Teufelskuppe Breccia Discovery

Kendrick Resources is pleased to announce the discovery of high-grade rare earth element ("REE") carbonatite mineralisation hosted within breccia at the Teufelskuppe ("TK") Carbonatite Complex, further reinforcing TK's potential as a significant rare earth development project and an emerging strategic supply opportunity for free-market economies.

The newly identified breccia comprises an estimated 40% by volume of high-gradeLREO dominant carbonatite, sourced from adjacent mineralised carbonatite bodies. This discovery has the potential to materially enhance the Company's resource growth profile through the delineation of a significant volume of high-grade mineralised breccia located close to surface.

Bonya has commenced an accelerated resource development programme to evaluate the breccia while assessing practical and cost-effective methods for upgrading the mineralised material by separating the high-grade carbonatite fraction from the barren component of the breccia prior to downstream REE processing. Successful upgrading has the potential to improve project economics by enhancing feed grade and reducing downstream processing volumes.

Highlights

• Exceptional pXRF results from the mineralised breccia returned peak grades of 11.57 wt%, 9.39 wt% and 6.3 wt%, demonstrating the presence of high-grade REE mineralisation with clear potential to support resource growth.
• The breccia returned an average pXRF grade of approximately 3.75 wt% TREO over 14.42m of continuous breccia mineralisation, highlighting both grade and scale potential.
• This average grade is comparable with the grade of the neighbouring massive carbonatite bodies at TK, highlighting the strong mineral endowment of the breccia and the origin of the mineralisation.
• Metallurgical test work has commenced to evaluate a range of physical separation techniques aimed at selectively recovering the high-grade carbonatite component while rejecting the waste-dominated breccia matrix, with the potential to significantly enhance feed grade prior to REE processing.
• The outcomes of this work will guide the collection of a representative bulk sample for larger-scale pilot testing and process optimisation.
• Preparation of an initial Mineral Resource Estimate (MRE) for the breccia has commenced, incorporating existing assay data together with information generated from the ongoing drilling programme.
• The Company's objective is to delineate a substantial tonnage of high-grade breccia mineralisation capable of contributing to the overall TK resource inventory, increasing development momentum and enhancing the project's strategic and commercial potential.

Colin Bird, Chairman of Kendrick Resources commented "This discovery is an important and highly encouraging step in the development of TK. The mineralised breccia potentially provides access from surface to high-grade material that can contribute meaningfully to the mineral resource the Company is steadily building. We have already defined an estimated 14Mt of above-surface carbonatite mineralisation, to which we expect to add this breccia. This will be followed by mineralisation currently being defined by a combination of trenching, channel sampling and drilling to delineate the mineralised limits of the TK carbonatite bodies below surface. To this we will then add resources yet to be defined at the neighbouring Kieshöhe ore body, with the objective of building a substantial rare earth Mineral Resource for Bonya and positioning Kendrick strongly within the critical minerals supply chain."

Table 1: pXRF Measurement of TK Breccia from Borehole TKDD003

Development Plan Progress

The Company is progressing the TK project in line with the published Development Plan schedule as announced on 6 May 2026. Verification of the in-house MRE and upgrading to compliance with JORC (2012) has been initiated alongside the still progressing diamond drilling and reverse circulation 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

The predominant rare earths of economic value in the TK complex are light elements in the order Ce>La>Nd>Pr, with neodymium (Nd) and praseodymium (Pr) together providing an average 25% (by wt) of the ca. 3% wt% rare earth pool. HREO's average 0.15 wt% across surface and deeper carbonatites. These grades continue to position the TK carbonatite complex in the upper quartile on a global scale compared with the major producers of rare earths elsewhere (Center for Strategic and International Studies, January 2026), supporting the Company's view that TK has the potential to become a project of strategic relevance.

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. These long-term demand drivers provide a strong commercial backdrop for the continued advancement of the TK project.

The Company is focused on advancing TK as a potential long-life rare earth development capable of addressing the needs of free-market economies while delivering value for all stakeholders, including Namibia as the host nation.

Near-Term Development Plan for TK

The Company projects a much larger resource for the overall project than is known at this time. Drill data is showing sub-surface geo-continuity, providing a potentially significant resource upside and supporting the Company's strategy to build scale at TK.

TK is becoming recognised as a prospective new source of commercial rare earth production for free-market economies and industrialised nations, and the combination therein of 59 Pr and 60Nd remains the economic cornerstone of the Project. Development through to production could enable Namibia to realise and secure one of the largest newly recognised rare earth deposits in the world for defence and advanced technologies, while positioning Kendrick to participate in a sector of growing strategic importance.

Glossary:

Cone sheet: A type of ring intrusion with margins which dip inwards.

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