STRATEGIC JOINT VENTURE

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 5 May 2026

Amigo Resources PLC

("Amigo" or the "Company")

STRATEGIC JOINT VENTURE

Rare Earth Element ("REE") Licence Portfolio - Songwe Region, Tanzania

KEY HIGHLIGHTS 

▸ Joint Venture established between Amigo Resources PLC (51%) and AK Corporation FZCO / Anil Group (49%) over a 17.73 km² contiguous REE licence package in south-west Tanzania.

▸ Three granted Prospecting Licences (PL 12668/2024, PL 12667/2024, PL 12674/2024) located within the Mbeya-Songwe alkaline-carbonatite corridor - one of East Africa's most prospective REE provinces.

▸ Regional analogues include Ngualla (Tanzania), Songwe Hill (Malawi) and Panda Hill (Tanzania), demonstrating district-scale critical minerals potential.

▸ Historical drilling at Musensi indicates ~0.35% Total Rare Earth Oxides ("TREO") with mineralogy consistent with carbonatite-hosted REE systems.

▸ No upfront cash consideration payable; Amigo to lead and fund exploration, with future consideration linked to technical outcomes and project advancement.

▸ JV provides Amigo with strategic exposure to critical minerals demand from EVs, wind energy and permanent-magnet supply chains.

1. Introduction

Amigo Resources PLC (LSE: AMGO), the London-listed mining development company focused on Africa is pleased to announce that its Group has entered into a proposed Joint Venture ("JV") arrangement with AK Corporation FZCO and its affiliated entities ("AK Corporation" or the "AK Group") in respect of a portfolio of rare earth element ("REE") prospecting licences located in the Songwe Region, south-west Tanzania.

The JV is structured to combine AK Corporation's asset origination, local presence and technical capabilities with Amigo's exploration expertise, development strategy and access to capital markets, with the objective of systematically advancing the assets from exploration through to potential development.

2. Licence Portfolio

The JV will cover the following granted Prospecting Licences, all situated within a single contiguous land package in the Songwe Region of south-west Tanzania:

The licences are strategically located within the Mbeya-Songwe alkaline-carbonatite corridor - one of East Africa's most prospective provinces for rare earth element mineralisation.

3. Ownership Structure

The JV will be structured through a dedicated joint venture entity ("JVCo") which will hold and operate the licence portfolio, subject to regulatory approvals:

4. Asset Contribution

AK Corporation confirms that it holds an economic interest in the licences and will, under the terms of the JV:

• Contribute and/or facilitate the transfer of its interests into the JVCo structure;

• Provide full access to historical exploration data, local infrastructure, and operational support;

• Support all regulatory and licensing matters in-country.

The transaction is subject to standard technical, legal, and commercial due diligence.

5. Geological Potential & Strategic Upside

The licence package is considered highly prospective for carbonatite-hosted REE mineralisation, supported by a combination of regional geological context, mineralogical signatures, and historical exploration data.

5.1 Favourable Geological Setting

• Located within the Ubendian Belt, a structurally complex Proterozoic mobile belt hosting multiple alkaline and carbonatite intrusions;

• Positioned within a recognised REE corridor alongside well-established regional analogues, including:

◦ Ngualla (Tanzania) - large-scale carbonatite REE deposit

◦ Songwe Hill (Malawi) - advanced REE development project

◦ Panda Hill (Tanzania) - Niobium-bearing carbonatite

5.2 Carbonatite-Hosted REE Model

The JV is targeting primary REE mineralisation associated with classic carbonatite-hosted mineral assemblages, with potential for secondary supergene enrichment within deeply weathered tropical profiles. Target minerals include:

• Bastnäsite - primary light REE carbonate

• Monazite - REE phosphate, often enriched in supergene horizons

• Parisite / Synchysite - accessory REE-bearing fluorocarbonates

5.3 Encouraging Historical Indicators

Reported historical drilling at the Musensi licence indicates:

• ~0.35% Total Rare Earth Oxides ("TREO");

• ~0.30% Barium (Ba) - consistent with carbonatite mineral systems;

• Mineralogical association characteristic of fertile carbonatite intrusions.

5.4 District-Scale Upside

The contiguous nature of the licence package provides scope for:

• Strike extensions of known mineralised zones;

• Identification of satellite intrusions and parallel structures;

• Discovery of multiple mineralised centres across the 17.73 km² package.

5.5 Strategic Commodity Exposure

REEs are designated critical minerals in all major Western jurisdictions, with strong and accelerating demand driven by:

• Electric vehicle (EV) drivetrains and traction motors;

• Permanent-magnet supply chains (NdFeB, SmCo);

• Wind energy generation infrastructure;

• Defence and high-technology applications.

Collectively, the JV assets offer scalable exploration upside with potential for both primary and near-surface enrichment mineralisation, supporting multiple development pathways.

6. Roles & Responsibilities

Amigo Resources plc

As Operator and majority partner, Amigo's Group will:

• Lead and fund exploration programmes across all licences;

• Execute geological, geophysical and geochemical workstreams;

• Advance projects toward JORC-compliant resource definition;

• Support development, financing, and potential offtake strategies.

AK Corporation FZCO

As local partner and asset originator, AK Corporation will:

• Provide asset access and local operational framework;

• Support licensing, regulatory engagement, and stakeholder relations;

• Facilitate in-country logistics and community engagement.

7. Funding & Consideration Structure

• No upfront cash consideration is payable by Amigo's Group at this stage of the transaction;

• Exploration funding will be primarily provided by Amigo's Group;

• Future consideration will be determined based on technical outcomes and project advancement, including the delineation of mineral resources and development milestones, and structured in line with industry benchmarks for comparable REE assets.

This structure ensures full alignment of interests between the parties, links value realisation directly to project success, and provides flexibility to structure future economics appropriately as the project advances through the exploration and development pipeline.

8. Governance

• JVCo will be governed by a Board with proportional representation from both parties;

• Amigo's Group will retain operational control commensurate with its 51% interest;

• Key strategic decisions, including budgets and major capital commitments, will be subject to mutual agreement;

• The JV will be governed by a comprehensive Shareholders' Agreement to be entered into between the parties.

9. Work Programme

A phased, decision-driven exploration strategy will be implemented across the licence portfolio:

10. Strategic Rationale

For Amigo Resources plc

The JV represents a key step in Amigo's strategy to:

• Build a portfolio of critical mineral assets in Africa;

• Apply modern exploration technologies to underexplored districts;

• Develop scalable projects with strong upside potential;

• Position the Company within the global critical-minerals supply chain.

For AK Corporation

The JV provides AK Corporation with:

• Access to capital and a public-market platform;

• Acceleration of asset development through experienced exploration leadership;

• Participation in long-term value creation while retaining a meaningful equity interest.

11. Conclusion

This Joint Venture establishes a structured, well-aligned partnership to unlock the value of a highly prospective REE licence package in Tanzania. The combination of strong geological fundamentals, district-scale exploration potential, and a commercial structure that imposes no upfront burden on Amigo's Group positions the project as a compelling early-stage critical minerals opportunity with significant upside.

The Board of Amigo Resources PLC looks forward to providing further updates as the JV progresses through definitive documentation, due diligence, and the commencement of Phase 1 exploration activities.

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

About AK Corporation FZCO

AK Corporation FZCO is a UAE-registered group operating across the African mining sector through a portfolio of mineral exploration and processing ventures in Tanzania, Zambia, Zimbabwe, Mozambique and Rwanda. The Group works across the full mining value chain - from exploration and metallurgy through to investor structuring - with a strategic focus on critical minerals and processing-led business models.

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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