Date: 21 October 2025                  

Blencowe Resources Plc

("Blencowe" or the "Company")

Camp Lode Deposit Delivers High-Grade, Near-Surface Graphite

Further results expected imminently from Northern Syncline infill programme

Blencowe Resources Plc (LSE: BRES), the natural resources company advancing the Orom-Cross graphite project in Uganda, is pleased to announce further assay results from its Stage 7 drilling programme at its flagship Orom-Cross graphite project in northern Uganda. 

The Stage-7 campaign, the largest undertaken by the Company to-date, combined geotechnical drilling, infill drilling and exploration drilling (both step-out and deep drilling) across multiple deposits, including Camp Lode, Northern Syncline and Beehive.

The programme is designed to both expand and upgrade existing mineralisation with the infill component specifically focused on converting existing JORC Resources into Reserves for inclusion within the Definitive Feasibility Study (DFS), which remains on track for completion in Q4 2025.

Initial assays from the infill drilling at Camp Lode have delivered a sequence of strong, high-grade near-surface hits, underscoring Orom-Cross's exceptional blend of scale, shallow mineralisation and low-cost, open-pit potential.

First results from the Northern Syncline, where drilling targeted both infill and deeper extensions, are now in final lab stages and will be reported on imminently in a separate announcement.

Highlights - Camp Lode:

·    Hole L1602: 27.49m @ 8.18% TGC; including 6.4m @ 10.19% TGC and 10.95m @ 11.13%TGC
→ Confirms high-grade continuity to the south-east.

·    Hole L1703: 25.39m @ 7.34% TGC, including 10.41m @ 11.27% TGC.

·    Hole: L1803: 27.75m @ 5.41% TGC, including 10.89m @ 9.73%TGC from surface to 12m.

·    Hole L1502: 16.26m(TW) @ 7.37% TGC from surface to 17m in depth.

·    Hole L1601: 13.63m @ 6.18% TGC.

·    Hole L1703: 27.49m @ 8.18% TGC, including 6.4m @ 10.19% TGC and 10.95m @ 11.13%TGC

Significance: 

These results confirm high-grade extensions within and adjacent to the planned pit area, providing additional higher-grade tonnes that will strengthen early-stage project economics. Access to elevated-grade material early in the mine schedule is expected to enhance cash flow and shorten payback once operations commence.

Drilling Programme Integration

·      Geotechnical and infill drilling data will be combined in the updated geological model to feed detailed mine design and mine sequencing for the Definitive Feasibility Study.

·      Combined with assay results from the Northern Syncline infill this data will feed into the JORC Resource and Reserve upgrade, targeted to materially increase the mineable tonnage within the DFS.

·      Northern Syncline extensions and Beehive deposit will both deliver tonnes into a revised Orom-Cross exploration target to highlight future potential.

·      Laboratories have confirmed that Northern Syncline infill assays are being finalised, and results are expected shortly. This area hosts large-tonnage, moderate-grade mineralisation, ideal for long-term production feed and blending flexibility.

Permanent Camp Construction

Work is now nearing completion on a permanent camp at Orom-Cross, which will support further exploration in 2026 and provide facilities for contractors during mine construction.  This permanent camp is scheduled for completion in late October 2025 (see Appendix).

Executive Chairman Cameron Pearce commented:

"The infill assays are beginning to come through and thus far they are excellent. The results from Camp Lode confirm further long intersections of high-grade, near-surface graphite that will strengthen early-stage project economics, while the broader Stage 7 drilling programme continues to deliver exactly what we hoped for, namely growth, continuity, and more tonnes for conversion to Reserves.

All this data will feed directly into our upgraded JORC Resource statement and the Definitive Feasibility Study, which both remain on track for completion for Q4 2025. The DFS will in turn allow us to move directly into project financing discussions, leveraging the strong relationships we have already built and opening new ones as we take Orom-Cross into Phase 1 development.

At the same time, extensive testing programmes continue to validate Orom-Cross as a globally competitive graphite source. Independent laboratories including graphite specialists Wuhan University in China and American Energy Technologies in the U.S. have confirmed SPG purities up to 99.99%, while recent SAFELOOP testing demonstrated one of the highest natural graphite loadings ever recorded in an EV battery anode at 68%. Most recently, Apollo Energy Systems in the U.S. achieved a 12% performance gain using Orom-Cross graphite in lead-acid batteries, opening another diversified large market opportunity.

These are all exceptional outcomes that reinforce the tier one quality and versatility of our product and project.  They come as we near completion of the DFS, which will showcase Orom-Cross as one of the cleanest, most advanced and commercially attractive graphite projects globally."

Preliminary drill results Camp Lode

Further Drilling Detail

The Company drilled 11 diamond drillholes in the Camp Lode deposit as part of a Resource infill and upgrade exercise. At Camp Lode, these holes have indicated a possible grade extension to the orebody in the south-east, with the holes infilling an area between the main drilling from the Stage 6 program and exploratory holes drilled in Stage 5 to define the probable limit of the lode. The resultant assays represent very high grades of graphite in comparison to the overall Orom-Cross resource. 

The intersections from the program all occur within the area of the completed drilling with the majority of the intersection occurring within 26 meters of the surface.  The ability to mine substantial volume of graphite from shallow depths contributes to Orom-Cross having operating costs sitting within the lowest percentile of graphite projects worldwide, and this is considered a major advantage as Blencowe drives towards first DFS completion and Phase 1 production.

The results from these 11 holes at Camp Lode, plus the 4 geotechnical holes recently announced, will be included within the resource model updates. The assay labs are continuing to prioritise the Orom-Cross samples and the Company expects further results shortly.

For further information please contact:

Twitter https://twitter.com/BlencoweRes

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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 finalising 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.

Appendix

First permanent camp facilities nearing completion at Orom-Cross.