Kendrick Resources Plc
(“Kendrick” or “the Company”)

Final Results for period to 29 December 2025

Kendrick Resources Plc, the 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, is pleased to announce its full year results for the year ended 29 December 2025.

The Annual Report and Financial Statements for the year ended 29 December 2025 will shortly be available on the Company’s website at https://www.kendrickresources.com. A copy of the Annual Report and Financial Statements will also be uploaded to the National Storage Mechanism where it will be available for viewing at: https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

Please note that page references in the text below refer to the page numbers in the Annual Report and Financial Statements.

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: +44 2039 616 086 Colin Bird
AlbR Capital Limited Financial Adviser and Joint Broker	Tel: +44 207 469 0930 David Coffman / Dan Harris Jon Bellis
Shard Capital Partners LLP Joint Broker	Tel: +44 207 186 9952 Damon Heath / Isabella Pierre

 

CHAIRMAN’S STATEMENT:

Dear Shareholder,

I reported in my last chairman’s statement that despite having high potential nickel projects, the cost of exploration and associated works in Scandinavia was too expensive for a junior company in terms of total resource allocation.  This was compounded by the weakness of the nickel market, with nickel being the core of our exploration portfolio. I also highlighted that the Company was looking to restructure the portfolio to focus on these metals in jurisdictions it knows, including Southern Africa as it had strong access to people resource and a track record of success providing a network, which is essential for future development.

The board have in these financial statements elected to write off the Airijoki vanadium project in Sweden notwithstanding its prospectivity were it fully funded on the basis that the current funding market for vanadium projects remains very weak with little apparent chance of regaining its anticipated status in the renewal energy market. 

Our search for new projects was exhaustive and during the period we reviewed many opportunities, which we decided not to pursue either due to project fundamentals or imbalance between price expectations and prospectivity. 

During the year the Company announced on 29 September 2025 the exercise of its option to enter into a joint venture agreement for the exploration of and if appropriate development of the Blue Fox Copper project located in the Northwestern region of Zambia.

As a post balance sheet event, we announced the signing of a binding and exclusive agreement to enter into an option over rare earth licences in Namibia, namely EPL 4458 and EPL 6691.  The binding and exclusive period was valid until 19 May 2026.  On 23 February 2026, the company announced that it had exercised its option and entered into a definitive agreement with Bonya Exploration Pty Namibia (“Bonya”). 

Since signing the agreement, the company has conducted two capital raisings and conducted a data base preliminary interrogation.  The data base is very comprehensive and constitutes an excellent foundation base for future work.  We have sent previously generated core for assay and on 16 March 2026 reported excellent total rare earth values and particularly good values of light rare earths with magnetic properties much sought after.  The magnetic rare earths being Neodymium, Samarium and Praesidium. 

At the time of writing this report the Company is busy drilling and exploring in the licence areas with a view to fast tracking all elements of a feasibility study. 

Results for the year:The Group reported a loss before taxation for the year of £2,603,425 (2024: £3,437,121) mainly due to administrative costs of £443,003 (2024: £693,059), including professional, consulting and directors’ fees and an impairment of £2,176,953 (2024: £2,737,711) against licences we have decided to relinquish to focus on the Bonya rare earths and Blue Fox copper projects.  Net liabilities at 29 December 2025 amounted to £1,215,036 (2024: net assets of £1,320,795) including exploration and evaluation assets of £Nil (2024: £2,200,826) and cash of £6,525 (2024: £17,551).

Outlook:The junior resource climate has improved over the period and geopolitical tension has put many critical metals and minerals under the spotlight.  Rare earths in particular are generally under Chinese control, and the west has little access to the necessary sources of rare earths and the necessary processing facilities.  It is the opinion of the Board that our licences are very well situated in that they are 60km from Lüderitz, a deep-water port in southern Namibia, have a powerline running through the property and are close to a key arterial road within the country. 

The project history suggests that the potential for this project is well above the global average both in terms of tonnes and grade.  It is our intention to progress this project as fast as possible to progress the fundamentals to prove of statement i.e. the project is world class.

Kendrick looks forward to its new life in the rare earths arena and is doing all possible to enhance shareholder value in the short term. 

We will keep shareholders posted on our progress and in the meantime will seek to minimise costs and cash outgoings.

AGM and Resolutions:The resolutions for the forthcoming Annual General Meeting will be contained in a separate Notice which will be made available to shareholders and on the website www.kendrickresources.com. The Directors will recommend shareholders to vote in favour of all the resolutions and a form of proxy will be dispatched to all shareholders for this purpose.

I thank my fellow directors and management for their efforts in maintaining the business, whilst restructuring its purpose. 

Colin Bird

Chairman

28 April 2026

OPERATIONAL FINANCIAL CORPORATE AND STRATEGY REVIEWS

Introduction

Kendrick Resources Plc was admitted to the Standard Segment of the Main Market of the London Stock Exchange (“Admission”) on 6 May 2022 and is currently listed on the FCA’s Official List Equity Shares (transition) Category its principal activity is that of mining exploration and development.  Prior to this year  the Group’s focus has been on vanadium, nickel, and copper battery metals projects in Scandinavia via its subsidiaries.  During 2025 the Company has, given the Board’s extensive resource project experience in Southern Africa and the relative cost of developing projects in Southern Africa compared to Scandinavia, been focussing on acquiring projects in Southern Africa. In 2025 it exercised an option to acquire the Blue Fox copper exploration project located in northwest Zambia and post the year end acquired a 70% interest in  Bonya Exploration Pty Namibia (“Bonya“) Rare Earth Project located in Namibia which is now the Company’s main focus.

The Directors are required to provide a year-end report in accordance with the Financial Conduct Authorities (“FCA”) Disclosure Guidance and Transparency Rules (“DTR”). The Directors consider this Financial, Corporate and Operational Review along with the Chairman’s Report, the Strategic Review and the Directors’ Report provides details of the important events which have occurred during the period and which impact on the financial statements as well as the outlook for the Company and Group going forward.

The Group’s strategy is to enhance the value of its mineral resource projects through exploration and technical studies conducted by the Group or through joint venture or other arrangements with a view to establishing the projects can be economically mined for profit. The Group has been seeking to do this by building an energy metals production business focused on nickel, vanadium and copper mineral resources projects in Scandinavia.  However having assessed the current funding market for the Group’s Airijoki vanadium energy storage project in Sweden the Board have decided to make a full impairment provision against this project notwithstanding the prospectivity of the Airijoki Project were it fully funded.  This is so that the Company can focus instead on the Bonya rare earths project in Namibia acquired after the period end and the Blue Fox copper project in Zambia acquired late during the current period, these projects are more prospective than the Scandinavia projects and investors have shown a willingness to support these projects as evidenced by the Company’s fundraising post the year end.

Operational Review

Acquisition during the year

During the year the Company announced on 29 September 2025 the exercise of its option to enter into a joint venture agreement for the exploration of and if appropriate development of licence number 34412-HQ-LEL located in the Northwestern region of Zambia (“Blue Fox Copper project”).

Impairment Provision

Having assessed the current funding market for the Group’s Airijoki vanadium energy storage project in Sweden the Board have decided to make a full impairment provision against this project notwithstanding the prospectivity of the Airijoki Project were it fully funded.  This is so that the Group can focus instead on the Bonya and Blue Fox projects which are more prospective and for which investors have shown a willingness to support as evidenced by the Company’s fundraising post the year end.

In light of this assessment the decision has been made to make a full impairment provision in relation to the exploration and evaluation asset in relation to the Airijoki project. 

Summary of Blue Fox Copper Project in Northwest Zambia:

The Blue Fox project comprises large scale exploration licence 34412-HQ-LEL which was issued on 16 October 2023 and expires on 15 October 2027 and is for cobalt, copper, diamond, gold and silver.

·    The Licence which was previously held by Anglo American Corporation and is located within the highly productive and prospective External Fold and Thrust Belt which is itself situated between the Western Foreland and Domes domains of northwest Zambia.

·    The Licence is situated along strike of and in the same External Fold and Thrust Belt that hosts Tenke Fungurume (8Mt contained Cu) and the Mutanda mines in Democratic Republic of Congo

·    The Licence sits adjacent to known copper mineralisation hosted by Roan Group rocks and associated with salt diapir tectonics and fluidised breccias.

Financial Review

Financial highlights:

·    £2.6m loss before tax  (2024: £3.4m) due to an impairment provision of £2,176,953 (2024: £2,737,711) against the Airijoki vanadium licences in Sweden due to a poor funding market for the project

·    Approximately £7k cash at bank at the year end (2024: £18k).

·    The basic and diluted loss per share of 0.91 pence (2024: loss 1.40 pence) has been calculated on the basis of the loss of £2,603,425 (2024: loss £3,437,121) and on 286,415,275 (2024: 245,674,119) ordinary shares, being the weighted average number of ordinary shares in issue during the year ended 29 December 2025.

·    At the year end net liabilities were £(1.22)m due to the loss for the year (2024 (net assets of £1.32m).

Fundraisings and issues of shares and options

On 25 February 2025 the Company announced it had raised £107,500 before expenses  at 0.25 pence per Ordinary Share  through the issue of 43,000,000 new Ordinary Shares of £0.0003 each (the “Fundraising Shares”) (the “February 2025 Fundraising”).  Colin Bird, the Company’s Executive Chairman subscribed £20,000 for 8,000,000 Fundraising Shares which represented in aggregate 18.6 per cent. of the gross proceeds (“Colin Bird Share Subscription”).

During the period Colin Bird, the Company’s Executive Chairman has provided an interest free loan of £35,000 to the Company (“Colin Bird Loan”) and Michael Allardice who provides consultancy services to the company also provided an interest free loan of £3,800 in addition to the £17,500 which he lent in 2024.

Post the year end the Company has raised £1,587,000 by a combination of the issue of shares and convertible loan notes as detailed in note 23 (post balance sheet events) to the Accounts

The Company did not issue any share options during the period. On 28 February 2025, in connection with the February 2025 Fundraising  the Company issued a three year warrant to Shard Capital Partners PLC to subscribe for 1,550,000 shares exercisable at 0.25 pence per share.

Corporate Review

Company Board: The Board of the Company at the date of this report comprises Colin Bird, Executive Chairman, Martyn Churchouse Managing Director and Non- executive directors Kjeld Thygesen, Evan Kirby and Alex Borrelli.

Admission:The Company was admitted to what is now known as the Equity Shares (transition) Category of the FCA’s Official List and to trading on the Main Market of the London Stock Exchange on 6 May 2022.

Corporate Acquisitions

There were no corporate acquisitions during the period. 

Strategy Review

The Company’s 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 post the year end of a 70% interest in the  Bonya Project rare earths located in Namibia. and in late 2025 the exercise of an  option in relation to a joint venture to develop the Blue Fox copper project located in northwest Zambia.

Outlook

There is current volatility as markets seeks to understand and anticipate the effects of a second Trump administration, a new era of higher tariffs, and the ongoing conflicts in Ukraine and the Middle East. At a macro level there is a supply shortage for copper and current and forecast prices remain high.  Geopolitical tension has put many a critical metals and minerals under the spotlight.  Rare earths in particular are generally under Chinese control, with the rest of the world having little access to the necessary sources of rare earths and rare earths processing facilities.   It is the opinion of the board that in this regard the Bonya project rare earths project is very well situated given its location 60 km from the Lüderitz deep water port, having a powerline running through the property and being close to a key arterial road.

Funding markets for exploration companies with the right projects has improved and the Company has by raising £1,587,000 demonstrated post the year end that it is able to raise funds in the current environment. The objective of the Board is to work to enhance the value of the Group’s Bonya rare earths project and the Blue Fox copper project in Zambia. 

STRATEGIC REPORT

The Directors present their strategic report for the year ended 29 December 2025.

PRINCIPAL ACTIVITIES

The Group’s principal activity is to enhance the value of its mineral resource projects through exploration and technical studies conducted by the Group or through joint venture or other arrangements with a view to establishing the projects can be economically mined for profit. Prior to this year, the Group’s focus has been on vanadium, nickel, and copper battery metals projects in Scandinavia via its subsidiaries.  During 2025 the Company has, given the Board’s extensive resource project experience in Southern Africa and the relative cost of developing projects in Southern Africa compared to Scandinavia, been focussing on acquiring project in Southern Africa. In 2025 exercised an option to acquire the Blue Fox copper exploration project (“Blue Fox”) located in northwest Zambia and post the year end acquired a 70% interest in  Bonya Exploration Pty Namibia (“Bonya“) Rare Earth Project located in Namibia which is now the Company’s main focus.

GOING CONCERN

As disclosed in Note 3, the Group currently has no income and meets its working capital requirements through raising development finance. In common with many businesses engaged in exploration and evaluation activities prior to production and sale of minerals the Group will require additional funds and/or funding facilities in order to fully develop its business plan.

Ultimately the viability of the Group is dependent on future liquidity in the exploration period and this, in turn, depends on the Group’s ability to raise funds to provide additional working capital to finance its ongoing activities. Management has successfully raised funds in the past, but there is no guarantee that adequate funds will be available when needed in the future.

As at 29 December 2025, the Group had net liabilities of £1.22m and cash and cash equivalents of £7k. An operating loss is expected in the year subsequent to the date of these financial statements and as a result the Group will need to raise funding to provide additional working capital to finance its ongoing activities.

Post the year end the Company has raised £1,587,000 by a combination of the issue of shares and convertible loan notes as detailed in note 23 (post balance sheet events) to the financial statements

Based on fundraisings post the year end, the current cash balance of approximately £590K at the date of these financial statements and the Board’s assessment that the Group will be able to raise additional funds, as and when required, to meet its working capital and capital expenditure requirements, the Board have concluded that they have a reasonable expectation that the Company and Group can based on the cash flow forecast to 31 July 2027 continue in operational existence for the foreseeable future and at least for a period of 12 months from the date of approval of these financial statements.

However, the Group has not reached a contractual agreement to raise funds at the date of this report, and this represents a material uncertainty that the Group will be able to successfully raise additional funds and in the timeframe required. This may cast significant doubt on the Group’s and Company’s ability to continue as a going concern for the period to 31 July 2027.

For these reasons the financial statements have been prepared on the going concern basis, which contemplates continuity of normal business activities and the realisation of assets and discharge of liabilities in the normal course of business.

ENERGY CONSUMPTION

The Company consumed less than 40MWh during the period and as such is a Low Energy User as defined in the  Environmental Reporting Guidelines Including streamlined energy and carbon reporting guidance March 2019 (Updated Introduction and Chapters 1) and as such is not required to provide detailed disclosures of energy and carbon information.  Task Force on Climate-related Financial Disclosures are contained in the Corporate Governance Statement.

PROMOTION OF THE COMPANY FOR THE BENEFIT OF THE MEMBERS AS A WHOLE

The Directors believe they have acted in the way most likely to promote the success of the Company for the benefit of its members, as required by s172 of the Companies Act 2006 as detailed below.

The requirements of s172 are for the Directors to:

–      Consider the likely consequences of any decision in the long term;

–      Act fairly between the members of the Company;

–      Maintain a reputation for high standards of business conduct;

–      Consider the interests of the Company’s employees;

–      Foster the Company’s relationships with suppliers, customers, and others; and

–      Consider the impact of the Company’s operations on the community and the environment.

Our Board of Directors remain aware of their responsibilities both within and outside of the Group. Within the limitations of a Group with so few employees we endeavour to follow these principles, and examples of the application of the s172 are summarised and demonstrated below.

The Company operates as a mining exploration and development company which is speculative in nature and at times may be dependent upon fund-raising for its continued operation. The nature of the business is well understood by the Company’s members, employees and suppliers, and the Directors are transparent about the cash position and funding requirements. 

The Company is investing time in developing and fostering its relationships with its key suppliers.

As a mining exploration company with future operations based in Namibia and Zambia, the Board  takes seriously its ethical responsibilities to the communities and environment in which it works. Task Force on Climate-related Financial Disclosures are contained in the Corporate Governance Statement.

The interests of future employees and consultants are a primary consideration for the Board, and we have introduced an inclusive share-option programme allowing them to share in the future success of the Company. Personal development opportunities are encouraged and supported.

KEY PERFORMANCE INDICATORS

Key performance indicators for the Group as a measure of financial performance are as follows:

	2025	2024
	£	£
Total assets	56,086	2,267,173
Net (liabilities ) / assets	(1,215,036)	1,320,795
Cash and cash equivalents	6,525	17,551
Trade and other payables	(1,012,957)	(821,378)
Liabilities related to borrowings	(258,185)	(125,000)
Loss before tax for the year	(2,618,388)	(3,437,121)

Results for the year: The Group reported a loss before taxation for the year of £2,603,425 (2024: £3,437,121) mainly due to administrative costs of £443,003(2024: £693,059), including professional, consulting and directors’ fees and an impairment of £2,176,953 (2024: £2,737,711) against the Airijoki vanadium licences in Sweden due to a poor funding market for the project . Net liabilities at 29 December 2025 amounted to £(1,215,036 (2024: net assets of £1,320,795) including exploration and evaluation assets of £Nil (2024: £2,200,826) and cash of £6,525 (2024: £17,551). As explained under the Principal Activities section of this report, the Board has decided the Group should focus on its Bonya rare earths project and the Blue Fox copper project in Zambia

PRINCIPAL RISKS AND UNCERTAINTIES

The Group is subject to various risks similar to all exploration companies operating in overseas locations relating to political, economic, legal, industry and financial conditions, not all of which are within its control. The Group identifies and monitors the key risks and uncertainties affecting the Group and runs its business in a way that minimises the impact of such risks where possible.

The following risks factors, which are not exhaustive, are particularly relevant to the Group’s current and future business activities:

Licensing and title risk

Governmental approvals, licences and permits are, as a practical matter, subject to the discretion of the applicable governments or government offices. The Group must generally and specifically in relation to future projects comply with known standards, existing laws and regulations that may entail greater or lesser costs and delays depending on the nature of the activity to be permitted and the interpretation of the laws and regulations by the permitting authorities. New laws and regulations, amendments to existing laws and regulations, or more stringent enforcement could have a material adverse impact on the Group’s result of operations and financial condition. The Group’s exploration activities are dependent upon the grant of appropriate licences, concessions, leases, permits and regulatory consents which may be withdrawn or made subject to limitation.

There is a risk that negotiations with the relevant government in relation to the renewal or extension of a licence may not result in the renewal or grant taking effect prior to the expiry of the previous licence and there can be no assurance as to the terms of any extension, renewal or grant. This is a risk that all resource companies are subject to, particularly when their assets are in emerging markets. The Group continually seeks to do everything within its control to ensure that the terms of each licence are met and adhered to.

Dependency on key personnel

Management comprises a small team of experienced and qualified executives. The Directors believe that the loss of any key individuals in the team or the inability to attract appropriate personnel could impact the Group’s performance.

Although the Group has entered into contractual arrangements to secure the services of its key personnel, the retention of these services and the future costs associated therewith cannot be guaranteed.

Legal risk

The legal systems in the countries in which the Group’s operations are currently and prospectively located are different to that of the UK. This could result in risks such as: (i) potential difficulties in obtaining effective legal redress in the courts of such jurisdictions, whether in respect of a breach of law or regulation, or in an ownership dispute; (ii) a higher degree of discretion on the part of governmental authorities; (iii) the lack of judicial or administrative guidance on interpreting applicable rules and regulations; (iv) inconsistencies or conflicts between and within various laws, regulation, decrees, orders and resolutions; and (v) relative inexperience of the judiciary and courts in such matters.

In certain jurisdictions the commitment of local business people, government officials and agencies and the judicial system to abide by legal requirements and negotiated agreements may be more uncertain. In particular, agreements in place may be susceptible to revision or cancellation and legal redress may be uncertain or delayed. There can be no assurance that joint ventures, licences, licence applications or other legal arrangements will not be adversely affected by the actions of government authorities or others and the effectiveness of and enforcement of such arrangements in these jurisdictions cannot be assured.

Liquidity and financing risk

Although the Directors consider that the Company and Group has sufficient funding in place, there can be no guarantee that further funding will be available and on terms that are acceptable to the Company should additional costs or delays arise. Nor can there be any guarantee that the additional funding will be available to allow the Company to obtain and develop additional projects in the necessary timeframe.

The Directors review the Company’s and Group’s funding requirements on a regular basis, and take such action as may be necessary to either curtail expenditures and / or raise additional funds from available sources including asset sales and the issuance of debt or equity.

Governmental approvals, licences and permits

Governmental approvals, licences and permits are, as a practical matter, subject to the discretion of the applicable governments or government offices. The Group must comply with known standards and existing laws and regulations, any of which may entail greater or lesser costs and delays depending on the nature of the activity to be permitted and the interpretation of the laws and regulations by the permitting authorities. Delays in granting such approvals, licences and permits, new laws and regulations, amendments to existing laws and regulations, or more stringent enforcement could have a material adverse impact on the Group’s result of operations and financial condition. The Group’s activities are dependent upon the grant of appropriate licences, concessions, leases, permits and regulatory consents which may be withdrawn or made subject to limitation.

There is a risk that negotiations with the relevant government in relation to the renewal or extension of a licence may not result in the renewal or grant taking effect prior to the expiry of the previous licence and there can be no assurance as to the terms of any extension, renewal or grant.

Royalty arrangement and the Kabwe plant

Prior to the Company Listing on 6 May 2022 and acquiring the Nordic Projects the Company had an interest in the Kabwe Project which has been fully provided against. As reported in the 2020 accounts Jubilee Metals Group PLC (“Jubilee”) is the sole operator of the Kabwe Project and has full control of the execution methodology. In addition, Jubilee has agreed to fund the Kabwe Project by way of debt finance without dilution to Kendrick’s shareholding which amounted to a fixed 11% and has been converted to an 11% royalty. Jubilee is currently actively engaged in copper refining through its purpose-designed refinery at Kabwe. The zinc price has been extremely volatile and the zinc tailings at Kabwe may be metallurgically complex, giving way to copper production, being the best alternative to the refinery. Against the aforementioned, the Board has no expectation of any royalty income in the midterm but are in early stage negotiatins with Jubilee to sell the royalty back to Jubilee. These negotiations do not warrant a reversal of the previous impairment.

Liability and insurance

The nature of the Group’s business means that the Group may be exposed to potentially substantial liability for environmental damages.  There can be no assurance that necessary insurance cover will be available to the Group at an acceptable cost, if at all, nor that, in the event of any claim, the level of insurance carried by the Group now or in the future will be adequate.

The Group’s operations are also subject to environmental and safety laws and regulations, including those governing the use of hazardous materials. The cost of compliance with these and similar future regulations could be substantial and the risk of accidental contamination or injury from hazardous materials with which it works cannot be eliminated. If an accident or contamination were to occur, the Group would likely incur significant costs associated with civil damages and penalties or criminal fines and in complying with environmental laws and regulations. The Group’s insurance may not be adequate to cover the damages, penalties and fines that could result from an accident or contamination and the Group may not be able to obtain adequate insurance at an acceptable cost or at all.

Currency risk

The Company expects to present its financial information in sterling although part or all of its business may be conducted in other currencies. As a result, it will be subject to foreign currency exchange risk due to exchange rate movements which will affect the Group’s transaction costs and the translation of its results. The majority of the non sterling payments in 2025 were in Euros and SEK (Swedish Krona) but going forward will be in USD, Namibian Dollars and Zambian Kwacha,

Economic, political, judicial, administrative, taxation or other regulatory factors

The Group may be adversely affected by changes in economic, political, judicial, administrative, taxation or other regulatory factors, in the territories in which the Group will operate particularly in the Scandinavian region.

Taxation

Any change in the Company’s tax status or the tax applicable to holding Ordinary Shares or in taxation legislation or its interpretation, could affect the value of the investments or assets held by the Company, which in turn could affect the Company’s ability to provide returns to Shareholders and/or alter the post-tax returns to shareholders. Statements in this document concerning the taxation of the Company and its investors are based upon current tax law and practice which may be subject to change.

Approved by the Board of Directors and signed on behalf of the Board.

C Bird

Chairman

28 April 2026