Proposed Joint Development Agreement

Amigo Resources PLC (LSE: AMGO) is pleased to announce that its wholly owned subsidiary incorporated in the UAE, Azima Holdings Limited ("Azima"), is moving forward with the operational development of the Negero-Kilimamzinga and Mazoka gold projects ("Project") in the Tanga Region of Tanzania.

The Project will be executed through Kabete Minerals Company Limited ("Kabete"), a company incorporated under the laws of Tanzania, which is 51% owned by Azima.

To support this transition into active development, Azima has established an exclusive framework through a Joint Development Agreement ("Agreement") with its technical collaborator, AK Corporation - FZCO ("Technical Partner") for the development, exploration and commercial exploitation of the Project.

The Technical Partner is an integrated enabler of the development process, providing the specialised operational execution required to transition the Project into a commercial-scale producer. The Technical Partner will lead operational execution, including licence and regulatory management, geological oversight, plant design and construction, site management, HSE compliance, and monthly technical reporting.

Azima will provide a minimum of USD1.2 million in operational funding to the Project over the next 12 months.

The Project comprises multiple prospecting licences covering a confirmed land area of around 159.11 km², with additional contiguous licences forming a district-scale exploration package within the Kilindi-Handeni Goldfields. There is some artisanal mining ongoing in parts of the Project area.

• In line with our usual processes, the exploration programme included the following components:
• High-resolution airborne magnetics and radiometrics surveys, conducted to map subsurface features and identify potential mineralisation zones;
• Ground geophysical surveys, including induced polarisation and resistivity, carried out in selected areas to further delineate targets of interest;
• Regional and detailed soil geochemistry sampling, provided insights into the distribution of gold and associated elements across the Project area;
• Reverse Circulation drilling, implemented to test subsurface anomalies and evaluate mineralised zones;
• Diamond drilling, conducted to obtain core samples for detailed geological and structural analysis; and
• Geological mapping and trenching, performed to enhance understanding of surface geology and assist in target generation.

The drilling campaign at the Project has been comprehensive, with a total of 167 drill holes completed across the project area with a total depth of over 21km.

Commenting on the Agreement, Craig Ransley, Executive Chair of Amigo Resources PLC, said: "Azima's commencement of development at Kabete marks a significant step forward in the Group's strategy to develop high-potential gold assets in Tanzania. By partnering with an experienced technical operator, we are positioning Kabete for efficient execution and value creation. Pilot-scale production is currently underway, with approximately 5 kg of gold production expected in April 2026."

Below are pictures of Craig, earlier this week, with staff and contractors at the site of the Project; and a picture of the Project from the air.

Additional Information

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