Espedalen Update

Kendrick Resources Plc (LSE: KEN), a mineral exploration and development company with Nickel, Copper and Vanadium projects in Scandinavia is pleased to announce the delineation of new nickel drill targets at Stormyra based upon positive findings from ground magnetic and electromagnetic ("EM") surveys conducted at the Company's Espedalen Nickel Complex (the "Complex").

Highlights

• Ground magnetic survey identifies two prospective areas with a magnetic signature similar to the near-surface main zone of the known mineralisation.
• The survey confirms an extra 500 metre of untested south easterly extension of the Stormyra orebody that can be drilled with the objective of increasing the existing in-house resource tonnage.
• In addition, a transient electromagnetic ("TEM") survey identified a strong conductive body at depth further to the southeast which could potentially represent deeper mineralisation reflecting the source of nickel-bearing fluids in the Complex.
• The geophysical anomalies represent viable drill targets likely to add to the existing mineral resource.
• A further 10 drill-defined anomalies remain to be thoroughly tested within the Complex.

Colin Bird, Executive Chairman of Kendrick Resources Plc commented:

"The successful 2023 diamond drill programme achieved notable Ni-Cu intercepts over a strike length of 1.2 kilometres. These new geophysical survey results provide the evidence and motivation to expand the resource at the Stormyra deposit located within the Espedalen nickel and copper complex. The results will form part of further technical studies leading to drilling. The opportunity to build on the historical mineral resource of 1.1Mt at 1.1% Ni and 0.50% Cu is looking extremely likely, placing Stormyra as the forefront deposit within the Espedalen Complex for development.

Based on the successful outcome of the geophysical study at Stormyra, we are now minded to roll out this programmeme across the rest of the Espedalen Complex where a further 10 prospects have been identified and tested with drilling, with some returning intercepts greater than 1% Ni, and where further targeted exploratory studies are likely to add additional resources to the Complex.

Our preliminary investigations over the Complex have enhanced the Espedalen project and provide clear evidence for the development of an as yet undetermined resource tonnage most likely at cumulative grades exceeding 1% Ni with a significant copper and possibly cobalt by-product. "

Introduction

The successful 2023 drilling programmeme was followed up by two ground geophysical surveys to provide insight into the potential extent of the mineralized zones at Stormyra. The recently completed interpretation of the geophysical survey results supports the premise that mineralisation extends beyond the current resource area where there has been no drilling.

Ground Magnetic Survey

The interpretation of the ground magnetic survey has revealed several linear magnetic anomalies. Two dominant fault orientations, striking northwest-southeast and north-northwest-south-southeast, were recognized that can be explained by the main regional deformation events. A comparison with the outline of the known mineralisation indicates that the mineralisation zone strikes parallel to delineated northwest-southeast linear structures. Notably, an intense linear magnetic anomaly in the northwestern part of the area aligns with the known shallow occurrence of the main mineralized zone. Based on the spatial coherence of known mineralisation relative to magnetic anomalies, two prospective areas have been identified (see Figure 1). Like the known mineralisation, these zones coincide with northwest-southeast striking linear magnetic anomalies within an intermediate-low background magnetic field. One of the prospective areas occurs about 500m southeast of the nearest drill hole. This confirms the results of a historic ground EM survey over the area that indicated a similar extent of the mineralisation of about 500m towards the southeast. The other prospective area occurs about 150m to the southwest parallel to the currently drilled mineralized trend and could be indicative of the mineralisation extending to surface.

In response to these encouraging findings, a diamond drilling programme is planned to test the strike extent of mineralisation towards the southeast and assess the width of the zone both up and down dip.

Figure 1. Map over the Stormyra mineralization displaying the results and interpretation of the 2023 ground magnetic survey and planned drill holes.

Electromagnetic (EM) Survey

In addition to the ground magnetic survey, a transient electromagnetic (TEM) survey was conducted. The historic UTEM survey indicated a mineralisation extent of approximately 500 metres towards the southeast. The new TEM survey focused on investigating an airborne EM anomaly east of this historic anomaly, aiming to explore a potential extension of mineralisation even further southeast.

TEM measurements along six profiles revealed a significant EM anomaly with a slow signal decay, indicative of a well-conducting body. The field data were modelled, revealing a large sub-horizontal plate at depth measuring 660 x 840 metres, gently dipping towards the northwest. The southern corner of the plate is around 250 metres below ground surface, and the northern corner is approximately 400 metres below ground surface.

This depth is greater than expected for the continuation of the Stormyra mineralisation, suggesting the possibility of an offset mineralisation at depth. Alternatively, the anomaly may represent a conductive layer within the underlying sedimentary basement. To further investigate these findings, a single drillhole targeting the centre of the plate is planned to test the anomaly.

Figure 2. Map over the Stormyra mineralization displaying the potential southeast extension, the results and interpretation of the TEM survey and planned drill hole.

For additional information please contact: Kendrick Resources Plc: Chairman Tel: +44 2039 616 086 Colin Bird Novum Securities Financial Adviser Joint Broker Tel: +44 7399 9400 David Coffman / George Duxberry Jon Bellis Shard Capital Partners LLP Joint Broker Tel: +44 207 186 9952 Damon Heath / Isabella Pierre

Qualified Person

The Espedalen Complex

The Espedalen Complex is located approximately 50km north-west of Lillehammer in southern central Norway, 3 hours' drive north of Oslo. The project is well served with transport infrastructure being accessible by tarmac roads and is close to rail links to ports in southern Norway and to Glencore's Nikkelverk nickel refinery located 350km to the south.

The known nickel mineralisation on the Espedalen Complex is hosted within differentiated mafic and ultramafic bodies which have intruded anorthositic country rocks collectively referred to as the Espedalen Complex and range in age from 1698 - 1250 Ma. This age range is similar to the age of the rocks hosting the giant Voisey's Bay nickel deposit in Labrador, Canada. Further evidence supporting the analogy between Espedalen and Voisey's Bay are tectonic plate reconstructions which place southern Norway in relatively close proximity during the time of formation of Voisey's Bay and with the two regions undergoing similar tectonic developments.

Mining in the Espedalen area dates from 1666. Total production from the Espedalen region is estimated at 100,000t @ 1.0% Ni, 0.4% Cu and 0.06% Co. Significant exploration has been undertaken in the area. The majority and most recent work having been completed by Falconbridge Limited and Blackstone Ventures Limited having completed 134 drill holes across the Espedalen project area, defining significant accumulations of nickel sulphides at the Stormyra and Dalen prospects and generating numerous other quality targets.

In 2009, Blackstone published a NI 43-101 report detailing Inferred Mineral Resources at the Stormyra and Dalen prospects. Blackstone relinquished the Espedalen Project in 2011 following the preceding financial crisis. ASX listed Drake Resources Limited (now renamed Ragnar Metals Limited) acquired the Espedalen Project in 2012. Drake refined the Mineral Resources at Stormyra (1.16Mt @ 1% Ni, 0.42% Cu & 0.04% Co) and Dalen (7.8Mt @ 0.28% Ni, 0.12% Cu & 0.02% Co) prospects in accordance with JORC (2012).

In addition to defining JORC (2012) compliant mineral resources at Stormyra and Dalen, Drake identified 10 prospects where drilling by Blackstone had intersected at least 5 metres percent Ni, which were never followed up. A detailed compilation of all past mineral exploration and drilling data recognised that the Stormyra Mineral Resource is not closed off and several intersections warrant follow up drilling, to determine if the Mineral Resource can be expanded, including:

• 12.18m @ 2.39% Ni, 0.95% Cu & 0.07% Co from 64m in hole ES2005-20
• 7.15m @ 2.68% Ni, 1.26% Cu & 0.08% Ni from 29.35m in hole ES2005-22
• 14.6m @ 1.74% Ni, 0.79% Cu & 0.06% Co from 80.4m in hole ES2004-09

The Stormyra Mineral Resource contains a high-grade core, with assays of up to 8.2% Ni. The high-grade core is not fully defined by drilling. Additional investigation of this high-grade core is warranted along with drill testing a ground geophysical conductor, directly associated with the nickel mineralisation, which extends 500m to the south-east of the currently defined limits of the Stormyra Mineral Resource.

Appendix A - Glossary of Technical Terms