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

Interim Results for the Six Months Ended 30 June 2026

Kendrick Resources Plc the mineral exploration and development company announces its unaudited interim results for the six months ended 30 June 2026.

Chairman’s Statement

Dear Shareholder,

The period under review has been transformational for Kendrick Resources, dominated by the acquisition and rapid advancement of the Bonya Rare Earth Project in Namibia and the continuing development of our Blue Fox copper project in north-west Zambia.

The acquisition of a 70% interest in Bonya has provided Kendrick with an opportunity to participate in what we believe has the potential to become a rare earth project of international significance. Since acquisition, our work has increasingly reinforced our initial view of the quality, scale and strategic potential of the project.

Bonya Rare Earth Project – Namibia

One of the principal attractions of Bonya at the time of acquisition was the very substantial body of historical exploration information inherited by Kendrick. The historical data was accumulated during a period of low interest in rare earths projects and Kendrick welcomed the opportunity to work with the existing owner to develop the project.

This includes an extensive geological database, historic drilling and core, including previously unassayed material, together with kilometres of trenching and channel work, portions of which were either not sampled or not fully evaluated. Consequently, we have been able to commence our own exploration programme from a considerably more advanced position than would normally be expected for a project at this stage of development.

Our work is now focused on systematically validating, supplementing and expanding this historical information.

A major drilling programme incorporating both diamond and reverse circulation drilling is being undertaken across the project. The majority of our work to date has concentrated on Teufelskuppe, where extensive high-grade rare earth mineralisation has already been demonstrated. More recently, exploration activity has expanded at Kieshöhe, which represents a second substantial carbonatite complex within the wider Bonya project.

The characteristics emerging from the work completed to date are particularly encouraging. Rare earth projects ultimately need to demonstrate sufficient grade of the most sought after rare earth elements, currently focused on elements aligned with high intensity battery production, and tonnes, together with mineralogy capable of supporting an economic processing route. They also need to manage the potentially problematic radioactive elements that can accompany rare earth mineralisation, which has been achieved based on the low levels of radioactivity detected in certified assays of fresh drill core.

At Bonya, the work undertaken to date gives us considerable encouragement in each of these areas. Teufelskuppe has demonstrated exceptional total rare earth grades, the scale potential continues to increase as exploration progresses and radioactive elements, particularly thorium, occur at comparatively low levels.

Importantly, results from Teufelskuppe have also demonstrated grades of 1% and above of the light magnetic rare earth elements neodymium and praseodymium (NdPr) in a number of mineralised intersections and sampled areas. These elements are of particular commercial and strategic importance because of their use in the manufacture of high-performance permanent magnets.

It is not simply the total rare earth grade that determines the potential value of a rare earth deposit, but the proportion of the contained rare earths represented by those elements for which there is strong and growing end-market demand. The presence at Bonya of significant concentrations of neodymium and praseodymium, combined with high overall rare earth grades and comparatively low radioactivity, is therefore particularly encouraging.

We believe these characteristics distinguish Bonya from many undeveloped rare earth projects globally and provide a strong foundation from which to advance the project.

Our immediate objective is to bring together the historical database, trenching, drilling and our extensive new exploration information into a maiden Mineral Resource Estimate. We are targeting completion of this work by the end of November.

In parallel, a preliminary high-level process flowsheet is being developed in Germany. This work is important in establishing an early understanding of the potential beneficiation and processing characteristics of the mineralisation and will guide the more detailed metallurgical programmes that follow.

A Project with Exceptional Location and Infrastructure

Bonya’s geological characteristics are complemented by an unusually favourable location.

The project is situated approximately 60 kilometres inland from Lüderitz and its deep-water port facilities on Namibia’s Atlantic coast. Major existing infrastructure already services the region, including road, rail and grid power.

A major tarred road providing access to Lüderitz passes close to the project area, with the railway to the coast running broadly parallel. Importantly, a national grid powerline crosses the project licences.

These are significant advantages for any future mine development. Many rare earth projects globally are located in remote areas where roads, power, water and export infrastructure can represent substantial components of both capital cost and development risk. Bonya is situated in an established southern Namibian mining and infrastructure corridor with direct access towards an international port.

We therefore increasingly regard Bonya not simply as an individual exploration licence, but as an emerging rare earth district comprising multiple mineralised centres with the potential to share infrastructure, processing facilities and ultimately a common development strategy.

The combination of Teufelskuppe and Kieshöhe provides us with considerable scope to establish a resource base of meaningful scale, while the wider licence areas provide additional exploration potential.

Strategic Interest

The rare earth sector has become increasingly important internationally as governments and industry seek secure and diversified sources of the critical minerals required for permanent magnets, electric motors, renewable energy systems, advanced electronics and defence applications.

In this context, the occurrence at Bonya of significant concentrations of neodymium and praseodymium is especially relevant. These magnet rare earths represent some of the most strategically important components of the rare earth suite and are central to many of the technologies driving future demand.

Against this background, Bonya has attracted considerable international interest.

During the period we have received interest from companies, industry participants and representatives of countries seeking greater security and diversity of future rare earth supply. The project has also attracted increasing attention within the specialist rare earth trade.

This interest is encouraging, but our priority remains to establish the technical fundamentals of the project through drilling, resource definition and metallurgical work. We believe that demonstrating these fundamentals will place Kendrick in a considerably stronger position when considering future strategic, development and financing alternatives.

Blue Fox – Zambia

Our Blue Fox copper project in north-west Zambia has also advanced during the period.

Exploration and interpretation of the available geological and geophysical information has enabled the Company to establish a number of priority drill targets.

Blue Fox is located within the External Fold and Thrust Belt of north-west Zambia, an area which has become increasingly recognised for its copper potential. The licence is positioned along strike from major copper mineralisation in the wider Central African Copperbelt and represents an important component of Kendrick’s Southern African portfolio.

The project has attracted interest from major mining companies and we are evaluating how best to advance the project while preserving meaningful exposure for Kendrick shareholders.

Our immediate objective is to continue refining the identified targets and determine the most appropriate route towards drill testing.

Outlook

The transformation of Kendrick over the period has been considerable.

Bonya has rapidly become our flagship project and the scale and quality of the historical information inherited with the acquisition have enabled us to advance at a pace that would not normally be possible for a newly acquired exploration asset.

We are now undertaking a substantial drilling programme, progressing both Teufelskuppe and Kieshöhe, working towards our maiden Mineral Resource Estimate and developing our preliminary processing flowsheet.

The combination of high total rare earth grades, significant concentrations of the magnet rare earths neodymium and praseodymium, locally at grades of 1% and above, emerging scale, comparatively low levels of radioactive elements and excellent existing infrastructure gives us considerable encouragement regarding the potential of the project.

The next several months should be particularly important. Our targeted maiden Mineral Resource Estimate will provide the first formal measure of the resource base we are establishing and will form the foundation for subsequent metallurgical, engineering and development work.

At the same time, Blue Fox provides Kendrick with exposure to a highly prospective copper project in one of the world’s important copper exploration regions.

We believe that Kendrick today is a substantially different company from that at the beginning of the period. We have established a clear focus in Southern Africa, centred on commodities of increasing strategic importance, and we intend to maintain the pace at which our principal projects are being advanced.

I would like to thank our employees, consultants and contractors in Namibia and Zambia for the considerable work undertaken during the period. I would also like to thank our shareholders for their continued support as we seek to establish the full potential of Bonya and the wider Kendrick portfolio.

Colin Bird
Chairman