking table once the final
data from the DEM survey are available.
Table 1: Benchmarking Teufelskuppe by TREO Ore Grade(3)
Project TREO Ore Grade Resource Nd(2)O(3) & Pr(6)O(11) Grade Status Market
(wt%) /Reserve (wt%) Capitalisation
(Mt) (GBP)(4)
Mountain Pass (MP Materials) (USA) 7.06 18.9 Nd/Pr combined 1.08 Production 7,800M
($ 9.8Bn)
Mt Weld (Lynas Rare Earths) (Australia) 6.4 32.0 Nd/Pr combined 1.50 Production 10,700 M
(A$21.8Bn)
Teufelskuppe (Kendrick) (Namibia) 4.18(1&2) Unknown Nd/Pr combined 1.00 Resource Definition 11M
Longonjo (Pensana) (Angola) 3.04 22.0 Nd/Pr combined 0.80 Construction 319M
Nolans (Arafura Rare Earths) (Australia) 2.60 56.0 Nd/Pr combined 0.65 Construction 715M
(A$1.35Bn)
Tanbreez (Critical Metals Corp) (Greenland) 0.55 28.0 Nd/Pr combined 0.55 Resource Upgrade 910M
($1.1Bn)
Phalaborwa (Rainbow RE) (South Africa) 0.44 35.0 Nd/Pr combined 0.125 DFS 163M
Notes
1 - Based on mean values from borehole TWDD001 and grade and channel samples
from Teufelskuppe
2 - Excludes further contribution of 0.15% from Sm and the HREOs: Eu, Gd, Tb
and Dy
3 - Information sourced from:
www.rainbowrarearths.com,
www.pensana.co.uk,
www.arultd.com
www.mpmaterials.com
www.lynasrareearths.com
www.sciencedirect.com/science/article/pii/S1674987115001310 (Baya Obo, China)
Hatch, G.P. (2014). TMR Advanced Rare-Earth Projects Index. Technology Metal
Research.
www.techmetalsresearch.com/metrics-indices/tmr-advanced-rare-earth-projects-index
www.criticalmetalscorp.com (http://www.criticalmetalscorp.com/)
4- Data as of 24.4.26
Commercial Objectives and Partnership Opportunities
The Company is positioning itself to deliver both short-term returns and
long-term strategic value. In an environment where demand for critical
minerals continues to rise, this flexible approach is seen as a powerful model
for future resource development, while strengthening links with the global
rare earth supply chain.
Commercial demand for REEs is surging, driven primarily by the transition to
green energy, electric vehicles ("EVs"), and advanced defence technology, with
the market expected to grow from $8 billion in 2024 to $16 billion by 2030
(Wood Group, 2026). Key demand drivers include neodymium (NdFeB) permanent
magnets, vital for EV motors and wind turbines. This growth forecast is
accompanied by an anticipated supply-demand imbalance that is expected to
create high demand for new mining projects.
New projects in stable jurisdictions with a mining history and mature mining
code place Namibia and the Company's TK project in favourable space. Moreover,
some countries are now actively seeking to secure supply chains, with the USA
signing critical mineral deals with Australia and agreements with Vietnam and
Japan to build alternative supply chains (SFA, Oxford, 2026).
Mindful of this opportunity the Company is now actively seeking dialogue with
prospective partners in the neodymium and praseodymium niche markets. This is
in recognition of the exceptionally high combined percentage (ca. 1%) of these
two high value super magnet metals in the rare earth pool of the TK project -
benchmarked at 3-4% TREO.
Such envisaged support at the partnership level will play a crucial role in
de-risking the project. It enables:
· More advanced technical studies
· Improved process design and engineering
· Updated economic modelling
· A clearer pathway toward production
In a marketplace dominated and skewed by China (European Commission: Study on
the Critical Raw Materials for the European Union, 2023), a prospective new
Namibian supply of at least two key, and scarce, rare earth elements,
neodymium (Nd) and praseodymium (Pr), is strategically significant.
Diversification of market supply to meet increasing demand is a recognised
planning priority for all industrialised nations as exemplified by the EU
Critical Raw Materials Act (2023).
The Company intends to be a significant player in meeting the anticipated
shortfall of these critical materials for societies the world over. By
building partnerships, Kendrick expects to enhance the project's perceived
value and support the Company's ambition to become a significant supplier in
the global marketplace.
Reference citations
Marlow AG and Palmer MR. (2023). A preliminary study of the rare earth
element-enriched Twyfelskupje carbonatite complex, southern Namibia.
Geological Magazine 160: 305-321.
Wood Group. (2026). https://www.woodgroup.com/company/our-business
SFA Oxford. (2026). https://www.sfa-oxford.com/rare-earths-and-minor-metals
This announcement contains information which, prior to its disclosure, was
inside information as stipulated under Regulation 11 of the Market Abuse
(Amendment) (EU Exit) Regulations 2019/310 (as amended).
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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