Teufelskuppe Unlocks Major Expansion Potential

11 May 2026

Kendrick Resources Plc("Kendrick" or "the Company")

Teufelskuppe Unlocks Major Expansion Potential

Kendrick Resources ("Kendrick" or the "Company") is pleased to announce a highly encouraging milestone at its flagship Teufelskuppe ("TK") rare earth project in south-west Namibia, following the completion of a high-resolution Digital Elevation Model (DEM) survey and updated volumetric assessment of surface mineralisation. Work completed together with the tonnage estimate provides a visible, high-confidence foundation for resource growth.

Under its definitive agreement with Bonya Exploration Pty Namibia, Kendrick holds a 70% interest in the TK project, which is rapidly emerging as a rare earth asset of exceptional grade and potentially corresponding tonnage.

Highlights

· 14 million tonnes of high-grade, above ground carbonatite mineralisation identified from exposed outcrops

· In-house non-JORC (2012) tonnage estimate based on high quality volumetric modelling and updated bulk density data

· Surface carbonatite grades ranging from 2.2% to 7.06% TREO, placing TK amongst the highest grade rare earth projects globally

· Easily accessible, visually identifiable mineralisation significantly reduces geological risk

· Current tonnage estimate represents only a fraction of total potential, with drilling already confirming substantial mineralisation at depth

· Ongoing diamond drilling and channel sampling designed to convert surface and sub-surface mineralisation into a JORC (2012) Mineral Resource Estimate

Colin Bird, Chairman of Kendrick Resources commented "I am delighted with this initial internal tonnage estimate which already credits the Project with higher tonnage than most top tier projects. I stress that this tonnage is above ground and literally the tip of the iceberg since significant tonnage is postulated to be below these surface expressions one of which is over 150m high. It should also be noted and emphasised that his above surface tonnage lends itself to quarrying and as such is not even open cut mining. Again, this above ground tonnage estimate is confined to the TK project, and we have not considered any tonnage contribution that may come from the Kieshöhe ("KH") project. KH is expected to have an even larger tonnage that will be open pittable. Thus, our expectations for a gross tonnage much larger than most other global rare earth projects appears to be realistic."

The DEM volumetric assessment has defined a surface volume of approximately 4.6 million cubic metres which, when combined with a revised bulk density of 3.0 g/cm3, supports an in-house estimate of approximately 14Mt of above-ground mineralised carbonatite.

Whilst not yet JORC (2012) compliant, the exceptional exposure, grade continuity, accessibility and abundance of visible mineralisation place these surface carbonatites in a uniquely low-risk category relative to typical sub-surface deposits. It is believed that there are only a few rare earth projects globally that can demonstrate such a large, coherent body of high-grade material exposed at surface.

Recent drilling including diamond drill hole TSDD001 that returned exceptional results, provide strong geological indicators for expected sub-surface expansion of the resource. Drill intercepts of high-grade mineralisation reinforce the view that the exposed carbonatites represent only the uppermost fraction of a much larger system.

Historic channel sampling returned an average TREO grade of 3.1% with peak values of 4.79% and 4.73% in the central zones. There grades compare extremely favourably with major producing and development-stage rare earth projects worldwide.

Whilst some historic in-house tonnage estimates had previously been conducted but not published, the modern DEM surveying programme has provided a step-change in confidence in the estimate. The updated tonnage estimate builds on an inherited 2017 semi-quantitative assessment, replacing earlier modelling techniques with a high-resolution, custom built digital elevation model derived from modern satellite imagery.

This approach has delivered a materially more accurate picture of the principal rare earth bearing structures, which represent a circular group of hills dominated by mineralised dyeks, sills and cone sheets.

This announcement contains information which, prior to its disclosure, was inside information as stipulated under Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310 (as amended).

For further information, please contact:

Qualified Person

The technical information contained in this announcement has been reviewed, verified, and approved by Colin Bird, CC.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.

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.

Glossary:

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.

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.

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

Jorc 12 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.

Wt % = Weight Percentage