£1 million Fundraising and PDMR Disclosure

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, NEW ZEALAND, JAPAN, THE REPUBLIC OF SOUTH AFRICA, THE REPUBLIC OF IRELAND OR ANY OTHER JURISDICTION IN WHICH IT WOULD BE UNLAWFUL TO DO SO.

THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND SHALL NOT CONSTITUTE AN OFFER TO SELL OR ISSUE OR THE SOLICITATION OF AN OFFER TO BUY, SUBSCRIBE FOR OR OTHERWISE ACQUIRE ANY NEW COMMON SHARES OF KENDRICK RESOURCES PLC IN ANY JURISDICTION IN WHICH ANY SUCH OFFER OR SOLICITATION WOULD BE UNLAWFUL.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS DEFINED IN ARTICLE 7 OF THE MARKET ABUSE REGULATION NO. 596/2014 ("MAR") AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("UK MAR"). MARKET SOUNDINGS, AS DEFINED IN MAR, WERE TAKEN IN RESPECT OF THE PLACING WITH THE RESULT THAT CERTAIN PERSONS BECAME AWARE OF THIS INSIDE INFORMATION, AS PERMITTED BY MAR. UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

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23 March 2026

Kendrick Resources Plc

("Kendrick" or the "Company" or the "Group")

£1 million Fundraising and PDMR Disclosure

Kendrick Resources Plc (LSE: KEN), the mineral exploration and development company is pleased to announce a fundraising of £1,000,000 from existing shareholders, new investors and Directors.

Fundraising: The Company has raised £1,000,000 before expenses (the "Fundraising") at 2.6 pence per Ordinary Share (the "Fundraising Price") through the issue of 38,461,537 new Ordinary Shares of £0.0003 each (the "Fundraising Shares") conditional only upon admission of the Fundraising Shares to listing on the FCA's Official List (Equity Shares (transition) category) and to trading on the main market of the London Stock Exchange ("Admission"). The Fundraising comprises a placing of 9,615,385 Fundraising Shares raising £250,000 via Shard Capital Partners PLC ("Shard") (the "Placing"), and Company arranged share subscriptions for 28,846,152 Fundraising Shares raising £750,000 (the "Share Subscriptions").

Director's participation in Fundraising: Colin Bird, the Company's Executive Chairman has subscribed £65,000 for 2,500,000 Fundraising Shares which represent in aggregate 6.5% per cent. of the gross Fundraising proceeds. and Heather Churchouse a person closely associated with Martyn Churchouse a Director of the Company has subscribed £20,000 for 769,231 Fundraising Shares which represent in aggregate 2% per cent. of the gross Fundraising proceeds

Use of Proceeds: The net proceeds from the Fundraising are planned to be used in relation to

advancing the Bonya Rare Earth project in Namibia where drilling has commenced and for the Groups' working capital requirements.  

Further Details on the Fundraising: Pursuant to the Fundraising, in aggregate, 38,461,537 Fundraising Shares will be issued at the Fundraising Price to Chairman Colin Bird, existing shareholders and new investors conditional upon Admission. The Fundraising Price is at a discount of 11.9% to the closing middle market price of an Ordinary Share of 2.95 pence on 20 March 2026, being the latest practicable date prior to this announcement. The Company is also issuing a warrant to Shard to subscribe for 576,923 new Ordinary Shares exercisable at the Fundraising Price for a period of two years from Admission ("Broker Warrants").

The Fundraising Shares represent, in aggregate, approximately 10.32 per cent. of the Company's enlarged issued share capital (as enlarged by the issue of the Fundraising Shares). The Fundraising Shares will be fully paid and rank pari passu in all respects with the Company's existing Ordinary Shares.

Consultant Shares: The Company has agreed to issue 576,923 shares at the Fundraising Price to settle £15,000 of accrued fees due to a consultant.

Related Party Transaction - Director's Participation: the participation in the Fundraising of Colin Bird and of Heather Churchouse, a person closely associated with Martyn Churchouse a director of the Company, constitutes a material related party transaction pursuant to rule 7.3 of the Disclosure Guidance and Transparency Rules. Accordingly, the independent directors, being Evan Kirby, Alex Borrelli and Kjeld Thygesen consider Colin Bird and Heather Churchouse' participation to be fair and reasonable insofar as the Company's shareholders are concerned.

Director shareholding update:  The updated shareholdings of directors following the Fundraising are set out in the table below:

Application to trading: The Fundraising is conditional on Admission. Application will be made to the London Stock Exchange for the 38,461,537 Fundraising Shares and 576,923 Consultant Shares to be listed on the Official List (Equity Shares (transition) category) and admitted to trading on the main market of the London Stock Exchange. It is expected that Admission will become effective and that dealings in the Fundraising Shares will commence on or around at 8.00 a.m. on 7 April 2026.

Total Voting Rights: Following the issue of the Fundraising Shares the Company's total issued share capital will consist of 373,367,812 Ordinary Shares with voting rights. The Company does not hold any Ordinary Shares in treasury and accordingly there are no voting rights in respect of any treasury shares. 

On Admission, the abovementioned figure of 373,367,812 Ordinary Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

For further information, please contact: