Tanzania Update

Ubuntu Mining and Metals Inc.

13 October 2026

 

13 October 2026

Ubuntu Mining & Metals Inc.

("Ubuntu" or the "Company")

Tanzania Update

Ubuntu Mining & Metals Inc. (AQSE: UNTU) is pleased to provide an update on its Tanzanian activities, following its announcement of 16 April 2026.

Highlights

•       The non-binding Letters of Intent with M/S Yahweh Mining Company Limited ("Yahweh") announced on 16 April 2026 have been superseded by a binding agreement covering Nachingwea.

•       120 bulk sample pits completed across Prospecting Licence PL 13678/2025 at Nachingwea, returning a volume-weighted recovered gold grade of 0.44 g/m³ (490.94 g of gold from 1,105.77 m³ bank volume).

•       A 12-day pilot using a 12 tph trommel wash plant recovered 290g of gold.

•       Local SPV, Treasure Trove Mining and Metals Company Limited (“TTMM”), incorporated in May 2026; Ubuntu currently holds 42.9% with an option to increase this to 60%.

Binding agreement with Yahweh

Further to the announcement of 16 April 2026, the Company has entered into a binding agreement with Yahweh for cash consideration of USD35,000 following which a bulk sampling exercise was conducted, a small wash plant procured and sundry equipment hired.

Following the execution of legally binding documents, Ubuntu currently holds 42.9% of the issued share capital of TTMM, with the remainder held by Yahweh.

Nachingwea District, Lindi Region – Exploration Update

Licence details

Licence	PL 13678/2025 – Prospecting Licence (Metallic Minerals)
Licence holder	Currently Yahweh but being transferred to TTMM
Official area	Approx. 11.57 km², with a small block (approx. 0.19 km²) excluded
Location	Nachingwea District, QDS 293/1; approx. 10°00′05″–10°02′22″ S and 38°40′40″–38°42′29″ E

Geology. The licence lies within the Neoproterozoic Mozambique Belt: granulites, gneisses and quartzites, locally deeply weathered to saprolite. Gold in the wider Lindi Region (Nachingwea–Liwale–Ruangwa) is known from small-scale hard-rock and alluvial workings. The profile encountered comprises (1) topsoil and overburden, 0.4–4.5 m thick (average 2.56 m); (2) gold-bearing gravel, 0.3–2.0 m thick (average 1.00 m); and (3) bedrock of granulite, gneiss, saprolite, quartzite or sandstone. Gold is richest on the bedrock surface.

Sampling programme. 120 bulk sample pits were excavated on 12 north–south lines (A to L, west to east) approximately 276 m apart, with 10 pits per line spaced approximately 370–429 m apart. Pits avoided the excluded block. At each pit the position was recorded by GPS (Arc 1960) and the overburden was logged. The full thickness of gravel and the top 10–20 cm of bedrock were excavated and the bank volume measured (6–12 m³). Material was processed through a trommel and sluice, and the concentrate was panned without mercury. Gold was dried and weighed to 0.1 mg, and its shape and size recorded.

Grade (g/m³) is recovered gold weight divided by bank volume. The gold was weighed and has not been assayed for fineness, and results are unaudited.

Results

Measure	Result
Samples	120
Total bank volume (m³)	1,105.77
Total gold recovered (g)	490.94
Volume-weighted grade (g/m³)	0.44
Mean of sample grades (g/m³)	0.45
Median grade (g/m³)	0.36
Highest grade (g/m³)	2.85
Samples at or above 0.30 g/m³	70 of 120
Mean overburden (m)	2.56
Mean gravel thickness (m)	1.00
Stripping ratio (overburden : gravel)	2.57 : 1

The five highest-grade samples were:

Sample	Pit	Grade (g/m³)	Overburden (m)	Gravel (m)	Gold form
NCB-116	P-L06	2.85	3.84	0.66	Fine flakes
NCB-016	P-B06	1.57	2.87	0.73	Nuggety
NCB-020	P-B10	1.50	1.42	0.50	Fine flakes
NCB-018	P-B08	1.35	2.17	0.85	Fine flakes
NCB-026	P-C06	1.28	2.85	0.60	Fine flakes

Gold character across all samples was: fine flakes (46 samples), flakes and grains (19), nuggety (17) and grains (14). A further 24 low-grade samples showed only very fine flour gold or trace colours.

Interpretation

•       Alluvial grades are reported per cubic metre of bank material rather than per tonne because the material is loose sand, gravel and soil. At a bulk density of 1.85–2.05 t/m³ the volume-weighted grade is equivalent to approximately 0.21–0.24 g/t.

•       Four of the five highest-grade samples were located on lines B and C, with the remaining one on line L. Every line averaged at or above 0.30 g/m³, which the Company has used as an indicative reference threshold only. It is not an economic cut-off, and no economic assessment has been undertaken.

•       The median (0.36 g/m³) is below the mean, and the highest value (2.85 g/m³) comes from a single pit with 0.66 m of gravel. High single values need to be re-sampled before being relied on.

•       Overburden of about 2.6 m for every 1.0 m of gravel means waste removal is expected to be the main cost. Areas with thinner overburden and good grades, such as P-B10, are the likely first targets.

•       Many pits required pumping. Dewatering will need to be planned, with work concentrated in the dry season (June to November).

The results indicate gold-bearing gravel across the sampled area, but the 120-pit grid does not by itself demonstrate continuity, and no Mineral Resource has been estimated.

Subsequently, the following were undertaken:

1. Re-sampling all pits above 1.0 g/m³ and send duplicates to an accredited laboratory.
2. Trial mining test of 500–1,000 m³ to check plant recovery.

Pilot Run

A 12-day pilot run was carried out using a 12 tph trommel wash plant, which recovered 290 g of gold. The pilot run was a small-scale test and should not be taken as an indication of future production or revenue.

Processing Plans

It is intended that TTMM will acquire a 100 tph trommel scrubber plant and two centrifugal concentrators, which it expects to increase throughput and improve recovery compared with the pilot plant.

Local Tanzanian Company (SPV)

TTMM was incorporated in Tanzania in May 2026 to hold the Company's interests in current and future projects in the Republic of Tanzania. Ubuntu currently holds 42.9% of the SPV and holds an option to increase its holding to 60%. The balance is held by Yahweh.

Bukwimba Licenses

Following the completion of reconnaissance geological mapping over the Bukwimba Primary Mining Licenses in June 2026, field work confirmed that the licence area is extensively occupied by artisanal miners actively working the Banded Iron Formation. The project will remain on hold while the Company engages with the relevant parties to address the artisanal occupation. Following this process, the Company will determine whether to resume exploration or relinquish the licenses.

Competent Person

The CP is Winston Wilson Nnko, Exploration Geologist, registered with the Tanzania Geological Society (TGS). Mr. Nnko has five years of field experience in gold exploration in Tanzania and carried out the field mapping reconnaissance on the Bukwimba Project.

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).

The directors of the Company accept responsibility for the contents of this announcement.

For further information:

Ubuntu Mining and Metals, Inc. Eitan Yanuv, Non-Executive Chairman Manish Shavadia, Chief Financial Officer	Tel: [phone] Tel: + 44 (0) 7572 305 844
AlbR Capital Limited (Aquis Corporate Adviser) David Coffman	Tel: [phone]

 

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