Corporate Update

The information contained within this announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations under Article 17 of the UK MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain. 

28 October 2026

Kazera Global plc

("Kazera" or the "Company")

Corporate Update

Kazera Global plc (AIM: KZG), the AIM-quoted investment company, is pleased to provide an update on its South African operations.

SAI partnership

Mobilisation is progressing under the partnership between the Company's subsidiary, Whale Head Minerals (Pty) Ltd ("WHM"), and South Africa AT Investment (Pty) Ltd ("SAI"), in preparation for construction of the first processing units at Walviskop and 2A.

SAI's draft mine plan envisages the installation of three processing units across Walviskop and the 2A area during 2027, increasing to five by 2029. The draft plan currently targets approximately 240,000 tonnes of total heavy mineral concentrate production in 2027, with volumes expected to increase materially over the following two years. Under the production-sharing agreement, SAI is responsible for funding 100% of the capital expenditure, operating costs, infrastructure, equipment deployment and working capital required for the mining and processing operations covered by the agreement, while WHM retains a 20% cost-free entitlement to production. These targets remain subject to finalisation of the mine plan and implementation timetable.

A delegation of seven people from SAI, including mining, machinery and geological specialists, is currently on site progressing the technical and practical preparations for development. Activities include additional sampling at depth, reviewing plant layouts and equipment requirements, and planning processing facilities, water supply and supporting infrastructure. This work will feed into the further development and finalisation of the mine plan, including the detailed implementation schedule and phased expansion of operations.

SAI has also confirmed that the US$1.75 million payment to WHM is ready to be made upon final registration of title to the 2A Mining Right ("Title Registration") which we anticipate concluding shortly.

As preparations for SAI's planned operations progress, the Company also confirms that WHM has terminated its agreement with Rare Earth Minerals International (Pty) Ltd ("REMI"), originally announced on 26 May 2026. This clears the way for SAI to implement its planned operating structure across Walviskop and the 2A area.

Community and employee ownership / Title Registration

WHM is in the final stages of establishing WHM Community Development Company NPC (RF) (the "Community Company"), a South African non-profit company, and WHM Employee Participation Company (RF) (Pty) Ltd (the "Employee Company"), a South African private company (together, the "Companies"), to hold the 5% interests in WHM allocated to the local community and employees, respectively. These interests have been held in trust on behalf of the intended beneficiaries pending establishment of the appropriate legal structures.

The Community Company will support initiatives benefiting the local community, with a particular focus on education and health. The Employee Company will enable eligible employees to participate in the economic benefits of WHM's operations. Both will be funded through future dividends from their shareholdings in WHM, allowing the community and employees to share in WHM's success as operations develop.

The establishment of the Companies form part of the work to formalise and document WHM's Black Economic Empowerment ownership arrangements. Kazera is working with its advisers to address requests for further information from South Africa's Department of Mineral and Petroleum Resources ("DMPR") in this regard and to progress Title Registration. Mobilisation and operational planning with SAI are continuing alongside this process.

The Company will provide a further update upon completion of Title Registration and receipt of the US$1.75 million payment from SAI.

Paul Dulieu, Chief Executive Officer of Kazera, commented: "Having SAI's technical specialists on site is an important step towards bringing WHM into production. They're working with our team to turn the development plans into practical preparations on the ground. This work is also helping to finalise the mine plan and implementation timetable, and we'll share its key elements with shareholders, including production targets and implementation milestones, once it is ready.

"In parallel, we're working with our advisers and the DMPR to progress registration of the 2A mining right, which will trigger the US$1.75 million payment from SAI.

"Establishing the community and employee companies fulfils a longstanding commitment to both groups that has remained unfulfilled for too long. We want WHM's success through its partnership with SAI to bring lasting benefits to the people of Namaqualand and the wider Northern Cape. Through future dividends, the Community Company will support local education and health initiatives, while the Employee Company will enable employees to share in the economic benefits of the business. These arrangements are central to that ambition and to building the trust that underpins our social licence to operate.

"I'm grateful for shareholders' patience as we put the key elements in place to exploit this large-scale, long-life resource in tandem with SAI. I know you want to see progress translate into production and financial returns, and that's what we're focused on delivering. Our team is working hard alongside SAI to turn WHM's potential into a substantial revenue-generating operation that delivers lasting value for Kazera shareholders. I look forward to keeping you updated on our progress in the weeks and months ahead."

ENDS

For further information, visit www.kazeraglobal.com or contact:

Notes

Kazera Global plc (LON: KZG) is a diversified commodity investment company focused on unlocking value through production growth and disciplined portfolio management. While production builds at its Whale Head Minerals (Heavy Mineral Sands) and Deep Blue Minerals (diamond) assets in South Africa's Northern Cape province, the Company also continues to assess new opportunities to expand its growth pipeline and deliver sustainable returns.