Deep Drilling at Northern Syncline

Date: 02 July 2025

Blencowe Resources Plc

("Blencowe" or the "Company"),

Deep Drilling at Northern Syncline Confirms Significant Continuity of Graphite

Further deep holes reconfirm world-class scale of Orom-Cross, as successful drill program concludes

Blencowe Resources Plc (LSE: BRES) is pleased to report the successful completion of three deep drill holes at the Northern Syncline, following on from the recently reported success at the Beehive target. The Northern Syncline drilling complements earlier results from Beehive and reinforces the potential for a materially larger resource base at depth, supporting longer mine life and an expanded valuation in the Company's upcoming Definitive Feasibility Study (DFS).

These deep holes at Beehive and Northern Syncline, which are 3kms apart, have for the first time both tested and confirmed the continuity of mineralisation to depths below 100 metres - more than three times deeper than the previous 30-metre production horizon. These results continue to highlight the Project's vast commercial opportunity and their completion marks the conclusion of the Stage 7 drilling programme at the Orom-Cross Graphite Project in Uganda.

Reported resources and drilling to date has all been focused on tenement ML 1959, which already has a 21-year mining licence in place. Blencowe also controls several proximal additional tenements, covering a much larger area (see Fig 1 below), which based on limited fieldwork also show evidence of similar graphite deposits and offers still greater potential for resource expansion.

Highlights:

· Stage 7 drilling programme completed, totalling 6,750m across 221 resource holes, 8 geotechnical holes and 6 deep holes.

· All three Northern Syncline deep holes have delivered wide graphite intersections to vertical depths below 100 metres.

· All three deep holes ended in mineralisation, confirming the orebody remains open at depth.

· Significant number of assays pending from over 230 holes drilled.

· Results expected to drive consistent newsflow and underpin strategic discussions and DFS advancement.

· Independent geologists estimate Orom-Cross may host over 2 billion tonnes of graphite.

Ongoing Programme and Forward Workstreams

Final sample processing and assay submissions are underway, with results from the 230+ holes drilled during Stage 7 anticipated to be released progressively as they are received. These results will directly support both the planned JORC Resource upgrade and ongoing DFS workstreams, with parallel inputs also advancing across offtakes, mine design, infrastructure, ESG, and permitting.

A larger and deeper resource model - underpinned by consistent mineralisation at Beehive and now at Northern Syncline - will feed into strategic engagement with offtakers and funding partners. The next US$0.75 million tranche from the US International Development Finance Corporation (DFC) grant is expected shortly, as Blencowe continues to receive strong support for a project of global significance in the energy transition supply chain.

Executive Chairman Cameron Pearce commented:

"Further success from the three deep holes at Northern Syncline underlines once again the sheer scale of this graphite deposit at Orom-Cross. With all deep holes ending in mineralisation, Orom-Cross is shaping up to be even more substantial than previously recognised - and this is before we have received most of the assays from the broader programme. Blencowe still owns 100% of this license area, which is a huge advantage in considering commercial outcomes."

"We are now working towards reaching two significant value accretive targets in the near term. The scale of data collected, coupled with the positive drilling results, will help deliver a compelling upgraded JORC Resource. This will feed into the Definitive Feasibility Study, which is well advanced. We believe that both will have a measurable impact on the value of Blencowe and with ongoing strategic discussions progressing. With strong graphite demand tailwinds we are well positioned for a transformative period in the months ahead."

Blencowe CEO, Mike Ralston, provided an interview on the link below:

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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 completed a successful Pre-Feasibility Study on the Project in July 2022 and is now within 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.

Fig 1: Blencowe's extensive tenement holding around Orom-Cross Project Mining License (ML 1959).

Fig 2: Proximity of Beehive deposit to Northern Syncline and Camp Lode deposits

Drill rig commencing deep holes at Northern Syncline deposit

Deep ore zone intersection in hole NSDD237B

Deep ore zone intersection in hole NSDD-L910

Deep ore zone intersection in hole NSDD-L910B

Deep ore zone intersection in hole NSDD-L908B

High grade ore intersections in deeper zones NSDD-L909B