European Processing & Offtake with Alkeemia

Date: 23 January 2026

Blencowe Resources Plc

("Blencowe" or the "Company"),

Blencowe Strengthens European Processing and Offtake Strategy with Alkeemia LOI

EU technical expert to enable 99.99% SPG purification via cleaner, non-China processing route

Blencowe Resources Plc (LSE: BRES) is pleased to announce it has signed a Letter of Intent ("LOI") with European specialist graphite processing organisation Alkeemia S.P.A. ("Alkeemia") to provide toll beneficiation and purification services for graphite produced from the Orom-Cross project in Uganda.

The graphite would be processed at a plant being developed by Alkeemia in Italy, delivering cleaner purified graphite than conventional Chinese processing routes and providing Blencowe with an alternative downstream pathway outside China.

This LOI builds on the successful test work announced on 15 January 2026, which demonstrated that Orom-Cross graphite can be purified to 99.99% carbon content, the highest commercially recognised purity, using Alkeemia's proprietary European purification technology, qualifying the product for sale into niche, high-value end markets where ultra-high purity is required.

Highlights

· Initial allocation of up to 1,000 tonnes per annum at Alkeemia's Italian facility, with the intention to increase volumes over time as both parties expand operations.

· Access to simpler, faster, lower-toxicity purification process compared to conventional Chinese processing methods.

· Cleaner purification technology that is increasingly required by European and US offtakers and funding bodies, particularly for battery and energy transition markets

· Establishes a non-China downstream processing pathway, aligned with increasing US and European focus on securing critical mineral supply chains

· Provides Blencowe with near-term, capital-light downstream optionality, alongside its longer-term plans to develop in-country SPG processing in Uganda.

· Strengthens Blencowe's ability to engage with European offtakers and funding bodies, where local processing and traceable supply chains are increasingly prioritised.

· Strengthens European-aligned and international supply chains for the delivery of high-purity graphite products into global markets.

The Company believes this LOI represents an important step in de-risking its downstream strategy while preserving flexibility as Orom-Cross advances towards production. European toll treatment provides Blencowe with the ability to access premium, high-purity graphite markets without committing to immediate large-scale downstream capital expenditure.

Blencowe and Alkeemia view this LOI as the first stage in establishing a longer-term commercial relationship with scope to expand both processing volumes and collaboration as Alkeemia develops additional capacity and Blencowe advances Orom-Cross.

The Company believes that establishing a European-based purification and toll treatment pathway also opens up potential access to European funding initiatives, where local processing, traceable supply chains and reduced reliance on Chinese-controlled processing routes are increasingly important criteria. The LOI with Alkeemia therefore strengthens Blencowe's positioning in ongoing discussions with European stakeholders across offtake, strategic partnerships and funding.

Blencowe is already an exclusive supplier of natural flake graphite into the EU SAFELOOP initiative, which is part of the European Union's €100 billion Project Horizon energy transition programme, further strengthening the Company's positioning within European battery and energy transition supply chains.

Cameron Pearce, Blencowe's Executive Chairman commented:

"This LOI with Alkeemia, represents a significant strategic step for Blencowe, providing a credible European purification pathway for Orom-Cross graphite using cleaner, innovative processing technology.

As Orom-Cross advances towards production and Alkeemia continues to develop its facilities in Italy, this relationship is expected to support increasing scale and to act as a platform to bring further European offtake opportunities into play. 

With China announcing export controls on lithium battery products, equipment and processing technologies, alternatives delivered through Alkeemia have the potential to play a substantial role in supporting the transition of international markets towards purified graphite products produced outside of China."

Lorenzo Di Donato, Alkemia CEO commented:

"We are pleased to formalise our collaboration with Blencowe through this Letter of Intent. Test work has confirmed that Orom-Cross graphite responds well to our purification process, achieving very high purity levels suitable for demanding niche end-user applications.

We see this as the beginning of a constructive partnership, with the potential to expand processing volumes over time and support the development of European-aligned graphite supply chains."

Issue of Equity

The Company has issued 500,000 ordinary shares to Minex in lieu of fees. Minex has been appointed as consultant to provides access to project financiers that have been reviewing the DFS. Also, the Company has granted Minex with 1,000,000 options at 10p for a period of 3 years.

The Company will make an application for 500,000 New Ordinary Shares to be admitted to trading on the Main Market of the London Stock Exchange at 8.00 a.m. on 28 January 2026.

Total Voting Rights

The Company hereby notifies the market, in accordance with the FCA's Disclosure Guidance and Transparency Rules, that on Admission, the Company's enlarged share capital will consist of 477,795,645 Ordinary Shares, each with one vote. The Company does not hold any Ordinary Shares in Treasury. On Admission, the total number of voting rights in the Company is expected to be 477,795,645 and this figure may be used by Shareholders as the denominator for the calculations by which they will 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.

**ENDS**

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