Bonya Project – Operational and Progress Update

28 October 2026

Kendrick Resources Plc(“Kendrick” or “the Company”)

Bonya Project – Operational and Progress Update

Highlights

Background

Kendrick is pleased to provide a Progress Report and update for the key milestones identified in the Business Development Plan first announced on 6 May 2026. This plan sets out strategic, development and operational aspects to advance the flagship Teufelskuppe (“TK”) and Kieshöhe (“KH”) carbonatite rare earth projects in South West Namibia towards production.

The Company has a definitive agreement with Bonya Exploration Pty Namibia ("Bonya") by which it gains a 70% interest in the two licences now proving to be highly prospective for the development of a rare earths mining and processing project (the "Project"). 

The Company is advancing towards two principal near-term milestones in parallel.

Mineral Resource Estimate

A Digital Elevation Model survey was announced on 11 May 2026 returning approximately 14Mt of above ground carbonatite mineralisation present at TK. This volumetric estimate has now been covered with diamond and reverse circulation drilling for which the bulk of pXRF measurements have been reported along with some of the coincident certified assays. In addition, the remaining sub-surface carbonatite-rich sills and dykes making up the TK complex have been drilled at a density sufficient to permit completion of a JORC (2012) MRE. The anticipated MRE will include substantial additional data from a 6 month diamond drill and reverse circulation programme targeting sub-surface resources with 100 holes completed during this time for a total of 7,512m of cumulative drilling. pXRF measurements remain outstanding for 14 holes with 30 holes still to be sampled and submitted for certified analysis.

On 16 March 2026, the Company announced assays of an inherited ca. 80.7m drill hole (TWDD001) returning an exceptional intercept of 8.1 % TREO over 21.2m from 59.5m depth with the hole ending in mineralisation at a grade of 6.1% TREO.  This result defined the tenor of mineralisation at TK which has subsequently demonstrated consistent and highly encouraging continuity across all bodies making up the TK complex in conjunction with some impressive mineralised intercepts regularly exceeding 3% LREO as reported in previous announcements up to and including 27 October 2026. A similar campaign at Kieshöhe is well advanced where an extraordinary density of mineralised carbonatite sheets bodes well for a significant tonnage albeit at a lower grade than TK.

The Company has commissioned Sound Mining, a qualified and independent third party consultancy specialising in resource estimation to deliver a maiden MRE for Teufelskuppe compliant with the industry code of JORC (2012) by the end of January 2027 and remains confident that this target will be achieved subject to laboratory turn-around times for core and RC samples delivered for certified assay.

Metallurgical Testwork and Rare Earths recovery

On 10 March 2026, Kendrick announced a work programme for TK to establish a robust mineralogical and metallurgical foundation for future processing and flow sheet design studies. The programme included external specialist analysis of the petrology, crystallography and mineralogy of the TK carbonatites to support practical mineral separation test work and the development of a project-level processing pathway. The mineralogical study was successfully completed and announced on 10 September 2026 confirming that TK's dominant REE-rich minerals are fluorocarbonates belonging to a group of minerals amenable to established mineral processing routes used routinely in the industry. The study also confirmed a total REE mineral content averaging 3.8% which is consistent with the higher quartile of rare earth abundances identified in historic and recent exploration at TK.

As announced on 26 August 2026, three bulk samples have been submitted to Dorfner Anzaplan ("Anzaplan") for early-stage metallurgical assessment and Mineral Liberation Analysis for LREO recovery. Anzaplan's programme is based on representative samples from the principal structures of the TK carbonatite complex. The metallurgical assessment programme is now well advanced in accordance with the agreed Scope of Work with the Company anticipating a preliminary report from Anzaplan before 31 December 2026.

Commercial Objectives and Partnerships

The Company continues to benefit from an exceptionally high level of interest in the Bonya project from industry, government and private equity sources. 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 maximum value from its underlying assets.

A Preliminary Feasibility Study (“PFS’’) and Preliminary Economic Assessment (“PEA”) is being targeted for mid-2027 as Bonya is seen by all parties as a globally significant rare earths project. The ongoing workstream will progress alongside a strategy of pursuing and evaluating potential partnerships across the global rare earths value chains.

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.

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.

Kendrick Chairman, Colin Bird said: “We continue to make excellent progress and results from drilling remain highly positive with continuity of mineralisation and high grades being the main characteristics of the TK complex. Receipt of metallurgical test work results and completion of the maiden Mineral Resource Estimate represent two major steps in the development of both TK and KH as we build towards what we believe could be a world class REE project. We will keep shareholders informed on progress and will continue to release pXRF measurements and certified assay results as they become available”.  

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.

ENDS

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THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE UK VERSION OF THE MARKET ABUSE REGULATION NO. 596/2014 WHICH IS PART OF ENGLISH LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED.  UPON PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN. 

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.

About Teufelskuppe:

Development Plan Progress

The Company is progressing the TK project in line with the published Development Plan schedule announced on 6 May 2026. Verification of the in-house MRE and upgrading to compliance with JORC (2012) has been initiated alongside the still progressing diamond drilling and reverse circulation drilling campaign to ascertain the depth and sub-surface spread of carbonatite mineralisation below the natural surface profile of the TK landscape.

Glossary:

Assay or Laboratory Assay: an investigative procedure used to qualitatively assess or quantitatively measure the presence, amount, or functional activity of a target entity (the analyte) in a sample. 

Carbonatite: An igneous rock containing >50 modal % primary (magmatic) carbonate and ≤20 wt% SiO2. 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 (CO32-) for example calcite (CaCO3), dolomite (CaMg(CO3)2, siderite (FeCO3) and Ankerite Ca(Fe,Mg,Mn)(CO3)2.

Cone sheet: A type of ring intrusion with margins which dip inwards

Diamond Drilling: A rotary drilling technique that uses a hollow drill bit embedded with industrial-grade diamonds to cut through hard materials and retrieve a solid, cylindrical core sample.

Drill Core: A cylindrical sample of rock or soil generated by Diamond Drilling.

Drilling Programme: A managed exercise involving one or more drill rigs to collect samples for a range of activities including assessment, identification and interpretation of the geology and underlying rocks, geotechnical studies and collection of samples for laboratory analysis.

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.

MRE: Mineral Resource Estimate

Parisite: A group of fluorcarbonates with typical mineral formula Ca(Ce/La/Nd/REE)2(CO3)3F2.

pXRF: X-ray fluorescence

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.

Reverse Circulation (RC): A form of percussion drilling that uses compressed air to flush rock or soil cuttings out of the drill hole using a dual-walled drill rod that flushes air down the outer tube to power the rock hammer and drill chips up the inner tube with chips being recovered at surface largely in the sequence in which they were drilled as opposed to conventional percussion drilling where drill chips arriving at surface are typically mixed.

Wt % = Weight Percentage