REG - Blencowe Resources - JORC Resource Upgrade

Blencowe ResourcesAnnouncement

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RNS Number : 1823J  Blencowe Resources PLC  27 November 2025

27 November 2025
 

Blencowe Resources Plc

("Blencowe" or the "Company")

 

Major JORC Resource & Reserve Upgrade at Orom-Cross

Significant Reserve Growth and Expanded Geological Footprint Underpins DFS and
Accelerates Development Pathway

 

Blencowe Resources Plc (LSE: BRES) is pleased to announce the completion of
the updated JORC 2012 Mineral Resource and Ore Reserve Statement ("JORC")
for its 100%-owned Orom-Cross Graphite Project in Uganda. This upgrade
incorporates all the infill drilling undertaken in 2025 across the Camp
Lode and Northern Syncline/Eastern Limb deposits and represents the final
key technical input into the Company's Definitive Feasibility Study ("DFS"),
to be published shortly.

The updated JORC confirms a substantial increase in Ore Reserves and a
meaningful uplift in Indicated Resources, further validating Orom-Cross as a
large-scale, long-life, low-cost graphite project with significant future
expansion potential. This upgrade comes at a strategically important time for
the graphite sector as global demand for secure ex-China supply accelerates.

This update covers only infill drilling results from 39 holes at Camp Lode
and Northern Syncline.

A further 192 step-out holes, drilled across the wider mining license area at
the new Iyan and Beehive deposits, including the six deep drillholes (each of
which terminated in graphite mineralisation at depths of ~100 metres), are yet
to be incorporated. These results collectively demonstrate the broader system
scale potential and are expected to support an additional JORC expansion
post-DFS in 2026, providing a powerful growth runway for the Project.

 

JORC Resource & Reserve Statement (2025 Update)

Total JORC Ore Reserves (Proven + Probable):

·      Proven Reserve: 1.29 Mt @ 5.13% TGC

·      Probable Reserve: 21.78 Mt @ 5.18% TGC

·      Total Ore Reserves: 23.08 Mt @ 5.18% TGC

This represents a significant uplift of 47% or 7.36Mt versus previous JORC Ore
Reserve Estimate reported in 2022

 

Total JORC Mineral Resource (Measured + Indicated + Inferred at a 3.5%GC
cut-off):

·      Measured Resource: 1.20 Mt @ 5.13% TGC

·      Indicated Resource: 16.40 Mt @ 5.70% TGC

·      Inferred Resource: 8.50 Mt @ 5.41% TGC

·      Total Resource: 26.10 Mt @ 5.58% TGC

This represents a 7% increase on previous JORC estimate, including a 33%
(4.1Mt) in Indicated Resources. A detailed breakdown of Reserves and Resources
by deposit (Camp Lode and Northern Syncline) is provided in the further below.

 

Key Results and Significance of the Upgrade

·    47% uplift in Ore Reserves - major de-risking milestone for DFS.

·    33% increase in Indicated Resources - improves early-life mine
confidence and enhances project bankability.

·    Strong geological continuity across both primary deposits,
reaffirming Orom-Cross as a rare, large-scale, low-strip, shallow graphite
system.

·    High-quality metallurgical consistency fully aligned with prior test
work, supporting both concentrate quality and downstream USPG processing.

Exceptional growth runway remains, with:

·      192 step-out holes (83% of full Stage 7 drill program) ready to
be integrated into second major JORC upgrade post-DFS in 2026.

·      Majority of remaining holes drilled across new Iyan and Beehive
deposits.

·      Geology at the new Iyan and Beehive deposits closely mirror
Northern Syncline and Camp Lode deposits respectively, signalling potential to
double the JORC Resource once incorporated.

·      Deep drilling to ~100 metres, with all hole sending in
mineralisation, indicating significant vertical expansion potential.

·      Only ~2% of the licence area at Orom-Cross is drilled to date.

This JORC update marks the most significant technical advancement to
date and sets the stage for the DFS to present a robust, scalable development
pathway.

 

Strategic Context

The strengthened JORC underpins Orom-Cross at a strategically important moment
for the graphite sector:

·      Western governments (UK, USA, EU) are accelerating efforts to
secure non-China graphite supply.

·      The UK Government's new Critical Minerals Strategy - Vision
2035 classifies graphite as a Critical and Growth mineral with sharply
rising demand forecast.

·      Global supply is tightening, with very few advanced projects
nearing financing and construction.

The upgraded Reserve base is expected to significantly enhance financing
momentum for the Company's P1 Production. The DFS, which integrates both the
mining operation and the in-country USPG purification facility, will now
reflect the improved long-term feedstock base.

This JORC together with the upcoming DFS, will provide the technical
platform from which Blencowe will engage with development finance
institutions, strategic partners and MSP-aligned organisations as it moves
toward construction and first production.

 

Cameron Pearce, Executive Chairman commented:

"This upgraded JORC is transformational for Orom-Cross. The substantial
increase in Ore Reserves and Indicated Resources confirms the quality, scale
and longevity of the project as we move into the DFS and financing phase.

 

The remaining 192 exploration holes and the deep drilling results, which all
ended in mineralisation, highlight the huge potential for further JORC
Resource upgrades still ahead of us in early 2026.

With the DFS due to be published shortly, we will be able to demonstrate the
strengthened technical and economic foundations of Orom-Cross at a time when
secure, high-quality graphite supply is becoming increasingly important to
Western governments."

 

Next Steps

 

·      DFS release (imminent) incorporating the upgraded Reserve base.

·      Launch of the P1 Production financing process.

·      Assessment and integration of the remaining 192 step-out
holes into a future JORC expansion.

·      Integration of deep mineralisation into long-term expansion
scenarios.

·      Further updates on downstream USPG development and offtake
progression.

 

 

 

 

APPENDIX

 

Deposit Breakdown

 

Camp Lode:

·      Ore Reserves: 2.49 Mt @ 6.74% TGC

·      Indicated Resource: 2.22 Mt @ 6.96% TGC

·      Inferred Resource: 0.36 Mt @ 6.50% TGC

 

Notes: Excellent near-surface continuity, consistent grades, and strong
metallurgical performance reinforce Camp Lode as the core source of early mine
feed.

 

Northern Syncline - Eastern Limb:

·      Ore Reserves: 20.59 Mt @ 4.99% TGC

·      Measured Resource: 1.20 Mt @ 5.13% TGC

·      Indicated Resource: 14.19 Mt @ 5.50% TGC

·      Inferred Resource: 8.14 Mt @ 5.36% TGC

 

Notes: Broad mineralised zones, shallow dip and thick intersections strengthen
the long-term mine schedule. As the majority of the Inferred material is
internal to the lodes it is well placed for upgrade through additional grade
control drilling.

 

MINERAL RESOURCE TABULATION

·      GC - Graphitic carbon, TC - Total
carbon.

·      No geological loses applied.

·      A conservative cut-off grade of 3.5% GC has been applied based on
metallurgical testing & preliminary mining parameters.

·      Mineralised tonnes have been rounded off and contained graphite
metal tonnages have been rounded off to the nearest 1000 (Kt).

·      Contained graphite has been reported without the application of
cut-off grades, loss factors, or beneficiation yields.

 

·      GC - Graphitic carbon, TC - Total
carbon.

·      Mining dilution of 5% applied.

·      Mineralised tonnes have been rounded off and contained graphite
metal tonnages have been rounded off to the nearest 1000 (Kt).

·      Contained graphite has been reported without the application of
cut-off grades, loss factors, or beneficiation yields.

 

Competent Person's Statement

The information in this release, which is related to Mineral Resource
estimation, was compiled under the supervision of Mr Sean Nieman who is an
employee of Minrom Consulting (Pty) Ltd; he is Member of the Geological
Society of South Africa (GSSA) and a Certified Professional Natural Scientist
(Pr.Sci.Nat) with the South African Council for Natural Scientific Professions
(SACNASP).

Mr Sean Nieman has sufficient experience relevant to the style of
mineralisation and type of deposit under consideration and to the activity
that he has undertaken to qualify as a Competent Person as defined by the JORC
(2012) Code. Mr Sean Nieman consents to the inclusion in this report of the
matters based on his information in the form and context in which it appears.

The information in this release, which is related to Mineral Reserves
estimation, was compiled under the supervision of Mr Iain Wearing who is an
employee of Blencowe Resources Plc; he is Member of the Australian instate of
Mining and Metallurgy (AusIMM) and a Certified Professional Engineer.

Mr Iain Wearing has sufficient experience relevant to the style of
mineralisation and type of deposit under consideration and to the activity
that he has undertaken to qualify as a Competent Person as defined by the JORC
(2012) Code. Mr Iain Wearing consents to the inclusion in this report of the
matters based on his information in the form and context in which it appears

 

**ENDS**

 

 

 

 

 

For further information please contact:

   Blencowe Resources Plc    www.blencoweresourcesplc.com

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

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

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

 Sasha Sethi                 sasha.sethi@blencoweresourcesplc.om
                             (mailto:sasha.sethi@blencoweresourcesplc.om)
 Tavira Financial            Tel: +44 (0)20 3192 1733

 Jonathan Evans              jonathan.evans@tavira.group (mailto:jonathan.evans@tavira.group)

Twitter https://twitter.com/BlencoweRes (https://twitter.com/BlencoweRes)

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

 

 

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 has now
completed a successful Definitive Feasibility Study phase as the first major
step towards initial production.

Orom-Cross presents as a large, shallow open-pitable deposit, with an initial
JORC Indicated & Inferred Mineral Resource of 26.11Mt @ 5.58% 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.

 

 

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