REG - Kendrick Resources - Update on Bonya rare earth project

Kendrick ResourcesAnnouncement

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RNS Number : 9334V  Kendrick Resources PLC  10 March 2026

 

10 March 2026

 

 

 

Kendrick Resources PLC

("Kendrick" or the "Company")

Update on Bonya rare earth project

 

Kendrick Resources Plc (LSE: KEN), the mineral exploration and development
company, is pleased to announce commencement of Phase II drilling on the
Teufelskuppe ("TK") and Keishohe ("KH") rare earth carbonatites at its Bonya
rare earth project. Based on reconnaissance work and a detailed review of
extensive historic exploration including channel sampling and drilling,
Kendrick has selected drill collars and initiated a drilling programme to
formalise historic in-house non-JORC (2012) Mineral Resource Estimates. The
decision to progress to Resource definition drilling has been prompted by the
consistently high-grade rare earth elements ("REE") assay results generated by
all types of historic exploration for both TK and KH.

 

Colin Bird, Executive Chairman of Kendrick Resources Plc commented "We are
very pleased with the results of our due diligence and initial analysis of
available data, which turned out to be significant and material to our future
planning.   Based on the amount and quality of previous work we intend to
fast track to the next phase and commence resource and further reconnaissance
drilling at drill ready targeted sites.  We are very excited about taking the
project to the next phase, for potentially considerable shareholder value
enhancement.  We will keep shareholders posted as results emerge."

 

Highlights

 

Teufelskuppe ("TK")

·    All 8 of the defined Rare Earth Element ("REE") carbonatite
intrusions (TK1A, TK1B, TK2 - TK7) that make up the Teufelskuppe cone sheet
complex will be drill tested.

·    All TK intrusions are characterised by high REE grades.

·    Drilling is expected to provide confirmation of the orientation of
the cone sheets making up the bulk of the high-grade REE mineralisation which
in turn will determine parameters for close-spaced drilling to generate a
maiden JORC (2012) Mineral Resource Estimate at TK.

 

Keishohe ("KH")

·    A similar programme has been initiated at the nearby Keishohe ("KH")
REE complex where cone sheets have resulted in a large number of mineralised
bodies offering scope for the delineation of a substantial future Resource.

·    KH has been subject to previous drilling returning high-grade
mineralisation from multiple mineralised bodies also forming a large cone
sheet complex.

 

Other Studies

·    A digital elevation model ("DEM") has been commissioned to provide
the basis for a volumetric estimate of above-ground mineralisation at TK
together with high resolution orthophotos for both the TK and KH Licences to
aid future development.

·    US-based expertise has been engaged to undertake a range of
petrological studies using Keyence microscope, electron microprobe analysis,
X-ray diffraction and bulk rock X-ray fluorescence analysis to inform future
metallurgical test and to increase the understanding of mineral textures,
phases and alteration types.

·    Numerous mineralised breccias have been identified in close proximity
to high-grade cone sheets at both TK and KH. Visual evidence of REE-bearing
high-grade veinlets, microfractures and rock fragments indicates another
potential Mineral Resource warranting further investigation. Bulk samples will
be collected whilst channel sampling is completed with a representative bulk
sample being dispatched for dry ore sorting sighter test work aimed at
generating a high-grade pre-concentrate for further concentration.

 

Website update:  In light of the acquisition of and focus on the Bonya Rare
Earth Project the company has updated its website at
https://www.kendrickresources.com/ (https://www.kendrickresources.com/)
 

 

Background on the Bonya Rare Earth Project

·    Two REE carbonatite complexes, Teufelskuppe ("TK") and Keishohe
("KH") defined on two neighbouring exploration licences in Namibia.

·    Historical exploration results published in open science journal.
Marlow AG and Palmer MR (2023). Geological Magazine, Vol 160: 305-21 for the
TK carbonatite.

·    Publication endorses authenticity and data quality

·    TREO abundance across 295 whole-rock channel samples at TK shows
exceptional average grade of 3.1 wt % with the central zone showing 4.5 wt %,
(samples = 54), and dyke stockwork 4.2 wt % (samples = 45).

·    High value Neodymium (Nd) and Praseodymium (Pr) together provide an
average 25% (wt) of the ca. 4% (wt) rare earth pool.

·    Around 95 % of the total rare earth pool contained within
fluorocarbonates and believed recoverable by conventional methods

 

On 23 February 2026 the Company announced that it had exercised an option and
entered into a definitive agreement with Bonya Exploration Pty Namibia
("Bonya").   Bonya owns Namibian exploration licences EPL 4458 and EPL 6691
(the "Licences") and Kendrick will gain a 70% interest thereof under the
terms announced.  These licences are considered to be highly prospective for
the development of a rare earths mining project.

 

Kendrick inherited a substantial database of assays for numerous trenches
excavated and diamond drilling in 2018 together with other exploration data
for both the TK and KH REE carbonatites on signature of the definitive
agreement with Bonya.

 

Background and Verification

The TK licence is unusual in that the results of the principal channel
sampling programme conducted between 2018 and 2021 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.

 

Local Geology and Structures

The exposed portions of TK stand prominently above the surrounding sand and
calcrete covered plains and form a circular group of hills with a diameter of
ca.1 km.  The TK geology shows a central zone consisting of two distinct
structural units: (1) sub-vertically, banded carbonatite plugs; and (2)
sub-vertical, dipping carbonatite dykes. The dyke stockwork extends for ca.
450m in an E-W direction, and ca. 380m N-S. A peripheral zone comprises a
third structural unit. Each outcrop area represents a cone sheet of varying
thickness up to ca. 30 m. The most prominent hill at TK dips ca. 25° to the
NE and is over 120m above the level of the surrounding plain.

 

At KH, the carbonatite complex has limited prominent features but is
characterised by a large number of mineralised cone sheets, dykes and sills
exposed at surface offering scope for a substantial resource.

 

Channel Sampling and Analytical Methodology

In 2018, continuous channel samples (ca.10 cm deep, ca. 5 cm wide) were
excavated across 26 ha of TK. Samples were prepared for REE and trace-element
analysis by inductively coupled plasma mass spectrometry (ICP-MS). High REE
concentrations (Ce >10 000 ppm, La >10 000 ppm, Nd >10 000 ppm, Pr
>1000 ppm and Sm >1000 ppm) were re-analysed at higher dilution by ICP
atomic emission spectrometry (ICP-AES). 295 channel samples were collected.
Laser-ablation ICP-MS was used to determine REE and trace-element
concentrations in REE-rich minerals and carbonates. Radiogenic isotope
analyses were also carried out.

 

At KH 14 diamond drill holes were completed along with channel sampling.
Keishohe consists of several outcropping cone sheets, dykes and sills which
intrude basement rocks. The complex outcrops over an area of 1,500 x 600m and
is situated 30km NNE of Teufelskuppe. Mineralisation is dominated by pale
yellow REE fluorocarbonates, synchysite and parisite. Drilling and channel
sampling returned an average grade of 1.54% TREO.

 

Inherited Exploration Results

The mean TREO abundance for TK across all 295 whole-rock samples is an
exceptional grade of 3.12 wt % (Marlow and Palmer, 2023). Overall, the TK
carbonatite samples contained >1.0 wt % TREOs, with <10 % of samples
having <2 wt % TREOs, and 50 % having >2.8 wt % TREOs. The
calciocarbonatites from the central zone showed the highest average TREO
abundances (mean of 4.47 wt %, n = 54), with a dyke stockwork also having a
high mean abundance (4.18 wt %, n = 45).

 

Data from the less intensively sampled neighbouring Keishohe Carbonatite
complex ("KH") that forms part of the Bonya Agreement also shows promising
TREO grades: averaging 1.54 wt %. A notable feature of the TK carbonatites is
that the uranium concentrations are low compared to carbonatites elsewhere
(Marlow and Palmer, 2023).

 

External review shows that the dominant REE-rich minerals within TK belong to
the REE fluorocarbonate group of minerals. Fluorocarbonates (and monazite)
show a similar degree of REE enrichment to the whole rocks, confirming that
these minerals collectively define the REE abundance of the overall deposit.
This mineralogy is typical of the major carbonatite deposits elsewhere
globally and suggests that TK can be processed using established industry
methods. Assuming that the whole-rock REE concentrations are derived from
carbonate plus REE-rich minerals, around 95 % of the total REEs within the
whole rock derive from this source.

 

Economic Prospects and Market Demand

The dominant rare earth element minerals in the TK complex are light rare
earth elements in the order Ce>La>Nd>Pr. Overall, the relative rare
earth enrichment between the lighter and less valuable elements, cerium (Ce)
and lanthanum (La), and those with much higher economic value, is shown in
Table 1 of Marlow and Palmer (2023), In summary, neodymium (Nd) and
praseodymium (Pr) together comprise an average 25% (wt) of the ca. 4% rare
earth pool with significant supplementary, but lesser, values from a
combination of samarium (Sm), gadolinium (Gd) and yttrium (Y). These grades
place the Twyfelskupje 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 (Center for Strategic and International Studies,
January, 2026).

 

The term 'rare earths' is a misnomer but the elements thus classified are not
commonly found in a combination of concentration and size of deposit that
makes them economically viable to exploit. Yet the use of rare earth elements
spans critical technology sectors where no effective substitutes exist.
Burgeoning demand for permanent, high temperature-resistant super magnets,
defence systems, medical imaging, telecommunications and advanced visual
displays underpin the commercial potential of the Twyfelskupje project. 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).

 

 

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

 

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