Kendrick fast-tracks drilling at high-grade Bonya rare earth project in Namibia

Kendrick Resources PLC ( (GB:KEN) ) has shared an announcement.

Kendrick Resources has begun Phase II drilling at the Teufelskuppe and Keishohe rare earth carbonatite complexes within its Bonya project in Namibia, aiming to convert extensive historical high-grade data into JORC-compliant mineral resource estimates. The programme includes drilling all eight known intrusions at Teufelskuppe, a similar campaign at Keishohe, detailed geological and petrological studies, and bulk sampling for ore-sorting tests, underscoring the company’s intention to fast-track Bonya as a potentially substantial rare earth resource and a key driver of future shareholder value.

The work builds on a robust inherited dataset from trenching, channel sampling and diamond drilling, including peer-reviewed results showing exceptional total rare earth oxide grades at Teufelskuppe and promising grades at Keishohe, with mineralogy suited to conventional processing. Kendrick’s recent acquisition of a 70% interest in the Bonya licences and the focus on high-value neodymium and praseodymium position the company to capitalise on growing demand for magnet metals, while the updated corporate website signals a strategic pivot toward rare earths-led growth.

The most recent analyst rating on (GB:KEN) stock is a Hold with a £0.98 price target. To see the full list of analyst forecasts on Kendrick Resources PLC stock, see the GB:KEN Stock Forecast page.

Spark’s Take on GB:KEN Stock

According to Spark, TipRanks’ AI Analyst, GB:KEN is a Neutral.

The score is held down primarily by weak financial performance (no revenue, ongoing losses, negative cash flow, and a material 2024 decline in equity/assets). Technicals provide some offset due to strong upward trend vs moving averages and positive MACD, but overbought momentum indicators increase near-term risk. Valuation is also constrained by negative earnings and no dividend yield support.

To see Spark’s full report on GB:KEN stock, click here.

More about Kendrick Resources PLC

Kendrick Resources PLC is a London-listed mineral exploration and development company focused on rare earth elements and other critical minerals. The group is expanding its portfolio through projects such as the Bonya rare earth project in Namibia, targeting high-grade carbonatite-hosted deposits with potential for future mining development.

Average Trading Volume: 6,294,351

Technical Sentiment Signal: Buy

Current Market Cap: £6.69M

Learn more about KEN stock on TipRanks’ Stock Analysis page.