Drilling Update

Date: 31 March 2025

Blencowe Resources Plc

("Blencowe" or the "Company") 

Infill Drilling Phase Successfully Completed

Drilling progresses on 6,750m program to expand Orom-Cross Resources and Reserves

Blencowe Resources (LSE: BRES) is pleased to provide an update on its 6,750m drilling program at its Orom-Cross graphite project in Uganda. The campaign, which commenced in January is focussed on:

· Stage 1 - Gathering geotechnical information to support mine design

· Stage 2 - Infill drilling on the existing two deposits aiming to convert significant volumes of existing Resources to Reserves

· Stage 3 - Step-out exploration at two new exploration targets to expand the overall Resource base.

Orom-Cross currently holds a JORC Resource of 24.5Mt @ 6.0% TGC, and the Company is targeting a substantial upgrade.

Following the successful completion of Stage 1 (geotechnical drilling) in February, Blencowe is pleased to report that Stage 2 (infill drilling) is now also complete.

Highlights:

· Infill drilling on both Northern Syncline and Camp Lode deposits - completed

· Geotechnical drilling for pit slope parameters - completed

· Access roads upgrade for all weather use - completed

· Permanent exploration camp construction underway

· Third rig mobilised to fast-track step-out drilling

Drilling continues to progress on schedule with two rigs from Ugandan contractor ADT operating on site with a third soon to be mobilised to accelerate exploration at the Northern Syncline Western Limb and new GT-01 targets.

28 infill holes at the Northern Syncline deposit have been drilled, logged, and sampled, with 26 now ready for assay. A further 11 holes at the Camp Lode deposit are complete, with sampling and logging underway. Initial observations suggest consistent geology in line with existing resource models which supports the goal of significantly increasing the Orom-Cross Resources and Reserves classifications to underpin longer mine life and higher production volumes in the ongoing DFS. It is anticipated that work thus far will have a materially positive impact on DFS results.

Blencowe has also completed 8 geotechnical holes for pit slope assessment, with samples now being tested in South Africa.

All drilling on the in-fill resources upgrade is completed. The third rig will commence on additional resource extensions to the Northern Syncline (Western Limb) and the new southern GT-01 target, both of which are in Stage Three (new exploration) of the program.

Meanwhile, the Company has commenced construction of a permanent on-site exploration camp, with prefabricated units imported from Turkey now being installed. This tangible step demonstrates visible project advancement to key stakeholders, including the Ugandan Government.

Executive Chairman Cameron Pearce commented:

"This latest drilling program continues to progress well, with both geotechnical and infill drilling now completed. We are encouraged by the consistent, high-quality graphite being intersected, and excited to begin testing new targets at Northern Syncline and GT-01.

Independent estimates suggest Orom-Cross deposit could hold 2-3 billion tonnes of graphite. While we don't need to drill all this out at once it does show that we have scale, and we know our graphite quality is very high so future demand will always be there. This scale means we can drill out additional Resources and Reserves in the future to meet accelerated demand forecast as the energy transition gathers pace. 

With high-quality product, scale, and a fast-track development strategy, Orom-Cross is increasingly standing out as one of the most compelling graphite projects globally."

Figure 1: 2025 drilling campaign at Orom-Cross

Figure 2: day-night drilling campaign at Orom-Cross

Figure 3: Logging core samples at Orom-Cross

For further information please contact:

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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 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 and Blencowe is completing the Definitive Feasibility Study phase shortly as it drives towards first production.

Orom-Cross presents as a large, shallow open-pitable deposit, with a maiden JORC Indicated & Inferred Mineral Resource deposit of 24.5Mt @ 6.0% Total Graphite Content. Development of the resource is expected to benefit from a low strip ratio and free dig operations, thereby ensuring lower operating and capital costs.