Kendrick Resources, a London-listed mineral exploration and development company, has raised approximately £1.76 million ($2.3 million) through the issuance of 25.2 million new ordinary shares, strengthening its balance sheet as it accelerates development of the Bonya rare earths project in Namibia.

The capital raise comes as global demand for rare earth elements intensifies, driven by the rapid expansion of electric vehicles, renewable energy infrastructure and advanced manufacturing technologies. Investors are increasingly turning to African critical mineral assets as governments and manufacturers seek to diversify supply chains away from dominant producers.

Namibia project gains momentum

The Bonya project comprises two carbonatite sheeted complexes, Teufelskuppe and Keishohe, both considered prospective for rare earth mineralization. Kendrick said drilling activities are currently under way, with the company targeting a maiden Joint Ore Reserves Committee-compliant mineral resource estimate before the end of the third quarter of 2026.

The project has quickly emerged as the company’s flagship asset following Kendrick’s exclusive option agreement signed in January 2026 to acquire at least a 70% interest in Bonya. The company formally exercised the option in February, marking a strategic pivot toward rare earth development in Southern Africa.

Strategic shift toward rare earths

Kendrick Resources, headquartered in London, has historically focused on nickel, copper and vanadium assets across Sweden, Finland and Norway. In recent years, however, the company has streamlined its portfolio to prioritize energy transition minerals with stronger long-term demand dynamics.

Rare earth elements are increasingly viewed as essential to the global clean-energy economy, with applications spanning electric vehicle motors, wind turbines, defense systems and battery technologies.

Kendrick’s strategy centers on acquiring early-stage exploration assets and advancing them through technical studies, drilling campaigns and resource delineation before pursuing production partnerships or joint venture opportunities.

Namibia strengthens critical minerals appeal

Namibia continues to attract international mining investors due to its stable regulatory environment, established mining sector and growing importance in the global critical minerals market.

The latest funding round positions Kendrick to accelerate exploration activity at Bonya as competition for African rare earth assets intensifies amid the global energy transition.