Northern Syncline Drilling Results

Date: 31 October 2025

Blencowe Resources Plc

("Blencowe" or the "Company"),

Final Infill Results Confirm Continuity and Scale at Orom-Cross

JORC Resource upgrade and Reserve conversion now underway -

Expected completion approximately two weeks

Highlights:

· Final infill assay results from the Northern Syncline deposit completes all drilling required for the JORC Resource and Reserve update (now in progress).

· JORC update expected within approximately two weeks, feeding directly into the Definitive Feasibility Study (DFS) which remains on track for completion before year-end.

· Northern Syncline infill drilling confirms broad, consistent mineralisation throughout the oxide zone, demonstrating strong grade continuity and the large-scale nature of the orebody.

· Camp Lode and Northern Syncline together underpin the DFS mine plan, balancing high-grade near-surface ore with larger-scale bulk tonnage for long-term production.

· Step-out exploration drilling at the new Lyan (Northern Syncline western limb extension) and Beehive deposits has concluded, with assay results expected to follow post-DFS to provide additional exploration upside.

Blencowe Resources Plc (LSE: BRES) is pleased to announce the final assay results from its Stage 7 drilling programme at its Orom-Cross graphite project in northern Uganda. These results mark the completion of the infill drilling phase and they provide the last data required to finalise the JORC Resource and Reserve update, which is a key input into the Definitive Feasibility Study (DFS) due for completion by December 2025.

The Northern Syncline represents Orom-Cross's largest deposit and the bulk of the long-term mine plan. The latest infill assays have returned strong graphite intersections across the full depth of the oxide zone, highlighting the remarkable continuity of this orebody. The strategy was to close gaps from earlier campaigns to improve geological confidence and to upgrade the classification of Resources to Reserves.

These results follow the strong Camp Lode assays reported earlier this month, which confirmed a series of high-grade, near-surface zones ideal for early-stage mining and cash flow generation. Together, these deposits provide both high-grade starter feed and long-life scalability, strengthening overall project economics and underpinning a robust mine plan for Orom-Cross.

Selected Northern Syncline Drill Results:

· Hole L2301: 20.57m @ 6.52% TGC.

· Hole L2302: 25.08m @ 4.98% TGC, including 4.9m @ 7.90% TGC and 4.1m @ 9.30%TGC

· Hole L1901: 23.07m @ 4.36% TGC, including 7.45m @ 6.53% TGC and 4.87m @ 6.37%TGC.

· Hole: L2202: 21.52m @ 5.01% TGC, including 8.24m @ 7.51%TGC and 3.27m @ 6.33%TGC.

· Hole L2102: Mineralisation from surface to 30.4m, including 7.02m @6.01%TGC.

Significance:  These results confirm continuous mineralisation and add additional tonnes to the Northern Syncline, optimising mine scheduling for early production phases.

Further Assays and Next Steps

The Stage 7 drilling programme, totalling 7,750 metres, is now concluded. It combined infill and geotechnical drilling across Camp Lode and Northern Syncline with step-out exploration at Lyan, Beehive and the deep holes.

All infill and geotechnical data are now being incorporated into the updated geological model, which will underpin detailed mine design, pit optimisation and sequencing for the DFS. This information will also feed into the JORC Resource upgrade, which is expected to deliver a material increase in Reserves to support a longer mine life at higher production rates.

While the Lyan, Beehive and deep holes assay results will not form part of the imminent JORC update, these zones have shown promising continuity along strike and at depth, confirming significant exploration upside. Their results will be reported post-DFS and will support the definition of a new Exploration Target as the basis for further growth in the JORC Resource in 2026.

Blencowe now has four active graphite deposits at Orom-Cross, being Northern Syncline, Camp Lode, Lyan and Beehive, with each continuing to demonstrate outstanding scale, grade and continuity.

Executive Chairman Cameron Pearce commented:

"We are pleased to share these latest results from the Northern Syncline, which underline the incredible continuity within this orebody. The length of these intersections and their shallow nature combine to allow for low strip ratios and an overall reduction in mining costs, which is a critical requirement for success ahead."

This drill programme continues to highlight that Orom-Cross has substantial volume of graphite near to surface, it has high grade zones, it continues at depth, and it has continuity. When we add the very high quality end products confirmed by international test work, we believe we are developing one of the premier graphite ore bodies in the world. 

What also makes this so remarkable is that we have still only drilled a small fraction of Orom-Cross overall which provides huge upside potential ahead.

As we move toward the DFS release and project financing discussions, we continue to see exceptional technical validation and growing interest from institutional and strategic partners worldwide."

Preliminary drill results Northern Syncline

Further Drilling Detail

The Company drilled 39 diamond drillholes in the Northern Syncline deposit as part of a resource infill and upgrade exercise. At Northern Syncline these holes have fulfilled the intended purpose by infilling the gaps from the previous drill programs as the Company takes a measured and methodical approach to the confirmation and upgrade of the resource classification for the deposit.

Blencowe is extremely buoyed by these results as they indicate the consistent and continuous nature of the mineralisation along the strike of the deposit but also over the depth of the oxide zones to 30 meters. This bodes well for a reduction in operational costs with good indicators for a lower stripping ratio and the thus more efficient utilisation of the equipment and lower costs with associated waste handling.

The intersections from the program all indicate the consistent and known nature of the Northern Syncline deposit as a large volume deposit averaging 5-6%TGC and this confirms the expectations of Blencowe and enables optimisation of the processing to reduce costs and increase recovery of the graphite flakes.

As highlighted previously the ability to mine substantial volume of graphite from shallow depths contributes to Orom-Cross having operating costs sitting within the lowest percentile of graphite projects worldwide, which is considered a major advantage as Blencowe drives towards first production. The consistent nature of the grade and ore characteristics within the deposit benefits the Company in that it will be able to ensure that regular, reliable high quality products are delivered long-term to offtakers, and these are factors that offtakers require above all else.

Figures 1: Map showing the 4x Orom-Cross deposits, including Camp Lode, Northern Syncline, and new Lyan (NS western limb) and Beehive (GT 01a) deposits.

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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 finalising the Definitive Feasibility Study phase 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.