Half-year Report

30 January 2017

BLENHEIM NATURAL RESOURCES PLC

("Blenheim" or "the Company")

UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 OCTOBER 2016

CHAIRMAN'S REPORT

The period covered by these results and subsequent months have seen markets generally, and the minerals market in particular, become much more buoyant, adding value to our trading portfolio and bringing new strategic investment opportunities. Three transactions by Blenheim have aroused attention, notably our agreement of an option to acquire a 30% interest in the Dieba lithium exploration project in Southern Mali and a successful conditional share placing to raise gross proceeds of £750,000, both of which have taken place since the end of the interim period in question.

The Company's financial results for the six months ended 31 October 2016 show a loss of £111,658 (loss of £68,621 for the six months ended 31 October 2015). Revenues of £2,929 and net realised gains of £24,512 from the disposal of financial assets at fair value through profit or loss were offset by operating costs of £116,187, which include the costs associated with maintaining the Company's AIM quotation, and net interest costs of £22,926.

Borrowings of £260,238 represent convertible loan notes redeemable on or before 15 April 2017. The loan notes attract an interest charge of 6% per annum and, if converted by the noteholder, can be exchanged for 1 ordinary share for every 0.65p of loan notes held. These loan notes will either be converted on 15 April 2017 or repaid from the proceeds of the conditional share placing announced on 18 January 2017. Following the Company's AGM on 27 October 2016, at which all resolutions were voted down by shareholders, the two remaining directors of the Company have worked hard to identify more high quality strategic investments, raise additional capital and find potential new directors.

This exercise culminated in the announcements on 18 January 2017 that the Company had been granted an option to acquire a 30 per cent interest in the Dieba lithium exploration project in Southern Mali, an area adjacent to Birimian Limited's successful Bougouni Lithium Project and had concluded a conditional placing to raise £750,000. We are currently evaluating the Dieba project further, with a view to making a final investment decision by the end of February 2017. We continue to consider potential board candidates and hope shortly to be in a position to announce a new appointment.

A general meeting has been called for 7 February 2017 to give the directors of the Company the authority to complete the placing and to put again to shareholders some of the resolutions originally proposed at the most recent AGM.

In August 2016, Blenheim was granted an option for £1 by TAM Mining, a natural resources exploration and development company which holds the exclusive rights, via its local subsidiary Westlumba Minerals Limited, to a large, highly prospective copper/gold project in the Northwest Province of Zambia. Blenheim can exercise its option to obtain 7.5% of the fully diluted issued share capital of TAM Mining, subject to certain conditions, within 6 months of (i) TAM obtaining a NI 43-101 compliant resource statement; or (ii) from 12 months of the date of the Agreement, whichever is sooner, if the Company has used its skills and contacts to assist TAM in raising a minimum of US$5 million. TAM management reports that it expects to commence infill drilling within the next 2 months.

Blenheim increased its stake in IGS (International Geoscience Services) Limited ("IGS") to 30.1% in the period, with an investment to fund development of Xplore, IGS's cutting-edge knowledge-based system for picking targets from geoscientific data and maps. In January 2017, Blenheim's Non-executive Director Mark Parker took over the Chairmanship at IGS, bringing more commercial and geological experience to IGS as a public sector spin-out. At the date of this interim report, Blenheim's interest in IGS stands at 29.9%, as a result of a share issue by IGS to one of its directors for work undertaken on preparation of the business plan of IGS Xplore.

As an investment company, which will have significant cash resources should shareholders approve the relevant resolutions at the forthcoming general meeting, Blenheim will be well positioned to continue to take advantage of opportunities in the natural resources and agribusiness sectors. Indeed, the directors are currently considering a number of promising potential strategic investments. It remains Blenheim's policy to make investments in "good value" companies and projects in the natural resources and agribusiness sectors, by way of cash and the issue of Blenheim shares.

Chris Ells

Chairman

30 January 2017

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BLENHEIM NATURAL RESOURCES PLC

UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED

31 OCTOBER 2016

STATEMENT OF COMPREHENSIVE INCOME

BLENHEIM NATURAL RESOURCES PLC

UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED

31 OCTOBER 2016

STATEMENT OF FINANCIAL POSITION

BLENHEIM NATURAL RESOURCES PLC

UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED

31 OCTOBER 2016

STATEMENT OF CASH FLOWS

BLENHEIM NATURAL RESOURCES PLC

UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED

31 OCTOBER 2016

STATEMENT OF CHANGES IN EQUITY

BLENHEIM NATURAL RESOURCES PLC

UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED

31 OCTOBER 2016

NOTES TO INTERIM FINANCIAL STATEMENTS

1. GENERAL INFORMATION

The principal activity of the Company is to establish strategic and portfolio investments in listed and unlisted shares, as well as in projects in the natural resources sector which encompasses the mining, oil & gas and agricultural sectors. The Company is classified as an investment entity.

Blenheim Natural Resources Plc is a public limited company incorporated in England and Wales under the Companies Act (registered number 02956279). The Company is domiciled in the United Kingdom and its registered address is Hyde Park House, 5 Manfred Road, London, SW15 2RS. The Company's shares are traded on the AIM market of the London Stock Exchange.

2. BASIS OF PREPARATION

These condensed interim financial statements for the period ended 31 October 2016 have been prepared in accordance with the AIM Rules for Companies. As permitted, the Company has chosen not to adopt IAS 34 "Interim Financial Statements" in preparing this interim financial information. The condensed interim financial statements should be read in conjunction with the annual financial statements for the year ended 30 April 2016, which have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union.

The interim financial information, set out above does not constitute statutory accounts as defined by Section 434 of the Companies Act 2006. It has been prepared on a going concern basis in accordance with the recognition and measurement criteria of IFRS as adopted by the European Union. Statutory financial statements for the year ended 30 April 2016 were approved by the Board of Directors on 28 September 2016 and delivered to the Registrar of Companies. The report of the independent auditor on those financial statements was unqualified.

The 2016 interim financial report of the Company has not been audited or reviewed by the Company's auditor, PKF Littlejohn LLP.

Going concern

The Directors, in the light of the announcement on 18 January 2017 that the Company , subject to shareholder approval, had raised £750,000 before expenses through the placing of 214,285,714 ordinary shares of 0.1 pence each in the Company at a price of 0.35 pence per share, consider that adequate financial resources exist for the Company to continue in operational existence for the foreseeable future and that, therefore, it is appropriate to adopt the going concern basis in preparing the condensed interim financial statements for the period ended 31 October 2016.

Risks and uncertainties

The Board continuously assesses and monitors the key risks of the business. The key risks that could affect the Company's medium term performance and the factors that mitigate those risks have not substantially changed from those set out in the Company's 2016 Annual Report and Financial Statements, a copy of which is available on the Company's website: www.blenheimnaturalresources.com.

Critical accounting estimates

The preparation of condensed interim financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the end of the reporting period. Significant items subject to such estimates are set out in note 3 of the 2016 Annual Report and

Financial Statements. The nature and amounts of such estimates have not changed during the interim period.

Accounting policies

The same accounting policies, presentation and methods of computation have been followed in these condensed interim financial statements as were applied in the preparation of the Company's financial statements for the year ended 30 April 2016 and are expected to continue to apply in the preparation of the Company financial statements for the year ended 30 April 2017.

Changes in accounting policy and disclosures

New and amended standards adopted by the Company

There are no IFRSs or IFRIC interpretations that are effective for the first time for the financial year commencing 1 May 2016 which would be expected to have a material impact on the Company.

3. EARNINGS PER SHARE

Basic earnings per share is calculated by dividing the earnings attributable to shareholders by the weighted average number of ordinary shares ("WANS") outstanding in the period. Diluted earnings per share is calculated using the weighted average number of shares adjusted to assume the conversion of all dilutive potential ordinary shares.

Basic earnings per share is considered to be the same as the diluted earnings per share as any dilutive share options and warrants in issue are considered to be 'out of the money' and therefore have a nil dilutive effect.

4. INVESTMENTS

Below are the additional funds the company has committed to the various classes of investments in the respective periods.

No impairment of the value of the Available for Sale investments has been provided for in respect to this reporting period. The fair values of all financial assets at fair value through profit and loss are based on their bid prices in an active market.

5. SHARE CAPITAL

As at the end of the reporting period the issued share capital in the Company was as follows:

6. SHARE BASED PAYMENTS

During the period the company was required to recognise an income of £8,163 in the income statement in respect to share options in issue or committed to issuing at the end of the reporting period. The table below represents the weighted average exercise price (WAEP) of and the movements in share options and warrants during the period:

The fair values of the options and warrants granted have been calculated using the Black Scholes model and applying the inputs shown below:

7. POST BALANCE SHEET EVENTS

On 18 January 2017, the Company announced that, subject to shareholder approval, it had raised £750,000 before expenses through the placing of 214,285,714 ordinary shares of 0.1 pence each in the capital of the Company at a price of 0.35 pence per share.

The net proceeds of the placing will be used by the Company to make further investments in accordance with its investing policy, including to fund the cash consideration, should the Company exercise its the option to acquire a 30 per cent interest in the Dieba exploration permit in Southern Mali, as set out in the Company's RNS dated 18 January 2017. The proceeds will also be used to provide Blenheim with general working capital and to redeem any loan notes that are not converted by noteholders by 15 April 2017..