Kendrick Resources shares rise following positive project review
Kendrick Resources PLC shares strengthened, rising 4.6% to 8.68p, after its internal review of Namibian rare earth projects pointed to a US$400 million unaudited in-house gross valuation for verified in-situ LREO-bearing carbonatites at Teufelskuppe.
The company said the review of historic and current work had produced targets consistent with expectations for its flagship Teufelskuppe and Kieshöhe projects in southwest Namibia, where it holds a 70% earn-in interest under an agreement with Bonya Exploration Pty Namibia.
At Teufelskuppe, Kendrick estimated 14Mt of above-ground mineralised carbonatite, equating to a gross rare earth inventory of 448Kt of LREO based on an average head grade of 3.12 wt%. It added that boreholes at TK1 and TK2 had shown rare earth-bearing carbonatites extending below surface outcrops to depths of 80–115 metres. The company said high-grade carbonatites of up to 4.5% TREO dominate the central zone at Teufelskuppe and the dyke stockwork, while neodymium and praseodymium account for around 70% of the LREO assemblage by economic value.
Chairman Colin Bird said the group was “single minded” in its push to produce a maiden resource by the end of the third quarter of 2026 and to complete an optimised metallurgical flow sheet.
