Mineralogy, Metallurgical & Radioactivity Update

Kendrick Resources Plc is pleased to announce significant positive mineralogical, metallurgical and radioactivity findings from its Teufelskuppe ("TK") Carbonatite Complex Project in Namibia, reinforcing the project's potential as a significant rare earth opportunity.

Highlights

• Independent laboratory analysis confirms that Teufelskuppe REEs are hosted in fluorominerals commonly associated with major global rare earth deposits
• More than 95% of the rare earth pool is contained in minerals amenable to established processing routes
• Certified assays confirm low thorium and uranium levels, averaging 144ppm and 3.6ppm respectively
• Thorium and uranium levels rank in the lowest quartile of comparable hard-rock rare earth projects globally

Colin Bird, Chairman of Kendrick Resources, commented: "TK continues to advance on multiple fronts. The significance of the latest mineralogical and radioactivity results from certified assays showing the Bonya project to have thorium and uranium levels notably lower than global averages or that of many currently operating REE projects should not be overlooked since high content of radioactive elements has traditionally been a "Project Stopper" or led to a requirement for very high cost (capex and opex) processing routes. This represents one of the three major milestones having been met and neatly leads into the design of a flow sheet that will have fewer complications not being burdened by high radioactivity levels".

Background and Objectives

On 10 March 2026, Kendrick announced a work programme for TK to establish a robust mineralogical and metallurgical foundation for future processing studies. The programme included external specialist analysis of the petrology, crystallography and mineralogy of the TK carbonatites to support practical mineral separation test work and the development of a project-level processing pathway.

The consultant used X-Ray Diffraction ("XRD") to quantify mineral phases in 13 samples across cone sheets, plugs and dykes representing the eight outcropping structural units currently comprising the TK project. Electron Probe Microanalysis ("EPMA") was used to assess matrix, gangue and REE minerals, phase relationships, crystal habits and REE enrichment.

Mineralogy and REE Minerals

The study has confirmed earlier external work by Marlow and Palmer (2023), which indicated that TK's dominant REE-rich minerals belong to the REE fluorocarbonate group.

Bulk sample analysis confirms that TK's rare earth-bearing fluorocarbonates are dominated by bastnäsite and parisite, with total REE mineral content ranging from 1.3% to 7.8% and averaging 3.8%. This is consistent with the higher quartile of rare earth abundances identified in historic and recent exploration at TK. Importantly, the mineralogy is typical of major carbonatite deposits globally and supports the potential use of established processing methods.

As announced on 26 August 2026, three bulk samples have been submitted to Dorfner Anzaplan ("Anzaplan") for early-stage metallurgical assessment and Mineral Liberation Analysis for LREO recovery. Anzaplan's programme is being guided by the mineralogy report and is based on representative samples from the principal structures of the TK carbonatite complex.

Uranium and Thorium - Context

Radioactivity is commonly associated with rare earth deposits because thorium and uranium can substitute into rare earth mineral lattices and must be managed during processing. At TK, low uranium and thorium levels point to a materially reduced radioactivity profile compared with many comparable projects.

The Bonya Exploration dataset previously indicated relatively low TK radioactivity, averaging 294ppm thorium and 2.6ppm uranium (Marlow and Palmer, 2023).

Certified Laboratory Assays from SGS South Africa announced on 2 September 2026 confirm this favourable profile, with the northern suite of TK outcrops averaging 144ppm thorium and 3.6ppm uranium across 96 samples.

Kendrick expects TK's radiation protection and Naturally Occurring Radioactive Material (NORM) waste management requirements to be addressed through standard industry practices.

Benchmarking Bonya: Th and U

TK's low thorium and uranium levels represent a potential environmental, permitting and operational advantage relative to several rare earth peers.

The contrast with comparable projects is notable: Whilst TK averages 144ppm thorium and 3.6ppm uranium, comparable REE projects either in production or under development have thorium grades ranging from 240ppm to 2,900ppm and uranium grades ranging from 30.0 to 360ppm. The significantly lower grades for thorium and uranium at Bonya bode well for a simpler flow sheet design and lower capital and operating cost structures.

Kendrick believes TK is well positioned with fluoromineral-hosted rare earth mineralisation, calcite carbonatite host rocks and very low thorium and uranium levels that are expected to support a more straightforward path through future technical, environmental and permitting work than many higher-radioactivity rare earth projects.

Qualified Person

Reference citations

Marlow AG and Palmer MR. (2023). A preliminary study of the rare earth element-enriched Twyfelskupje carbonatite complex, southern Namibia. Geological Magazine 160: 305-321.

Wood Group. (2026). https://www.woodgroup.com/company/our-business

SFA Oxford. (2026). https://www.sfa-oxford.com/rare-earths-and-minor-metals

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