Teufelskuppe Rare Earth Project – Development Plan

Kendrick Resources PLC

06 May 2026

 

6 May 2026

Kendrick Resources Plc
("Kendrick" or "the Company")

Teufelskuppe Rare Earth Project -Development Plan

Kendrick (LSE: KEN), is pleased to provide an update on the project development plan which includes a Project Update and history and a Strategic Development and Operational Delivery plan for the Teufelskuppe ("TK") and Kieshöhe ("KH") rare earth licences in Namibia (the "Projects"). As announced on 23 February 2026 the Company has entered into a definitive agreement with Bonya Exploration Pty Namibia ("Bonya") by which it gained a 70% interest in the Projects.

Highlights

·    On-schedule diamond drill programme to unveil sub-surface carbonatites at Teufelskuppe and Kieshöhe

·    Definition of key milestones in the pathway to initial production

·    Benchmarking of Teufelskuppe against comparable projects

·    Business plan framework for partnerships and financing

Project History

The results of the principal channel sampling programme conducted at TK between 2018 and 2021, and inherited by the Company, have been published following independent review, and are freely available in an open-access scientific journal: Marlow AG and Palmer MR (2023). A preliminary study of the rare earth element-enriched Twyfelskupje carbonatite complex, southern Namibia. Geological Magazine, Volume 160: pages 305-321. This endorsement of the exploration results in a peer-reviewed scientific journal provides exceptional confidence as to their authenticity.

Progress since Acquisition

The TK project is already broadly defined, and the Company is working towards a maiden Mineral Resource Estimate ("MRE") and accompanying LREO (light rare earth oxides) inventory for outcropping mineralisation over the 8 TK distinct bodies based on data from a custom-made high resolution Digital Elevation Model ("DEM") currently being processed. Historic in-house estimates already exist and the DEM survey is expected to provide the basis for a modest but accurate initial resource based on grab and channel sampling and drill data.  

After concluding the definitive agreement with Bonya, the Company commissioned a higher-resolution natural terrain feature map of TK using, satellite imagery to create detailed maps of the eight most prominent plugs, dykes and cone sheets -all of which are above-surface features and exploration targets. This commission follows on from a preliminary surface resource estimation by Bonya which has not been published as it is unverified, albeit very encouraging.

The high-grade carbonatite-bearing material being located at, or near, surface significantly reduces the complexity typically associated with mine development. The mean TREO tenor for TK is an exceptional grade of 3.1 wt% with the carbonatites from the central zone showing the highest average TREO abundances (mean of 4.5 wt %, n = 54), and the dyke stockwork also having a high mean abundance (4.2 wt %, n = 45). Data from the less intensively sampled Kieshöhe showed promising TREO grades: averaging 1.5 wt %.

On 16 March 2026 the Company announced it had completed assays of an inherited diamond drill hole ("TWDD001") with mineralisation at the base of the core returning a grade of 6.1 wt% TREO and an exceptional intercept of 8.1 w% TREO over 21.2m from 59.5m depth. Notably, TREO wt% grades never dropped below 6.0 wt% and peaked at 10.7 wt% TREO over the 21.2m run.

Strategic Development and Operational Delivery plan

As outlined below the Company has an Exploration to Production plan including a work programme developed in light of the position of Kendrick's rare earth projects in a global context and have identified clear Commercial Objectives and Partnership Opportunities

Colin Bird Chairman commented: "We are moving forward with the TK carbonatite project on several fronts in parallel. In a dynamic market that has a voracious appetite for rare earth super magnet minerals we are pursuing our internal objectives but also remain flexible and thus listen to parties interested in partnering in relation  to our project. We continue to discover new resources with our fast-track exploration strategy and we are now of the opinion that TK has the economic potential to become a Tier 1 project in this sector".

Exploration to Production

The Company is benefitting from an operating environment that allows maximum flexibility, and permits updates on timelines, the assessment of alternative funding strategies, and routes to market. By progressing a dual-pathway model of advancing an in-house production plan in parallel with a receptive approach to external interest, the Company creates multiple opportunities to unlock value from its underlying assets.

The publication of the schedule outlined below represents a key milestone by defining a work programme to advance the priority target of TK towards development. Kieshöhe will be progressed in parallel as a key contributor to the rare earth resource base of the Company.

The work programme to be delivered includes:

Ø An active and targeted drilling campaign to ascertain the depth of carbonatite mineralisation below the natural surface profile of the two EPL landscapes and additional to the 8 outcropping extrusions that make up the TK Complex. A similar campaign but focussed on the carbonatite sheets is underway at Kieshöhe where an extraordinary density of mineralised carbonatite sheets bodes well for a significant tonnage albeit at a lower grade than TK.

Ø Conversion of the above-ground resources in target areas TW1 to 7 to JORC (2012) compliance.

Ø Comprehensive metallurgical testing, petrology and engineering studies covering comminution, beneficiation, and metallurgy, including the separation of Nd-Pr oxide from mixed rare earth concentrates.

Ø Advancing the feasibility of pre-concentrating mined ore for local transport to a central processing facility.

Ø Engagement of a specialist engineering consultancy to create conceptual open pit mine (shell) plans, especially for a high-grade 'starter' pit.

Ø Associated environmental, permitting and commercial studies.

Ø Engagement with potential strategic, development and trading 'off-take' partners.

Ø The development of an updated financial model and project valuation.

Ø Complete a Preliminary Feasibility Study ("PFS') and Preliminary Economic Assessment ("PEA") in the shortest possible timeframe.

This programme is seen by the Company as an important endorsement of TK as a globally significant rare earth project. The planned work creates a platform which will deliver multiple tangible outcomes and sustained news flow, while refining the project's technical and economic parameters and supporting a potential increase in project value through updated financial modelling. This workstream will progress alongside a strategy of pursuing and evaluating potential partnerships across the global rare earths value chains.

Kendrick Rare Earth Projects in a Global Context

Kendrick is focusing its current endeavours and investment in Namibia on the Bonya project. The TK project in a development and economic context, and relative to other rare earth elements ("REE") projects is shown in Table 1. This benchmarking excludes the low grade but also low operating cost ionic clay projects of Brazil, Uganda and Madagascar as there are too many variables to make a comparison that would withstand peer review.

It must be recognised that mining projects are dynamic through their lifespan so factors such as life of mine, location, output, resource classification, operating costs and capex plus market or product variables preclude simple cross-comparisons. Notwithstanding, Table 1 below shows TK in the context of broadly similar projects elsewhere, specifically those that are focused on the high-value super magnet rare earths, neodymium and praseodymium. The Company expects to provide a near-term update of the benchmarking table once the final data from the DEM survey are available.

Table 1: Benchmarking Teufelskuppe by TREO Ore Grade³

Project	TREO Ore Grade (wt%)	Resource /Reserve (Mt)	Nd2O3 & Pr6O11 Grade (wt%)	Status	Market Capitalisation (GBP)4
Mountain Pass (MP Materials) (USA)	7.06	18.9	Nd/Pr combined 1.08	Production	7,800M ($ 9.8Bn)
Mt Weld (Lynas Rare Earths) (Australia)	6.4	32.0	Nd/Pr combined 1.50	Production	10,700 M (A$21.8Bn)
Teufelskuppe (Kendrick) (Namibia)	4.181&2	Unknown	Nd/Pr combined 1.00	Resource Definition	11M
Longonjo (Pensana) (Angola)	3.04	22.0	Nd/Pr combined 0.80	Construction	319M
Nolans (Arafura Rare Earths) (Australia)	2.60	56.0	Nd/Pr combined 0.65	Construction	715M (A$1.35Bn)
Tanbreez (Critical Metals Corp) (Greenland)	0.55	28.0	Nd/Pr combined 0.55	Resource Upgrade	910M  ($1.1Bn)
Phalaborwa (Rainbow RE) (South Africa)	0.44	35.0	Nd/Pr combined 0.125	DFS	163M

Notes

1 - Based on mean values from borehole TWDD001 and grade and channel samples from Teufelskuppe

2 - Excludes further contribution of 0.15% from Sm and the HREOs: Eu, Gd, Tb and Dy

3 - Information sourced from:

                        www.rainbowrarearths.com,

www.pensana.co.uk,

www.arultd.com

www.mpmaterials.com  

www.lynasrareearths.com

www.sciencedirect.com/science/article/pii/S1674987115001310 (Baya Obo, China)

Hatch, G.P. (2014). TMR Advanced Rare-Earth Projects Index. Technology Metal Research.

www.techmetalsresearch.com/metrics-indices/tmr-advanced-rare-earth-projects-index

www.criticalmetalscorp.com

4- Data as of 24.4.26

Commercial Objectives and Partnership Opportunities

The Company is positioning itself to deliver both short-term returns and long-term strategic value. In an environment where demand for critical minerals continues to rise, this flexible approach is seen as a powerful model for future resource development, while strengthening links with the global rare earth supply chain.

Commercial demand for REEs is surging, driven primarily by the transition to green energy, electric vehicles ("EVs"), and advanced defence technology, with the market expected to grow from $8 billion in 2024 to $16 billion by 2030 (Wood Group, 2026). Key demand drivers include neodymium (NdFeB) permanent magnets, vital for EV motors and wind turbines. This growth forecast is accompanied by an anticipated supply-demand imbalance that is expected to create high demand for new mining projects.

New projects in stable jurisdictions with a mining history and mature mining code place Namibia and the Company's TK project in favourable space. Moreover, some countries are now actively seeking to secure supply chains, with the USA signing critical mineral deals with Australia and agreements with Vietnam and Japan to build alternative supply chains (SFA, Oxford, 2026).

Mindful of this opportunity the Company is now actively seeking dialogue with prospective partners in the neodymium and praseodymium niche markets. This is in recognition of the exceptionally high combined percentage (ca. 1%) of these two high value super magnet metals in the rare earth pool of the TK project - benchmarked at 3-4% TREO.

Such envisaged support at the partnership level will play a crucial role in de-risking the project. It enables:

·      More advanced technical studies

·      Improved process design and engineering

·      Updated economic modelling

·      A clearer pathway toward production

In a marketplace dominated and skewed by China (European Commission: Study on the Critical Raw Materials for the European Union, 2023), a prospective new Namibian supply of at least two key, and scarce, rare earth elements, neodymium (Nd) and praseodymium (Pr), is strategically significant. Diversification of market supply to meet increasing demand is a recognised planning priority for all industrialised nations as exemplified by the EU Critical Raw Materials Act (2023).

The Company intends to be a significant player in meeting the anticipated shortfall of these critical materials for societies the world over. By building partnerships, Kendrick expects to enhance the project's perceived value and support the Company's ambition to become a significant supplier in the global marketplace.

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

This announcement contains information which, prior to its disclosure, was inside information as stipulated under Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310 (as amended).

For further information, please contact:

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

Qualified Person

The technical information contained in this announcement has been reviewed, verified, and approved by Colin Bird, CC.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.

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

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.

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

Jorc 12 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.

Wt % = Weight Percentage

 

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