Unicorn Mineral Resources Regulatory News (UMR)

Unicorn Mineral Resources Plc

("Unicorn", or "the Company")

13 November 2025

Update on Potential Namibian Acquisition

Unicorn Mineral Resources Plc, (LSE: UMR), is today pleased to announce that it has signed conditional heads of terms to acquire a 75% stake in the Klein Aub Copper Mine located in Namibia (the "Transaction") for a total consideration of ZAR 26.5 million (approx. £1.0 million).

The Klein Aub Copper Mine operated for over 20 years until its closure in 1987 and was one of central Namibia's most productive small-scale underground copper operations of the twentieth century. From the underground development of three orebodies with an estimated to be 7.5 million tonnes of total mineable resources, the mine produced over 5.5 million tonnes of ore with an average mined ore grade of 2.0% Cu and 50.0g/t Ag.

Over the past year, the Company and its technical management and consultants have completed a detailed technical due diligence review of the Klein Aub Copper Mine including site visits and a review of historical exploration results. Drilling and assay work completed since 2020 indicate a potential deposit of 5,587,000 tonnes of ore contained in the historic tailings and slimes dam. Of this, 5,500,000 tonnes are contained in tailings dam, with an estimated grade of 0.26% Cu and 7.4g/t Ag, and 87,000t in the slimes dam, with an estimated grade of 1.34% Cu and 33.55g/t Ag. Together these provide for a potential total in situ metal content of up to 15,460 tonnes of copper and 1.4 million ounces of silver. In addition, there is the potential for several unmined parallel lodes extending along strike to the northeast.

The initial target would be to extract the copper and silver from the slimes and tailings. However, the metallurgy is complex. The Company is investigating an environmentally-friendly, leaching technique as a potential method of extracting the copper profitably. The metallurgical test work is already underway and is expected to be completed in early 2026. 

The Klein Aub Copper Mine sits about 90 kilometres south of Namibia's capital city of Windhoek and 45 kilometres southwest of Rehoboth and is located on two granted Exclusive Prospecting License (EPL's), both of which have been recently renewed, that extend over a combined area of 6,536 hectares. The EPLs are located in the Kalahari Copperbelt, a north-east trending belt extending discontinuously for over 1,000 kilometres from western Namibia to northern Botswana. The Klein Aub, Witvlei, Dordabis and Oamites stratabound, sediment hosted, copper-silver deposits are considered to define the nature of the Kalahari Copperbelt, where an estimated 8 million tonnes of copper has been discovered to date. The mineralisation at Klein Aub is stratabound, hosted in dolomitic marble and quartzite, and with ore consisting mainly of chalcopyrite, bornite, and chalcocite. The deposit occurs along a faulted contact zone trending northeast-southwest and dipping steeply northwest.

The acquisition of a 75% interest in the Klein Aub Copper Mine, is being completed for a total consideration of ZAR 26.5 million (approx. £1.0 million), including the settlement of various non-material debts to local landowners and employees. Of this ZAR 23.0m is due on completion of the Transaction through the issue of approx. 8.6 million new Unicorn shares at a price of 10p per share, and a cash payment of ZAR 1.5m (approx. £60,000). A deferred payment of ZAR 2.0m due 12 months after completion may be settled in cash or through the issue of further shares at the Company's discretion. The Transaction is subject to contract and to the successful completion of the metallurgical work and is expected to complete towards the end of Q1 2026.

Commenting on the Transaction, Paddy Doherty, Chairman, said:

"Whilst the due diligence has been time consuming and challenging, we are encouraged by the results of the tests to date, and we are confident that the Klein Aub project represents a great opportunity for Unicorn's shareholders. Klein Aub also provides a stepping stone into the rest of Namibia with other prospects there being considered."

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).

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