Blencowe Resou. Regulatory News (BRES)

Date: 06 June 2022

Blencowe Resources Plc

("Blencowe" or the "Company")

Blencowe Continues to Deliver Exceptional Results from Metallurgical Test Work for Orom-Cross Graphite Project

Highlights

· Final Stage 5 metallurgical test results underline a high quality end-product as concentrate from Orom-Cross Graphite Project in Uganda.

· Composite mix from both deposits delivers a 96-97% LOI concentrate, with battery sales entry level at 94% LOI.

· Specific attributes highlight Orom-Cross concentrate as particularly desirable to end-users.

· Technical Data Sheets (TDS) for all products have been sent to prospective end-users to gauge their interest.

Blencowe Resources ("Blencowe" or the "Company") (LSE: BRES) is pleased to announce that recently completed studies on the metallurgical characterisation of Orom-Cross flake graphite concentrate provided very impressive results that will generate significant interest in the ASTM flake graphite grades planned for production from 2023 onwards. The Orom-Cross Graphite Project located in Uganda, Africa, has a unique ore body composition with specific element content that is unequal to other graphite projects. Key results from the lab work are:

· Uniform Mesh Size Distribution with ~50% as higher value +100 Mesh to +50 Mesh Fractions

· Sulphur Content < 0.1% across all Mesh Size Fractions

· Tap Density > 0.73 g/cm3 - Suitable Precursor for Advanced Micronisation / SPG Processing

· Halogen Content - Suitable to meet Advanced Foil Specifications & EBC Nuclear Grade Graphite Product requirements

· pH Values Indicate Neutral - Alkaline; Suitable for Expandable Graphite to meet Fire Retardant Specifications

· Low Levels of Fe, Ca, Na, and Mg Content; Ideal for Cathode or SPG Conductive additives for Battery & Electrochemistry Applications

· Lower Cost to Purify to 99.95% LOI as a Result of lower specific elements; Fe, Si, Na, Ca, Mg.

Over the coming months, additional post processing work for new potential applications for Orom-Cross Graphite Products will be completed. This work will support the progressive sales and marketing strategy focusing on both traditional and advanced graphite applications including both Primary and Secondary Battery Markets where is it expected the demand ahead for qualified graphite products will continue to expand and grow.

Cameron Pearce, Executive Chairman commented:

"The specific attributes highlighted above continue to underline the potential for Orom-Cross to deliver some of the highest quality graphite concentrate into world markets ahead as we transition to first production from 2023. End users are very discerning as to the quality of product they are seeking, hence these results are particularly encouraging in that our product can meet their high expectations, and thus provide our Project with a strong base of customers to sell into as we start selling graphite from next year.

Orom-Cross is shaping up to become a world class graphite project in all respects; with considerable size and scale to expand as necessary to meet anticipated strong future demand, high quality concentrate as evidenced above to sell our products into various markets, low operations costs due to low strip ratio and other key advantages, and a good mix of flake sizes that guarantees a high overall weighted average selling price. We look forward to sharing these parameters with the market via our Pre-Feasibility Study which is due for completion shortly."

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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 and Blencowe is moving through the Feasibility Study phase as it drives towards first production targeted for 2023.

Orom-Cross presents as a large, shallow open-pitable deposit, with a maiden JORC Indicated & Inferred Mineral Resource deposit of 24.5Mt @ 6.0% Total Graphite Content. Development of the resource is expected to benefit from a low strip ratio and free dig operations, thereby ensuring lower operating and capital costs.

Akelikongo Nickel Project

Akelikongo is a highly prospective nickel sulphide exploration project that has previously had considerable work completed by Rio Tinto and Sipa to establish three mineralised lenses to date. It represents an opportunity for Blencowe to add further value through a targeted work programme that will seek to delineate higher grade and thicker intercepts of nickel.

Nickel sulphide deposits are rare and valuable and the prospect of further exploration success gives Blencowe suitable incentive to develop this asset under a structured earn-in agreement, whereby 100% of the asset can ultimately be acquired for US$1.5m, 100% payable in shares.