18 May 2026                      

Blencowe Resources Plc

("Blencowe" or the "Company"),

Beehive Maiden JORC Mineral Resource Delivers Major Upgrade at Orom-Cross

New Beehive MRE lifts total Orom-Cross resources to 64.3Mt as DFS optimisation work advances

Blencowe Resources Plc (LSE: BRES) is pleased to announce a maiden JORC (2012) Mineral Resource Estimate for the Beehive deposit, part of the Company's 100% owned Orom-Cross graphite project in Uganda.

Beehive is one of two substantial new discoveries (together with Iyan) made through the Company's most recent drilling programme and represents another major step change in Orom-Cross scale. Following the maiden Iyan JORC Mineral Resource (which lifted the Orom-Cross resource base by 66% to 43.0 Mt), the maiden Beehive JORC Mineral Resource adds 21.3 Mt @ 6.58% TGC (Inferred) and increases total Orom-Cross JORC Mineral Resources to 64.3 Mt @ 6.03% TGC (Measured + Indicated + Inferred) across Northern Syncline, Camp Lode, Iyan and Beehive. 

This further demonstrates Orom-Cross as a multi-deposit, long-life, large-scale graphite development with total Orom-Cross JORC Mineral Resources up 168% since commencement of the Stage 7 programme.

Importantly, the current Beehive JORC Resource has been modelled over only circa 22% of the Beehive anomaly and largely within the upper 25-30 metres tested by shallow drilling. Combined with previously reported deep drilling demonstrating mineralisation continuing to approximately 100 metres depth, the Company believes Beehive retains significant upside potential beyond the current modelled area.

With a materially expanded resource base now defined, the Company has been progressing further DFS optimisation work to incorporate the enlarged inventory, evolving downstream pathways, and ongoing commercial discussions. This work is well advanced and a further update is expected prior to the end of Q2 2026.

Highlights:

Beehive Maiden JORC Mineral Resource update;

·      Beehive JORC Mineral Resource: 21.3 Mt @ 6.58% TGC (Inferred) at a 3.5% TGC cut-off

·      Higher-grade component defined: 17.5Mt @ 7.0% TGC

·      Total Orom-Cross JORC Mineral Resources (revised): 64.3Mt @ 6.03% TGC (Measured + Indicated + Inferred) at a 3.5%TGC cut-off

o  Measured Resource: 1.20 Mt @ 5.13% TGC

o  Indicated Resource: 16.41 Mt @ 5.7% TGC

o  Inferred Resource: 46.70 Mt @ 6.17% TGC

·      Stage 7 drill programme impact: total Orom-Cross JORC Mineral Resources have increased by 168% since commencement of the Stage 7 programme

·      Depth continuity: deep drilling previously demonstrated mineralisation continuing to >100m at both Iyan and Beehive deposits

·      Beehive scale: the current model covers just 22% of the total Beehive target anomaly and is largely confined to the upper 25-30 metres of the deposit

·      Cost Efficiency: these exceptional results have been achieved at a cost of under US$10/tonne, which is very low by industry standards

·      DFS optimisation update: expected prior to the end of Q2 2026

·    Strategic and funding workstreams: discussions with counterparties remain ongoing, supported by the increased scale and deposit pipeline as development planning progresses

Figure 1: Beehive location plan showing drill coverage, modelled area and anomaly outline.

Figure 2: Beehive block model / grade model illustrating continuity within the modelled area.

Block model of the Beehive Deposit. Mineralisation remains open along strike and at depth; multiple drill holes end in mineralisation.

Table 1: Orom-Cross JORC Mineral Resource Summary by Deposit (JORC 2012; 3.5% TGC cut-off).

Northern Syncline + Camp Lode + Iyan + Beehive = 64.3 Mt.

*Totals subject to rounding. Category splits and grade weighting are as reported by the Competent Person.

Ore Reserves remain unchanged and are presented separately below.

Table 2: Orom-Cross Ore Reserve Summary (unchanged, JORC 2012)
Northern Syncline + Camp Lode only.

Ore Reserves are a subset of Mineral Resources and are not additive to the JORC Mineral Resource total. Both Iyan and Beehive deposits are currently reported as a maiden JORC Mineral Resource only and have not yet been converted to Ore Reserves.  Further infill drilling is required to bring a portion of both Iyan and Beehive Resources into Reserves.

JORC Mineral Resource Upgrade Confirms Scale and Upside

The maiden Beehive JORC Mineral Resource confirms a thick graphite system at shallow depths within the modelled area, while previously reported deep drilling demonstrates mineralisation continuing to approximately 100 metres depth. Beehive has been modelled largely within the upper 25-30 metres and over only part of the target anomaly, and the Company believes there is clear scope for resource growth through step-outs and further modelling.

Key implications of the upgrade:

·      Step-change in scale: Beehive lifts total Orom-Cross JORC Mineral Resources to 64.3 Mt; reinforcing a multi-deposit, long-life, large-scale graphite development

·      Resource growth runway: mineralisation remains open beyond the current modelled area, with step-out and depth upside indicated by drilling to date

·      Development and mineability: continuity and near-surface thickness support open-pit development assumptions and low strip potential, consistent with a low-cost mining profile

·      Metallurgical alignment: grade profile and mineralisation style remain consistent with prior testwork and current processing assumptions

·      Efficient conversion: conversion expenditure remains comparatively low, supporting continued definition of additional tonnes and the potential to upgrade classifications as modelling progresses

With a materially expanded inventory now defined, the Company has been progressing further DFS optimisation work to incorporate the enlarged resource base, evolving downstream pathways, and ongoing commercial discussions.

Strategic offtake and funding discussions also continue alongside development planning, and the Company will provide updates as and when disclosure is permitted and appropriate, in line with its regulatory obligations.

CEO Interview

Blencowe Resources CEO, Mike Ralston discusses today's JORC Resource upgrade and the Company's current workstreams in an interview linked below:

https://media.focusir.com/BlencoweRes_Orom-Cross_Resource_Growth_Update 

Blencowe Resources Executive Chairman, Cameron Pearce commented:

"Today's maiden Beehive JORC Mineral Resource is another major step forward for Orom-Cross. Beehive adds 21.3 million near-surface tonnes at 6.6% TGC, lifting total Orom-Cross JORC Mineral Resources to 64.3 million tonnes across Northern Syncline, Camp Lode, Iyan and Beehive.

Importantly, Beehive has been modelled over only 22% of the target anomaly and largely within the upper 25-30 metres, while deep drilling has demonstrated mineralisation continuing to below 100 metres depth. We believe this provides a clear growth runway beyond the current modelled area.

With a materially expanded inventory now defined, we have been progressing further DFS optimisation work and expect to update the market prior to the end of Q2 2026.  Strategic, offtake and funding discussions remain ongoing and we will update the market as appropriate."

Competent Person's Statement

The information in this release, which is related to Mineral Resource estimation, was compiled under the supervision of Mr Oscar Van Antwerpen who is the CEO of Minrom Consulting (Pty) Ltd; he is Member of the Geological Society of South Africa (GSSA) and a Registered Professional Natural Scientist (Pr.Sci.Nat) with the South African Council for Natural Scientific Professions (SACNASP).

Mr Oscar Van Antwerpen has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity that he has undertaken to qualify as a Competent Person as defined by the JORC (2012) Code. Mr Oscar Van Antwerpen consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

Appendix

(Independent Geologist - Minrom - tables and figures)

·      GC - Graphitic carbon, TC - Total carbon.                  

·      No geological losses applied.

·      A conservative cut-off grade of 3.5% GC has been applied based on metallurgical testing & preliminary mining parameters.

·      Mineralised tonnes have been rounded off and contained graphite tonnages have been rounded off to the nearest 1000 (Kt).

·      Contained graphite has been reported without the application of cut-off grades, loss factors, or beneficiation yields.

·      GC - Graphitic carbon, TC - Total carbon.                  

·      No geological losses applied.

·      A conservative cut-off grade of 3.5% GC has been applied based on metallurgical testing & preliminary mining parameters.

·      Mineralised tonnes have been rounded off and contained graphite tonnages have been rounded off to the nearest 1000 (Kt).

·      Contained graphite has been reported without the application of cut-off grades, loss factors, or beneficiation yields.

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

**ENDS**

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