10 March 2026

Kendrick Resources PLC

("Kendrick" or the "Company")

Update on Bonya rare earth project

Kendrick Resources Plc (LSE: KEN), the mineral exploration and development company, is pleased to announce commencement of Phase II drilling on the Teufelskuppe ("TK") and Keishohe ("KH") rare earth carbonatites at its Bonya rare earth project. Based on reconnaissance work and a detailed review of extensive historic exploration including channel sampling and drilling, Kendrick has selected drill collars and initiated a drilling programme to formalise historic in-house non-JORC (2012) Mineral Resource Estimates. The decision to progress to Resource definition drilling has been prompted by the consistently high-grade rare earth elements ("REE") assay results generated by all types of historic exploration for both TK and KH.

Colin Bird, Executive Chairman of Kendrick Resources Plc commented "We are very pleased with the results of our due diligence and initial analysis of available data, which turned out to be significant and material to our future planning.   Based on the amount and quality of previous work we intend to fast track to the next phase and commence resource and further reconnaissance drilling at drill ready targeted sites.  We are very excited about taking the project to the next phase, for potentially considerable shareholder value enhancement.  We will keep shareholders posted as results emerge."

Highlights

Teufelskuppe ("TK")

·    All 8 of the defined Rare Earth Element ("REE") carbonatite intrusions (TK1A, TK1B, TK2 - TK7) that make up the Teufelskuppe cone sheet complex will be drill tested.

·    All TK intrusions are characterised by high REE grades.

·    Drilling is expected to provide confirmation of the orientation of the cone sheets making up the bulk of the high-grade REE mineralisation which in turn will determine parameters for close-spaced drilling to generate a maiden JORC (2012) Mineral Resource Estimate at TK.

Keishohe ("KH")

·    A similar programme has been initiated at the nearby Keishohe ("KH") REE complex where cone sheets have resulted in a large number of mineralised bodies offering scope for the delineation of a substantial future Resource.

·    KH has been subject to previous drilling returning high-grade mineralisation from multiple mineralised bodies also forming a large cone sheet complex.

Other Studies

·    A digital elevation model ("DEM") has been commissioned to provide the basis for a volumetric estimate of above-ground mineralisation at TK together with high resolution orthophotos for both the TK and KH Licences to aid future development.

·    US-based expertise has been engaged to undertake a range of petrological studies using Keyence microscope, electron microprobe analysis, X-ray diffraction and bulk rock X-ray fluorescence analysis to inform future metallurgical test and to increase the understanding of mineral textures, phases and alteration types.

·    Numerous mineralised breccias have been identified in close proximity to high-grade cone sheets at both TK and KH. Visual evidence of REE-bearing high-grade veinlets, microfractures and rock fragments indicates another potential Mineral Resource warranting further investigation. Bulk samples will be collected whilst channel sampling is completed with a representative bulk sample being dispatched for dry ore sorting sighter test work aimed at generating a high-grade pre-concentrate for further concentration.

Website update:  In light of the acquisition of and focus on the Bonya Rare Earth Project the company has updated its website at https://www.kendrickresources.com/    

Background on the Bonya Rare Earth Project

·    Two REE carbonatite complexes, Teufelskuppe ("TK") and Keishohe ("KH") defined on two neighbouring exploration licences in Namibia.

·    Historical exploration results published in open science journal. Marlow AG and Palmer MR (2023). Geological Magazine, Vol 160: 305-21 for the TK carbonatite.

·    Publication endorses authenticity and data quality

·    TREO abundance across 295 whole-rock channel samples at TK shows exceptional average grade of 3.1 wt % with the central zone showing 4.5 wt %, (samples = 54), and dyke stockwork 4.2 wt % (samples = 45).

·    High value Neodymium (Nd) and Praseodymium (Pr) together provide an average 25% (wt) of the ca. 4% (wt) rare earth pool.

·    Around 95 % of the total rare earth pool contained within fluorocarbonates and believed recoverable by conventional methods

On 23 February 2026 the Company announced that it had exercised an option and entered into a definitive agreement with Bonya Exploration Pty Namibia ("Bonya").   Bonya owns Namibian exploration licences EPL 4458 and EPL 6691 (the "Licences") and Kendrick will gain a 70% interest thereof under the terms announced.  These licences are considered to be highly prospective for the development of a rare earths mining project. 

Kendrick inherited a substantial database of assays for numerous trenches excavated and diamond drilling in 2018 together with other exploration data for both the TK and KH REE carbonatites on signature of the definitive agreement with Bonya.

Background and Verification

The TK licence is unusual in that the results of the principal channel sampling programme conducted between 2018 and 2021 have been published following independent review, and are freely available in an open-access scientific journal : Marlow AG and Palmer MR (2023). A preliminary study of the rare earth element-enriched Twyfelskupje carbonatite complex, southern Namibia. Geological Magazine, Volume 160: pages 305-321. This endorsement of the exploration results in a peer-reviewed scientific journal provides exceptional confidence as to their authenticity.

Local Geology and Structures

The exposed portions of TK stand prominently above the surrounding sand and calcrete covered plains and form a circular group of hills with a diameter of ca.1 km.  The TK geology shows a central zone consisting of two distinct structural units: (1) sub-vertically, banded carbonatite plugs; and (2) sub-vertical, dipping carbonatite dykes. The dyke stockwork extends for ca. 450m in an E-W direction, and ca. 380m N-S. A peripheral zone comprises a third structural unit. Each outcrop area represents a cone sheet of varying thickness up to ca. 30 m. The most prominent hill at TK dips ca. 25° to the NE and is over 120m above the level of the surrounding plain.

At KH, the carbonatite complex has limited prominent features but is characterised by a large number of mineralised cone sheets, dykes and sills exposed at surface offering scope for a substantial resource.

Channel Sampling and Analytical Methodology

In 2018, continuous channel samples (ca.10 cm deep, ca. 5 cm wide) were excavated across 26 ha of TK. Samples were prepared for REE and trace-element analysis by inductively coupled plasma mass spectrometry (ICP-MS). High REE concentrations (Ce >10 000 ppm, La >10 000 ppm, Nd >10 000 ppm, Pr >1000 ppm and Sm >1000 ppm) were re-analysed at higher dilution by ICP atomic emission spectrometry (ICP-AES). 295 channel samples were collected. Laser-ablation ICP-MS was used to determine REE and trace-element concentrations in REE-rich minerals and carbonates. Radiogenic isotope analyses were also carried out.

At KH 14 diamond drill holes were completed along with channel sampling. Keishohe consists of several outcropping cone sheets, dykes and sills which intrude basement rocks. The complex outcrops over an area of 1,500 x 600m and is situated 30km NNE of Teufelskuppe. Mineralisation is dominated by pale yellow REE fluorocarbonates, synchysite and parisite. Drilling and channel sampling returned an average grade of 1.54% TREO.

Inherited Exploration Results

The mean TREO abundance for TK across all 295 whole-rock samples is an exceptional grade of 3.12 wt % (Marlow and Palmer, 2023). Overall, the TK carbonatite samples contained >1.0 wt % TREOs, with <10 % of samples having <2 wt % TREOs, and 50 % having >2.8 wt % TREOs. The calciocarbonatites from the central zone showed the highest average TREO abundances (mean of 4.47 wt %, n = 54), with a dyke stockwork also having a high mean abundance (4.18 wt %, n = 45).

Data from the less intensively sampled neighbouring Keishohe Carbonatite complex ("KH") that forms part of the Bonya Agreement also shows promising TREO grades: averaging 1.54 wt %. A notable feature of the TK carbonatites is that the uranium concentrations are low compared to carbonatites elsewhere (Marlow and Palmer, 2023).

External review shows that the dominant REE-rich minerals within TK belong to the REE fluorocarbonate group of minerals. Fluorocarbonates (and monazite) show a similar degree of REE enrichment to the whole rocks, confirming that these minerals collectively define the REE abundance of the overall deposit. This mineralogy is typical of the major carbonatite deposits elsewhere globally and suggests that TK can be processed using established industry methods. Assuming that the whole-rock REE concentrations are derived from carbonate plus REE-rich minerals, around 95 % of the total REEs within the whole rock derive from this source.

Economic Prospects and Market Demand

The dominant rare earth element minerals in the TK complex are light rare earth elements in the order Ce>La>Nd>Pr. Overall, the relative rare earth enrichment between the lighter and less valuable elements, cerium (Ce) and lanthanum (La), and those with much higher economic value, is shown in Table 1 of Marlow and Palmer (2023), In summary, neodymium (Nd) and praseodymium (Pr) together comprise an average 25% (wt) of the ca. 4% rare earth pool with significant supplementary, but lesser, values from a combination of samarium (Sm), gadolinium (Gd) and yttrium (Y). These grades place the Twyfelskupje carbonatite complex amongst the highest by grade on a global scale if benchmarked against the major producers of rare earths in China, the USA and Australia (Center for Strategic and International Studies, January, 2026).

The term 'rare earths' is a misnomer but the elements thus classified are not commonly found in a combination of concentration and size of deposit that makes them economically viable to exploit. Yet the use of rare earth elements spans critical technology sectors where no effective substitutes exist. Burgeoning demand for permanent, high temperature-resistant super magnets, defence systems, medical imaging, telecommunications and advanced visual displays underpin the commercial potential of the Twyfelskupje project. In a marketplace dominated and skewed by China (European Commission : Study on the Critical Raw Materials for the European Union, 2023), a prospective new Namibian supply of at least two key, and scarce, rare earth elements, neodymium (Nd) and praseodymium (Pr), is strategically significant. Diversification of market supply to meet increasing demand is a recognised planning priority for all industrialised nations as exemplified by the EU Critical Raw Materials Act (2023).

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