Teufelskuppe – New Drill Results

Kendrick Resources ('Kendrick" or the "Company") is pleased to announce the latest portable X-ray fluorescence (pXRF) analytical results from diamond drill holes TKDD001 to TKDD003 at the Teufelskuppe Project ("TK" or "the Project"), further confirming the presence of extensive, high-grade rare earth element ("REE") mineralisation.

Highlights

• Previously unanalysed core from TKDD001 returned outstanding individual pXRF values of 6.42 wt%, 3.95 wt%, 3.87 wt% and 2.50 wt% TREO within the upper section of the hole, further enhancing the mineralised profile.
• Previously reported exceptional intercepts from TKDD001 remain unchanged, including 8.14 wt% TREO over 21.16m, confirming the continuity of the mineralisation.
• TKDD002 delivered excellent peak individual pXRF values of 15.10 wt%, 10.02 wt%, 9.99 wt%, 5.33 wt% and 4.00 wt% TREO, with a significant mineralised intercept of 2.75m at 4.91 wt% TREO from 109.25m
• TKDD002 also demonstrates widespread REE mineralisation throughout the drill hole, with multiple high-grade intervals separated by zones of core loss. Notable intercepts include:

o 1.83 wt% TREO over 0.50m from 61.75m

o 1.76 wt% TREO over 1.25m from 63.75m

o 2.55 wt% TREO over 0.50m from 76.75m

o 1.20 wt% TREO over 2.00m from 78.75m

o 1.16 wt% TREO over 1.50m from 83.75m

• TKDD003 also confirmed excellent continuity of mineralisation, returning strong intercepts including:

o 10.91 wt% TREO over 1.25m from 90.75m

o 4.67 wt% TREO over 3.75m from 42.75m

o 3.15 wt% TREO over 0.50m from 34.75m

o 2.60 wt% TREO over 1.75m from 36.25m

• The continuity of mineralisation in TKDD003 is further demonstrated by consistently high individual pXRF readings recorded between zones of core loss, including 5.10 wt%, 9.72 wt%, 9.64 wt% and 10.48 wt% TREO at 69.0m, 69.5m, 70.0m and 71.0m respectively. Multiple additional mineralised intervals ranging from 1.5 wt% to 8.2 wt% TREO were identified throughout the hole, highlighting the scale and persistence of the REE system.
• LREOs consistently account for more than 95 wt% of TREOs, reinforcing the Project's strong LREE-dominant mineral assemblage.
• Samples have been dispatched for certified laboratory analysis and drilling is continuing.

Colin Bird, Chairman of Kendrick Resources commented "The continuity of mineralisation is very encouraging, particularly our ability to match extensive surface exposures of mineralisation with depth extensions intersected during drilling. Ultimately, we would expect this continuity to be reflected in the Mineral Resource Estimate. Drilling is continuing at pace as we build the drilling database ahead of a Mineral Resource Estimate for Teufelskuppe".

Development Plan Progress

The Company is progressing the Project in line with the published Development Plan schedule announced on 5 May 2026. Verification of the in-house MRE and upgrading to compliance with JORC (2012) has been initiated alongside the still progressing diamond drilling campaign to ascertain the depth and sub-surface spread of carbonatite mineralisation below the natural surface profile of the TK landscape.

Economics and Markets

Rare earths are critical to specific modern technologies where no effective substitutes exist. Sustained demand for super magnets in electronics, renewable energy, and electric vehicles continues to push prices upwards and manufacturing need shows no sign of slowing. The global metals market is valued at approximately $18.2 billion with a Compound Annual Growth Rate (CAGR) of 7.6% (Intnl. Energy Agency, 2026). The present trends are further underpinned by demands for rare earths used in defence systems, medical imaging, telecommunications and advanced visual displays. All these sector demands underpin the commercial potential of TK.

Near-Term Development Plan for TK

The Company is advancing JORC-2012 certification of the provisional and visible 14Mt surface MRE for TK, as announced on 11 May 2026. Recent drill results further underpin the confidence that these surface resources are only a modest fraction of the mineable total as indicted in the announcement of 15 May 2026. Channel data, when tied-in with the results from boreholes provide ever-increasing certainty of both lateral continuity in surface rare earth mineralisation and the continuation of REE-rich resources at mineable depths well below the natural desert land surface.

Table 1: Peak TREO Grades and Mineralised Intercepts for Boreholes TKDD001 to TKDD003

MRE: Mineral Resource Estimate

Parisite: A group of fluorcarbonates with typical mineral formula Ca(Ce/La/Nd/REE)2(CO3)3F2.

TREE: Total Rare Earth Elements; sum of LREE and HREE to a total of 17 elements.

LREO: Light Rare Earth Oxides including La2O3, CeO2, Nd2O3, Pr6O11, Sc2O3, Sm2O3, Eu2O3.

TREO: Total Rare Earth Oxides.

Wt % = Weight Percentage