Kendrick Resources Plc announced the delineation of new nickel drill targets at Stormyra based upon positive findings from ground magnetic and electromagnetic surveys conducted at the Company's Espedalen Nickel Complex (the "Complex"). Ground magnetic survey identifies two prospective areas with a magnetic signature similar to the near-surface main zone of the known mineralisation. The survey confirms an extra 500 metre of untested south easterly extension of the Stormyra orebody that can be drilled with the objective of increasing the existing in-house resource tonnage.

In addition, a transient electromagnetic ("TEM") survey identified a strong conductive body at depth further to the southeast which could potentially represent deeper mineralisation reflecting the source of nickel-bearing fluids in the Complex. The geophysical anomalies represent viable drill targets likely to add to the existing mineral resource. A further 10 drill-defined anomalies remain to be thoroughly tested within the Complex.

These new geophysical survey results provide the evidence and motivation to expand the resource at the Stormyra deposit located within the Espedalen nickel and copper complex. The results will form part of further technical studies leading to drilling. The opportunity to build on the historical mineral resource of 1.1Mt at 1.1% Ni and 0.50% Cu is looking extremely likely, placing Stormyra as the forefront deposit within the Espedalen Complex for development.

Based on the successful outcome of the geophysical study at Stormyra, the company are now minded to roll out this programmeme across the rest of the Espedalen Complex where a further 10 prospects have been identified and tested with drilling, with some returning intercepts greater than 1% Ni, and where further targeted exploratory studies are likely to add additional resources to the Complex. The company preliminary investigations over the Complex have enhanced the Espedalen project and provide clear evidence for the development of an as yet undetermined resource tonnage most likely at cumulative grades exceeding 1% Ni with a significant copper and possibly cobalt by-product. The successful 2023 drilling programmeme was followed up by two ground geophysical surveys to provide insight into the potential extent of the mineralized zones at Stormyra.

The recently completed interpretation of the geophysical survey results supports the premise that mineralisation extends beyond the current resource area where there has been no drilling. The interpretation of the ground magnetic survey has revealed several linear magnetic anomalies. Two dominant fault orientations, striking northwest-southeast and north-northwest-south-southeast, were recognized that can be explained by the main regional deformation events.

A comparison with the outline of the known mineralisation indicates that the mineralisation zone strikes parallel to delineated northwest-southeast linear structures. Notably, an intense linear magnetic anomaly in the northwestern part of the area aligns with the known shallow occurrence of the main mineralized zone. This age range is similar to the age of the rocks hosting the giant Voisey's Bay nickel deposit in Labrador, Canada.

Further evidence supporting the analog between Espedalen and Voisey's Bay are tectonic plate reconstructions which place southern Norway in relatively close proximity during the time of formation of Voisey's Bay and with the two regions undergoing similar tectonic developments. Mining in the Espedalen area dates from 1666. Total production from the Espedalen region is estimated at 100,000t @ 1.0% Ni, 0.4% Cu and 0.06% Co.

Significant exploration has been undertaken in the area. The majority and most recent work having been completed by Falconbridge Limited and Blackstone Ventures Limited having completed 134 drill holes across the Espedalen project area, defining significant accumulations of nickel sulphides at the Stormyra and Dalen prospects and generating numerous other quality targets. In 2009, Blackstone published a NI 43-101 report detailing Inferred Mineral Resources at the stormyra and Dalen prospects.

Blackstone relinquished the Espedalen Project in 2011 following the preceding financial crisis.