REG - Kendrick Resources - Update on Nambian REE Projects

Kendrick ResourcesAnnouncement

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RNS Number : 7792F  Kendrick Resources PLC  27 May 2026

Kendrick Resources Plc

("Kendrick" or "the Company")

Update on Nambian REE Projects

 

Kendrick Resources (LSE: KEN), the mineral exploration and development company
is pleased to advise shareholders of the completion of an internal review and
analysis of historic and current work resulting in the emergence of targets
consistent with our expectations for the Company's flagship rare earth
projects at Teufelskuppe ("TK") and Kieshöhe ("KH") in SW Namibia.  The
projects are the subject of a 70% earn-in interest by the Company under a
definitive agreement with Bonya Exploration Pty Namibia ("Bonya"). Bonya has
title to exploration licence EPL 6691.

 

 

Review Highlights

Ø Unaudited in-house gross project valuation (NPV) of US$ 400M for verified
in situ LREO-bearing carbonatites at Teufelskuppe (TK) only

Ø All material numbers for this valuation have emerged from current TREO
prices, capital costs for similar processing capability and mining and labour
costs typical for southern Africa.

Ø Current tonnage estimate of 14Mt for TK for above ground mineralised
carbonatite only, equates to a gross estimated rare earth inventory of 448 Kt
of LREO based on an average head grade of 3.12 wt%.

Ø Rare earth-bearing carbonatites shown to extend below the surface outcrops
as evidenced by boreholes to 80-115m deep at targets TK1 and TK2.

Ø Geological continuity below the surface implies a much larger, resource
below the present natural landscape surface

Ø Exceptional high-grade carbonatites (up to 4.5% TREO) dominate the central
zone at TK and the dyke stockwork.

Ø Super magnet rare earths Nd and Pr dominate the LREO rare earth assemblage
by economic value to the extent of ca.70% of the total LREO resource.

Ø The global REE market is dominated by China and is projected to increase by
130% by 2034

Ø The Rare Earth Trading Industry has taken note of the TK and KH projects
that have assumed significant focus in the emerging rare earth arena.

Chairman of Kendrick Resources, Colin Bird commented "We are very pleased with
the amount and quality of data we inherited for the projects. What has
surprised our geologists and engineers is the tenor and continuity of rare
earths that exist on both properties and rather than looking for independent
small potential resources, we are looking at substantial potential resources
on both projects.  The board and management team are single minded in their
approach to produce a maiden resource by the end of the third quarter 2026 and
to nail down an optimised metallurgical flow sheet. The team has done
extremely well in a short time, and the recent fundraising will allow progress
on all fronts mentioned above. We are in exciting times in an exciting market,
and we look forward to providing Shareholders with further updates".

 

Current Company Assessment

 

·    Projected Tier 1 project target intact and supported by exploration
results

·    Focus is on a 'Mine to Magnet' strategy to unlock value from the TK
and KH projects in a timely manner.

 

Strategic Review

 

Kendrick Resources is committed to the transparency attached to objective and
independent assessments and reviews of its business plans, progress and
decision-making developed by the Kendrick Team whom we hold in high regard
both collectively and independently.

 

The recently announced fundraising will allow the Company to aggressively
pursue its Tier 1 mission, drilling out resources, assessing other
reconnaissance targets and completing the assessment of the petrology and
mineralogy of the carbonatite mineralisation to underpin a complete
metallurgical design.

 

 

 

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, C.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 2012 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 La2O3, CeO2, Nd2O3, Pr6O11, Sc2O3,
Sm2O3, Eu2O3.

HREO: Heavy Rare Earth Oxides including Y2O3, Gd2O3, Tb4O7, Dy2O3, Ho2O3,
Er2O3, Tm2O3, Yb2O3 and Lu2O3.

TREO: Total Rare Earth Oxides.

Wt % = Weight Percentage

 

 

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