Blencowe Resou. Regulatory News (BRES)

10 December 2021

Blencowe Resources Plc

("Blencowe" or the "Company")

Publication of Prospectus and Admission to Trading

Blencowe is pleased to announce that its prospectus has been approved by the Financial Conduct Authority (the 'FCA') and published today by the Company (the 'Prospectus'). The Prospectus relates to the admission of Placing Shares and Subscription Shares in connection with the £2,000,000 fundraise announced on 12 November 2021.

The Company will admit a total of 40,000,000 new ordinary shares to the standard listing segment of the Official List of the FCA and to trading on the Main Market for listed securities of the London Stock Exchange at 8.00 a.m. on 15 December 2021 ("Admission"). The new ordinary shares consist of 29,100,000 Placing Shares and 10,900,000 Subscription Shares. The Placing and the Subscription are conditional, inter alia, on Admission.

Further information is set out in the Prospectus, which can be accessed electronically from the Company's website at www.blencoweresourcesplc.com.

Unless otherwise defined herein, terms defined in the Prospectus have the same meanings herein.

In accordance with the provision of the Disclosure Guidance and Transparency Rules of the FCA ("DTRs"), the Company confirms that, following Admission, its issued share capital will comprise 161,929,950 Ordinary Shares, each of which carries the right to vote, with no Ordinary Shares held in treasury. This figure may be used by Shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the DTRs

Cameron Pearce, Chairman of Blencowe Resources Plc commented:

"We are delighted to publish the prospectus and close the transaction to raise £2m. This provides the Company with a firm foundation to continue developing Orom-Cross graphite project and 2022 should be transformational for the Company. I would like to thank our shareholders, both old and new, and to wish everyone a happy xmas from the Blencowe team.

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Background

Orom-Cross is a potential world class graphite project both by size and end-product quality, with a high component of more valuable larger 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 following delivery of exceptional metallurgy test results (July 2021 and an outstanding Preliminary Economic Assessment (September 2021) Blencowe is moving into the Pre-Feasibility Study (PFS) stage as it drives towards first production.

Orom-Cross is a large, shallow open pitable deposit, with an es mated overall resource between 2-3 billion tonnes of graphite with 16.3Mt already drilled to JORC Resource standard, covering an initial 13-year life of mine. Development of the resource is expected to benefit from a low strip ratio and free dig operations thereby ensuring lower operating and capital costs.

Blencowe's Preliminary Economic Assessment (PEA) for Orom-Cross presents the project as low-cost with robust financials and the Company is confident that Project economics can improve further, notably by extending the life of mine and/or increasing the levels of production. The September 2021 PEA delivered an NPV8 of US$317M and IRR 49% with an average nameplate production of 75,000tpa graphite sold as concentrate, with ability to extend this after further drilling.