Strategic HMS Development Partnership Secured

The information contained within this announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations under Article 17 of the UK MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain. 

9 July 2026

Kazera Global plc

("Kazera" or the "Company")

Fully funded long-term strategic development partnership securedfor flagship Heavy Mineral Sands Project

Kazera Global plc (AIM: KZG), the AIM-quoted investment company, is extremely pleased to announce that its South African subsidiary, Whale Head Minerals (Pty) Ltd ("WHM"), has entered into a long-term Mining Cooperation and Production Sharing Agreement (the "Agreement") with South Africa AT Investments (Pty) Ltd ("SAI") establishing a fully funded strategic partnership for the development of the Company's flagship Heavy Mineral Sands ("HMS") project.

Highlights

Richard Jennings, Interim Chief Executive Officer of Kazera Global plc, commented: "This is the most significant agreement in Kazera's history, and the culmination of months of work including visiting the Group's operations in Xiamen. Seeing first-hand the sheer scale of its zirconium and titanium processing operations gave us considerable confidence in its ability to develop our HMS assets at industrial scale, while the depth of HMS expertise within the SAI team addresses the operational constraints that have held WHM back in recent years.

"The economics for Kazera are transformational and fundamentally different from a conventional production sharing agreement. SAI funds 100% of the capital investment, mining and processing operating costs, infrastructure and working capital required to develop the operation at scale, while WHM retains 20% of all HMS products produced for the life of mine, at no capital or operating cost to us and with no dilution for shareholders.

"Detailed production targets will be agreed with SAI within 30 days, but, subject to securing the 2A Mining Right, the intended scale is of a completely different magnitude to anything previously contemplated for WHM. Once scaled, we expect WHM's 20% cost-free entitlement alone to materially dwarf the total production levels previously targeted at Walviskop. Put another way, if SAI delivers the scale of operation envisaged, the whole of our previous production ambition could ultimately look little more than a rounding error by comparison.

"In effect, we have exchanged a funding burden for royalty-like economics on an operation many times the size, while substantially transferring the funding and execution risk to a seriously resourced strategic partner. There is a further benefit for our diamond business: as a by-product of the same SAI-funded mining activity, DBM is expected to receive diamond-bearing gravels without bearing the underlying cost of mining them which, we believe, can materially transform the economics of that business.

"Subject to the grant of the 2A Mining Right, we believe we have secured the framework for a generational mining asset capable of producing at industrial scale for many decades. Our immediate focus is now on completing the Competent Person's Report on 2A, which we expect will demonstrate just how large this opportunity is."

A spokesperson for the Board of SAI commented: "We are highly enthusiastic about finalizing this production partnership with Whale Head Minerals at the Walviskop project. By combining our specialized primary extraction capabilities and wet magnetic separation technology with WHM's high-grade asset base, we have established a highly efficient operational framework. We are entirely focused on accelerating commercial volume output to unlock immediate, long-term value for both companies as we build a transparent and mutually beneficial operation."

Geoff Eyre, Chairman of Kazera Global plc, commented: "Richard has worked tirelessly in the interests of all Kazera's Shareholders since stepping into the Interim CEO role to achieve this pivotal announcement for Kazera which sets Whale Head Minerals on the path of industrial scale production, with zero dilution to shareholders, in a very short space of time following the board restructuring in April this year.

"We welcome our new partners SAI and look forward to supporting their aggressive development plans and to benefitting from what is effectively a 20% free carried interest in the revenues generated from the WHM asset for the life of mine."

OVERVIEW

SAI is a subsidiary of Xiamen Antai Zirconium Co., Ltd ("Xiamen Antai") a division of a major Chinese industrial group (the "Group") specialising in the extraction, production and deep processing of zirconium and titanium raw materials and zirconium silicate. The Company is advised the Group is China's largest comprehensive enterprise in this sector and generated revenue of approximately RMB 2 billion (circa £205 million) in FY2025.

The Agreement is expected to transform the revenue potential of Kazera's HMS assets by providing a fully funded pathway to industrial-scale production. SAI will fund 100% of the capital expenditure, mining and processing operating costs, infrastructure, equipment deployment and working capital required to develop the operations at scale, while WHM retains a continuing 20% entitlement to HMS production. This gives Kazera exposure to a potentially much larger, long-life production base without being required to fund the capital and operating costs of the mining and processing operations covered by the Agreement.

The intended scale of the development is of a completely different order to that previously contemplated for the existing Walviskop operation. Specific production targets will be established through a comprehensive Mine Plan to be prepared jointly by WHM and SAI within 30 days of the Effective Date, including targets on a 6-month, 12-month and ongoing basis. The Board expects that, as operations scale, WHM's cost-free 20% production entitlement alone has the potential to materially exceed the total production levels previously targeted by WHM. The full industrial-scale development opportunity is linked to the grant of the 2A Mining Right.

In addition, the SAI-funded HMS mining operations are expected to generate diamond-bearing gravels as a by-product of production. Those gravels and any recovered diamonds remain outside the SAI production sharing arrangements and for the account of DBM, meaning that DBM is expected to receive diamond-bearing feed material without bearing the underlying cost of mining that material.

The Agreement establishes a funded long-term development framework for WHM's existing Walviskop mining operations and, following the anticipated grant of the adjacent 2A Mining Right, the future large-scale development of the broader 2A Heavy Mineral Sands Project (the "2A Project"). The Agreement is for both the Walviskop and 2A Project life of mine, including any renewals and extensions. As such, the Board believes this Agreement provides the foundations for the establishment of an industrial scale HMS production facility for many decades and has the potential to become a generational mining asset.

DETAILS

Strategic Rationale

The Board believes the Agreement fundamentally changes the development pathway for WHM's HMS business.

Historically, the development of the Company's HMS assets has been constrained by the significant capital investment required to develop mining and processing operations at scale as well as at mine staffing limitations.

Under a conventional mining joint venture or production sharing arrangement, WHM would typically be expected to contribute a significant proportion of the capital investment and operating costs required to develop a large-scale mining operation.

Under the Agreement, SAI will fund 100% of the capital expenditure, mining operations, processing infrastructure, equipment deployment and working capital required to develop the project. WHM, meanwhile, retains ownership of its mining rights and permits together with a continuing entitlement to 20% of production, without contributing to the operating costs of the mining operation. The effect is that WHM's production entitlement carries royalty-like economics: every tonne delivered to WHM over the life of mine is free of the associated capital expenditure and operating costs.

The Board believes this structure significantly reduces both the financial and execution risk associated with developing the project whilst preserving substantial long-term exposure to production and commodity prices.

Importantly, the Board believes that the scale of the proposed 2A development means that retaining a 20% entitlement to production from a fully funded operation has the potential to create significantly greater long-term value than retaining a larger interest in a materially smaller self-funded operation, while avoiding equity dilution for Kazera shareholders.

Subject to the grant of the 2A Mining Right, the Board believes the Agreement provides a seamless framework for transitioning from the existing Walviskop operation to an industrial-scale development across the substantially larger 2A Project area. It is this expansion into 2A that the Board expects to deliver a fundamental step-change in production scale.

The Board believes the Company has secured a commercial structure capable of creating shareholder value over many decades and establishing the framework for the long-term development of what has the potential to become a generational mining asset.

For the avoidance of doubt, the production sharing arrangements relate to HMS mineral products only. Diamond gravels and any diamonds recovered from the mining operations are excluded from the SAI production sharing arrangements and will remain for the account of the Company's diamond mining subsidiary Deep Blue Minerals (Pty) Ltd ("DBM").

Economic Impact for Kazera

The Board believes the Agreement has an immediate and material impact on the economics and funding requirements of the wider Kazera Group. Under the Agreement, SAI will fund 100% of the capital expenditure, mining and processing operating costs, infrastructure, equipment deployment and working capital required for the operations covered by the Agreement. Accordingly, Kazera is not expected to be required to fund those mining and processing activities, materially reducing what has historically been a significant call on the Group's cash resources.

At the same time, WHM retains a continuing entitlement to 20% of all HMS products produced. Specific production targets will be established through the comprehensive Mine Plan to be prepared jointly by WHM and SAI within 30 days of the Effective Date, including targets on a 6-month, 12-month and ongoing basis. Subject to the grant of the 2A Mining Right, the Board expects the proposed development to represent a fundamental step-change in scale and believes that, as operations scale, WHM's cost-free 20% entitlement alone has the potential to materially exceed the total production levels previously targeted for the existing Walviskop operation. First production under SAI's development programme is targeted by the end of 2026, with WHM's production entitlement accruing from commencement of production and settled in accordance with the advance payment and monthly reconciliation arrangements under the Agreement.

The Agreement is also expected to have a significant positive impact on the economics of DBM. The mining of HMS is expected to generate diamond-bearing gravels as a by-product of the same mining activity. These gravels and any diamonds recovered from them are expressly excluded from SAI's 80% production entitlement and remain for the account of DBM.

As the underlying HMS mining operations will be funded by SAI, DBM is expected to receive diamond-bearing feed material without bearing the primary cost of mining that material. The Board believes this has the potential to materially improve the economics of DBM's operations and provide a pathway to sustainable profitability as production volumes increase.

The Board therefore believes the Agreement has the potential to deliver a fundamental change in Kazera's operating model: materially reducing Kazera's funding exposure to WHM's mining and processing operations, creating a cost-free 20% exposure to HMS production and generating diamond-bearing feed material for DBM as a by-product of SAI-funded mining activity.

Existing Walviskop operations

WHM continues to progress its existing Walviskop production and processing initiatives, including its collaboration with REMI under the arrangements announced on 26 May 2026. At Walviskop, the SAI Agreement and REMI arrangements will sit alongside each other, with the SAI Agreement also establishing the long-term framework for the future development of Walviskop and, subject to grant, the substantially larger 2A Project.

Implementation and Next Steps

Following execution of the Agreement, WHM and SAI will immediately commence implementation of the initial development programme.

The first phase of the programme will include the preparation by WHM and SAI of a comprehensive Mine Plan within 30 days of the Effective Date, establishing production and HMC grade targets on a 6-month, 12-month and ongoing basis. In parallel, the parties will progress site preparation, equipment mobilisation, establishment of the required mining and processing infrastructure and the operational workstreams necessary to support increased production at Walviskop and, subject to the grant of the 2A Mining Right, the targeted step-change to industrial-scale production across the broader project area.

Alongside this work, WHM will continue its programme of optimising recoveries, concentrate grades and production from the existing Walviskop operation through its ongoing operational initiatives.

In parallel, the Company will continue to work with the Department of Mineral Resources and Energy ("DMRE") towards the grant of the 2A Mining Right. Upon grant of the 2A Mining Right, SAI will make the second advance payment of US$1.75 million and commence the next phase of development, expanding operations into the substantially larger 2A Mining Right area.

The Board's objective is to create a seamless transition from the existing Walviskop operation to the long-term development of the 2A Project, with SAI providing the capital investment, mining capability and operational platform required to support the project's long-term growth.

The Board expects to provide shareholders with regular updates as key implementation milestones are achieved.

About SAI and its Parent Group

SAI is a South African incorporated company established to undertake investment and operations in the mineral resources sector. SAI is a subsidiary of Hong Kong Antai Investment Co., Limited, which is wholly owned by Xiamen Antai Zirconium Co., Ltd (https://www.antaizircon.com/about.html).

Xiamen Antai forms part of a Chinese industrial group specialising in the extraction, production and deep processing of strategic mineral resources, principally zirconium and titanium raw materials and zirconium silicate. According to information provided by SAI, the Group generated total revenue of approximately RMB2 billion (circa £205 million) in FY2025 and has annual production capacity of approximately 80,000 tonnes of zirconium silicate, 60,000 tonnes of zircon sand and 120,000 tonnes of related value-added products.

The Board believes the Group's established downstream processing capabilities and expertise in zirconium and titanium materials provide strong strategic alignment with the long-term development of WHM's HMS assets.

Pictures 1 and 2: Xaimen Antai's headquarters and production facilities in Xiamen, China

Picture 3: Richard Jennings, Interim CEO of Kazera Global plc and Mr. Su, principal of the Group, meeting recently in Xaimen, China.

OUTLOOK

The Board believes the Agreement represents a transformational step in the development of Kazera's HMS assets. By combining WHM's mineral resource potential with SAI's capital, technical expertise and industrial capability, the Agreement provides a fully funded pathway to production at a scale far beyond that previously contemplated for WHM, whilst preserving meaningful long-term exposure for Kazera shareholders. Subject to the grant of the 2A Mining Right, the Board believes the opportunity is of a completely different order to anything WHM could have funded or developed alone, creating the framework for a generational mining asset capable of industrial-scale production and value creation over many decades.

ENDS

For further information, visit www.kazeraglobal.com or contact:

Notes

Kazera Global plc (LON:KZG) is a diversified commodity investment company focused on unlocking value through production growth and disciplined portfolio management. While production builds at its Whale Head Minerals (Heavy Mineral Sands) and Deep Blue Minerals (diamond) assets in South Africa's Northern Cape province, the Company also continues to assess new opportunities to expand its growth pipeline and deliver sustainable returns.