Completion of Orom-Cross DFS Programmes

Date: 22 August 2025

Blencowe Resources Plc

("Blencowe" or the "Company")

Completion of Orom-Cross DFS Programmes

Major workstreams complete, positioning DFS for successful delivery

Blencowe Resources Plc (LSE: BRES) is pleased to provide an update on progress within the Definitive Feasibility Study ("DFS") at its Orom-Cross graphite project in Uganda. The Company has now completed all major infrastructure workstreams within the Definitive Feasibility Study ("DFS") alongside the recent drilling campaign, which was the largest in the Company's history. This drill programme was designed to increase the mineable reserves base as well as explore a new deposit and it exceeded expectations. 

Much of this DFS work also fed into milestones set by the US International Development Finance Corporation ("DFC") for grant funding, further validating Orom-Cross as a world-class graphite project. DFC has input US$4.75 million to date of the total US$5.0 million total grant funds with the remainder due on DFS completion.

DFS Infrastructure Progress

Power:

Two separate substations on either side of Orom-Cross will provide access to abundant hydropower from Uganda's national grid, ensuring both low-cost renewable energy and redundancy.

This positions Orom-Cross as a future supplier of "green graphite" with strong ESG credentials which is a key requirement for battery offtakers.

Roads:

A UK Government-sponsored programme is underway to upgrade, widen and seal the Kitgum-to -Kidepo road that passes nearby the project, with a major intersection designed to provide direct access to Orom-Cross.

Once completed, the route from site to Kenyan port access will be fully sealed, providing a significant long-term logistics advantage, particularly when Orom-Cross scales up.

Other Infrastructure:

Water, communications and camp facilities are all currently being established, with rail access from Gulu being considered as an option ahead. Together all these factors reduce upfront capital intensity and accelerate the pathway to production.

The first permanent camp is being constructed at Orom-Cross with a view to providing initial accommodation for the first production phase ahead.

DFS and Upcoming Catalysts

Orom-Cross PFS delivered one of the lowest capital cost estimates to bring any significant new graphite project into production worldwide, and the DFS is expected to deliver a similarly positive result. This advantage stems from all major infrastructure required for mine start-up already being available and close to site including roads, power, water and communications. The result is threefold: substantial upfront capital cost savings, shorter timelines to reach first production and substantially less debt to service and repay over life of mine.

The Company has also provided detailed reports to the US International Development Finance Corporation (DFC) demonstrating how this infrastructure can be fully operational for start-up, further validating Orom-Cross as a low-cost, fast-to-market project with unique logistics and ESG credentials.

In parallel, following further guidance from the laboratories, first assay results from the 6,750m drilling programme are expected shortly. These results will underpin what is anticipated to be a material upgrade to the JORC Resource, reflecting the exceptional drill campaign that has already indicated both extended mineralisation and a brand new graphite deposit nearby at Beehive.

Cameron Pearce, Executive Chairman commented:

"Completing the infrastructure workstream is a major de-risking milestone for Orom-Cross. Having hydro-grid power, water, communications and upgraded road access effectively in place translates into lower capex, shorter development timelines and a sustainable, ESG-compliant operation.

We are also very encouraged by progress on the UK Government-backed road programme, which will deliver sealed access to site and provide a significant logistics advantage as Orom-Cross scales into production.

Our DFS is progressing well, and we look forward to showcasing something special. We anticipate being able to update the market on a completion date in the near future following the delivery of remaining technical work.

In the meantime, we have received guidance that the first assays from our drilling programme are expected shortly, feeding into what we expect to be a material uplift to the JORC Resource. With DFS, assays, JORC and further offtake developments all ahead, we believe Orom-Cross is on the cusp of a major value inflection."

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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 coarse 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. Blencowe has already completed a successful Pre-Feasibility Study on the Project and is now within the final stage of the Definitive Feasibility Study phase as it drives towards first production.

Orom-Cross presents as a large, shallow open-pitable deposit, with an initial JORC Indicated & Inferred Mineral Resource of 24.5Mt @ 6.0% TGC (Total Graphite Content). This Resource has been defined from only ~2% of the total tenement area which presents considerable upside potential ahead. Development of the resource is expected to benefit from a low strip ratio and free dig operations together with abundant inexpensive hydro-electric power off the national grid, thereby ensuring low operating costs. With all major infrastructure available at or near to site the capital costs will also be relatively low in comparison to most graphite peers.