Shareholder Update from Executive Chair

When building companies, I have always found it customary to keep shareholders updated regularly, particularly during the early and organic stages of development. Today, I am pleased to provide such an update.

The Foundation: Organically Developed Growth

In the seven months since we started this journey, Amigo has undergone a significant, yet rational, transformation. Moving beyond theoretical planning, our team has worked tirelessly to build a company from the ground up. I want to emphasise that every operational gain we have achieved - from our geological database to our processing infrastructure - has been organically developed by our internal team.

In record time with our partners, we have pegged and built two gold mines and processing facilities in Tanzania - Mojimoto and Kabete. As previously announced, Amigo has a 51% ownership interest in these projects. This hands-on execution has allowed us to achieve organic growth and focus our resources "on the ground" where real value is created.

Operational Milestone: Processing Gold

I am delighted to confirm that as of last week, we have officially moved into the production phase through the commencement of processing of gold at our Tanzanian sites. As previously announced, initial commissioning activities have already resulted in the recovery of gold.

To ensure the market can accurately value Amigo as a producer, we are implementing a new market disclosure transparency standard.

By the fifth trading day of every month, we will announce our production and sales figures to the market:

• kilograms of gold produced;
• kilograms of gold sold; and
• sales revenue achieved.

This new market disclosure transparency standard will become a matter of ordinary course of business, providing the data required to value Amigo as a producer rather than an explorer. The first market update will be released next week by 7 August 2026, covering July production.

Organic Expansion into Other Commodities: Platinum Group Metals (PGMs) and Rare Earths

Our hands-on execution has allowed us to achieve organic growth across our three strategic pillars: gold, Platinum Group Metals (PGMs), and rare earths.

Our expansion into rare earths and PGMs is progressing rapidly. Following the exciting metallurgical results for the Musensi Hill Project announced earlier this week, we have submitted physical samples to multiple independent laboratories for formal verification. Simultaneously, results from our PGM waste-resource and tailings testing are being confirmed by laboratories, and we hope to announce these results shortly.

Strategic Review: Considering Options for RTO

Having established a robust organic foundation, the Board is now looking toward the next phase of our corporate evolution. While every milestone to date has been organic, achieving the scale required of a mid-tier producer requires us to consider transformative external opportunities.

Accordingly, the Board is considering a number of options any of which could amount to a reverse takeover under the UK Listing Rules (an "RTO"). These evaluations are at a preliminary and exploratory stage, and while there can be no certainty that a transaction will materialise, we are actively undertaking initial due diligence on a number of targets any of which could provide the requisite platform for our high-velocity growth.

Our management team - comprising myself, Anil and Nathan - are proven executors who have collectively bought, sold, and commissioned between 30 and 40 mines across more than 10 countries. We have a demonstrated history of taking assets from discovery to production, scaling multiple projects into growth platforms with market capitalisations in excess of one billion dollars. We are operators focused on production-first criteria, and any RTO we embark upon will be with a target that adds immediate, tangible value to the Company's shareholders.

Funding Strategy and Dilution Protection

A core tenet of our operating philosophy is the protection of our shareholders from unnecessary dilution. We sit here today with no debt and two gold mines coming online.

We are acutely aware of the impact of capital raises on existing shareholders. It is important to note that the interests of the Board are directly aligned with those of our shareholders, as all Directors, key personnel, and major shareholders maintain significant personal investments in the Company and therefore have a vested interest in limiting any dilution.

Our funding strategy is disciplined. Our strategy and intention is to push, where possible, the majority of future fundraising and debt capital raising requirements down to our subsidiaries. Our first and foremost choice will be to raise any required debt or equity within these project-specific subsidiaries, which will be owned by Amigo and its partners. Raising future capital at the PLC headstock is a last resort for this Board. We are here to "mine the resource in the ground" rather than "mining the share market".

Summary and Outlook

The last seven months have been hectic and exciting, but they are merely the tip of the iceberg. The structures are now in place to transform Amigo into a free cash flow generative gold producer in the shortest possible term. It is now time to deliver and put the gold in the vault.

Thank you, and we look forward to your continued support.

Yours sincerely,

Craig Ransley

Executive Chair

Amigo Resources PLC