Chair’s Letter - Direction for 2027 and Beyond

Dear Fellow Shareholders,

As we approach the conclusion of 2026, I believe it is an appropriate time to reflect on the transformation of Amigo Resources and, more importantly, to outline the direction in which your Board intends to take the Company.

This has been a year of considerable change, progress and opportunity.

We began this journey with a clear objective: to establish Amigo as a serious African mining and minerals business, built around assets with genuine commercial potential, supported by practical operating expertise and a disciplined approach to capital deployment.

Today, we are developing a business with three distinct but complementary pillars: gold, platinum group metals and rare earth elements.

Each represents an important opportunity in its own right. Together, we believe they provide Amigo with the foundations for a substantially broader minerals business.

Gold - Establishing Our Production Foundation

Gold remains a cornerstone of our strategy.

Our operations at Mojimoto and Kabete in Tanzania are progressing towards commercial-scale production, following the successful demonstration of initial gold production and the advancement of processing infrastructure.

Our immediate priority is straightforward: commission our operations, establish consistent production, improve recoveries and build a reliable, cash-generating business.

We believe that sustainable shareholder value is created through operational performance rather than ambitious projections.

Our shareholders should therefore expect us to place increasing emphasis on tangible production results, commercial deliveries and the progressive development of our operating assets.

Platinum Group Metals - A Significant Opportunity

One of the most important developments during the year has been the progress made with our integrated precious-metals recovery strategy.

Through our proprietary copper-matte processing approach, we are developing the ability to separate and concentrate valuable platinum group metals from material associated with our gold operations.

Traditionally, the economic value of certain associated precious metals may not be fully recognised or credited through conventional gold refining arrangements.

Our approach is designed to address that limitation by recovering and concentrating these metals into a separate, independently marketable product.

We believe this represents an important commercial distinction.

Indeed, the Board considers that the potential commercial significance of our PGM opportunity may ultimately be comparable to, or potentially greater than, that of our gold operations.

This is not a statement we make lightly. It reflects our assessment of the opportunity presented by our processing strategy and the progress achieved to date.

Nevertheless, further technical and commercial validation remains necessary, and we intend to demonstrate the value of this opportunity through continued metallurgical development, commercial arrangements and ultimately the sale of recovered metals.

We believe results, rather than speculative financial forecasts, will provide the most credible demonstration of this opportunity.

Rare Earth Elements - Positioning for the Future

Our rare earth strategy represents the third pillar of Amigo's development.

Progress at Musensi Hill in Tanzania, together with our proposed acquisition of the Kamiesberg mineral project in South Africa, provides the Company with exposure to minerals of increasing strategic importance to advanced manufacturing, electrification, defence technologies and global industrial supply chains.

We recognise that rare earth projects require disciplined exploration, metallurgical assessment and commercial development.

Our objective is not simply to accumulate mineral interests, but to identify and advance assets capable of supporting long-term economic value.

We believe these projects can become an increasingly important component of Amigo's asset portfolio.

A Clear Direction for 2027 and Beyond

As we move forward, our strategy is increasingly focused on execution.

Our priorities are to establish commercial gold production, advance our PGM recovery and monetisation capability, progress our rare earth projects and complete the proposed reverse takeover.

We also intend to strengthen our relationships with international capital markets and institutions that understand the commercial and strategic importance of precious and critical minerals.

Our ambition is to build a business that is recognised not only for the assets it controls, but for its ability to develop those assets and translate technical opportunity into commercial results.

I am conscious that shareholders have supported Amigo through a period of considerable transformation.

The Board remains committed to ensuring that the next stage of the Company's development is measured by operational achievements and disciplined execution.

Reverse Takeover and Readmission to Trading

The Board remains fully committed to progressing the Company's proposed reverse takeover through to successful completion and securing the readmission of Amigo's shares to trading on the London Stock Exchange.

We continue to work closely with our professional advisers and the relevant regulatory authorities to satisfy the applicable requirements and conclude the process as efficiently as practicable.

The successful completion of the RTO and readmission to trading remain immediate priorities for the Board, and we look forward to updating shareholders as the process progresses.

Strategic Decision - Proposed Nasdaq Dual Listing

I would like to conclude by outlining a significant decision regarding the future direction of Amigo Resources.

The Board of Directors has unanimously resolved that, following successful completion of the Company's proposed reverse takeover, Amigo will initiate the necessary preparatory steps to pursue a dual listing on the Nasdaq Stock Market in the United States, while seeking to retain its London Stock Exchange listing.

The Board believes that Amigo's developing portfolio of gold, platinum group metals and rare earth assets has strategic relevance to a broad international investor audience.

In particular, the United States has an established institutional investment market for businesses involved in critical minerals, advanced materials and strategically important resource supply chains.

We believe that pursuing access to this market is a logical next step in Amigo's development.

A potential Nasdaq listing would be intended to broaden our institutional investor base, increase our international visibility and provide access to additional capital market opportunities as the Company develops.

The proposed listing would remain subject to detailed regulatory, legal, financial and commercial assessment, satisfaction of applicable Nasdaq eligibility requirements and any necessary approvals. There can be no assurance that a Nasdaq listing will ultimately be achieved.

Nevertheless, the Board is united in its view that Amigo should position itself for consideration by a wider international investment audience.

Our ambition is not simply to build a successful African gold producer. It is to establish Amigo Resources as an internationally recognised precious metals and critical minerals company.

We have made meaningful progress in 2026. The task ahead is to turn that progress into sustained commercial performance.

On behalf of the Board, I thank our shareholders for their continued support and look forward to reporting further progress as we enter the next stage of Amigo's development.

Yours sincerely,

Craig Ransley

Executive Chair