Date: 09 January 2026                   

Blencowe Resources Plc

("Blencowe" or the "Company"),

Beehive Delivers Further Standout +90 metre Intercepts

Results Reinforce Multi-Decade Scale & Growth Potential

Blencowe Resources Plc (LSE: BRES) is pleased to report the remaining two deep-hole assay results from the newly discovered Beehive deposit, located approximately 3kms from the existing Northern Syncline and Camp Lode deposits at the Orom-Cross graphite project in Uganda. 

Beehive is an extensive new graphite discovery made during the Company's broader Stage 7 drilling programme in 2025, with exploration there comprising three deep holes to depths below 100 metres to test continuity and 108 shallow holes designed to test graphite mineralisation from surface to 30 metres, which is considered most attractive for low cost-effective mining.

Following the exceptional results previously reported from deep Hole L238B (returning 92.55m @ 6.83% TGC), the Company now reports further excellent drilling results from Beehive deep holes L237B and L239B.  These results continue to highlight Beehive as a thick, continuous graphite system and reinforces its potential to deliver meaningful higher-grade early production tonnes within the broader Orom-Cross mining strategy.

Together with recent results from the Iyan Deposit and the existing Northern Syncline and Camp Lode resources, these Beehive results further support Orom-Cross as a graphite system of sufficient scale to underpin long-life and multi-decade production; a key consideration for strategic and institutional funding groups.

In addition to the three Beehive deep holes the programme included 108 shallow holes at Beehive and 72 shallow holes at Iyan. Assay results from these remaining holes are expected near term, providing a clear pipeline of ongoing newsflow as the Company progresses funding discussions in parallel.

Beehive Deposit - Key Drill Results

Figure 1: Beehive Deposit deep-hole drill sections showing thick, continuous graphite mineralisation remaining open at depth.

Hole L237B:

93.98m (TW) @ 6.03% TGC, comprising three stacked mineralised intervals from near surface to 118.22m, including:

·    22.61m (TW) @ 10.10% TGC,

o  including internal high-grade interval of 3.00m @ 14.64% TGC, 

o  including 1.46m @ 14.3% TGC, and 

o  including 1.00m @ 12.72% TGC

·    14.17m (TW) @ 5.42% TGC from surface,

o  including grades up to ~9.4% TGC

·    57.20m (TW) @ 4.58% TGC,

o  including 2.08m @ 12.75% TGC

Hole L239B:

95.45m (TW) @ 5.62% TGC, comprising two stacked mineralised intervals from 2.73m to end of hole at 120.20m, including:

·      81.00m (TW) @ 5.82% TGC,

o  including 0.67m @ 18.90% TGC, 

o  including 1.00m @ 11.98% TGC, 

o  including 1.00m @ 11.96% TGC, and

o  including 4.00m @ 9.95% TGC

·      14.45m (TW) @ 4.49% TGC,

o  including 0.69m @ 15.46% TGC

These latest two holes reported are in addition to Hole L238B which was announced in December 2025, with 92.55 metres (TW) @ 6.83% TGC, including 15.89 metres @ 9.42% TGC and 8.38 metres @ 10.95%.

Geological Interpretation

The two newly reported deep holes were drilled to test whether the Beehive graphite system continues beyond the previously reported Hole L238B.

·      Hole L237B confirms that thick, high-grade graphite continues along the Beehive structure.

·      Hole L239B confirms that graphite continues to depth, with mineralisation still present at the end of the hole.

·      All three deep holes intersect graphite from near surface and remain open at depth, which highlights the strength and continuity of the system.

This combination of thickness, continuity and mineralisation remaining open at depth is characteristic of large, long-life graphite systems rather than short-lived or isolated deposits.

Across all three deep holes, Beehive has now delivered consistent mineralised thicknesses of around 90-95 metres, with multiple high-grade zones occurring within each hole. This consistency supports Beehive being interpreted as a large, continuous graphite deposit, rather than isolated high-grade pockets.

Size, scale and continuity are important factors for strategic and institutional funding groups, which typically focus on projects capable of supporting long-life, multi-decade production.  Blencowe has existing licenses to explore a mineralised area at Orom-Cross over 20 kilometres in length yet all drilling completed to date sit only within the (ML 1959) Mining License zone which is just a small part of the overall deposit and licensed area.

Figure 2: Orom-Cross graphite project showing ML1959 as a part of the overall licensed area.

Blencowe now awaits assay results from the remaining 108 shallow holes drilled at Beehive, which are expected to define significant near-surface tonnage and further demonstrate the overall scale of this new discovery. Beehive sits within the Company's existing 21-year Mining Licence (ML1959) granted in 2019, adding to its development and permitting strength.

Executive Chairman Cameron Pearce commented:

"Beehive continues to deliver standout deep-hole drill results, further demonstrating the scale, continuity and quality of this deposit.   The presence of thicker, higher-grade zones reinforces its potential to add meaningful tonnes and support multi-decade production potential, particularly if these results are replicated across the 108 remaining shallow Beehive holes currently being assayed.  This is in addition to results expected for another 72 step-out and exploratory holes from Iyan.

Demand for graphite continues to grow, especially for higher quality end-products such as those delivered from Orom-Cross.  The Company believes this project has the potential to rank among the larger, lower-cost graphite developments globally, supported by a completed DFS, advanced project readiness, fully completed metallurgical pre-qualification and offtake arrangements in place for all of Phase 1 Production. 

With a large volume of drill results still pending from the ongoing programme, we see a clear pathway to continued scale growth and we anticipate a steady flow of further updates as we progress into 2026 while advancing funding discussions in parallel."

For further information please contact:

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Map 1: Showing the 4x Orom-Cross deposits, including Camp Lode, Northern Syncline, and new Iyan (NS western limb) and Beehive (GT 01a) deposits.