Kendrick Resources Regulatory News (KEN)

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, NEW ZEALAND, JAPAN, THE REPUBLIC OF SOUTH AFRICA, THE REPUBLIC OF IRELAND OR ANY OTHER JURISDICTION IN WHICH IT WOULD BE UNLAWFUL TO DO SO.

THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND SHALL NOT CONSTITUTE AN OFFER TO SELL OR ISSUE OR THE SOLICITATION OF AN OFFER TO BUY, SUBSCRIBE FOR OR OTHERWISE ACQUIRE ANY NEW COMMON SHARES OF KENDRICK RESOURCES PLC IN ANY JURISDICTION IN WHICH ANY SUCH OFFER OR SOLICITATION WOULD BE UNLAWFUL.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS DEFINED IN ARTICLE 7 OF THE MARKET ABUSE REGULATION NO. 596/2014 ("MAR") AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("UK MAR"). MARKET SOUNDINGS, AS DEFINED IN MAR, WERE TAKEN IN RESPECT OF THE PLACING WITH THE RESULT THAT CERTAIN PERSONS BECAME AWARE OF THIS INSIDE INFORMATION, AS PERMITTED BY MAR. UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

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26 May 2026

Kendrick Resources Plc

("Kendrick" or the "Company" or the "Group")

£1.76 million Fundraising and PDMR Disclosure

Kendrick Resources Plc (LSE: KEN), the mineral exploration and development company is pleased to announce a fundraising of £1,764,000 from Directors, a U.S. managed fund, a U.S. family office and existing shareholders.

Fundraising: The Company has raised £1,764,000 before expenses (the "Fundraising") at 7 pence per Ordinary Share (the "Fundraising Price") through the issue of 25,200,000 new Ordinary Shares of £0.0003 each (the "Fundraising Shares") conditional only upon admission of the Fundraising Shares to listing on the FCA's Official List (Equity Shares (transition) category) and to trading on the main market of the London Stock Exchange ("Admission"). The Fundraising comprises a placing of 5,714,286 Fundraising Shares raising £400,000 via Shard Capital Partners PLC ("Shard") (the "Placing"), and Company arranged share subscriptions for 19,485,714 Fundraising Shares raising £1,364,000 (the "Share Subscriptions").

Director's participation in Fundraising: Colin Bird, the Company's Executive Chairman has subscribed £20,000 for 285,714 Fundraising Shares which represent in aggregate 1.13% per cent. of the gross Fundraising proceeds. and Martyn Churchouse a Director of the Company has subscribed £20,000 for 285,714 Fundraising Shares which represent in aggregate 1.13% per cent. of the gross Fundraising proceeds

Use of Proceeds: The proceeds from the Fundraising are planned to be used in relation to advancing the Bonya Rare Earth project in Namibia where a drilling program is underway targeting a maiden JORC resource by the end of Q3 2026, advancing the Strategic Development and Operational Delivery plan announced on 6 May 2026 and for the Group's working capital requirements. 

Further Details on the Fundraising: The Fundraising Price was at the closing mid-market price of 7 pence and at a premium of 3.7% to the closing bid price of 6.75 pence on 22 May 2026 being the last practicable date prior to this announcement. The Company was advised on the Fundraising by Temeraire Partners.

The Fundraising Shares represent, in aggregate, approximately 6.27 per cent. of the Company's enlarged issued share capital (as enlarged by the issue of the Fundraising Shares, Consultant Shares and Warrant Shares). The Fundraising Shares, Consultant Shares and Warrant Shares will rank pari passu in all respects with the Company's existing Ordinary Shares.

Consultant Shares: The Company has agreed to issue 2,047,500 shares at the Fundraising Price to settle £143,325 of accrued fees due to consultants and to issue 865,384 shares at 2.6 pence per share to settle £22,500 of accrued fees due to a consultant (the "Consultant Shares").

Warrant Shares: The Company is also, pursuant to an exercise of warrants at a price of 2.6p per share issuing 576,923 shares in terms of the fundraising announced on 23 March 2026 (the "Warrant Shares").

Director shareholding update:  The updated shareholdings of directors following the Fundraising are set out in the table below:

Application to trading: The Fundraising is conditional on Admission. Application will be made to the London Stock Exchange for the 28,689,807 new Ordinary Shares, comprising 25,200,000 Fundraising Shares, 2,912,884 Consultant Shares and 576,923 Warrant Shares, to be admitted to trading on the Main Market of the London Stock Exchange. It is expected that Admission will become effective and that dealings in the Fundraising Shares will commence on or around at 8.00 a.m. on 5 June 2026.

Total Voting Rights: Following the issue of the 28,689,807 new Ordinary Shares the Company's total issued share capital will consist of 402,057,620 Ordinary Shares with voting rights. The Company does not hold any Ordinary Shares in treasury and accordingly there are no voting rights in respect of any treasury shares. 

On Admission, the abovementioned figure of 402,057,620 Ordinary Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

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