REG - Blencowe Resources - Maiden 16.9 Mt JORC Resource for Iyan Deposit

Blencowe ResourcesAnnouncement

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RNS Number : 5826V  Blencowe Resources PLC  06 March 2026

06 March 2026

 

Blencowe Resources Plc

("Blencowe" or the "Company"),

 

Maiden 16.9 Mt JORC Mineral Resource for Iyan Deposit

Total Orom-Cross Mineral Resources increase 66% to 43.0 Mt and expands growth
runway

 

Blencowe Resources Plc (LSE: BRES) is pleased to report the completion of a
maiden JORC (2012) Mineral Resource Estimate Statement for the recently
discovered Iyan deposit, part of the Company's 100% owned Orom-Cross Graphite
Project in Uganda.

The maiden Iyan JORC incorporates assay results from the 87 shallow drill
holes completed to date with an Inferred Mineral Resource of 16.9 Mt @ 6.0%
TGC, confirming Iyan as a high-tonnage, near-surface extension of the wider
Northern Syncline graphite system. The addition of Iyan materially increases
the overall Orom-Cross Mineral Resource base and further demonstrates
Orom-Cross as a multi-deposit, long-life, large-scale graphite development.

 

Highlights:

Iyan JORC Resource Orom-Cross 2026 Mineral Resource update;

·    Maiden Iyan Mineral Resource: 16.9 Mt @ 6.0% TGC (Inferred) at a
3.5% TGC cut-off

·    Total Orom-Cross revised JORC Mineral Resource (2026 update): 43.0
Mt @ 5.76% TGC (Measured + Indicated + Inferred) @ 3.5%TGC cut-off

o  Measured Resource: 1.20 Mt @ 5.13% TGC

o  Indicated Resource: 16.41 Mt @ 5.7% TGC

o  Inferred Resource: 25.40 Mt @ 5.82% TGC

Notes:

·    66% uplift in JORC Resource:

·    Open for growth: mineralisation remains open along strike and at
depth at Iyan, with multiple holes ending in mineralisation

·    Beehive next: assays results are now being received for the other
discovery, and these results will be incorporated into a future further JORC
update

·    Funding advancing: the increased scale and deposit pipeline support
ongoing strategic and funding discussions as the Company progresses
development planning

 

Table 1: Orom-Cross Mineral Resource Summary by Deposit (reported; JORC 2012;
3.5% TGC cut-off).

Northern Syncline + Camp Lode + Iyan = 43.0 Mt.

 Deposit            Measured (Mt)  Indicated (Mt)  Inferred (Mt)  Total (Mt)  Grade
 Northern Syncline  1.20           14.19           8.14           23.53       5.4%
 Camp Lode          -              2.22            0.36           2.58        6.9%
 Iyan               -              -               16.90          16.90       6.0%
 Beehive            TBC            TBC             TBC            TBC         TBC
 Total Orom-Cross   1.20           16.41           25.40          43.01*      5.8%

 

*Totals subject to rounding. Beehive is not included in the reported Mineral
Resource total; a Beehive Mineral Resource will be reported once drilling
results have been received and modelled.

 

Iyan Deposit Block model:

Block model of the Iyan Deposit. Mineralisation remains open along strike and
at depth; multiple drill holes end in mineralisation.

 

 

Ore Reserves remain unchanged and are presented separately below.

Table 2: Orom-Cross Ore Reserve Summary (unchanged, JORC 2012)
Northern Syncline + Camp Lode only.

 Deposit            Ore Reserve (Mt)  Grade (%TGC)
 Northern Syncline  20.59             4.99
 Camp Lode          2.49              6.74
 Total Ore Reserve  23.08             5.18

 

Ore Reserves are a subset of Mineral Resources and are not additive to the
Mineral Resource total. The Iyan Deposit is currently reported as a maiden
Mineral Resource only and has not yet been converted to Ore Reserve.  Further
infill drilling is required to bring a portion of Iyan Resources into
Reserves.

 

Key Results and Significance of the JORC Resource Upgrade

·    Step-change in Size and Scale: maiden Iyan MRE lifts total
Orom-Cross JORC Mineral Resources to 43.0 Mt, strengthening project scale and
development optionality

·    Confidence + Mineability: strong continuity over ~2.2 km strike;
shallow drilling supports open-pit potential and a low strip ratio

·    Metallurgy aligned: consistent with prior testwork, supporting
current processing assumptions

Exceptional growth runway remains

·    Beehive and step-outs: additional drilling results are being
received and will be incorporated into future updates, providing scope for
further Mineral Resource growth

·    Depth upside: deeper drilling has confirmed mineralisation to over
100 metres in all deep holes drilled to date at both Iyan and Beehive,
indicating vertical expansion potential

·    Licence largely untested: only ~2% of the licence area has been
drill tested to date

 

Blencowe CEO, Mike Ralston, interviewed with Vox Markets on this JORC upgrade
and other current matters and the link is highlighted below:

http://www.voxmarkets.com/articles/q-a-with-blencowe-resources-ceo-mike-ralston-44f77bf
(http://www.voxmarkets.com/articles/q-a-with-blencowe-resources-ceo-mike-ralston-44f77bf)

Blencowe Resources Executive Chairman, Cameron Pearce commented:

"Today's maiden Iyan JORC Mineral Resource is a major step forward for
Orom-Cross. It defines 16.9 million tonnes at 6.0% TGC adding near-surface
tonnes with strong continuity, and lifts total JORC Mineral Resources by 66%
to 43.0 million tonnes across Northern Syncline, Camp Lode and Iyan
deposits.

This increased scale and the growing deposit pipeline support our ongoing
strategic and funding discussions as we progress development planning.

Importantly, we are not done. Mineralisation remains open along strike and at
depth, and Beehive results are now coming through, which we expect to
incorporate into a future JORC update."

 

Competent Person's Statement

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

Mr Oscar Van Antwerpen 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 Oscar Van Antwerpen consents to the inclusion in this report
of the matters based on his information in the form and context in which it
appears.

 

Appendix

(Minrom tables and figures)

 

·      GC - Graphitic carbon, TC - Total
carbon.

·      No geological losses 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
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.

 

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

 

**ENDS**

 

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/)

 

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