Beehive Drilling Returns Multiple 30m Intercepts

17 March 2026

Blencowe Resources Plc

("Blencowe" or the "Company")

Beehive Shallow Drilling Returns Multiple 30 metre Intercepts from Surface, with Graphite Grades up to 10.78% TGC.

Further Results Expected in Quick Succession as JORC Modelling Advances

Blencowe Resources Plc (LSE: BRES) is pleased to provide an update on the first set of assay results from shallow drilling at the Beehive deposit, one of the two exciting new deposits recently delineated at the Company's Orom-Cross graphite project in Uganda. 

As part of the Stage 7 drilling programme, the Company completed 110 shallow drill holes at Beehive, designed to test the continuity, thickness and near-surface extent of graphite mineralisation across the deposit. This announcement reports assay results received to date from an initial 35 holes (BHDD-L201 to BHDD-L236), which are considered representative of the broader drilling programme, and they make up the central line on the drilling program. This line also contained the three deeper holes drilled to 120m as part of the programme, ther results of which were very successful and reported earlier.

Highlights (first 35 Beehive holes)

· Thick near-surface mineralisation: multiple holes deliver +30 metre intercepts from surface, supporting bulk-mineable near-surface potential near to planned processing facilities.

· High-Grade Frequency: 15 holes average >6.0% TGC and 18 holes average >5.0% TGC over the entire hole

· Standout results:

o  BHDD-L209; 30.09 metres @ 10.78% TGC from surface.

o  BHDD-L207; 31.4 metres @ 9.46% TGC from surface.

· Newsflow: further Beehive assay batches are now with the Company's independent geological consultants, Minrom, for validation and quality assurance. As batches are cleared additional results are expected in quick succession and will be reported progressively

· Strategic context: following the maiden Iyan JORC Mineral Resource of 16.9Mt, which lifted total Orom-Cross JORC Mineral Resources by 66% to 43.0Mt, Beehive represents the next key growth lever as development planning and strategic/funding discussions progress in parallel

(TGC refers to Total Graphitic Carbon. Intervals below represent composited grades over the drilled interval from surface to end-of-hole for the shallow programme.)

Selected Significant Shallow Intercepts - Beehive Deposit

Notes: Intervals represent the drilled interval composited from surface to end-of-hole depth for the shallow programme. Additional results from the programme will be reported as received and validated.

The shallow Beehive drilling was deliberately designed to define near-surface, bulk mineable graphite mineralisation, with holes drilled to a planned depth of approximately 30 metres. Importantly, the majority of results reported include multiple holes delivering +30 metres of continuous graphite mineralisation from near surface with many holes ending in mineralisation, highlighting clear potential for continuation below the current drilling depth.  These results build on previously reported deeper drilling at Beehive, which demonstrated graphite mineralisation continuing to around 100 metres depth (where all deep holes also ended in mineralisation).

Interpretation and Next Steps

These initial Beehive results support the interpretation of a substantial new deposit with a thick graphite system at shallow depths, while previously reported deep drilling has demonstrated that mineralisation can continue to over 100 metres depth. The shallow holes are therefore helping define near-surface tonnage, with deeper drilling indicating clear vertical upside.

Orom-Cross is a vast bulk-tonnage system that continues to demonstrate multiple higher-grade zones within its broader mineralised envelope, providing flexibility for mine planning, blending and value optimisation as the development plan is refined. This combination of scale, consistency and grade-profile is increasingly relevant to downstream processing pathways and longer-term offtake discussions, particularly as Western markets continue to prioritise secure, diversified non-China supply chains.

Further Beehive assay results are expected shortly and are currently with the Company's independent geological consultants Minrom for validation and quality assurance. Results will be reported progressively with subsequent batches expected in quick succession and, subject to modelling, are expected to support a further JORC Mineral Resource Estimate update for the Beehive deposit thus providing additional clarity on overall scale, mine life and development readiness as Blencowe continues to progress strategic and funding discussions.

Beehive has been defined over approximately 1,200 metres of strike and 480 metres of width to date, with scope for extensions to the east, west, north and south beyond the current drill lines, plus at depth. Blencowe believes that just a fraction of this deposit has been drilled to date, hence the upside potential is substantial.

Blencowe's CEO, Mike Ralston discussed these results and other work underway with FocusIR on the link below:

https://media.focusir.com/BlencoweBeehiveDrillResults

Blencowe Resources Executive Chairman, Cameron Pearce commented:

"Beehive is delivering strong early validation, including 30.09 metres at 10.78% TGC from surface, and multiple +30 metre intercepts from surface across the initial dataset. These results reinforce the potential for meaningful near-surface tonnage within the broader Orom-Cross system.

Following our recent maiden Iyan JORC Mineral Resource of 16.9 million tonnes, which increased total Orom-Cross JORC Mineral Resources by 66% to 43.0 million tonnes, the strategic importance of adding further tonnes here at Beehive is clear: constantly strengthening Orom-Cross as a scalable, multi-deposit graphite system capable of supporting several downstream pathways.

With access to renewable hydropower and a growing resource base, Orom-Cross is being positioned as an integral part of the West's drive for secure, non-China critical mineral supply. Further Beehive assay batches are now with Minrom for validation, and as batches are cleared we expect additional results to be reported in quick succession, progressing towards a maiden Beehive JORC Mineral Resource in due course, and a further update to the overall Orom-Cross JORC Mineral Resource.

We continue to advance strategic and funding discussions in parallel as development planning progresses."

Beehive Deposit - Key Drill Results

Figures 1-2: Beehive Deposit drill sections showing thick, continuous graphite mineralisation remaining open at depth.

Figure 11: Orom-Cross graphite project showing ML1959 as a part of the overall licensed area.

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