Business
Option over Rare Earth licenses in Namibia
Kendrick Resources PLC has entered into a binding and exclusive option agreement to acquire at least a 70% interest in two rare earth licenses, EPL4458 and EPL 6691, in Namibia, with an exclusivity period until May 19, 2026. Historical sampling on these licenses, located southwest of Aus, has shown peak Rare Earth Oxide grades of 4.47% and an average of 3.12%, with significant concentrations of Neodymium, Praseodymium, and Samarium, which are crucial for high-performance magnets. The company will immediately commence assaying, trenching, and drilling target identification as part of its due diligence before deciding to exercise the option. Disclaimer*
About this update from Kendrick Resources Plc
[{"type":"text","content":"\n\n\n \n\n\n21 January 2026\nKendrick Resources PLC\n(\"Kendrick\" or the \"Company\")\nOption over Rare Earth licenses in Namibia\n \n\nKendrick Resources Plc (LSE: KEN), the mineral exploration and development company, is pleased to announce that it has entered into a binding and exclusive Option Agreement to acquire not less than 70% interest on terms to be agreed with Bonya Exploration Pty Namibia (\"Bonya\") to evaluate EPL4458 and EPL 6691 licenses for the prospectivity of developing a Rare Earth mining project. \n \nThe binding and exclusivity period is valid until 19 May 2026 and can be extended with the consent of Bonya. \n \nHighlights\n \n· The licenses are situated 55km southwest of the town of Aus, approximately 65km southeast of the deepwater port of Lüderitz\n \n· The two license areas are known as Twyfelskupje and Keishohe and are hosted within a Carbonatite and Alkaline intrusive structural corridor\n \n· The two licenses represent well-defined, high-grade targets located within a larger highly prospective area under license\n \n· The Twyfelskupje Carbonatite Complex forms a circular group of hills with a diameter of 1km\n \n· Historical channel sampling and grab sampling returned peak Rare Earth Oxides (\"REO\") grades of 4.47% and 4.18% with an average REO of 3.12%\n \n· ICP analysis undertaken in Canada, returned high Rare Earth Elements concentrations, greater than 10,000ppm for a number of elements, including Neodymium, Praseodymium and Samarium, which are all important components of high-performance, high-temperature magnets\n \n· The Keishohe Carbonatite Complex indicates scope for an additional three satellite near surface occurrences\n \n· Work will commence immediately on assaying, currently available but unassayed core, further trenching and identification of drilling targets\n \n· Kendrick will concurrently carry out all necessary legal, financial and regulatory checks before determining whether to exercise the option\n \nColin Bird, Executive Chairman of Kendrick Resources Plc commented: \"Rare Earths are globally accepted as new age strategic materials and these licenses are located in Namibia, a country...