Operational Update: Critical Minerals & Graphite

Amigo Resources PLC (LSE: AMGO) is pleased to provide a comprehensive operational and geological update on its multi-commodity critical minerals and graphite projects in Tanzania.

Highlights

Detailed Operational Update

Platinum Group Metals (PGM) and Residual Gold Indications

Amigo is pleased to report highly encouraging PGM and residual gold indications from ongoing technical and laboratory evaluations of its Tanzanian holdings.

Independent laboratory analyses performed on selected tailings and process residues remaining after gravity recovery of free gold returned the following preliminary results:

The PGM analytical results indicate the presence of osmium-iridium-rich material -potentially consistent with osmiridium - along with associated palladium.

To systematically evaluate these PGM signatures, Amigo will initiate a structured work programme with key workstreams including SEM-EDS (Scanning Electron Microscopy - Energy Dispersive X-ray Spectroscopy) mapping to confirm exact mineral phases, grain associations, and liberation characteristics.

Addition of PGM Concentration Circuits

As part of the continuous technical development of its Tanzanian processing operations, Amigo intends to incorporate specialised PGM concentration circuits into the larger plants currently under design and construction.

These proposed circuits are designed to concentrate PGM-bearing minerals from gravity tailings and other residual materials generated during primary operations. The circuits will apply the Company's proprietary concentration methodology, developed to produce a smaller, upgraded concentrate suitable for further metallurgical testing and potential downstream treatment.

This proprietary PGM concentration technology is designed to process refractory and sulphide-associated gold in parallel with PGM-bearing minerals, ensuring complete processing integration and maximising recovery across both gold and critical mineral fractions. The final equipment configuration, operating parameters, and commercial scale of these circuits will be finalised following completion of ongoing mineralogical characterisation, mass-balance studies, and recovery engineering.

Proposed Pyrometallurgical Copper-Matte Process

In tandem with the development of PGM concentration circuits, the Company is progressing the evaluation of a pyrometallurgical copper-matte treatment route in Tanzania. To support initial concentrate-treatment development and metallurgical test work, Amigo has successfully mobilised a small-scale furnace.

Under the proposed pyrometallurgical process, suitable PGM-bearing concentrates would be combined with copper- and sulphur-bearing materials to produce a PGM-bearing copper matte. This intermediate product would be suitable for further refining or direct sale to an appropriate downstream processor.

The development of the proposed copper-matte operation remains strictly subject to successful metallurgical test work, detailed engineering, economic evaluation, and the receipt of all necessary environmental, operating, and regulatory approvals. No commercial copper-matte production will commence until all required approvals have been obtained and the Company has confirmed that the pyrometallurgical process can be operated safely, responsibly, and economically.

• Kabete Geological Programme and Historical Drilling Data Validation

Alongside the engineering and deployment of processing infrastructure, Amigo's geological team is continuing a comprehensive exploration and resource-development programme at the Kabete Project.

The primary objective of this program is to prepare validated technical data to support the preparation of an initial, JORC-compliant Mineral Resource estimate. Current geological workstreams include:

Approximately 20,000 metres of historical drilling (RC and diamond drilling) has reportedly been completed within the Kabete licence area. Amigo has secured access to the associated historical drilling data and is actively reviewing drill logs, assay certificates, collar coordinates, survey records, geological maps, and quality-control (QA/QC) documentation.

The historical data will be subject to thorough validation by appropriately qualified independent professionals. This work may include database verification, confirmation of drill-hole locations, review of historical sampling and analytical procedures, physical inspection of retained core or samples, and confirmatory drilling or resampling where required.

Graphite Tailings Project Fieldwork

Following the recent signing of the Memorandum of Understanding (MoU) with the State Mining Corporation of Tanzania (STAMICO)[1], Amigo's geological team has completed the initial geological reconnaissance programme across 13 historic mine-waste dumps at Mererani, Tanzania.

The fieldwork has confirmed widespread graphite-bearing material, highlighted by several key findings:

Next Steps & Commercial Conditions

Production of recoverable, saleable graphite concentrate remains subject to successful metallurgical test work, detailed engineering studies, economic evaluations, and necessary regulatory, environmental, and operating approvals.

The upcoming phase of work will prioritise systematic sampling, TGC and mineralogical analysis, metallurgical flotation testing, and pilot-scale evaluations to establish recovery rates, concentrate quality, and overall commercial viability.

Graphite Market Pricing Context

Graphite prices vary significantly based on flake size, carbon purity, and product grade:

Craig Ransley, Executive Chair of Amigo Resources PLC, commented:

"While scaling our core gold operations in Tanzania, our multi-commodity strategy is accelerating to unlock the broader value across our portfolio.

Demonstrating PGM values exceeding 7 ppm alongside significant graphite potential underscores the immediate metallurgical and resource upside ahead of us.

By deploying our proprietary concentration technology and testing a pyrometallurgical copper-matte route, we are positioning Amigo to maximise overall yields across both gold and critical minerals.

This dual-track strategy - generating immediate processing momentum while systematically proving up major exploration targets - is central to building a diversified, high-growth critical minerals house."