Update on Kalahari Copper Belt Work Programme in Botswana

Serval Resources Plc

("Serval" or the "Company")

 17 September 2026

Update on Kalahari Copper Belt Work Programme in Botswana

 Highlights 

• Geophysics surveys completed on the Somelo prospect and nearing completion on the Sweet Thorn Pan prospect, both of which are located on strike to the Khoemacau copper mine in the Kalahari Copper Belt
• The work programme utilises a combination of geophysical techniques to target the prospective mineralised contact between the Ngwako Pan and D'kar Formations, which has been previously drilled under prior ownership on the Sweet Thorn Pan prospect
• The programme aims to define structural trends, lithological contrasts and zones potentially associated with mineralisation on Serval's licences and the surveys will be used to help locate collars for future drilling
• Processing of data has commenced and is expected to be completed in October 2026

Serval Resources Plc (AIM: SRVL), a company focused on building an independent copper and future metals developer, is pleased to announce an update on the work programme currently underway on two of its key prospects in the Kalahari Copper Belt.

The work programme comprises a combination of Audio-Frequency Magnetotellurics ("AMT"), high-resolution drone magnetic and orientation Induced Polarisation ("IP") surveys on the Somelo prospect (previously named the PL 232 Cluster) and a high-resolution drone magnetic survey on the Sweet Thorn Pan prospect (previously named the PL 235 Cluster). Both these prospects are along the interpreted strike, especially the previously drilled Sweet Thorn Pan prospect, and are located near Khoemacau (owned and operated by MMG Limited), a long-life copper-silver ("Cu-Ag") mine with a total resource of 450 Mt at 1.4% Cu and 18 g/t Ag.

The AMT, IP and drone magnetic surveys on the Somelo prospect have now been completed, while the drone magnetic survey on the Sweet Thorn Pan prospect is ongoing. This work programme, including associated field work, is scheduled for completion within September 2026. Processing of the data has already started and an integrated interpretation using the combined data sets is expected to be completed during October 2026, with expected follow-up targets to be delivered around the end of that month.

The programme was designed to advance exploration for sediment-hosted Cu-Ag mineralisation by addressing key gaps in the understanding of the subsurface architecture in these areas, including better delineating Kalahari Copper Belt lithological contacts, structural trends and the thickness of Kalahari sand cover.

CEO, Robin Birchall, commented: 

"Geophysical surveys are a critical step in advancing our copper exploration strategy in the Kalahari Copper Belt. We are pleased that data acquisition has been advancing safely and in line with our planned scope. The combination of AMT, IP and high-resolution drone magnetics provides a strong technical foundation for refining our geological understanding and drill target definition, beneath the Kalahari sand cover. We will now focus on processing and interpreting the new data, integrating it with the information already available, including previously drilled holes at Sweet Thorn Pan under prior ownership, and defining the most compelling targets for follow-up exploration, including drilling, subject to receipt of additional funding in due course. We look forward to updating shareholders as this work progresses."

Somelo (PL232-Cluster)

Prior to the commencement of field activities at the Somelo prospect, the Company secured all necessary land access consents through a comprehensive stakeholder engagement process. Formal consultations were conducted with the Head Chief of Somelo Village and affected landowners to ensure that all exploration activities were undertaken with the community's support. The Company remains committed to maintaining constructive relationships with local stakeholders and operating in accordance with responsible exploration practices.

At the Somelo prospect the 51 line-km AMT, the 4.45 line-km orientation and the 170 line-km high-resolution drone magnetic surveys have been completed. Processing of the data and interpretation of the integrated data sets is expected to be completed in the first two weeks of October, with a results report expected around the end of October. The Company will announce the results and the planned future work for this prospect when available.

Figure 1: Drone magnetic, AMT and IP survey lines at the Somelo prospect

Sweet Thorn Pan (PL235-Cluster)

Similar stakeholder engagement programmes were completed at the Sweet Thorn Pan prospect to ensure community buy-in and support, before field programmes commenced. Formal consultations were conducted with the Head Chief of the Bothathogo Village and affected landowners. The Company remains committed to maintaining constructive relationships with local stakeholders.

The high-resolution drone magnetic survey at the Sweet Thorn Pan prospect is currently underway, consisting of a total of 630 line-km, at 50 metre line spacing. The survey covers most of the licence area, but the focus areas will be around the anticlinal structures identified from the regional geophysics data, as well as the areas that were historically drill tested and where Cu-mineralisation was identified at the prospective horizon. The Company believes that the higher resolution magnetic data will more accurately define this contact.

The Company will announce the results of this survey and the interpreted results when available, which is expected around the end of October 2026.

Figure 2: Coverage of the 630 line-km, high-resolution drone magnetic survey at the Sweet Thorn Pan prospect

Qualified Persons Statement

The information in this news release was compiled, reviewed, verified and approved by Mr. Luhann Theron, MSc (Geology), Member of the South African Council for Natural Scientific Professions (SACNASP), Senior Geologist for Lambda Tau. Mr Theron has 14 years' experience in exploration for metals and minerals of this mineralisation type, style and geological setting and is a qualified person as defined under the JORC Code and the AIM Rules for Companies. Mr Theron consents to the inclusion in this announcement of the technical matters based on his information in the form and context in which it appears.

Enquiries: 

Serval Resources	Company	Robin Birchall	+ 44 (0) 7711 313 019  [e-mail]
	IR	Cathy Malins	[phone]  [e-mail]
SP Angel Corporate Finance LLP	Nominated Advisor and Broker	David Hignell  Charlie Bouverat  Devik Mehta	[phone]
AlbR Capital Limited	Joint Corporate Broker	Lucy Williams Duncan Vasey	[phone]
Tavistock Communications	PR	Charles Vivian   Eliza Logan	[phone]

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED.

About Serval Resources 

Serval Resources (AIM: SRVL) is an AIM-listed explorer focused on copper and associated future metals critical to the global energy transition and digital economy. The company is building a portfolio of exploration and development assets in the emerging copper belts of Namibia, Botswana and Côte d'Ivoire, aiming to become a leading mid-cap player by applying modern, systematic exploration techniques in underexplored but highly prospective African regions.

For further information, visit: 

• https://servalresources.com/    

• https://x.com/ServalResources  

• https://www.linkedin.com/company/serval-resources/  

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