Operational Update: Critical Minerals & Graphite

Amigo Resources PLC

09 September 2026

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.

FOR IMMEDIATE RELEASE

9 September 2026

Amigo Resources PLC
("Amigo" or the "Company")

OPERATIONAL UPDATE: CRITICAL MINERALS AND GRAPHITE PROJECTS

Amigo Resources PLC (LSE: AMGO) is pleased to provide a comprehensive operational and geological update on its multi-commodity critical minerals and graphite projects in Tanzania.

Highlights

●	Encouraging Platinum Group Metals ("PGM") Indications: Independent laboratory testing of selected material has returned combined PGM values of 6.94 - 7.07 ppm across the tested PGMs.
●	PGM Concentration Circuits: The Company plans to integrate its proprietary PGM concentration technology into the processing flowsheets currently under development, targeting the recovery of PGM-bearing minerals from gravity tailings and other residual materials.
●	Pyrometallurgical Copper-Matte Evaluation: A small-scale furnace has been mobilised to Tanzania for initial test work as part of a pyrometallurgical evaluation to treat PGM-bearing concentrates, subject to final engineering, environmental, and regulatory approvals.
●	Historical Database Validation at Kabete: Exploration and resource-development activities continue at the Kabete Project, including ongoing micro-seismic investigations and a comprehensive review and validation of the approximately 20,000-metre historical drilling database.
●	Graphite Tailings Project Fieldwork: Following the entry into a Memorandum of Understanding ("MoU") with the State Mining Corporation of Tanzania (STAMICO), Amigo's geological team has completed the initial geological reconnaissance programme across 13 historic mine-waste dumps.

Detailed Operational Update

1.    Platinum Group Metals (PGM) and Residual Gold Indications

Amigo is pleased to report highly encouraging PGM and residual gold indications from ongoing technical and laboratory evaluations of its Tanzanian holdings.

Independent laboratory analyses performed on selected tailings and process residues remaining after gravity recovery of free gold returned the following preliminary results:

●	African Minerals and Geosciences Centre (AMGC): Reported combined six-PGM values (iridium, osmium, palladium, platinum, rhodium, and ruthenium) ranging from 6.94 ppm to 7.07 ppm.
●	Société Générale de Surveillance (SGS): Confirmed residual gold grades between 3.27 ppm and 3.47 ppm.

The PGM analytical results indicate the presence of osmium-iridium-rich material -potentially consistent with osmiridium - along with associated palladium.

To systematically evaluate these PGM signatures, Amigo will initiate a structured work programme with key workstreams including SEM-EDS (Scanning Electron Microscopy - Energy Dispersive X-ray Spectroscopy) mapping to confirm exact mineral phases, grain associations, and liberation characteristics.

2.    Addition of PGM Concentration Circuits

As part of the continuous technical development of its Tanzanian processing operations, Amigo intends to incorporate specialised PGM concentration circuits into the larger plants currently under design and construction.

These proposed circuits are designed to concentrate PGM-bearing minerals from gravity tailings and other residual materials generated during primary operations. The circuits will apply the Company's proprietary concentration methodology, developed to produce a smaller, upgraded concentrate suitable for further metallurgical testing and potential downstream treatment.

This proprietary PGM concentration technology is designed to process refractory and sulphide-associated gold in parallel with PGM-bearing minerals, ensuring complete processing integration and maximising recovery across both gold and critical mineral fractions. The final equipment configuration, operating parameters, and commercial scale of these circuits will be finalised following completion of ongoing mineralogical characterisation, mass-balance studies, and recovery engineering.

3.    Proposed Pyrometallurgical Copper-Matte Process

In tandem with the development of PGM concentration circuits, the Company is progressing the evaluation of a pyrometallurgical copper-matte treatment route in Tanzania. To support initial concentrate-treatment development and metallurgical test work, Amigo has successfully mobilised a small-scale furnace.

Under the proposed pyrometallurgical process, suitable PGM-bearing concentrates would be combined with copper- and sulphur-bearing materials to produce a PGM-bearing copper matte. This intermediate product would be suitable for further refining or direct sale to an appropriate downstream processor.

The development of the proposed copper-matte operation remains strictly subject to successful metallurgical test work, detailed engineering, economic evaluation, and the receipt of all necessary environmental, operating, and regulatory approvals. No commercial copper-matte production will commence until all required approvals have been obtained and the Company has confirmed that the pyrometallurgical process can be operated safely, responsibly, and economically.

4.    Kabete Geological Programme and Historical Drilling Data Validation

Alongside the engineering and deployment of processing infrastructure, Amigo's geological team is continuing a comprehensive exploration and resource-development programme at the Kabete Project.

The primary objective of this program is to prepare validated technical data to support the preparation of an initial, JORC-compliant Mineral Resource estimate. Current geological workstreams include:

●	Micro-seismic Investigation: Continuing passive micro-seismic investigations and data interpretation to map subsurface structural conduits and shear zones;
●	Database Review: Reviewing and validating the extensive historical drilling database;
●	Data Integration: Integrating historical drilling, geological, geophysical, and current field data into a unified exploration model; and
●	3D Modelling: Developing a three-dimensional geological and mineralisation model of the Kabete orebody.

Approximately 20,000 metres of historical drilling (RC and diamond drilling) has reportedly been completed within the Kabete licence area. Amigo has secured access to the associated historical drilling data and is actively reviewing drill logs, assay certificates, collar coordinates, survey records, geological maps, and quality-control (QA/QC) documentation.

The historical data will be subject to thorough validation by appropriately qualified independent professionals. This work may include database verification, confirmation of drill-hole locations, review of historical sampling and analytical procedures, physical inspection of retained core or samples, and confirmatory drilling or resampling where required.

5.    Graphite Tailings Project Fieldwork

Following the recent signing of the Memorandum of Understanding (MoU) with the State Mining Corporation of Tanzania (STAMICO)[1], Amigo's geological team has completed the initial geological reconnaissance programme across 13 historic mine-waste dumps at Mererani, Tanzania.

The fieldwork has confirmed widespread graphite-bearing material, highlighted by several key findings:

●	Observed Mineralisation: Visible graphite flakes were repeatedly identified throughout the targeted areas.
●	Favourable Flotation Characteristics: Selected graphitic gneiss and schist samples demonstrated encouraging natural flotation behaviour during preliminary field tumbler tests, suggesting a proportion of the graphite is already liberated and naturally hydrophobic.
●	Surface Material Inventory: Preliminary volumetric estimates indicate an order-of-magnitude surface material inventory between 1.58 million tonnes and 1.97 million tonnes. This remains subject to confirmation through detailed surveying, bulk-density testing, and representative sampling.
●	Contained & Recoverable Graphite Potential: Preliminary assessments estimate contained graphite within the surface inventory at 79,000 tonnes to 295,500 tonnes. Assuming an illustrative 90% recovery into a 95% Total Graphitic Carbon (TGC) concentrate, this translates to 74,800 tonnes to 279,900 tonnes of recoverable, saleable graphite concentrate.

Next Steps & Commercial Conditions

Production of recoverable, saleable graphite concentrate remains subject to successful metallurgical test work, detailed engineering studies, economic evaluations, and necessary regulatory, environmental, and operating approvals.

The upcoming phase of work will prioritise systematic sampling, TGC and mineralogical analysis, metallurgical flotation testing, and pilot-scale evaluations to establish recovery rates, concentrate quality, and overall commercial viability.

Graphite Market Pricing Context

Graphite prices vary significantly based on flake size, carbon purity, and product grade:

●	Entry Level / Fine Flake (~US$430/tonne): Standard fine-grained graphite (100 mesh at 94-95% Carbon) was priced at ~US$430/tonne FOB China in a June 2026 technical evaluation citing Benchmark Mineral Intelligence[2].
●	Mid to High Grade / Premium Flake (~US$1,138/tonne): Higher purity concentrate (97% Carbon) commands a significant premium. NextSource's July 2026 feasibility study used a weighted average basket price of US$1,138/ tonne for its SuperFlake® product [3].
●	Large / Jumbo Premium Flake (~US$1,567/tonne): Northern Graphite reported an average realised sales price of ~US$1,567/ tonne in 2025, driven by a higher proportion of coarse, high value large flakes in its product mix[4].

Craig Ransley, Executive Chair of Amigo Resources PLC, commented:

"While scaling our core gold operations in Tanzania, our multi-commodity strategy is accelerating to unlock the broader value across our portfolio.

Demonstrating PGM values exceeding 7 ppm alongside significant graphite potential underscores the immediate metallurgical and resource upside ahead of us.

By deploying our proprietary concentration technology and testing a pyrometallurgical copper-matte route, we are positioning Amigo to maximise overall yields across both gold and critical minerals.

This dual-track strategy - generating immediate processing momentum while systematically proving up major exploration targets - is central to building a diversified, high-growth critical minerals house."

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (UK MAR). The Company has implemented its disclosure controls and procedures in connection with this announcement. The Company confirms that, upon publication of this announcement, this inside information is now considered to be in the public domain.

Contacts:

Amigo Resources PLC	investors@amigo.me
Craig Ransley	Executive Chair
Nathan Boom	Chief Executive Officer
Corporate Broker	Shore Capital 020 7408 4090

About Amigo Resources PLC

Amigo is a public limited company registered in England and Wales with registration number 10024479. Amigo is focussed on gold, Platinum Group Metals (PGMs), and rare earth mining opportunities in Africa, principally in Tanzania and Mauritania. The Amigo Shares are listed on the Official List of the Financial Conduct Authority and traded on the Main Market of the London Stock Exchange.

Important Notice & Caution Regarding Forward-Looking Statements

This announcement is not intended to, and does not, constitute or form part of any offer, invitation, or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell, or otherwise dispose of, any securities, or the solicitation of any vote or approval in any jurisdiction, pursuant to this announcement or otherwise.

This announcement contains forward-looking statements and technical projections. These statements involve risk, uncertainty, and assumptions because they relate to events and depend upon circumstances that will or may occur in the future. Actual results may differ materially from those expressed or implied.

Preliminary indicative laboratory results on the Platinum Group Metals (PGM) indications relate to selected, non-representative samples and do not establish representativity, continuity, or economic recoverability. They do not constitute a Mineral Resource or Mineral Reserve under the JORC Code or any other international reporting standard.

The estimated surface material inventory and potential contained graphite in respect of the graphite tailings fieldwork are conceptual and order-of-magnitude in nature. There has been insufficient exploration to define a Mineral Resource under the JORC Code, and it remains uncertain whether further exploration will result in the estimation of a Mineral Resource.

Historical drilling data at Kabete does not currently represent a JORC-compliant Mineral Resource. Its suitability for use in any future Mineral Resource estimate remains subject to verification, independent validation, and potential confirmatory drilling.

Target metallurgical recovery rates, the feasibility of the pyrometallurgical copper-matte process, and the progression of the graphite tailings project remain subject to extensive technical due diligence, metallurgical and engineering verification, environmental permitting, and statutory approvals. Except as required by law, the Company assumes no obligation to update these forward-looking statements or technical disclosures.

Forward-looking statements are not statements of historical fact, and actual events and results may differ materially from those described in the forward-looking statements as a result of a variety of risks, uncertainties, and other factors. Forward-looking statements in this document are based on Amigo's beliefs, opinions, and estimates as of the dates the forward-looking statements are made, and no obligation is assumed to update forward-looking statements if these beliefs, opinions, or estimates should change or to reflect other future developments.

-ENDS-

---

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.