REG - Blencowe Resources - Beehive Drilling Returns Multiple 30m Intercepts

Blencowe ResourcesAnnouncement

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RNS Number : 8635W  Blencowe Resources PLC  17 March 2026

17 March 2026

Blencowe Resources Plc

("Blencowe" or the "Company")

 

Beehive Shallow Drilling Returns Multiple 30 metre Intercepts from Surface,
with Graphite Grades up to 10.78% TGC.

Further Results Expected in Quick Succession as JORC Modelling Advances

 

Blencowe Resources Plc (LSE: BRES) is pleased to provide an update on the
first set of assay results from shallow drilling at the Beehive deposit, one
of the two exciting new deposits recently delineated at the Company's
Orom-Cross graphite project in Uganda.

As part of the Stage 7 drilling programme, the Company completed 110 shallow
drill holes at Beehive, designed to test the continuity, thickness and
near-surface extent of graphite mineralisation across the deposit. This
announcement reports assay results received to date from an initial 35 holes
(BHDD-L201 to BHDD-L236), which are considered representative of the broader
drilling programme, and they make up the central line on the drilling program.
This line also contained the three deeper holes drilled to 120m as part of the
programme, ther results of which were very successful and reported earlier.

 

Highlights (first 35 Beehive holes)

·  Thick near-surface mineralisation: multiple holes deliver +30 metre
intercepts from surface, supporting bulk-mineable near-surface potential near
to planned processing facilities.

·    High-Grade Frequency: 15 holes average >6.0% TGC and 18 holes
average >5.0% TGC over the entire hole

·    Standout results:

o  BHDD-L209; 30.09 metres @ 10.78% TGC from surface.

o  BHDD-L207; 31.4 metres @ 9.46% TGC from surface.

·    Newsflow: further Beehive assay batches are now with the Company's
independent geological consultants, Minrom, for validation and quality
assurance.  As batches are cleared additional results are expected in quick
succession and will be reported progressively

·    Strategic context: following the maiden Iyan JORC Mineral Resource
of 16.9Mt, which lifted total Orom-Cross JORC Mineral Resources by 66% to
43.0Mt, Beehive represents the next key growth lever as development planning
and strategic/funding discussions progress in parallel

(TGC refers to Total Graphitic Carbon. Intervals below represent composited
grades over the drilled interval from surface to end-of-hole for the shallow
programme.)

Selected Significant Shallow Intercepts - Beehive Deposit

 Hole ID    Interval (m)  Grade (% TGC)
 BHDD-L209  30.09         10.78
 BHDD-L207  31.40         9.46
 BHDD-L217  31.40         9.16
 BHDD-L214  31.40         8.29
 BHDD-L208  31.40         8.22
 BHDD-L206  30.20         8.19
 BHDD-L211  30.10         7.75
 BHDD-L210  31.29         7.60
 BHDD-L205  31.30         7.23
 BHDD-L212  31.40         7.16
 BHDD-L236  30.00         6.85
 BHDD-L213  31.19         6.66
 BHDD-L218  30.31         6.48

Notes: Intervals represent the drilled interval composited from surface to
end-of-hole depth for the shallow programme. Additional results from the
programme will be reported as received and validated.

The shallow Beehive drilling was deliberately designed to
define near-surface, bulk mineable graphite mineralisation, with holes
drilled to a planned depth of approximately 30 metres. Importantly, the
majority of results reported include multiple holes delivering +30 metres of
continuous graphite mineralisation from near surface with many holes ending
in mineralisation, highlighting clear potential for continuation below the
current drilling depth.  These results build on previously reported deeper
drilling at Beehive, which demonstrated graphite mineralisation continuing to
around 100 metres depth (where all deep holes also ended in mineralisation).

 

Interpretation and Next Steps

These initial Beehive results support the interpretation of a substantial new
deposit with a thick graphite system at shallow depths, while previously
reported deep drilling has demonstrated that mineralisation can continue to
over 100 metres depth. The shallow holes are therefore helping
define near-surface tonnage, with deeper drilling indicating clear vertical
upside.

Orom-Cross is a vast bulk-tonnage system that continues to demonstrate
multiple higher-grade zones within its broader mineralised envelope, providing
flexibility for mine planning, blending and value optimisation as the
development plan is refined. This combination of scale, consistency and
grade-profile is increasingly relevant to downstream processing pathways and
longer-term offtake discussions, particularly as Western markets continue to
prioritise secure, diversified non-China supply chains.

Further Beehive assay results are expected shortly and are currently with the
Company's independent geological consultants Minrom for validation and quality
assurance. Results will be reported progressively with subsequent batches
expected in quick succession and, subject to modelling, are expected to
support a further JORC Mineral Resource Estimate update for the Beehive
deposit thus providing additional clarity on overall scale, mine life and
development readiness as Blencowe continues to progress strategic and funding
discussions.

Beehive has been defined over approximately 1,200 metres of strike and 480
metres of width to date, with scope for extensions to the east, west, north
and south beyond the current drill lines, plus at depth.  Blencowe believes
that just a fraction of this deposit has been drilled to date, hence the
upside potential is substantial.

 

Blencowe's CEO, Mike Ralston discussed these results and other work underway
with FocusIR on the link below:

https://media.focusir.com/BlencoweBeehiveDrillResults
(https://media.focusir.com/BlencoweBeehiveDrillResults)

 

Blencowe Resources Executive Chairman, Cameron Pearce commented:

"Beehive is delivering strong early validation, including 30.09 metres at
10.78% TGC from surface, and multiple +30 metre intercepts from surface
across the initial dataset. These results reinforce the potential for
meaningful near-surface tonnage within the broader Orom-Cross system.

Following our recent maiden Iyan JORC Mineral Resource of 16.9 million
tonnes, which increased total Orom-Cross JORC Mineral Resources by 66% to
43.0 million tonnes, the strategic importance of adding further tonnes here at
Beehive is clear: constantly strengthening Orom-Cross as a scalable,
multi-deposit graphite system capable of supporting several downstream
pathways.

With access to renewable hydropower and a growing resource base, Orom-Cross
is being positioned as an integral part of the West's drive for secure,
non-China critical mineral supply. Further Beehive assay batches are now
with Minrom for validation, and as batches are cleared we expect additional
results to be reported in quick succession, progressing towards a maiden
Beehive JORC Mineral Resource in due course, and a further update to the
overall Orom-Cross JORC Mineral Resource.

We continue to advance strategic and funding discussions in parallel as
development planning progresses."

 

Beehive Deposit - Key Drill Results

Figures 1-2: Beehive Deposit drill sections showing thick, continuous graphite
mineralisation remaining open at depth.

 

 

Figure 11: Orom-Cross graphite project showing ML1959 as a part of the overall
licensed area.

 

 

 Blencowe Resources Plc                   www.blencoweresourcesplc.com (http://www.blencoweresourcesplc.com/)

 Sam Quinn (Director)                     Tel: +44 (0)1624 681 250

                                          info@blencoweresourcesplc.com (mailto:info@blencoweresourcesplc.com)

 Sasha Sethi (Investor Relations)         Tel: +44 (0) 7891 677 441

                                          sasha.sethi@blencoweresourcesplc.com
                                          (mailto:sasha.sethi@blencoweresourcesplc.com)
 Tavira Financial (Joint Broker)

 Jonathan Evans                           Tel: +44 (0)20 3192 1733

                                          jonathan.evans@tavira.group (mailto:jonathan.evans@tavira.group)
 Oak Securities (Joint Broker)

 Calvin Man /Mungo Sheehan / Jerry Keen   Tel: +44 (0)20 3973 3678

 Twitter                                  https://twitter.com/BlencoweRes (https://twitter.com/BlencoweRes)
 LinkedIn                                 https://www.linkedin.com/company/72382491/admin/
                                          (https://www.linkedin.com/company/72382491/admin/)

 

 

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

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