Kendrick Resources Regulatory News (KEN)

9 April 2026

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

Namibia REE Project Update

Highlights

· Diamond drill programme of targets TK1 to 7 at Teufelskuppe is ongoing

· New drill rig acquired and being commissioned at Kieshöhe within the next 7 days

· Work underway to generate a Maiden Mineral Resource Estimate (MRE) based on historic data supplemented by a new Digital Elevation Model ("DEM") completed on 5 April 2026

Kendrick Resources (LSE: KEN) (the 'Company') is pleased to report on progress with the Bonya rare earth project in Namibia. The Company has a definitive agreement with Bonya Exploration Pty Namibia ("Bonya") by which it gains a 70% interest in the Teufelskuppe ("TK") and Kieshöhe ("KH") exploration licences. Kendrick is undertaking work aimed at a more detailed understanding of the configuration of the TK and KH mineralised outcrops leading to the definition of an initial surface Mineral Resource Estimate (MRE) and further details of the rare earth chemistry and petrology to guide optimisation of metallurgical test work.

Chairman, Colin Bird said: "We are re-assessing the figures we inherited of the tonnage of surface and accessible carbonatites at Teufelskuppe and Kieshöhe given our commitment to high standards of definition and accuracy. As we move forward to further assess the economic potential of the Teufelskuppe carbonatite complex we are now in the middle of a substantial diamond drill programme that encompasses all seven key targets with a view to increasing our knowledge of the depth and style of mineralisation and thus the economic potential of this exciting project along with a parallel mirrored approach at Kieshöhe. Our key objective now is to match grade with tonnage and mineral recoverability"

Structures

The database inherited by the Company from Bonya included an unverified estimate of rare earth carbonatite tonnage comprising the visible mineralised carbonatites encompassing the distinct broadly defined structures 1a to 7 at TK and a similarly high density of mineralised structures identified at KH. The exposed portions TK mineralised carbonatite standing prominently above the surrounding landscape form a circular group of hills of rare earth-bearing dykes, sills and cone sheets extending for ca. 450m in an E-W direction, and ca. 380m N-S. The most prominent hill within the TK complex dips ca. 25° to the NE and is over 120m above the level of the surrounding plain.

At KH, trenching extending for more than 2.5km in cumulative length has exposed a large number of mineralised carbonatite sheets and dykes over an extensive area. It would appear that whilst KH has fewer large structures, it potentially hosts multiple closely-spaced dykes and sheets with the potential to contribute significantly to future global project tonnage. As a result, a second drill rig has been acquired and is expected on-site within the next 7 days.

Exploration Results

Exploration work dating back to 2018 for TK included continuous channel samples reported by Marlow and Palmer (2023) to include a central zone showing bonanza grades of 4.79 wt% (TK 1A), 4.46 wt% (TK1B) and 4.73 wt% (TK 2). Latterly these grades have been confirmed with borehole TWDD001 at TK1A reported to end in mineralisation at a grade of 6.1 wt% TREO (RNS dated 13.3.26).

The super magnet rare earth database inherited from Bonya is summarised in Table 1, as derived from Marlow and Palmer (2023). This is notable for the enhanced enrichment ( @ 1%wt) of the high economic value neodymium (Nd) and praseodymium (Pr). These grades place the Teufelskuppe 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 (Centre for Strategic and International Studies, Jan 26).

Table 1 Neodymium and Praseodymium*

Location Total REE (wt%) Combined Nd and Pr (wt%)

TK 1A 4.79 1.13

TK 1B 4.46 0.99

TK 2 4.73 1.05

TK 3 2.80 0.61

TK 4 2.50 0.60

TK 5 2.92 0.73

TK 6 3.00 0.81

TK 7 2.88 0.78

* as Nd2O3 and Pr6O11

No tonnage estimate for surface resources of carbonatites was reported by previous operators. With the global reality that economic combinations of grade and size of rare earth deposits are uncommon, and in the face of rapidly increasing demand from critical technology sectors where no effective substitutes exist, the Company reviewed a database from an independent survey commissioned by Bonya in 2017 (Shapumba & Shilongo, 2017) and determined to provide a more accurate estimate of the volume and tonnage of surface resources within the scope of Teufelskuppe locations TK1 through 7.

Methodology

The resource estimation undertaken by Bonya utilised elevation data has been compiled using a proprietary modelling tool: http://www.zonums.com/gmaps/terrain. Gridding was used to model the surface terrain by the 'Nearest Neighbour' method with the resulting grid converted into a Wireframe and georeferenced by satellite images of the same area. Volumes were calculated using Wireframes and a bulk density of 2.45g/cm3 obtained from previous laboratory results.

Because of the semi-quantitative nature of the informal estimate from the Bonya model, the Company commissioned a more statistically precise and independent assessment of the above surface resource using a Digital Elevation Model ("DEM") and high resolution orthophotos. This survey has now been completed and an updated volumetric and tonnage estimate of above-ground mineralisation is expected shortly, with the intention of then enabling compliance with the JORC-2012 international standard. 

Expansion of Resource Base

The Company is now focused on defining the sub-surface configuration and dimensions of the carbonatite cone sheets and dykes at Teufelskuppe (and Kieshöhe) as well as their rare earth composition. The recently published results (RNS dated 16.3.26) from the TSDD001 80m+ borehole core inherited from Bonya clearly show that the surface carbonatites potentially represent only a fraction of the total resource. The well exposed flow banding, a well-defined gravity anomaly associated with the high-grade TK1A outcrop, and the perceived structural level of the exposed part of the carbonatite (which is interpreted to be the cap of a diatreme), provide compelling evidence for mineralization to extend to depth hence the emphasis on further drilling of all of the defined bodies in the TK Complex.

In contrast to weathered and supergene-enriched carbonate systems, the late-magmatic mineralization at TK is not expected to decrease in grade at depth. Indeed, the borehole results published recently show the exact opposite, with TWDD001 ending in mineralisation at a grade of 6.1 wt% TREO. This grade hypothesis is supported by TK's central zone displays where REE enrichment is associated with sub-vertical plunging emplacement structures (flow banding, shearing, and folding), suggesting the high-grade persists at considerable depth.

The Company believes that this geological advantage enhances the potential for the project to deliver a significant expansion and resource upgrade and thus long-term, sustainable production.

Reference citations

Marlow AG and Palmer MR. (2023). A preliminary study of the rare earth element-enriched Teufelskuppe carbonatite complex, southern Namibia. Geological Magazine 160: 305-321.

Shapumba A and Shilongo E. (2017). Mine Planning and Mining Operations Consultancy. Volume and Tonnage determination of Twyfelskupje Carbonatite Hills. 5pp

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.

Wt % = Weight Percentage