REG - Blencowe Resources - Final Ilyan Drilling Results

Blencowe ResourcesAnnouncement

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RNS Number : 0752U  Blencowe Resources PLC  24 February 2026

24 February 2026

 

Blencowe Resources Plc

("Blencowe" or the "Company"),

 

Iyan Deposit Delivers Further Significant Graphite Intercepts from Surface in
the Final Release of Assays

Final Assay Batch Again Reinforces Bulk Blending Strategy, Resource Growth and
Imminent JORC

 

Blencowe Resources Plc (LSE: BRES) is pleased to report the final set of assay
results completed from the 87 shallow holes drilled at the Iyan deposit,
part of the Company's Orom-Cross Graphite Project in Uganda. These results
represent the third batch from the Stage 7 drilling programme, with results
continuing to exceed expectations and supporting the imminent maiden JORC
resource estimate for the Iyan deposit, which will increase the overall
Orom-Cross resource base. This maiden JORC resource will represent the first
formal resource estimate for Iyan and further strengthen Orom-Cross as a
multi-deposit graphite project.

This final batch completes the Stage 7 drilling programme at Iyan, providing
the last data required for the maiden Iyan JORC Resource estimate, expected
shortly.

Iyan forms the western extension of the Northern Syncline graphite system and
is being advanced as a bulk blending deposit intended to provide consistent,
near-surface, high tonnage graphite feed to support long-life, low-cost
production. Results at Orom-Cross continue to demonstrate that the bulk
mineralisation at Iyan is accompanied by repeated higher-grade zones,
providing flexibility within mine planning for blending and supporting overall
project value.

These latest shallow holes were drilled to approximately 30 metres depth,
deliberately selected to define near-surface mineable material rather than
test geological limits. Mineralisation was intersected from surface in most
holes, with several ending in mineralisation, indicating potential for
continuation below the current drilling depth. This is consistent with all
previous results at Iyan.  The northern area highlights some barren
intrusions in the upper areas but also indicates strong grade intercepts at
depth below the barren overlying materials.

 

Iyan Drilling - Highlights

·      Final assay batch drilling results continue to exceed
expectations and support imminent maiden JORC resource estimate for Iyan,
increasing the overall Orom-Cross resource base

·      Thick, laterally continuous near-surface graphite mineralisation
confirmed

·      Multiple intercepts of >30m from surface, with several
holes ending in mineralisation

·      Iyan will be developed as a bulk blending deposit, supporting
efficient, low-strip mining

·      Higher-grade zones persist within bulk mineralisation, enhancing
blending flexibility

·      Results support near-term resource growth, larger-scale
development and ongoing funding and offtake discussions

·      Southern drill lines indicate potential extension of
mineralisation toward the Northern Syncline hinge

 

Selected Significant Shallow Intercepts - Iyan Deposit

(Selected downhole intervals; mineralisation from surface unless stated
otherwise)

• NSDD-L103: 15.64m @ 10.13% TGC, including 5.02m @ 14.42% TGC and 1.00m @
18.37% TGC

• NSDD-L307: 9.44m @ 11.42% TGC, including 4.00m @ 15.96% TGC and 1.00m @
18.89% TGC

• NSDD-L508: 13.71m @ 8.26% TGC, including 4.01m @ 11.00% TGC (ended in
mineralisation)

• NSDD-L503: 10.72m @ 8.18% TGC, including 3.06m @ 12.37% TGC

• NSDD-L408: 9.60m @ 8.95% TGC from surface, including 2.50m @ 13.76% TGC

• NSDD-L402: 10.00m @ 7.96% TGC, including 4.00m @ 10.82% TGC

These results are consistent with the broader Orom-Cross system and support
mine planning and the bulk blending strategy, reinforcing the scale and
continuity ahead of the maiden Iyan JORC resource estimate.

 

JORC Update Q1 2026

The final assay results are now being validated and modelled by the
independent geological consultants, Minrom, and are expected to deliver the
maiden JORC resource estimate for Iyan in Q1 2026. This will increase the
overall Orom-Cross resource and support ongoing funding and offtake
discussions as they continue to advance.

 

Beehive Drilling Results Pending

In parallel, substantial assay results at the nearby Beehive deposit remain
pending. Earlier deep drilling returned very strong grades at depths of up to
approximately 100 metres. Assay results from the completed shallow drilling
programme at Beehive, comprising approximately 110 holes drilled to
approximately 30 metres depth, are expected to be reported regularly
in batches and are anticipated to further contribute to overall Orom-Cross
resource growth, with a maiden JORC resource estimate for Beehive expected to
follow.

Blencowe Resources Executive Chairman, Cameron Pearce commented:

"These further great results from Iyan continue to exceed our expectations. We
are seeing thick graphite from surface, strong grades, and excellent
consistency across the deposit, which is exactly what we need as we build
scale at Orom-Cross.

With the maiden Iyan JORC estimate now imminent, these results clearly
demonstrate the size and quality of the resource. This is particularly
important as we progress funding discussions, as it reinforces the long-life,
large-scale development potential of Orom-Cross.

The maiden Iyan JORC will mark another important step in demonstrating the
full scale of Orom-Cross.

Importantly, we still have significant upside ahead. Many holes continue to
end in mineralisation, and Beehive drilling results remain to come, which we
expect will further strengthen the overall resource base."

 

Iyan Deposit - Key Drill Results

Figures 1-2: Iyan Deposit drill sections showing thick, continuous graphite
mineralisation remaining open at depth, remaining sections 1-5, 7, and 9

 

 

 

For further information please contact:

 

 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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