Oak Securities Research Note Following DFS Update

4 June 2026

Blencowe Resources Plc

("Blencowe" or the "Company"),

Oak Securities Issues Updated Research Following DFS Update

Blencowe Resources Plc (LSE: BRES) is pleased to note that its Joint Broker, Oak Securities, has published an updated research note on the Company following Blencowe's recent DFS model update for the Orom-Cross Graphite Project in Uganda.

In the note, Oak reiterates its BUY rating and a 35.70p target price. Oak highlights the step-change in Orom-Cross scale following maiden resource estimates at Iyan and Beehive, taking the total resource base to 64.3 Mt (a 168% increase since Stage 7), and notes that a significant portion of the resource base (Beehive and Iyan) is not yet included in the DFS calculations. 

Oak also comments on the staged P1/P2 development approach and funding pathway, noting that the next key milestone is securing Phase 1 funding and that a number of interested parties are progressing due diligence in the data room.

In addition, Oak notes the Company's submission into several sizeable strategic graphite tenders, which could support planned production volume growth across concentrate and upgraded product streams, with results anticipated in Q3 2026. 

The Oak Securities research note represents Oak's views and analysis and is not Company guidance.

The research note can be accessed here:

https://blencoweresourcesplc.com/wp-content/uploads/2026/06/OAK-Research-Blencowe-Resources-N2-V3.pdf

**ENDS**

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