Director Warrant Exercise and Purchase of Shares

Date: 23 November 2020                                             

Blencowe Resources Plc

("Blencowe" or the "Company")

Director Warrant Exercise and Purchase of Shares

Blencowe Resources, the natural resources company focused on development of the Orom-Cross Graphite Project in Uganda, is pleased to announce that Directors Cameron Pearce and Sam Quinn have increased their holdings in the Company through the purchase of 500,000 shares and 250,000 shares respectively, pursuant to the exercise of warrants at 4p per share. Following the acquisition of shares Mr Pearce now has a shareholding of 6,500,000 Ordinary Shares (6.4% of the enlarged share capital ) and Mr Quinn has a shareholding of 4,250,000 Ordinary Shares (4.1% of the enlarged share capital ). In addition, the Company has received warrant exercise notices in respect of a further 1,000,000 ordinary shares at 4p per share from other warrant holders (together, the "Warrant Shares"). The aggregate proceeds from the exercise of the Warrant Shares are £70,000.

An application has been made for the 1,750,000 ordinary shares of 0.5p to be admitted to trading on the London Stock Exchange with effect from 8.00 a.m. on 27 November 2020 ("Admission").

In accordance with the FCA's Disclosure Guidance and Transparency Rules, the Company confirms that following the issue of the Warrant Shares, the Company's enlarged issued ordinary share capital will comprise 103,423,132 Ordinary Shares. The Company does not hold any Ordinary Shares in Treasury. Therefore, following Admission, the above figure may be used by shareholders in the Company as the denominator for the calculations to determine if they are required to notify their interest in, or a change to their interest in the Company, under the FCA's Disclosure Guidance and Transparency Rules.

 PDMR Notification Form

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Background

Orom-Cross is a potential world class graphite project both by size and end-product quality, with a high component of larger flakes identified from previous work performed. A 21-year Mining Licence was issued by the Ugandan Government in 2019 following extensive historical work on the deposit.

Orom-Cross presents as a large, shallow open pitable deposit, with an estimated resource in excess of 3 billion tonnes of graphite. Development of the resource is expected to benefit from a low strip ratio and free dig operations, thereby ensuring lower operating and capital costs.