2 November 2022

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

Airijoki Vanadium - Copper Project Update  

Kendrick Resources Plc (LSE: KEN), the mineral exploration and development company with nickel, vanadium and copper projects in Norway, Sweden and Finland is pleased to notify shareholders of the successful acquisition of two further exploration licences covering prospective geology over the Company's Airijoki Vanadium - Copper Project in Northern Sweden which now incorporate a copper-rich target parallel to the existing vanadium-bearing bodies.

HIGHLIGHTS:

·    Significant expansion of the Airijoki project area by the granting of two exploration licences Airijoki Nr 104 and Airijoki Nr 105 covering approximately 3,944.62ha and 2,176.51ha and initially valid for three years to 19 October 2025, which adjoin the existing 5 Airijoki licences which cover approximately 3,941ha, and provides tenure over an area of high prospectivity for both vanadium and copper.

·    A copper soil anomaly with good continuity extends over a 7km length on the new licence Airijoki Nr 105.

·      The Company is planning a drill campaign with the object of increasing the existing Airijoki project resource which is only based on Airijoki Licence Nr 100 and is a 44.3 Mt Inferred mineral resource estimate containing 5.9 Mt of magnetite averaging 1.7% V2O5 (in magnetite concentrate), for 100,800 t of V2O5 based on 13.3% mass recovery of magnetite concentrate and a cut-off of 0.7% V2O5 compiled in accordance with JORC Code (2012). 

·    The large magnetic anomaly associated with the vanadium mineralisation continues onto the remaining three original licences presenting a drill-ready opportunity to significantly increase the vanadium resource.  

·    Soil programme has been extended to cover areas of the two new licences ahead of a proposed winter drill programme aimed at significantly increasing the vanadium mineral resource whilst adding copper to the Airijoki resource inventory.

·    On Licence Airijoki Nr 104, immediately west of the original 4 licences, ground magnetic anomalies generated in the late 60's have been found to be coincident with the recent copper soil anomalies suggesting a copper-rich target running parallel to the main vanadium-bearing bodies.

·    The Airijoki project is located in a World-famous mining district with rail links to deep-water port and upgraded roads to support neighbouring large-scale iron ore producers including Kiruna.

Colin Bird, Executive Chairman of Kendrick Resources Plc, commented:

"Our recent review combined with the exploration programmes we are busy rolling out across the Kendrick portfolio is resulting in a rapidly evolving northern European vanadium - nickel - copper company intent on adding to its' existing vanadium and nickel resource inventory. Not only have we completed the groundwork that will see us expand existing vanadium resources, we have also identified a number of new and exciting opportunities such as the copper at Airijoki offering a value-add by-product to the metal inventory which is also the right metal in the right place. The scheduled metallurgical test work on Airijoki vanadium ore should enhance the feasibility of the Project and provide an opportunity to confirm that copper can also be recovered from future ore.  Airijoki now represents a drill-ready opportunity to rapidly increase the vanadium mineral resource and to define the nature of recently identified widespread copper anomalism over an enlarged block of licences in a well-established mining district in a mining friendly jurisdiction"   

Further information on the Company's projects can be found on the Company's website at: https://www.kendrickresources.com/   

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).

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 African Pioneer 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 with projects primarily based across Scandinavia. The principal of its business is to explore the opportunities within the natural resources sector with a focus on battery, base, and precious metals including but not limited to vanadium and nickel. In doing so, the Company is looking to build a long-term energy metals business in Scandinavia which delivers energy metals to Europe to help enable its renewable energy transformation by building a top tier energy metals production business.