Kendrick Resources PLC has raised N$35.2 million (£1.587 million) following its recent financial year-end to accelerate the development of its Bonya Rare Earth Project in Namibia.
The capital raise follows the company’s strategic decision to make the Namibian project its primary operational focus, shifting away from its previous interests in Scandinavian nickel and vanadium assets.
The funds will be used to fast-track all aspects of the feasibility study at the Bonya project, where Kendrick recently exercised an option to acquire a 70% stake from Bonya Exploration Pty Namibia.
“Funding markets for exploration companies with the right projects have improved and the company has, by raising £1.587 million post year-end, demonstrated that it is able to raise funds in the current environment,” the company said in its annual report for the year ended April 2026.
“The objective of the Board is to enhance the value of the Group’s Bonya rare earths project and the Blue Fox copper project in Zambia.”
Located about 60km from the deep-water port of Lüderitz, the project covers EPL 4458 and EPL 6691 and benefits from existing infrastructure, including a power line running through the property and access to a major arterial road.
The company said recent assays from previously drilled core samples revealed strong total rare earth values, particularly in magnetic rare earth elements such as neodymium, samarium and praseodymium.
Management believes the Bonya project has the potential to become a world-class rare earth asset with grades and tonnage above the global average.
“It is the opinion of the Board that our licences are very well situated, being close to Lüderitz, a deep-water port in southern Namibia, with a power line running through the property and proximity to a key arterial road,” the report said.
“The project history suggests that the potential for this project is well above the global average, both in terms of tonnage and grade. It is our intention to progress this project as quickly as possible and prove its world-class potential.”
The company said intensive drilling and exploration activities were already underway as of April 2026 as it seeks to position the project as a strategic Western alternative to traditional rare earth supply chains.
