Strategic Update in relation to Aftan

Kazera Global PLC

18 May 2026

 

The information contained within this announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations under Article 17 of the UK MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain. 

18 May 2026

Kazera Global plc

("Kazera" or the "Company")

Strategic Update in relation to Aftan

Kazera Global plc (AIM: KZG), the AIM-quoted investment company, is pleased to provide an update regarding the ongoing evaluation of strategic options relating to its interest in African Tantalum (Pty) Ltd ("Aftan" or the "Project"), a tantalum and lithium project in southern Namibia, and continued and growing expressions of interest from third parties.

Highlights

·    Continued and growing expressions of interest received in relation to the development of Aftan

·   Board review of historical technical and operational information available to Kazera reinforces the Project's tantalum and lithium potential within Namibia's emerging critical minerals sector

·    Recent technical analysis undertaken by Kazera highlights potential dry beneficiation methodologies which may be suitable for the Project, potentially reducing water requirements meaningfully and supporting a more commercially attractive future development pathway

·   Technical analysis highlights broader district-scale exploration upside, with modern drilling and Mineral Resource estimation historically focused on only three of at least thirteen known mineralised pegmatites. There remain significant areas of the licence relatively underexplored

·    Evaluation ongoing regarding potential strategic pathways available to Kazera in relation to its interest in Aftan

·    Focus on identifying an appropriate route forward with minimal, if any, recourse to Kazera shareholders for additional capital

As part of the Board's ongoing strategic review of the Group's asset base and development priorities, individual directors have been taking active roles across key strategic workstreams within the business. In this context, Paul Dulieu, Non-Executive Director, has been supporting the Board's evaluation of the strategic options available to Kazera in relation to its interest in Aftan.

Paul Dulieu, Non-Executive Director of Kazera, commented: "Since the recent strengthening of the Board, we have been undertaking a significant amount of work focused on advancing key strategic priorities and identifying technically capable and financially robust partners to help unlock value from our asset base.

"In relation to Aftan, reviewing historical technical and operational information together with recent technical analysis has reinforced our view regarding the Project's broader potential and strategic relevance within the critical minerals sector.

"Importantly, the work undertaken has highlighted what we believe may be a more capital-efficient route to unlocking value from the Project over time, particularly through an improved understanding of potential dry processing pathways and the wider pegmatite system.

"We have received continued and growing expressions of interest in relation to Aftan and are carefully evaluating the range of potential pathways available to Kazera in relation to its interest in the Project. Our focus is on identifying the right long-term route to create value for shareholders while supporting future operational activity, job creation and economic participation within Namibia."

Project Update and Background

As referenced in the Company's RNS on 27 April 2026, Kazera has been evaluating a number of potential strategic pathways available to it in relation to its interest in Aftan, including discussions with a number of interested parties.

The Company also continues to progress matters relating to the previously announced arbitration proceedings involving Hebei Xinjian Construction ("Hebei") in accordance with the relevant legal and regulatory framework.

As previously announced, Kazera was successful in binding arbitration proceedings relating to payment obligations under the transaction with Hebei, with the arbitration award finding that Hebei had breached its contractual obligations. Under the terms of the original transaction, Kazera retained legal title to the issued shares in Aftan as security pending full payment of the consideration.

The arbitration award was final and binding, with Hebei subsequently initiating legal proceedings in Namibia seeking a review of aspects of the arbitration process, rather than the substantive findings of the award itself. The Company remains confident in its legal position, has received legal advice supporting that position, and continues to protect Kazera's interests whilst awaiting the outcome of those proceedings.

Against the backdrop of strengthening tantalum and lithium market dynamics, including tantalum prices at multi-decade highs, and continued strategic interest in critical minerals supply chains, Kazera is receiving increasing expressions of interest in relation to Aftan. The Board believes recent technical work relating to dry beneficiation pathways, together with the Project's broader pegmatite potential, further reinforces Aftan's strategic relevance and long-term prospects.

Strategic and Technical Review

Over recent weeks, following the strengthening of the Board, Kazera has reviewed the historical technical and operational information available to it in relation to the Project, together with recently completed technical analysis undertaken by Kazera relating to potential processing pathways and associated commercial considerations.

This work included consideration of:

·      historical technical datasets and Mineral Resource Estimates;

·      historical mining activities;

·      recently completed technical work relating to dry processing pathways;

·      broader exploration potential across the mining licence; and

·      potential phased development scenarios.

The Board believes the analysis undertaken has reinforced the Project's potential significance as a tantalum and lithium opportunity within Namibia's emerging critical minerals sector, with current tantalum and lithium prices indicating materially enhanced potential project economics.

Recent technical analysis undertaken by Kazera has materially improved the Company's understanding of potential dry processing routes with minimal water requirements. Based on this work, the Project's mineralogy appears potentially well suited to dry magnetic, electrostatic and triboelectric separation techniques, which may differentiate the Project from comparable critical minerals projects requiring more conventional water-intensive processing routes.

The Board believes this could prove particularly relevant in Namibia's arid operating environment and may offer both environmental and economic advantages in relation to any future development pathway.

In particular, the review highlighted:

·   potential dry beneficiation characteristics comprising low-water processing routes and dry separation techniques;

·     the presence of multiple mineralised pegmatites across the licence area, with modern drilling and Mineral Resource estimation historically focused on only three of at least thirteen known mineralised pegmatites and broader exploration across the licence being relatively limited;

·      potential broader district-scale pegmatite upside; and

·      potential phased development pathways incorporating both tantalum and lithium opportunities.

Strategic Discussions and Partnership Engagement

Kazera has received expressions of interest from, and has held discussions with, a number of parties possessing experience across:

·      critical minerals development;

·      exploration and resource development;

·      downstream tantalum and lithium processing;

·      critical minerals supply chains; and

·      mine development and operations.

Kazera is evaluating a number of potential pathways available to it in relation to its interest in Aftan. This includes consideration of structures which may support:

·     long-term development of the Project;

·     long-term positive impact for the local community and economy;

·     recognition of the technical work completed to date;

·     the broader potential of the licence area;

·   alignment with Namibia's growing strategic importance as a source of responsibly developed critical minerals; and

·     minimal, if any, recourse to Kazera shareholders for additional capital.

Further updates will be provided as appropriate.

ENDS

For further information, visit www.kazeraglobal.com or contact:

Kazera Global plc Paul Dulieu, Non-Executive Director	[e-mail]
Strand Hanson Limited (Nominated, Financial Adviser and Broker) Christopher Raggett / Ritchie Balmer	Tel: [phone]
Zeus Capital Limited (Joint Broker) Harry Ansell / Simon Johnson / Katy Mitchell	Tel: [phone]
St Brides Partners Limited (Financial PR) Isabel de Salis / Charlotte Page	[e-mail]

Notes

Kazera Global plc (LON:KZG) is a diversified commodity investment company focused on unlocking value through production growth and disciplined portfolio management. While production builds at its Whale Head Minerals (Heavy Mineral Sands) and Deep Blue Minerals (diamond) assets in South Africa's Northern Cape province, the Company also continues to assess new opportunities to expand its growth pipeline and deliver sustainable returns.

 

END