Ubuntu Mining&Metals - Update on Dilotiko Iron Ore Project, Kenya

29 October 2026

Ubuntu Mining & Metals Inc.

("Ubuntu" or the "Company")

Update on Dilotiko Iron Ore Project, Kenya

Review of Further Iron Ore Opportunities in Africa

Ubuntu Mining and Metals Inc. (AQSE: UNTU) is pleased to provide an update on the Dilotiko Iron Ore Project in Kenya in which the Company holds a 25% interest through its shareholding in Kenyan incorporated company, Dilotiko Limited (“Dilotiko’’), and on its wider investment strategy in Africa's iron ore sector.

Highlights

•       Dilotiko’s management in Kenya are continuing to advance the regulatory and administrative matters relating to the mining licence applications and their granting

•       Ubuntu continues to hold its 25% interest in Dilotiko

•       The Company is reviewing additional and complementary investments in Africa's iron ore sector

•       Further news is expected shortly

Dilotiko Iron Ore Project, Kenya

Ubuntu holds a 25% interest in the Dilotiko Iron Ore Project in Kenya, through its 25% shareholding in Kenyan incorporated Dilotiko.

The Company has been advised by Dilotiko’s executive management and consultants, that the issuance of the mining licenses covering the area where the Dilotiko Iron Ore Project is located has been delayed and was not been issued as expected in Q3 2026. 

Dilotiko’s executive management and consultants are continuing to progressing the regulatory and administrative steps required in connection with the mining licence applications and the process towards their granting.

The Company will keep shareholders informed of material developments as these matters progress.

Wider Iron Ore Strategy

In parallel with this and given the delay in the issuance of the mining licenses, Ubuntu is reviewing additional investment opportunities, including complementary investments, across Africa's iron ore sector. The Company believes that its interest in Dilotiko provides a strong platform from which to build its presence in this sector.

The Company hopes to provide further news on these opportunities shortly.

Eitan Yanuv, Chairman of Ubuntu Mining and Metals Inc., commented:

"Whilst we are disappointed in the delays in Kenya, we remain supportive of Dilotiko’s management team and consultants and the work they are progressing on the licensing and regulatory processes in Kenya.

In the meantime, we are actively reviewing further investment opportunities in Africa's iron ore sector and look forward to updating shareholders shortly."

This announcement contains information which, prior to its disclosure, was inside information as stipulated under Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310 (as amended).

The directors of the Company accept responsibility for the contents of this announcement.

For further information: