Grant of Processing Licences

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

FOR IMMEDIATE RELEASE 14 May 2026

Amigo Resources PLC

("Amigo" or the "Company")

Grant of Processing Licences and Advancement of Integrated Mineral Processing Strategy in Tanzania

Amigo Resources PLC (LSE: AMGO), the London-listed mining development company focused on Africa is pleased to announce that the Mining Commission of the United Republic of Tanzania has granted two Processing Licences ("PCLs") to the Company's Tanzanian operations, representing a significant operational milestone in the advancement of the Company's integrated processing and beneficiation strategy:

• PCL/00496/2026 - Kabete Mines

• PCL/0352/2026 - Mojimoto

The grant of these Licences provides Amigo with the formal regulatory framework required to develop modular processing infrastructure supporting exploration, metallurgical evaluation, ore aggregation and small-scale mining integration across multiple project areas in Tanzania.

Development of Strategic Processing Hubs

The Company has commenced planning activities for modular processing hubs at both Kabete and Mojimoto. The hubs are intended to support the following operational functions:

• gravity-based mineral recovery;

• ore aggregation and toll treatment services;

• metallurgical test work and process optimisation;

• integration of artisanal and Primary Mining Licence ("PML") operators;

• evaluation of ultra-fine mineral recovery systems; and

• future expansion into advanced beneficiation circuits.

The Company believes that the development of shared, centralised processing infrastructure may form the foundation of a scalable mineral processing platform capable of supporting multiple gold and polymetallic opportunities across the Company's Tanzanian portfolio. This positions Amigo not only as an exploration-led entity, but increasingly as a specialised mineral processing and beneficiation company.

Integrated Technical and Processing Strategy

The Company's broader technical strategy seeks to integrate the following capabilities into a single operational framework:

• AI-assisted exploration targeting;

• micro-seismic interpretation;

• geochemical vectoring;

• metallurgical diagnostics; and

• modular processing infrastructure.

Amigo is positioning itself not only as an explorer, but also as a specialised processing and beneficiation company focused on technically complex mineral systems, including sulphide-associated, refractory and ultra-fine gold mineralisation.

The Company notes that conventional free-milling gold is expected to form an important component of mineralisation within the project areas. Geological observations also suggest that a portion of the gold system may occur in ultra-fine, refractory or lattice-bound forms associated with sulphide mineral assemblages. The Company is therefore evaluating metallurgical approaches designed to improve recovery from these more technically complex mineral fractions, alongside conventional gravity recovery systems.

The Company believes this integrated model may improve exploration targeting efficiency, metallurgical understanding and long-term operational flexibility across its Tanzanian portfolio.

Operational Progress to Date

The Company has continued to make consistent operational progress across its Tanzanian portfolio.

These operational milestones provide the platform for the next phase of work, comprising metallurgical test work, drilling, processing hub engineering, and progressive integration of PML and artisanal feedstock into a centralised processing model.

Executive Commentary

Anil Kumar Reddy, Chief Executive Officer - Mining Operations Africa, commented:

"The grant of these Processing Licences represents an important operational milestone for the Company and supports our strategy of establishing scalable mineral processing infrastructure within Tanzania. Kabete provides an opportunity to evaluate specialised recovery methodologies for sulphide-associated and potentially refractory gold systems, while Mojimoto advances our integrated exploration and processing strategy within the Lake Victoria Goldfield region. We believe the combination of gold anomalism together with nickel, chromium and early-stage PGM indicators at Mojimoto warrants further systematic exploration and metallurgical assessment."

Craig Ransley, Chairman of Amigo Resources PLC, commented:

"These Processing Licences advance Amigo's strategy of integrating modular processing, AI-assisted exploration and advanced metallurgical evaluation into a differentiated platform for both exploration and specialised beneficiation of complex mineral systems. Conventional free-milling gold is expected to be a significant component at Kabete and Mojimoto, but the Company is also evaluating recovery methods for ultra-fine and refractory-associated gold fractions, alongside nickel, chromium and early-stage PGM indicators at Mojimoto, which warrant further systematic assessment."

Cautionary Statement

The information contained in this announcement is based on preliminary exploration observations, geochemical interpretations and ongoing metallurgical evaluation programmes. References to refractory, invisible, lattice-bound, ultra-fine or sulphide-associated gold mineralisation, and to potential PGM associations, remain conceptual and are subject to further drilling, metallurgical test work, laboratory validation and technical assessment.

There can be no certainty that economically recoverable mineral resources will be defined, that any metallurgical recovery assumptions will be validated, or that any proposed processing strategy will prove commercially viable. References to recovery methodologies, including copper-collector systems and ultra-fine recovery circuits, describe technical concepts under evaluation and do not represent finalised process designs.

Forward-looking statements, including those relating to the development of processing hubs, metallurgical recovery, exploration outcomes and operational timelines, involve known and unknown risks and uncertainties. Actual results, performance or achievements may differ materially from those expressed or implied. The Company undertakes no obligation to update forward-looking statements except as required by applicable law or regulation.

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014.

Contacts:

About Amigo Resources PLC

Amigo is a public limited company registered in England and Wales with registered number 10024479. Amigo is focussed on gold and rare earth mining opportunities in Africa, principally in Tanzania and Mauritania. The Amigo Shares are listed on the Official List of the London Stock Exchange

Important Notice & Forward-Looking Statements

This announcement is not intended to, and does not, constitute or form part of any offer, invitation, or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell, or otherwise dispose of, any securities, or the solicitation of any vote or approval in any jurisdiction, pursuant to this announcement or otherwise.

This announcement contains forward-looking statements relating to the proposed Joint Venture, the licence portfolio and exploration plans. Such statements are based on current expectations and assumptions and are subject to risks and uncertainties, including the completion of due diligence, definitive documentation, regulatory approvals, exploration outcomes, commodity prices, and operational conditions. Historical exploration results referenced herein are derived from third-party reports and have not yet been independently verified by a Qualified Person under JORC or NI 43-101 standards. Actual results may differ materially from those expressed or implied. This document is for informational purposes only and does not constitute an offer or solicitation to buy or sell securities.

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