Bulk Sampling Update & China Visit

Date: 14 August 2023                     

Blencowe Resources Plc

Confirmation of Commercial-Scaled Production Ability from Ongoing Studies in China

Highlights:

·    Blencowe has successfully completed a critical component of the Definitive Feasibility Study ("DFS"), with the successful scaled commercialisation of the flowsheet within the bulk sample processing at Chinese pilot plant graphite production facility.

·    Results continue to highlight a high-grade, low impurity concentrate can be delivered in bulk from Orom-Cross.

·    Several meetings held with leading Chinese graphite offtake firms seeking both large flake and fines concentrates.

·    Ugandan mining officials visited China with Blencowe and were shown the process facility in support of the project.

·    Blencowe now approached for downstream processing opportunities.

Blencowe Resources Plc ("Blencowe" or the "Company"), is pleased to provide an update on the 100 tonne bulk sample processing program currently underway. The work is being completed by a leading graphite technical specialist firm, Jilin New Technology, based in Yanji Province in northern China.  This experienced graphite facility has been conducting similar test work on several other leading East African graphite projects over the past few years.

The Company is expecting the bulk sample test program to be completed by the end of August.

Senior Company personnel travelled to China recently to review the progress on the bulk sample processing and broaden relationships in this key market.  Accompanying the COO was the Company's Ugandan Country Manager and a representative of the Ugandan Directorate of Geological Survey and Mines (DGSM), with the express purpose of evaluating the progress of the processing and to demonstrate the full process for the Ugandan Government.

Following a refinement of the Pre-Feasibility Study processing methodology by Wuhan University specialists, Blencowe wished to confirm directly with the pilot plant operators the expected improvements in both overall recovery and concentrate grades and secure early samples for delivery to potential offtake partners, following a marked increase in interest for the projects' concentrate within China. The 100 tonne pilot plant process is currently nearing completion and to date it is confirming the commercial processing viability of the Orom-Cross ores. The Company also visited operating graphite plants and graphite processing equipment suppliers.

Following the distribution of concentrate samples to potential end users from the IMO test work and Wuhan University 150kg test work, several large downstream offtake processors requested meetings to discuss timing and availability of the high-grade, low impurity concentrates from the Orom-Cross project. The offtake meetings involved firms seeking substantial quantities of both larger flake concentrates and fines feedstock for the SPG processors. Several downstream processing firms have expressed interest in opportunities to explore in-country downstream processing of the Orom-Cross concentrates and Blencowe will consider this within the DFS that is underway.

Blencowe was pleased to be able to escort a representative of the Ugandan Directorate of Geological Survey and Mines to view the final processing of the bulk sample. Blencowe invited the DGSM representative to view the process in order to continue to develop a better understanding of the processing technology involved, to foster a deeper overall understanding of the project within Uganda, and to continue to work in partnership with the Government in order to develop the project.

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Background

Orom-Cross Graphite Project

Orom-Cross is a potential world class graphite project both by size and end-product quality, with a high component of more valuable larger flakes within the deposit.

A 21-year Mining Licence for the project was issued by the Ugandan Government in 2019 following extensive historical work on the deposit and Blencowe has moved into the Definitive Feasibility Study phase as it drives towards first production.

Orom-Cross presents as a large, shallow open-pitable deposit, with a maiden JORC Indicated & Inferred Mineral Resource deposit of 24.5Mt @ 6.0% Total Graphite Content. Development of the resource is expected to benefit from a low strip ratio and free dig operations, thereby ensuring lower operating and capital costs.