Stage 7 Drill Program Nears Completion

Date: 07 May 2025                          

Blencowe Resources Plc

("Blencowe" or the "Company")

Stage 7 Drill Program Nears Completion at Orom-Cross Graphite Project

Progress Continues across Resource Upgrade & Expansion Drilling

Blencowe Resources Plc is pleased to announce that drilling on its 6,750 metre exploration program at its Orom-Cross graphite project in Northern Uganda is nearing completion. This drilling and exploration campaign is the latest in the Company's ongoing definition of the resources available at Orom-Cross and targeting to deliver a material increase in both the JORC Resources and Reserves at this world class deposit.

Highlights:

·    Infill drilling 100% complete at Camp Lode and Northern Syncline deposits.

·    Exploration drilling completed on new Northern Syncline (West) target.

·    Step-out drilling at the exciting new Beehive deposit is underway.

·    Surface mapping reveals extensive near-surface ore zones which supports low-cost mining.

·    Consistent ore intersections in all holes drilled to date, with graphite continuing beyond 30 meter depth in most of them.

·    Permanent exploration camp construction advancing onsite.

·    Government approval in place for export of assay samples for testing

Camp Lode and Northern Syncline

Blencowe has completed all infill reserve drilling on the Camp Lode and Northern Syncline deposits. All core has been logged, sampled and dispatched to accredited labs in Tanzania and South Africa for assaying. Geological logging continues to confirm consistent in geology and ore zones aligned with the Company's current Resource models.

Surface mapping during access road construction has revealed extensive areas of surface ore expressions in both deposit areas, which will translate into reduced mining costs, lower strip ratios and a quicker production ramp-up once mining begins.

Meanwhile, 70 exploration holes have been successfully drilled and logged at the new Northern Syncline (West) extension deposit.

Beehive - First Step Out Drilling

The drill rigs have now relocated south to the exciting new 'Beehive' deposit, the first major step-out target to be tested beyond the original two lodes being Camp Lode and the Northern Syncline. Initial indications are encouraging, with multiple deeper (+100m) holes planned to test ore continuity at depth.

The Company believe that drilling success at Beehive could further validate independent geologist's estimates of 2-3 billion tonnes of graphite for the entire Orom-Cross deposit.  This would make Orom-Cross one of the largest graphite deposits worldwide, with a substantial portion easily accessible at shallow depths meaning lower cost mining and extraction.

General

Unseasonal weather and typical mechanical issues with drill rigs have been managed without material disruption by an experienced drilling team and are not expected to impact the timing of completion of the drill programme. 

Government permission to export samples for assaying has now been granted, which will then provide results to feed into the updated Orom-Cross JORC Resource and Reserves Statement, and ultimately the Definitive Feasibility Study.

Blencowe is also continuing the establishment of a permanent exploration camp marking the first physical infrastructure onsite ahead of first production targeted for 2026, which would represent a significant achievement moving from early-stage acquisition to production in just six years.

Figure 1:  Orom-Cross Project showing drill holes at the two existing deposits as well as the new Beehive Lode (GT01a).

Executive Chairman Cameron Pearce commented:

"We are delighted to report continued success in our Stage 7 drilling program to expand and upgrade the JORC Resource.  The Beehive Lode is an exciting new step-out target that we have wanted to test with the drill bit for some time and early indications are very promising.  Our independent geologists have estimated Orom-Cross to be one of the most substantial graphite deposits worldwide and success at Beehive will further enhance our confidence in that evaluation."

"All of this work is integral to expanding both Resources and Reserves and will ultimately feed into the Definitive Feasibility Study underway. Importantly, this technical progress supports the commercial traction we're now seeing with offtake partners and lays the groundwork for strategic project-level funding discussions already underway."

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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 is completing the Definitive Feasibility Study 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.