Receipt of US$0.75 million from DFC

Date: 08 July 2025

Blencowe Resources Plc

("Blencowe" or the "Company")

Company Receives Further US$0.75 million Grant Funding from US International Development Finance Corporation

DFC support continues to validate Orom-Cross as a globally strategic graphite project

Blencowe Resources Plc (LSE: BRES) is pleased to announce receipt of a further $0.75 million tranche of grant funding from the US International Development Finance Corporation ("DFC"), bringing total funds received under the overall US$5.0 million technical assistance grant to $4.75 million (95%).

The final tranche of $0.25 million will be paid upon completion of the Definitive Feasibility Study ("DFS").

This DFC funding is non-dilutive to shareholders of the Company, and the support arrives at a critical juncture, as the US Government continues to assess which global projects to support in the energy transition. Graphite remains a declared US critical mineral, and the strong backing of Orom-Cross by the DFC signals both confidence in the project and strategic alignment with broader US priorities.

Key Milestones Delivered to Secure This Tranche:

· Completion of all infill drilling, to substantially increment the Mineable Reserves

· Completion of all infrastructure scope - power, roads, water, communications and camp

These milestones mark substantial progress in finalising the Definitive Feasibility Study ("DFS").

The Company recently completed an infill drilling program as part of its wider drilling campaign to infill sections of the existing drilling database to provide further geological confidence and ultimately to provide additional mineable tonnes or Reserves within the DFS. Once assays are finalised, independent geological consultant, Minrom will deliver an updated JORC Resource Statement. 

This larger and upgraded resource will provide Orom-Cross with a longer life of mine including the capacity to produce and sell greater volumes annually. Crucially, upgrading Inferred and Indicated Resources into Measured Resources and Reserves is a key requirement for inclusion in the Definitive Feasibility Study, as only Reserves can be counted for mine planning. This work will underpin the final DFS and enhance commercial outcomes, particularly as graphite demand is forecast to double over the medium term and new supply remains constrained.

Key infrastructure work has been completed and reports submitted to the DFC, demonstrating progress across all critical areas required to support Orom-Cross startup.

Cameron Pearce, Executive Chairman commented:

"This latest tranche of funding from the DFC brings us closer to unlocking significant value at Orom-Cross. Their continued support is a strong endorsement of the project's potential and strategic importance."

"As the revised JORC Resource is finalised and the Definitive Feasibility Study completed, we are approaching a clear value inflection point."

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 coarse 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. Blencowe completed a successful Pre-Feasibility Study on the Project in July 2022 and is now within the Definitive Feasibility Study phase as it drives towards first production.

Orom-Cross presents as a large, shallow open-pitable deposit, with an initial JORC Indicated & Inferred Mineral Resource of 24.5Mt @ 6.0% TGC (Total Graphite Content). This Resource has been defined from only ~2% of the total tenement area which presents considerable upside potential ahead. Development of the resource is expected to benefit from a low strip ratio and free dig operations together with abundant inexpensive hydro-electric power off the national grid, thereby ensuring low operating costs. With all major infrastructure available at or near to site the capital costs will also be relatively low in comparison to most graphite peers.