Metallurgical Test Work on Teufelskuppe Project

Kendrick Resources Plc is pleased to inform shareholders of the commencement of metallurgical test work on Teufelskuppe ("TK") mineralisation. The Company has engaged the services of Anzaplan, a German consultancy and engineering company, part of the Dorfner Group, with unique expertise in the analysis and development of process flow sheets for speciality metals including REEs.

Anzaplan will shortly receive three bulk samples from Kendrick's Bonya REE project for early stage assessment and Mineral Liberation Analysis ("MLA") for the recovery of LREOs.

Anzaplan has been provided with the Company's detailed petrological analysis conducted by independent US-based expertise. Samples dispatched are representative of mineralised dykes, sills and breccia common at the Teufelskuppe project and derived from the 8 major structures that comprise the Teufelskuppe carbonatite complex.

Colin Bird, Chairman of Kendrick Resources, commented: "We are very pleased to be working with Anzaplan, and we look forward to the results of the Mineral Liberation Analysis study. Once completed, this work will provide Anzaplan with the information required for further detailed studies and optimisation leading to the development of a flow sheet. The Company will update shareholders as information becomes available."

Development Plan Progress

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 the TK project.

Near-Term Development Plan for TK

About Anzaplan

ANZAPLAN is well equipped to develop flowsheet and process design following different processing routes for REE bearing minerals. Evaluation of tailored programs for the physical processing of REE ores to REE mineral concentrates can be performed at various scales. Specific processing unit operations include comminution, sensor-based sorting, electrostatic separation, flotation and dry or wet magnetic separation, precipitation, crystallization, purification (solvent extraction, ion exchange) and filtration processes which are essential parts in the development of hydrometallurgical processes concerned with the production of REE specialty chemical products.

ANZAPLAN's hydrometallurgical facilities can achieve light, medium and heavy rare earth specialty chemicals including the removal of radionuclides (U, Th).

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