Further Impressive pXRF Analyses at Teufelskuppe

Kendrick Resources Plc is pleased to announce further impressive pXRF results for Reverse Circulation Drilling for boreholes TKRC021 to TKRC031. Excellent continuity of high-grade intercepts has been achieved for holes completed over the carbonatite bodies that make up the Teufelskuppe (“TK”) Carbonatite Complex, Namibia.

Highlights

All holes drilled in the batch returned LREO intercepts over significant mineralised widths.

Peak LREO intercepts of 4.62% over 20m, 4.22% over 40m, 3.41% over 54m, 3.30% over 25m, 3.13% over 21m, 2.91% over 37m and 2.86% over 37m

Reported grades are based on a 3% LREO cut-off. In-house adoption of a 2.50 or 2.00% LREO cut-off highlights the continuity of mineralisation reflected in a significant increase in mineralised widths.

The substantial mineralised total package widths offer potential for additional bulk tonnage that will be considered during resource estimation.

Table 1: pXRF analyses for RC Drill Holes TKRC021 to TKRC031 Drilled at Teufelskuppe Carbonatite Complex

Colin Bird, Chairman of Kendrick Resources, commented: “The RC programme has enabled the team to complete its drilling coverage over the mineralised bodies at TK in the shortest possible timeframe. Physical exploration commenced in May of this year, and we have completed over 100 boreholes and generated the underlying information required to determine a mineral resource and provide bulk samples for metallurgical test work. We will maintain our rate of progress and complete any outstanding logging and sampling as soon as possible so that certified assays can be generated to inform the geological model and resource estimation. The significance of package widths of continuous mineralisation at lower cut-off grades is an exciting discovery and is being assessed in the context of tonnage versus grade. We are fortunate that even our lower grade mineralisation is also positioned in the upper quartile in terms of REE deposits worldwide and therefore we have the flexibility of being able to assess the Bonya resource in terms of grade and tonnage”.

Qualified Person

Development Plan Progress

Glossary:

Assay or Laboratory Assay: an investigative procedure used to qualitatively assess or quantitatively measure the presence, amount, or functional activity of a target entity (the analyte) in a sample.

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

Diamond Drilling: A rotary drilling technique that uses a hollow drill bit embedded with industrial-grade diamonds to cut through hard materials and retrieve a solid, cylindrical core sample.

Drill Core: A cylindrical sample of rock or soil generated by Diamond Drilling.

Drilling Programme: A managed exercise involving one or more drill rigs to collect samples for a range of activities including assessment, identification and interpretation of the geology and underlying rocks, geotechnical studies and collection of samples for laboratory analysis.

MRE: Mineral Resource Estimate

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

pXRF: X-ray fluorescence

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.

Reverse Circulation (RC): A form of percussion drilling that uses compressed air to flush rock or soil cuttings out of the drill hole using a dual-walled drill rod that flushes air down the outer tube to power the rock hammer and drill chips up the inner tube with chips being recovered at surface largely in the sequence in which they were drilled as opposed to conventional percussion drilling where drill chips arriving at surface are typically mixed.

Wt % = Weight Percentage