Results from Namibia drilling campaign

Highlights

á 27 meters of mineralisation at average grade of 0.59% copper ("Cu") and 59ppm silver ("Ag") in hole OPR013, from 61 metres, including 3 metres at 1.52% Cu and 59ppm Ag

á Drilling programme completed by Kalahari Copper Limited ("KCL") in August 2025 at the Omatapati prospect on licence 7081

á This licence is part of the Kaoko Basin Project, which will be 100% owned by the Company upon completion of the KCL acquisition

News Announcement

The Company is pleased to announce the results from a Reverse Circulation ("RC") drilling programme completed in August 2025 at the Kaoko Basin project, Namibia. This drilling programme was carried out on licence 7081 at the Omatapati prospect and consisted of seven drill holes for a total of 736 metres. The drilling programme was carried out by KCL but all future work programmes on site will now be carried out by the Company, further to its proposed acquisition of KCL which is due to complete in early 2026 (see news announcement dated 25 September 2025).

CEO, Robin Birchall, commented:

"I am delighted with these drilling results as they will help us to build on our existing knowledge and understanding of the mineralisation system in this region. We have seen that the sedimentary units that contain the primary mineralisation can be mapped on a regional scale and with this drilling we have shown that mineralisation also extends at depth. Further surface exploration and drilling along strike from these discovery holes will assist us in the delineation of maiden mineral resources at the highest priority targets in these areas in due course. We are excited to develop our work programme at the Omatapati prospect as it shows significant potential. We will update the market shortly as to our near-term exploration plans and objectives.Ó

Omatapati 2025 Drilling Campaign

The map below shows the location of the Kaoko Basin Project and the drilling completed on the southern parts of Exclusive Prospecting Licence ("EPL") 7081 to date, including the location of the recently completed 2025 drilling programme.

The highlights table below shows assay results for three of the drill holes.

These drilling results follow on from the first successful intersection of mineralised horizons at the Omatapati prospect in 2024 (with highlights provided in the news announcement dated 25 September 2025). This information continues to add value and confidence in the mineralised system at this prospect and the Company will continue to focus future exploration efforts on the further delineation of the mineralised system at the Omatapati prospect.

Kaoko Project Geology and Mineralisation.

At the Omatapati Prospect, EPL 7081, the geology consists mostly of lower Otavi Group Carbonate dominant metasediments which stratigraphically overlies upper Nosib group sandstone and quartzite, all part of the Proterozoic to early Palaeozoic, Pan-African Damara Orogen. The main target for mineralisation in the Kaoko Basin region is at the Otavi and Nosib Groups` stratigraphic contact, which includes the Lower Omao and the Omivera formations, both consisting of a combination of predominantly siltstones and shales, with minor limestone and dolomite horizons. The primary target type is stratiform sediment-hosted copper ± cobalt ± silver deposits similar to those located in the Central African Copperbelt.

Mineralisation occurs mostly of:

á Copper carbonates ± oxides, which includes minerals such as chrysocolla (mostly from the Lower Omao Ð Omivero contact target areas), as well as malachite and azurite (mostly from the Lower and Upper Omao contact target)

á Copper sulphides such as chalcocite, bornite and chalcopyrite (mostly from the Lower and Upper Omao contact target areas)

Mineralisation can, however, also occur at other stratigraphic levels within the larger Damara Group, as was previously identified by drilling campaigns completed by Kalahari Copper. Mineralisation at the Omatapati prospect, was noted to occur higher in the stratigraphy within the Neoproterozoic Devede Formation, within the Ombombo Subgroup, stratigraphically above the Lower Omao and Omivera formation target horizons. The 2025 drilling further confirmed this observation.

Mineralisation within stratabound horizons such as the siltstone, are typically more continuous along strike, but lower in grade (in the order of 0.5 to 1% Cu). Whenever these primary mineralised horizons are affected by later faulting, folding and hypogene alteration, then the mineralogy changes, and mineralisation in veins and fault zones can increase the grade on a local scale. Exploration efforts will endeavour to find and delineate all these phases of mineralisation events.

Drilling programme, field procedures and data collection

A RC drill programme was completed between 18 and 26 August 2025 for a total of 736 metres of drilling in seven drillholes on the Omatapati prospect on EPL 7081. All holes were drilled at a dip varying between -46 degrees to -60 degrees and the azimuth was planned to be perpendicular to strike and only changed where access was a constraint.

A total of 736 RC chip samples were retrieved (one sample every metre). The complete sample for each metre drilled was recovered from the on-board cyclone, as an approximately 50kg sample. Sample collection (per metre) was done continuously while drilling. The material recovered is representative of the sequence of geology drilled for any given metre.

Geological logging was completed on a per metre basis, and a small representative sample was placed in a chip tray for storage and future reference.

If mineralisation was visually identified, a ca. 2 kg split sample was prepared and sent to ALS Namibia, in Okahandja, for sample preparation. Together with this sample, a waterproof tag was inserted and the bag fastened with a single use tie. The remainder of the sample remained at the hole and was discarded as part of the drillhole rehabilitation after assays were received. Pulp samples from the preparation lab in Okahandja, were then sent to ALS South Africa in Johannesburg for Inductively Coupled Plasma (ICP), multi-element analyses.

A total of nine Quality Assurance and Quality Control (QAQC) samples were added to the sample stream. These included a total of nine Certified Reference Materials (CRM) added anonymously at approximately every 20 samples. All CRM material returned assay values within two Standard Deviations (SD) of the certified values.

The Directors of the Company accept responsibility for the contents of this announcement.