Integrated Copper / PGM Recovery

Amigo Resources PLC (LSE: AMGO) is pleased to provide a technical development and metallurgical evaluation update on its integrated processing and Platinum Group Metals ("PGM") recovery strategy in Tanzania.

Building directly upon the Company's strategy and pyrometallurgical copper-matte evaluation (refer to announcements dated 9 September 2026 and 9 October 2026), this announcement presents preliminary metallurgical findings and physical production results from recent high-temperature collector-metal trial runs.

Highlights

Integrated Metallurgical Processing

Amigo's development programme brings together complementary mineral processing and metallurgical technologies within an integrated recovery system drawing upon more than 15 years of specialised technical experience and associated patented metallurgical developments.

The process incorporates mineral concentration, controlled leaching, copper cementation, electrowinning, and furnace smelting, with the objective of producing copper-rich metallic intermediates capable of collecting associated precious metals. The approach also allows for the potential recycling of suitable process solutions and the progressive adaptation of processing arrangements to different feedstock characteristics across historical tailings as well as fresh ore from current mining operations at Mojimoto and Kabete.

FIGURE 1: Cast copper-rich collector-metal ingot - actual trial product [10 kg product]

While the individual metallurgical techniques are established, their integration within a coordinated and modular processing configuration represents an important aspect of the Company's technical development strategy. The Company considers the preliminary indications of osmium and iridium particularly worthy of further investigation, given the specialised industrial applications of these platinum-group elements.

FIGURE 2: Conceptual integrated recovery process - concentration, copper recovery and collector-metal smelting

Preliminary Metal Composition and One-Tonne Equivalent

The following figures reproduce the preliminary reported readings and the mathematical one-tonne equivalent derived from historical gold processing tailings. They do not establish representative bulk grade or actual one-tonne production.

Critical analytical qualification: these are preliminary readings. Independent representative assays, including suitable PGM methods, are required before treating osmium, iridium or gold quantities as confirmed metal inventory.

On a purely illustrative one-tonne product-equivalent basis, these preliminary readings correspond to approximately 5.19 kg of osmium and 0.95 kg of iridium, representing a combined indicated concentration of 0.614% (or 61.4 g in the 10 kg trial product). The Company considers this an important step, given the potential significance of these platinum-group elements within specialised metallurgical applications.

Osmium and Iridium Recovery Potential

An important objective of the programme is to evaluate the behaviour of osmium and iridium during mineral concentration and high-temperature processing. The Company is investigating recovery routes for metals that have not been targeted by conventional gold extraction operations. The preliminary physical production and analytical observations provide a basis for continued metallurgical evaluation.

Trial Processing and Furnace Operations

Primary feed preparation, wet-processing, and initial concentration are conducted on-site in Tanzania, leveraging the stationary reverberatory smelting furnace and induction furnace assets mobilised in collaboration with technical partners such as AK Corporation. Advanced downstream intermediate processing and smelting runs are advanced through external processing facilities alongside technical collaborators.

FIGURE 3: Tailings wet-processing and concentration installation - actual site photograph

FIGURE 4: Furnace opening during high-temperature collector-metal processing - video still

FIGURE 5: Incandescent furnace material during the melting trial - video still

FIGURE 6: Heated processing equipment during the trial - video still

Further Development and Scale-Up

The Company is progressing its metallurgical development activities through trial production at an external facility, working alongside its technical collaborators. The next phase will focus on independent product analysis, process optimisation, metallurgical mass-balance studies and evaluation of operating parameters for larger-scale processing.

Particular attention will be given to the recovery characteristics of osmium and iridium, the consistency of collector-metal production, and the potential integration of the technology with Amigo's existing mineral processing activities in Tanzania. Furthermore, the Company is actively engaging with its marketing partners to determine the target market, pricing, payability, and off-take frameworks as understanding matures.

Outlook

Amigo continues to advance its metallurgical development programme with a focus on improving resource utilisation and identifying additional recovery opportunities from mineral concentrates and historical processing residues. The Company believes that the combination of established recovery technologies, specialised metallurgical expertise, and ongoing trial production provides a foundation for further technical evaluation.

Any future commercial deployment will remain subject to successful metallurgical validation, independent analytical confirmation, and economic assessment. Further updates will be provided as material developments occur.

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

"The production of our initial 10 kg copper-rich collector metal represents an encouraging milestone in Amigo's metallurgical development programme. Of particular interest is the potential to recover additional metals from historical gold-processing tailings, including materials that have already undergone conventional CIP and vat-leaching operations. All of the metals shown in our preliminary composition table were recovered directly from tailings feedstocks.

Our development work builds upon more than 15 years of specialised metallurgical experience and patented technical developments. This secondary work complements our core strategy: the Company continues to focus on finalising physical plant installations to produce gold doré, the core product from our Tanzanian operations at Mojimoto and Kabete. It is vital to ensure shareholders recognise that this PGM initiative represents an outcome of work done to date rather than a change of direction and completes our vertically integrated approach to full metal recovery from our resource.

The preliminary indications of osmium and iridium within the metallic product are particularly interesting and provide a clear focus for the next stage of analytical and metallurgical evaluation. In parallel, we are engaging with our marketing partners to determine the target market, pricing, and refining structures, which we look forward to addressing in due course once further data is established."

The Company has implemented its disclosure controls and procedures in connection with this announcement. The Company confirms that,