Mineralogy, Metallurgical & Radioactivity Update

Kendrick Resources PLC

10 September 2026

 

10 September 2026

Kendrick Resources Plc

("Kendrick" or the "Company")

Mineralogy, Metallurgical & Radioactivity Update

 Mineralogy and Metallurgical Test Work Update and Radioactivity Status

Kendrick Resources Plc is pleased to announce significant positive mineralogical, metallurgical and radioactivity findings from its Teufelskuppe ("TK") Carbonatite Complex Project in Namibia, reinforcing the project's potential as a significant rare earth opportunity.

Highlights

·    Independent laboratory analysis confirms that Teufelskuppe REEs are hosted in fluorominerals commonly associated with major global rare earth deposits

·    More than 95% of the rare earth pool is contained in minerals amenable to established processing routes

·    Certified assays confirm low thorium and uranium levels, averaging 144ppm and 3.6ppm respectively

·    Thorium and uranium levels rank in the lowest quartile of comparable hard-rock rare earth projects globally

Colin Bird, Chairman of Kendrick Resources, commented: "TK continues to advance on multiple fronts. The significance of the latest mineralogical and radioactivity results from certified assays showing the Bonya project to have thorium and uranium levels notably lower than global averages or that of many currently operating REE projects should not be overlooked since high content of radioactive elements has traditionally been a "Project Stopper" or led to a requirement for very high cost (capex and opex) processing routes. This represents one of the three major milestones having been met and neatly leads into the design of a flow sheet that will have fewer complications not being burdened by high radioactivity levels".

Background and Objectives

On 10 March 2026, Kendrick announced a work programme for TK to establish a robust mineralogical and metallurgical foundation for future processing studies. The programme included external specialist analysis of the petrology, crystallography and mineralogy of the TK carbonatites to support practical mineral separation test work and the development of a project-level processing pathway.

The consultant used X-Ray Diffraction ("XRD") to quantify mineral phases in 13 samples across cone sheets, plugs and dykes representing the eight outcropping structural units currently comprising the TK project. Electron Probe Microanalysis ("EPMA") was used to assess matrix, gangue and REE minerals, phase relationships, crystal habits and REE enrichment.

Mineralogy and REE Minerals

The study has confirmed earlier external work by Marlow and Palmer (2023), which indicated that TK's dominant REE-rich minerals belong to the REE fluorocarbonate group.

Bulk sample analysis confirms that TK's rare earth-bearing fluorocarbonates are dominated by bastnäsite and parisite, with total REE mineral content ranging from 1.3% to 7.8% and averaging 3.8%. This is consistent with the higher quartile of rare earth abundances identified in historic and recent exploration at TK. Importantly, the mineralogy is typical of major carbonatite deposits globally and supports the potential use of established processing methods.

As announced on 26 August 2026, three bulk samples have been submitted to Dorfner Anzaplan ("Anzaplan") for early-stage metallurgical assessment and Mineral Liberation Analysis for LREO recovery. Anzaplan's programme is being guided by the mineralogy report and is based on representative samples from the principal structures of the TK carbonatite complex.

Uranium and Thorium - Context

Radioactivity is commonly associated with rare earth deposits because thorium and uranium can substitute into rare earth mineral lattices and must be managed during processing. At TK, low uranium and thorium levels point to a materially reduced radioactivity profile compared with many comparable projects.

The Bonya Exploration dataset previously indicated relatively low TK radioactivity, averaging 294ppm thorium and 2.6ppm uranium (Marlow and Palmer, 2023).

Certified Laboratory Assays from SGS South Africa announced on 2 September 2026 confirm this favourable profile, with the northern suite of TK outcrops averaging 144ppm thorium and 3.6ppm uranium across 96 samples.

Kendrick expects TK's radiation protection and Naturally Occurring Radioactive Material (NORM) waste management requirements to be addressed through standard industry practices.

Benchmarking Bonya: Th and U

TK's low thorium and uranium levels represent a potential environmental, permitting and operational advantage relative to several rare earth peers.

The contrast with comparable projects is notable: Whilst TK averages 144ppm thorium and 3.6ppm uranium, comparable REE projects either in production or under development have thorium grades ranging from 240ppm to 2,900ppm and uranium grades ranging from 30.0 to 360ppm. The significantly lower grades for thorium and uranium at Bonya bode well for a simpler flow sheet design and lower capital and operating cost structures.

Kendrick believes TK is well positioned with fluoromineral-hosted rare earth mineralisation, calcite carbonatite host rocks and very low thorium and uranium levels that are expected to support a more straightforward path through future technical, environmental and permitting work than many higher-radioactivity rare earth projects.

Qualified Person

The technical information contained in this announcement has been reviewed, verified, and approved by Colin Bird, C. Eng, FIMMM, South African and UK Certified Mine Manager and Director of Kendrick Resources plc, with more than 40 years' experience mainly in hard rock mining.

Reference citations

Marlow AG and Palmer MR. (2023). A preliminary study of the rare earth element-enriched Twyfelskupje carbonatite complex, southern Namibia. Geological Magazine 160: 305-321.

Wood Group. (2026). https://www.woodgroup.com/company/our-business

SFA Oxford. (2026). https://www.sfa-oxford.com/rare-earths-and-minor-metals

ENDS

For additional information please contact:

Kendrick Resources Plc: Chairman	Tel: [phone] Colin Bird
AlbR Capital Limited Financial Adviser Joint Broker	Tel: [phone] David Coffman / Dan Harris  Jon Bellis
Shard Capital Partners LLP Joint Broker	Tel: [phone] Damon Heath / Isabella Pierre

About Kendrick Resources Plc

Kendrick Resources Plc is a mineral exploration and development company whose strategy is to acquire and enhance the value of its mineral resource projects through exploration, technical studies and resource development and to bring projects to production through joint venture or other arrangements or their sale.

The Kendrick Board has extensive resource project experience in southern Africa and has gravitated back to the region with the acquisition of the Bonya Rare Earth Project located in Namibia and in late 2025 exercised an option in relation to the acquisition of the Blue Fox Licence, 34412-HQ-LEL located in northwest Zambia.

About Teufelskuppe:

Development Plan Progress

The Company is progressing the TK project in line with the published Development Plan schedule announced on 6 May 2026. Verification of the in-house MRE and upgrading to compliance with JORC (2012) has been initiated alongside the still progressing diamond drilling and reverse circulation drilling campaign to ascertain the depth and sub-surface spread of carbonatite mineralisation below the natural surface profile of the TK landscape.

Economics and Markets

The predominant rare earths of economic value in the TK complex are light elements in the order Ce>La>Nd>Pr, with neodymium (Nd) and praseodymium (Pr) together providing an average 25% (by wt) of the ca. 3% wt% rare earth pool. HREO's average 0.15 wt% across surface and deeper carbonatites. These grades continue to position the TK carbonatite complex in the upper quartile on a global scale compared with the major producers of rare earths elsewhere (Center for Strategic and International Studies, January 2026).

Rare earths are critical to specific modern technologies where no effective substitutes exist. Sustained demand for super magnets in electronics, renewable energy, and electric vehicles continues to push prices upwards and manufacturing need shows no sign of slowing. The global metals market is valued at approximately $18.2 billion with a Compound Annual Growth Rate (CAGR) of 7.6% (Intnl. Energy Agency, 2026). The present trends are further underpinned by demands for rare earths used in defence systems, medical imaging, telecommunications and advanced visual displays. All these sector demands underpin the commercial potential of the TK project.

Diversification of market supply to meet increasing manufacturing need is a recognised priority for most industrialised nations and international partnerships are being formed to diversify and protect supply chains for key industrial sectors, and to safeguard against supply disruptions (Fortune Business Insights, 2026)

The Company is entirely focused on ways in which the development of TK can address the needs of free-market economies and to the benefit of all stakeholders including Namibia, the host nation.

Near-Term Development Plan for TK

The Company is advancing JORC-2012 certification of the provisional and visible 14Mt surface mineral resource estimate for TK as announced on 11 May 2026. Recent drill results further underpin the confidence that these surface resources are only a modest fraction of the mineable total as indicated on 15 May 2026. Channel data, when tied-in with the results from boreholes provide ever-increasing certainty of both lateral continuity in surface rare earth mineralisation and the continuation of REE-rich resources at mineable depths well below the natural desert land surface.

The Company projects a much larger resource for the overall project than is known at this time. Drill data is showing sub-surface geo-continuity thus offering a potentially significant resource upside.

TK is developing into a prospective new source of commercial rare earth production for free-market economies and industrialised nations, and the combination therein of ⁵⁹ Pr and ⁶⁰Nd remains the economic cornerstone of the Project. Development through to production will enable Namibia to realise and secure one of the largest newly recognised rare earth deposits in the world for defence and advanced technologies.

The nearby presence of other intrusive carbonatites at Kieshohe, together with a defined in-house (non-JORC) Mineral Resource and established access and infrastructure, positions TK as a near-term development opportunity with exciting potential.

About Anzaplan

https://www.anzaplan.com/company/

ANZAPLAN is well equipped to develop flowsheet and process design following different processing routes for REE bearing minerals. Evaluation of tailored programs for the physical processing of REE ores to REE mineral concentrates can be performed at various scales. Specific processing unit operations include comminution, sensor-based sorting, electrostatic separation, flotation and dry or wet magnetic separation, precipitation, crystallization, purification (solvent extraction, ion exchange) and filtration processes which are essential parts in the development of hydrometallurgical processes concerned with the production of REE specialty chemical products.

ANZAPLAN's hydrometallurgical facilities can achieve light, medium and heavy rare earth specialty chemicals including the removal of radionuclides (U, Th).

Glossary:

Carbonatite: An igneous rock containing >50 modal % primary (magmatic) carbonate and ≤20 wt% SiO₂. There are three main types: Calcitic (calcio) carbonatites, magnesiocarbonatites and ferrocarbonatites. Occur as lava flows and more commonly as intrusions.

Carbonate: Common minerals containing the carbonate anion (CO3^2-) for example calcite (CaCO₃), dolomite (CaMg(CO₃)₂, siderite (FeCO₃) and Ankerite Ca(Fe,Mg,Mn)(CO₃)₂.

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

Ferrocarbonatite: A carbonatite in which the main carbonate mineral is iron-rich, for example, ferroan dolomite, ankerite or siderite.

Fluorcarbonates: A group of minerals consisting of variable calcium, high fluorine, and rare earth elements. Examples are Synchysite and Parisite.

MRE: Mineral Resource Estimate

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

JORC 2012 Mineral Resource Code: The Australian Code for Reporting Exploration results, Mineral resources and Ore reserves. Enforces minimum standards and guidelines for public reporting of mineral resources and ore reserves. Classifies mineral resources into Inferred, Indicated and Measured based on the level of geological confidence regarding the quality and quantity of the resource.

Petrological studies: the study of the formation of rocks, subsequent deformation and alteration. Quantification of mineral composition and mineral relationships.

REE : Rare Earth Elements. Elements with an atomic number between 57 and 71 plus Scandium and Yttrium.

TREE: Total Rare Earth Elements; sum of LREE and HREE to a total of 17 elements.

LREE: Light Rare Earth Elements including Lanthanum (La), Cerium (Ce), Neodymium (Nd), Praseodymium (Pr), Scandium (Sc), Samarium (Sm) and Europium (Eu) and Promethium (Pm).

HREE: Heavy Rare Earth Elements including Yttrium (Y), Gadolinium (Gd), Terbium (Tb), Dysprosium (Dy), Holmium (Ho), Erbium (Er), Thulium (Tm), Ytterbium (Yb) and Lutetium (Lu).

LREO: Light Rare Earth Oxides including La2O3, CeO2, Nd2O3, Pr6O11, Sc2O3, Sm2O3, Eu2O3.

HREO: Heavy Rare Earth Oxides including Y2O3, Gd2O3, Tb4O7, Dy2O3, Ho2O3, Er2O3, Tm2O3, Yb2O3 and Lu2O3.

TREO: Total Rare Earth Oxides.

Wt % = Weight Percentage

 

END