SPA executed for Kamiesberg Mineral Sands Project

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF THAT JURISDICTION. THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND IS NOT AN OFFER OF SECURITIES IN ANY JURISDICTION.

THIS IS AN ANNOUNCEMENT AND NOT A CIRCULAR OR PROSPECTUS AND INVESTORS SHOULD NOT MAKE ANY INVESTMENT DECISION ON THE BASIS OF ITS CONTENTS. A COMBINED CIRCULAR AND PROSPECTUS IN RELATION TO THE PROPOSED ACQUISITION DESCRIBED IN THIS ANNOUNCEMENT WILL BE PUBLISHED IN DUE COURSE.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

Amigo Resources PLC

Share Purchase Agreement executed for the Kamiesberg Mineral Sands Project

Amigo Resources PLC ("Amigo", the "Company" or, together with its subsidiaries and subsidiary undertakings from time to time, the "Amigo Group"), is pleased to announce that its subsidiary, Rare Earths Development Pte Ltd ("Amigo SPV"), has agreed to acquire the Kamiesberg Project (defined below) through the acquisition of 100% of the equity of Zirco Resources (SA) Holdings (Pty) Ltd ("Zirco SA") and Cyndara 14 (Pty) Ltd ("Cyndara") (the "Proposed Acquisition") for USD 33 million on a working capital adjusted, cash-free and debt-free basis (the "Purchase Price").

Highlights

Overview of Proposed Acquisition

The Proposed Acquisition involves Amigo SPV entering into a share purchase agreement (the "SPA") with Zirco Resources Proprietary Limited, Millrex Investments Limited and Lelau Mohuba Trust (the "Sellers").

The Proposed Acquisition, should it complete, will constitute a reverse takeover for the purposes of the UK Listing Rules of the Financial Conduct Authority (the "FCA") (the "UKLRs") and is therefore notifiable in accordance with UKLR 7.5.1R(1). Pursuant to UKLR 7.5.1R(2), a combined prospectus and a shareholder circular for the Proposed Acquisition will be published by the Company in due course (the "Prospectus").

Unless otherwise stated, all information provided is based on the successful completion of the Proposed Acquisition ("Completion").

With respect to the financial information presented within this announcement for Zirco SA, Zirco Roode, and Cyndara, it has been prepared in line with accounting policies and presentation applied in Zirco SA's audited financial statements for the year ended 31 December 2024.

In the event that the Proposed Acquisition cannot proceed to Completion, the Company will provide an update through the Regulatory News Service of London Stock Exchange plc (the "London Stock Exchange") as appropriate.

Overview of Kamiesberg Project

Zirco Roode's principal asset is the Kamiesberg Mineral Sands Project, located on the West Coast of South Africa in the Namaqualand Administrative District of the Northern Cape Province (the "Kamiesberg Project"):

The Kamiesberg Project has a JORC Resource of 2.71 billion tonnes, including 0.48 billion tonnes of Measured Resource:

Source: The above technical information has been extracted from the GeoActiv Competent Person's Report on the Kamiesberg Project, which will be included in the Prospectus (subject to any necessary updates and amendments in accordance with the JORC Code and other applicable reporting standards, as determined by the Competent Person).

Refer to Appendix III, Part One for further information on the Kamiesberg Project.

Target Financial Statements

As indicated above, Amigo SPV is acquiring 100% of the Kamiesberg Project through the acquisition of 100% of the equity of Zirco SA and Cyndara. The Purchase Price is on a working capital adjusted, cash-free and debt-free basis - and therefore, the external debt owing to Zirco Resources Pty Ltd reduces the Purchase Price payable.

A combined view (non-IFRS compliant) of the entities being acquired by Amigo SPV is outlined below:

Statement of Financial Position: Zirco SA (including Zirco Roode), Cyndara

Statement of Comprehensive Income: Zirco SA (including Zirco Roode), Cyndara

Statement of Cash Flows: Zirco SA (including Zirco Roode), Cyndara

Refer to Appendix III, Part Three for the financial statements of Zirco SA (including Zirco Roode) and Cyndara.

Proposed Acquisition Highlights

The Amigo Group's strategic focus is to:

The board of directors of Amigo (the "Board") believes the Proposed Acquisition represents a material transaction that is in line with the Company's strategy and which will deliver significant value creation for Amigo shareholders ("Shareholders").

The Proposed Acquisition will deliver a step change in the Amigo Group's JORC Resources: the Kamiesberg Project holds more than 2.71 billion tonnes of JORC Resource, including 0.48 billion tonnes of Measured Resource.

Once developed and commercial production is achieved, the Kamiesberg Project is expected to provide:

Consideration Structure and Financing

Amigo's Board and senior management team have extensive experience in raising both equity and debt for mining transactions. The Company is drawing on this direct expertise and experience and intends to fund the Purchase Price and Development Funding by raising debt and/or equity directly in Amigo SPV and from internal sources of funds. The Company is in numerous discussions, all at varying stages, with institutions that provide debt and/or equity funding for projects like the Kamiesberg Project.

Proposed Ownership Structure on Completion

Under the proposed structure on Completion, which is subject to Ownership Adjustments, Amigo intends to own 51% of Amigo SPV, that will own the Kamiesberg Project.

Craig Ransley, Executive Chair of Amigo, commented:

"The Board unanimously intends to recommend this transformative transaction to shareholders as being in the best interests of both Amigo and our shareholders. Acquiring the world-class Kamiesberg Project, with its extensive JORC Resources, marks a dynamic new chapter in our growth as an African-focused miner, accelerating our strategic expansion into gold and critical rare earth commodities.

This transaction integrates seamlessly into Amigo's platform, extending our footprint into South Africa: a world-renowned mining jurisdiction with a legendary heritage and enduring leadership in critical minerals.

We are taking a fresh, disciplined approach to developing Kamiesberg through a phased, modular processing configuration. This strategy establishes a clear, scalable roadmap to reach an aggregate processing capacity of up to 16Mtpa across five standardised 3.3Mtpa units, while substantially de-risking early execution. Crucially, our initial module requires an estimated capital expenditure of approximately US$15 million and is targeted for commissioning within just six months of Completion. By achieving near-term production, operating cash flows generated from this first phase can be progressively reinvested into subsequent modular expansions-funding our growth organically while protecting shareholders from excessive debt or asset-level dilution."

Carlo Baravalle, Founding Partner of AMED Funds, commented:

"The divestment of the Kamiesberg Project to Amigo marks another key milestone for AMED, representing our second major transaction with this exceptional leadership team.

We previously partnered with Craig (Ransley) and Nathan (Boom) during their tenures as Executive Chair and Chief Commercial Officer at ASX-listed TerraCom Limited through the divestment of Universal Coal plc, a deal that remains one of our fund's standout investments. We backed Universal from its infancy during the development of its very first mine, continuing our support as it grew into a thriving operator of four thermal coal mines.

As an investment fund, our primary focus is ensuring our assets are entrusted to teams with the proven capability to realise their full potential. Amigo's management team has a compelling track record of doing precisely that. Their disciplined approach to operational delivery creates lasting value for all stakeholders, driving meaningful economic development, generating local employment, and supporting surrounding communities."

Amigo is a public limited company registered in England and Wales with registered number 10024479. Amigo is focussed on gold, platinum group metals, and rare earth mining opportunities in Africa, principally in Tanzania and Mauritania.

The Amigo Group's strategic focus is to:

The Board believes the Proposed Acquisition represents a material transaction that is in line with the Company's strategy and which will deliver significant value creation for Shareholders.

The Kamiesberg Project is a heavy mineral sands group of tenements composed of a mining right and two prospecting rights located in the Northern Cape Province of South Africa with an extensive 2.71 billion tonne JORC Resource. As a result of this, the Kamiesberg Project represents a large-scale tenement base with substantial JORC Resources that is expected to fit into Amigo's existing platform and focus - being an African-centric miner focused on gold and rare earth commodities.

Geographical diversification into South Africa for Amigo represents a logical step, with South Africa being a historically pioneering and globally significant mining jurisdiction with continued leadership in several critical mineral commodities.

Completion Conditions

As indicated above, the Proposed Acquisition constitutes a reverse takeover for Amigo for the purposes of the UKLRs. Therefore, the admission of the Company's ordinary shares (the "Ordinary Shares") in issue to the Equity Shares (Commercial Companies) category of the Official List maintained by the FCA (the "Official List") and to trading on the Main Market of the London Stock Exchange (the "Main Market") will be cancelled on Completion, with the intention that applications will be made to the FCA and the London Stock Exchange, respectively, to readmit the Ordinary Shares of the Company as enlarged by the Proposed Acquisition (the "Enlarged Group") to listing on the Equity Shares (Commercial Companies) category of the Official List and to trading on the Main Market of the London Stock Exchange following Completion.

The Proposed Acquisition is therefore conditional on, among other things:

The Proposed Acquisition is also conditional on the consent of the South African Minister of Mineral Resources and Energy under section 11 of the South African Mineral and Petroleum Resources Development Act, No. 28 of 2002, as amended (the "MPRDA"), for the change of control in Zirco Roode being obtained on an unconditional basis or on conditions acceptable to Amigo SPV.

There is no guarantee that the Completion Conditions will be satisfied (or waived, if applicable) before 31 March 2027 (the "Long Stop Date"), and the Proposed Acquisition may, therefore, be delayed or not complete. Provided the Completion Conditions are satisfied by the Long Stop Date, Completion is expected to occur on or before 31 January 2027. Re-admission is expected to occur on the business day following Completion.

The parties to the SPA have undertaken to use reasonable endeavours to fulfil the Completion Conditions.

Consideration Structure and Financing

Amigo's Board and senior management team have extensive experience in raising both equity and debt for mining transactions. The Company is drawing on this direct expertise and experience and intends to fund the Purchase Price and Development Funding by raising debt and/or equity directly in the Amigo SPV and from internal sources of funds. The Company is in numerous discussions, all at varying stages, with institutions that provide debt and/or equity funding for projects like the Kamiesberg Project.

Proposed Ownership Structure on Completion

Under the proposed structure on Completion, which is subject to Ownership Adjustments, Amigo intends to own 51% of Amigo SPV, that will own the Kamiesberg Project.

Rationale for and expected benefits of the Proposed Acquisition

The Proposed Acquisition will deliver a step change in the Amigo Group's JORC Resources: the Kamiesberg Project holds more than 2.71 billion tonnes of JORC Resource, including 0.48 billion tonnes of Measured Resource.

Once developed and commercial production is achieved, the Kamiesberg Project is expected to provide:

Effect of the Proposed Acquisition on the Enlarged Group - based on the 18 months to 30 September 2025

As detailed above, the Proposed Acquisition is the acquisition of the Kamiesberg Project, a shovel-ready portfolio of mineral sands mining tenements. Because the Kamiesberg Project is not an operational asset, there are limited operational and financial impacts of the Proposed Acquisition on the Enlarged Group based on the 18 months to 30 September 2025, including to the Enlarged Group earnings.

The largest financial impact of the Proposed Acquisition on the Enlarged Group is the increase in the net assets of the Enlarged Group through the recognition of Amigo's equity ownership of Amigo SPV, which is the case notwithstanding that the Purchase Price and Development Funding for the Proposed Acquisition is intended to be funded by raising debt and/or equity directly in the Amigo SPV and from internal sources of funds.

Risks to Amigo as a result of the Proposed Acquisition

A summary of the principal risks associated with the Proposed Acquisition is set out in Appendix II (Risk Factors Related to the Proposed Acquisition) to this announcement.

Board

The Proposed Acquisition is, in the opinion of the Board, in the best interests of the Shareholders as a whole.

Following Completion, it is expected that the composition of the Board will remain unchanged. The Proposed Acquisition will not result in any changes to the existing service contracts of the Directors, and no new service contracts are proposed to be entered into in connection with the Proposed Acquisition. The Company has not identified any key individuals, directors or management at Zirco SA, Cyndara or Zirco Roode important to the Kamiesberg Project.

The Company currently expects Completion to occur on or before 31 January 2027, subject to the satisfaction of the Completion Conditions.

Additional Information

The Proposed Acquisition constitutes a reverse takeover for the purposes of the UKLRs and is therefore notifiable in accordance with UKLR 7.5.1R(1).

As such, pursuant to UKLR 7.5.1R(2), the Prospectus in connection with the Proposed Acquisition will be published in due course. Shore Capital is acting as the Company's sponsor and Ashurst Perkins Coie LLP is acting as the Company's legal counsel in connection with the publication of the Prospectus.

Upon publication of this announcement, this inside information will be considered to be in the public domain. The persons responsible for the release of this announcement are Craig Ransley (Executive Chair) and Nathan Boom (Chief Executive Officer).

APPENDIX II

RISK FACTORS RELATED TO THE PROPOSED ACQUISITION

The risks disclosed below are limited to those which Amigo considers are risks to Amigo as a result of the Proposed Acquisition.

The information given is as of the date of this announcement and, except as required by any applicable law, rules or regulations, will not be updated. The risks described below are not set out in any order of priority, assumed or otherwise.

The Proposed Acquisition presents a number of strategic, operational and financial risks that could affect the timing, scope and ultimate value delivered to the Enlarged Group.

Conditionality

The SPA is subject to a number of conditions, including Shareholder approval and regulatory consents (including the consent of the Minister of Mineral and Petroleum Resources under section 11 of the MPRDA to the change of control of Zirco Roode - the holder of the Kamiesberg Project). There can be no certainty that these conditions will be satisfied (or waived, if applicable) by the Long Stop Date, particularly as some are outside of the parties' control.

If any condition is refused or not satisfied, the Proposed Acquisition may not complete, and the SPA may lapse or be terminated in accordance with its terms. Any delay in satisfying these conditions may also result in the Long Stop Date being extended, or in Amigo incurring additional costs, and there is no guarantee that any such extension would be agreed by the parties.

Realisation of Value

The Proposed Acquisition is expected to deliver a step change in the Amigo Group's mineral resource base and cash flow potential, as well as providing significant organic opportunities for future growth. However, the Enlarged Group may not fully realise these benefits due to:

Any of these factors could adversely affect the anticipated benefits of the Proposed Acquisition and the financial performance of the Enlarged Group.

Regulatory and Environmental Risk

The Kamiesberg Project is subject to extensive regulatory oversight in South Africa, including under the MPRDA, the National Environmental Management Act, 1998 (the "NEMA") and associated environmental and water legislation. The maintenance and renewal of mining rights, environmental authorisations, water use licences and other permits are critical to the development and operation of the Kamiesberg Project.

Key regulatory and environmental risks include:

An adverse outcome in relation to any material regulatory or environmental matter could prevent or delay the development of the Kamiesberg Project and have a material adverse effect on the Enlarged Group.

Integration Risk

The Proposed Acquisition represents a significant expansion in Amigo's operations. Integrating operations, technology, systems, management, personnel, controls and pre-or post-Completion costs for the Proposed Acquisition may prove more difficult or expensive than anticipated.

Key integration risks include:

The Enlarged Group's performance will depend on the effective execution of operatorship transition and integration planning. Failure to do so could erode value and operational efficiency.

Due Diligence and Asset Quality Risk

As with all mining acquisitions, due diligence is inherently limited and may not identify all risks. Even an in-depth review may not reveal existing or potential problems, nor will it always permit a buyer to become sufficiently familiar with the assets to assess their deficiencies and capabilities fully.

Potential issues include:

Development Risk

The Proposed Acquisition relates to a mining asset which is not currently in commercial production. There can be no assurance that the asset will reach commercial production on the anticipated timeline, within budget, or at all. Developing a pre-production mining project is subject to a number of risks including:

Geological and Resource Risk

Mineral resource estimates for the Kamiesberg Project are subject to inherent geological uncertainty. As the project has not yet been mined, there can be no assurance that resource tonnages, grades, mineral assemblage or geotechnical conditions will reconcile to forecast. Any adverse geological outcome may materially impact project economics and development viability.

Metallurgical and Processing Risk

The processing flowsheet for the Kamiesberg Project has not yet been proven at commercial scale. Variability in ore characteristics may affect recoveries, product quality and plant performance. Failure of pilot‑scale results to translate to full‑scale operations may require flowsheet redesign or additional capital expenditure.

Infrastructure and Logistics Risk

The Kamiesberg Project requires reliable access to power, water, transport corridors, port capacity and product handling infrastructure. Delays, capacity constraints or reliance on third‑party providers may increase costs or delay development.

Community and Social Licence Risk

The Kamiesberg Project's ability to proceed depends on maintaining constructive relationships with local communities, landholders and regional stakeholders. Community opposition, delays in land access agreements or social licence challenges may restrict or delay development.

Permitting and Approvals Risk

Beyond the section 11 MPRDA approval, the Kamiesberg Project requires multiple additional permits, including environmental authorisations, water use licences and land access rights. Delays, conditions imposed by regulators or legal challenges may impact development timelines.

Construction and Execution Risk

Developing a new mining operation involves complex engineering, procurement and construction activities. Contractor performance issues, supply chain disruptions, cost inflation, weather impacts or schedule slippage may materially impact project economics.

Ramp‑Up and Operational Readiness Risk

Even if construction is completed, ramp‑up to steady‑state production may take longer than forecast due to equipment reliability issues, workforce competency gaps or lower initial recoveries.

(viii) Offtake and Market Access Risk

Mineral sands products are subject to specialised market dynamics. Inability to secure binding offtake agreements, product quality issues or buyer concentration may affect revenue certainty and financing viability.

ESG and Climate‑Related Risk

Evolving ESG expectations may impose additional obligations on the Enlarged Group. Climate‑related physical risks (extreme weather, drought, flooding) may impact operations or infrastructure. Transition risks may increase compliance costs or restrict operational flexibility.

Labour and Contractor Availability Risk

Access to skilled labour, contractors and technical specialists may be constrained. Labour shortages, industrial action or increased labour costs may delay development or increase operating costs.

Modular Scale-Up and Phased Expansion Risk

While the modular development strategy is designed to establish a scalable pathway to 16 Mtpa via up to five standardised units, each processing module remains subject to technical performance, detailed engineering, and independent commercial feasibility decisions. No formal decision has yet been made to proceed beyond the initial module. Capital expenditure, schedule, and processing capacity assumptions have not yet been demonstrated at commercial operating scale, and there is no guarantee that Module 1 will generate sufficient operating cash flows to fund subsequent phases organically, which could delay or curtail ultimate expansion.

Political and Sovereign Risk

The Kamiesberg Project is exposed to sovereign and political risk in South Africa, including changes in mining policy, taxation, royalty regimes, regulatory enforcement and currency volatility. Sovereign risk may affect project economics and financing conditions.

Funding Risk (Acquisition and Development Funding)

The Proposed Acquisition and subsequent development of the Kamiesberg Project require internal and external funding. There can be no assurance that the Company, Amigo SPV and/or the Enlarged Group will be able to allocate sufficient internal funds or secure the necessary equity and debt financing on acceptable terms, in the required amounts, or within the timeframes needed to complete the Proposed Acquisition and develop the Kamiesberg Project. Funding the Purchase Price and Development Funding through internal sources of funds and debt and equity capital at the Amigo SPV level is vulnerable to liquidity constraints, market volatility, and investor appetite. The planned phased expansion to an aggregate capacity of approximately 16 Mtpa relies upon the successful commissioning and operational profitability of the initial US$15 million module to generate organic reinvestment capital. Any failure, delay, or underperformance of Module 1, or insufficient operational cash flow, would require the Company or Amigo SPV to seek additional third-party debt or equity financing. Such financing may not be available on commercially acceptable terms, or at all, which could result in project downsizing, schedule delays, or equity dilution.

APPENDIX III

ADDITIONAL INFORMATION ON KAMIESBERG PROJECT

PART ONE: KAMIESBERG PROJECT

Location

The Kamiesberg Project is located on the West Coast of South Africa in the Namaqualand Administrative District of the Northern Cape Province, approximately 500 kilometres north of Cape Town.

• Operating Methodology - Simple, Low-Tech Extraction from Surface

The deposit extends over an area of approximately 20 km by 14 km and is located near surface, requiring no complex ground engineering. Mineralisation is accessible from surface, without the need to pre strip the orebody, to a depth of approximately 25 metres in the initial mining areas, enabling extraction without the requirement for underground mining operations.

The proposed mining method involves conventional open-pit mining using standard earthmoving equipment, including excavators and front-end loaders. Ore would be extracted directly from the pit floor and transported to stockpiles for processing.

According to the current mine plan, the initial phases of extraction are expected to focus on areas containing higher-grade mineralisation. The Company estimates an average grade of approximately 3.91% total heavy minerals ("THM") are scheduled to be mined during the currently envisaged mine life, which subject to relevant mining approvals and consents is forecasted to exceed 30 years.

Two Distinct Markets Targeted from One Ore Body 1

Once fully ramped up, the project is expected to produce approximately 542 Ktpa of heavy mineral concentrate ("HMC") based on the current mine plan and processing assumptions.

Following concentration, the HMC stream is expected to be separated into two principal product streams:

Bulk Commodities Product Stream

Approximately 93% of the HMC is expected to comprise sulphate ilmenite. Based on current estimates, this stream is expected to produce approximately 505 Ktpa of sulphate ilmenite together with approximately 32 Ktpa of non-magnetic mineral products, including rutile and zircon. Sulphate ilmenite is a feedstock used in the production of titanium dioxide pigment.

High Value Rare Earth Minerals Product Stream

A smaller proportion of the HMC is expected to comprise monazite concentrate. Based on current estimates, production of approximately 6 Ktpa of monazite concentrate (at a concentrate grade of approximately 60%) is anticipated. Monazite contains rare earth elements, including neodymium oxide (Nd₂O₃), praseodymium oxide (Pr2O3) and dysprosium oxide (Dy₂O₃), which are used in the manufacture of permanent magnets.

1 The expected product mix and production volumes are based on the current resource model, mine plan and processing flowsheet and may be subject to change following further technical studies, permitting, financing and operational optimisation.

Monazite - the strategic value of the Kamiesberg Project 2

While Light Rare Earth Elements ("REEs") provide the bulk volume, Kamiesberg's true strategic leverage lies in its ~14% concentration of highly sought-after Magnet REEs. This positions the project directly upstream of the most critical supply chain bottlenecks in the green and strategic defence economies.

Based on the current mineralogical analysis, the project's monazite concentrate is expected to comprise approximately 13.8% magnet rare earth oxides, 34.6% light rare earth oxides and 8.9% radioactive constituents, with the balance comprising other mineral matrix material.

2 The composition estimates set out above are based on current metallurgical and mineralogical testwork and may be subject to revision following further study and optimisation work.

Advanced Permitting

The Board believes that the Kamiesberg Project's permitting status differentiates it from many mineral sands development projects, having secured key regulatory approvals required for development, including a mining right, water use licence and environmental authorisation.

Mining right

The total hectarage is 26,709 hectares. All rights are issued for heavy minerals.

To date, three sub-facies within the sand assemblage have been identified:

Colours range from yellow red to red-brown depending on the oxidation of the iron coatings to grains. The basal grits and conglomerates tend to be predominantly a deep red. In total 921 drill holes totalling 10,673 metres were completed in 2011, of which 655 holes were on Roode Heuvel and 266 on Leeuvlei. In December 2012, an additional 166 holes totalling 2,170 metres of infill drilling were completed on Roode Heuvel. Tronox drilled 309 aircore holes on Langkuil in 2015. In 2017, 115 holes were completed on Sabies and 118 holes were completed in 2019 on Langkuil.

All primary analyses were undertaken at Scientific Services cc, a DEKRA certified laboratory in Cape Town. All drill holes that intersected mineralisation were analysed. In total 264 drill holes were analysed on Leeuvlei, 815 on Roode Heuvel, 115 on Sabies and 417 on Langkuil.

Quality assurance and quality control procedures were in place and have been reported on. Univariate statistical analysis was carried out on the 1 metre composited drill hole data in their respective domains.

A block model with block sizes of 100 metres x 100 metres x 4 metres and minimum sub blocking of 25 metres x 25 metres x 1 metre were created within Surpac for the whole project area.

The wireframes of the Red Aeolian Sand, the 3% THM and 1% THM grade shells on the project area, were assigned to the block model as material "ore", each with their respective ore type name.

A relative density of 1.75 was assigned to the Red Aeolian Sand ore type and a relative density of 1.92 to the Feldspathic Aeolian Sand (3% and 1%) ore types in the project area.

Block model validations were done by visual checking, grade conformance and swath plot checking.

The mineral resource estimations reported from the block model without a cut-off, are shown below in "Part Two: JORC Resources".

Mineral Processing Approach - Beneficiation Process

Ore mined from the Kamiesberg Project will initially be subjected to physical separation techniques, including gravity and magnetic processing, with the objective of removing a significant proportion of lower-value material prior to chemical treatment.

Following this stage, a concentrated mineral stream, representing approximately 0.6% to 1.0% of the mined material, will be processed using flotation methods. By restricting chemical treatment to this concentrated stream rather than the entire mined ore, the Company expects to reduce reagent consumption and associated processing costs.

Modular Development Strategy 3

The Company intends to develop the Kamiesberg Project through a phased, modular processing configuration, establishing a scalable pathway to an aggregate processing capacity of approximately 16 million tonnes per annum via the progressive deployment of up to five standardised units (each delivering approximately 3.3 million tonnes per annum).

The first processing module requires an estimated capital expenditure of approximately US$15 million and is targeted for commissioning within approximately six months of Completion.

This modular approach is intended to facilitate near-immediate production and early operating cash flow generation.

Subject to the initial module achieving target operational and financial benchmarks, operating cash flows are intended to be progressively reinvested to fund subsequent module expansions, significantly reducing upfront capital requirements and avoiding excessive corporate debt or asset-level dilution.

While the Company intends to reinvest cash flows from operational modules into additional capacity, no formal decision has been taken to proceed with any subsequent module. Each phase remains subject to technical performance, detailed engineering, financing availability, regulatory approvals, and separate commercial development decisions. Capital expenditure, timetable, and capacity estimates are based on current conceptual development assumptions that have not yet been demonstrated at commercial operating scale, and actual outcomes may differ materially.

3 The Company currently intends that, if the first module performs in accordance with expectations, a proportion of the resulting operating cash flow could be reinvested in additional processing capacity. However, no decision has been taken to proceed with any subsequent module, and each phase would remain subject to further technical assessment, detailed engineering, financing, applicable approvals and a separate development decision. The capital cost, timetable, and processing capacity and gross operating profit estimates are based on the assumptions underlying the current development concept. These assumptions have not yet been demonstrated through construction and operation of the proposed modules. Actual capital expenditure, commissioning timescales, production levels, operating costs, commodity prices and financial results may differ materially from the estimates presented.

PART TWO: JORC RESOURCES

The following table sets forth certain information with respect to the Proposed Acquisition resources as of March 2020, with confirmation provided to Amigo on 24 July 2026 from the Competent Person that the March 2020 JORC Resource remains valid, current, and materially accurate as at 24 July 2026. The mineral resource estimations reported by resource category are shown below.

Proposed Acquisition: Total Resources as of 24 July 2026

The average mineral assemblage percentages of the valuable heavy minerals are shown in the table below per farm and domain.

Mineral Assemblage % of VHM of the THM

The above technical information has been extracted from the GeoActiv Competent Person's Report on the Kamiesberg Project, which will be included in the Prospectus (subject to any necessary updates and amendments in accordance with the JORC Code and other applicable reporting standards, as determined by the Competent Person).

PART THREE: FINANCIAL STATEMENTS

• Summary Financial Information on Zirco SA (including Zirco Roode)

Consolidated Statement of Financial Position

APPENDIX IV

DEFINITIONS

The following definitions apply in this announcement unless the context otherwise requires: