Assay Results confirm High-Grade Copper-Silver Mineralisation across Multiple Prospects at Serval's Kaoko Basin Project in Namibia

Assay Results confirm High-Grade Copper-Silver Mineralisation across Multiple Prospects at Serval’s Kaoko Basin Project in Namibia

Highlights

Best individual result of 37.8% copper (“Cu”) and 573 g/t silver (“Ag”) (45.49% copper equivalent (“Cu-Eq”)) returned from the surface samples submitted to ALS Laboratories for analysis

Multiple samples returned grades in excess of 10% Cu-Eq, collected across six prospects

Mineralisation in outcrop confirmed to stretch over a strike length of ca. 5 km

Delineation of a new Cu mineralisation prospect, named Okamborombonga, taking the total number of confirmed Cu prospects in Serval’s Kaoko Basin portfolio to 13

Results validate and extend previously reported field portable X-ray fluorescence analyser (“pXRF”) readings, validating Cu-Ag mineralisation across several distinct mineralised styles and horizons

Results will be used to prioritise and refine drill targets ahead of the Company’s maiden diamond drilling programme, planned to commence in Q4 2026

Serval Resources Plc (AIM: SRVL), a company focused on building an independent copper and future metals developer, is pleased to announce assay results received from ALS Laboratories for surface grab samples collected during the Company’s recently completed geological mapping programme across EPL 7081 in the Kaoko Basin, Namibia.

CEO, Robin Birchall, commented:

“This is an excellent set of results from our first systematic sampling campaign, whereby surface grab samples were collected quickly and cost-effectively during routine geological mapping. It is encouraging that the samples have returned grades of this quality across multiple prospects and over a significant strike length, showing us signs of a large fertile mineralised system, rather than an isolated occurrence.

We are fortunate to have multiple targets across our licence package and we are therefore continually working on prioritising and ranking our prospects and targets. These results give us the data needed to establish where best to focus our follow-up work and will directly inform target selection for our maiden drilling programme, planned to commence in the fourth quarter of this year.”

Namibia – The Kaoko Basin

The Kaoko Basin, in north-western Namibia, forms part of the Neoproterozoic Damara Orogenic Belt and is interpreted as an extension of the Central African Copperbelt, one of the world’s foremost sediment-hosted copper-silver provinces. Mineralisation in the basin is typically controlled by redox boundaries at the contact between reduced, carbonaceous sedimentary units and oxidised red-bed sequences, a setting comparable to that of the nearby Okohongo Cu-Ag deposit and other regional discoveries.

Serval holds a four-licence, 789 km² package within this prospective trend. EPL 7081 is Serval’s priority licence within the Kaoko Basin, hosting some of Serval’s key targets, being the Omatapati, Horseshoe and Otjozongombe West and East prospects. Over 9,000 metres of drilling was carried out on the Kaoko Basin projects by the previous owner, Kalahari Copper Limited, and a number of promising drilling intercepts were made, including OGW005 with 13 metres at 5.03% Cu-Eq (4.57% Cu and 34 ppm Ag) and OPR002 with 13 metres at 3.32% Cu-Eq (1.82% Cu and 109.8 ppm Ag).

Following completion of geological mapping across the licence, announced on 8 September 2026, a total of 114 surface grab samples were collected, of which 68 were selected and submitted to ALS Laboratories for multi-element geochemical analysis. Samples were collected from a range of distinct mineralised horizons and styles logged during the mapping programme, including quartz vein-hosted, stockwork, disseminated and fracture-fill copper mineralisation, comprising both supergene (oxide) and hypogene (primary sulphide) copper minerals.

Six prospects on EPL 7081 were mapped and during this process, a new Cu mineralisation occurrence was discovered and mapped. This new prospect has been named Okamborombonga and takes the number of Serval’s confirmed Cu prospects in its Kaoko Basin portfolio from 12 to 13. The location of this new prospect is of particular interest as it occurs in the Nosib Group, a stratigraphic rock unit not traditionally known for Cu mineralisation.

Copper-equivalent (Cu-Eq%) grades are used in this announcement to express the combined value of Cu and Ag in a single sample as one metal, calculated from each sample’s Cu and Ag grades using prevailing metal prices, allowing samples of varying Cu:Ag ratios to be compared and ranked on a like-for-like basis.

The table below presents the average grades of the samples submitted on a per prospect basis, as well as the three highest grade samples (in Cu-Eq%) for each of the prospects.

Copper equivalent (Cu-Eq %) = Cu (%) + Ag (ppm) × (Ag price (USD/troy oz) ÷ 31.1035 g per troy oz ÷ Cu price (USD/tonne) × 100). Ag ppm equals g/t, so one ppm of Ag is worth 0.01342 % Cu-Eq at the prices below.

Prices used: Cu = USD 14,569.82 per tonne (Kitco live copper price, 28 Sep 2026 13:38 New York time); Ag = USD 60.80 per troy ounce (Kitco silver spot price, 29 Sep 2026 02:44 ET). Source: Kitco (kitco.com); prices pulled on 29 Sep 2026.

Recovery: 100% metallurgical recovery and payability assumed for both copper and silver; no smelting, refining, transport or mining costs or penalties are deducted.

Figure 1: EPL 7081, Kaoko Basin, showing the location of the high-grade sample results at prospects Omatapati, Horseshoe, Okozonduno and new prospect Okamborombonga

Figure 2: EPL 7081, Kaoko Basin, showing the location of the high-grade sample results at prospects Otjozongombe East and West

Outcomes: These results confirm high-grade, multi-style Cu-Ag mineralisation across several prospects within EPL 7081 and over a significant strike length. They will be integrated with the Company’s existing geological, structural and geophysical datasets to prioritise and refine drill targets ahead of the maiden diamond drilling programme targeted to commence in Q4 2026.