New Risk • 3h
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -UK£5.0m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-UK£5.0m free cash flow). Earnings have declined by 15% per year over the past 5 years. Shareholders have been substantially diluted in the past year (46% increase in shares outstanding). Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (UK£40.0m market cap, or US$53.8m). Announcement • May 20
Blencowe Resources Plc Announces Maiden JORC Mineral Resource For Beehive Deposit Blencowe Resources Plc announced a maiden JORC (2012) Mineral Resource Estimate for the Beehive deposit, part of the Company's 100% owned Orom-Cross graphite project in Uganda. Beehive is one of two substantial new discoveries (together with Iyan) made through the Company's most recent drilling programme and represents another major step change in Orom-Cross scale. Following the maiden Iyan JORC Mineral Resource (which lifted the Orom-Cross resource base by 66% to 43.0 Mt), the maiden Beehive JORC Mineral Resource adds 21.3 Mt @ 6.58% TGC (Inferred) and increases total Orom-Cross JORC Mineral Resources to 64.3 Mt @ 6.03% TGC (Measured + Indicated + Inferred) across Northern Syncline, Camp Lode, Iyan and Beehive. This further demonstrates Orom-Cross as a multi-deposit, long-life, large-scale graphite development with total Orom-Cross JORC Mineral Resources up 168% since commencement of the Stage 7 programme. Importantly, the current Beehive JORC Resource has been modelled over only circa 22% of the Beehive anomaly and largely within the upper 25-30 metres tested by shallow drilling. Combined with previously reported deep drilling demonstrating mineralisation continuing to approximately 100 metres depth, the Company believes Beehive retains significant upside potential beyond the current modelled area. With a materially expanded resource base now defined, the Company has been progressing further DFS optimisation work to incorporate the enlarged inventory, evolving downstream pathways, and ongoing commercial discussions. This work is well advanced and a further update is expected prior to the end of Second Quarter 2026. Beehive Maiden JORC Mineral Resource update; Beehive JORC Mineral Resource: 21.3 Mt @ 6.58% TGC (Inferred) at a 3.5% TGC cut-off; Higher-grade component defined: 17.5Mt @ 7.0% TGC; Total Orom-Cross JORC Mineral Resources (revised): 64.3Mt @ 6.03% TGC (Measured + Indicated + Inferred) at a 3.5%TGC cut-off; Measured Resource: 1.20 Mt @ 5.13% TGC; Indicated Resource: 16.41 Mt @ 5.7% TGC; Inferred Resource: 46.70 Mt @ 6.17% TGC; Stage 7 drill programme impact: total Orom-Cross JORC Mineral Resources have increased by 168% since commencement of the Stage 7 programme; Depth continuity: deep drilling previously demonstrated mineralisation continuing to >100m at both Iyan and Beehive deposits; Beehive scale: the current model covers just 22% of the total Beehive target anomaly and is largely confined to the upper 25-30 metres of the deposit; Cost Efficiency: these exceptional results have been achieved at a cost of under USD 10/tonne, which is very low by industry standards; DFS optimisation update: expected prior to the end of Second Quarter 2026; Strategic and funding workstreams: discussions with counterparties remain ongoing, supported by the increased scale and deposit pipeline as development planning progresses. Block model of the Beehive Deposit. Mineralisation remains open along strike and at depth; multiple drill holes end in mineralisation. Table 1: Orom-Cross JORC Mineral Resource Summary by Deposit (JORC 2012; 3.5% TGC cut-off). Northern Syncline + Camp Lode + Iyan + Beehive = 64.3 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 -- 21.30 21.30 6.6% Total Orom-Cross 1.20 16.41 46.70 64.30 6.0% Totals subject to rounding. Category splits and grade weighting are as reported by the Competent Person. 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 JORC Mineral Resource total. Both Iyan and Beehive deposits are currently reported as a maiden JORC Mineral Resource only and have not yet been converted to Ore Reserves. Further infill drilling is required to bring a portion of both Iyan and Beehive Resources into Reserves. JORC Mineral Resource Upgrade Confirms Scale and Upside The maiden Beehive JORC Mineral Resource confirms a thick graphite system at shallow depths within the modelled area, while previously reported deep drilling demonstrates mineralisation continuing to approximately 100 metres depth. Beehive has been modelled largely within the upper 25-30 metres and over only part of the target anomaly, and the Company believes there is clear scope for resource growth through step-outs and further modelling. Key implications of the upgrade: Step-change in scale: Beehive lifts total Orom-Cross JORC Mineral Resources to 64.3 Mt; reinforcing a multi-deposit, long-life, large-scale graphite development; Resource growth runway: mineralisation remains open beyond the current modelled area, with step-out and depth upside indicated by drilling to date; Development and mineability: continuity and near-surface thickness support open-pit development assumptions and low strip potential, consistent with a low-cost mining profile; Metallurgical alignment: grade profile and mineralisation style remain consistent with prior testwork and current processing assumptions; Efficient conversion: conversion expenditure remains comparatively low, supporting continued definition of additional tonnes and the potential to upgrade classifications as modelling progresses. With a materially expanded inventory now defined, the Company has been progressing further DFS optimisation work to incorporate the enlarged resource base, evolving downstream pathways, and ongoing commercial discussions. Strategic offtake and funding discussions also continue alongside development planning, and the Company will provide updates as and when disclosure is permitted and appropriate, in line with its regulatory obligations. 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. Announcement • May 02
Blencowe Resources plc Reports Final Assay Results for Beehive Deposit Blencowe Resources Plc has provided the final assay results from shallow drilling at the Company's new Beehive deposit, one of two substantial new deposits (together with Iyan) 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, to test the continuity, thickness and near-surface extent of graphite mineralisation. This announcement reports the final batch of assay results received (40 holes), positioned predominately to the south of the target area, completing the shallow assay dataset for Stage 7 ahead of the Company's next major resource milestones. This will include a maiden JORC Mineral Resource for Beehive and an updated JORC Mineral Resource for the wider Orom-Cross system. The shallow Beehive programme was designed to define near-surface, bulk minable graphite mineralisation, with holes drilled to a planned depth of approximately 30 metres. The majority of reported holes intersected graphite mineralisation from near surface to end-of-hole, with many holes ending in mineralisation, supporting potential for continuation below the current shallow drilling depth. This interpretation remains consistent with the previously reported deeper drilling at Beehive, which demonstrated mineralisation continuing to approximately 100 metres depth. The Company notes that, while this shallow programme was not intended to close out the southern extent of the deposit, results continue to support potential extensions within the broader target area, particularly toward the western end of the deposit. With assaying now complete, the Company's independent geological consultants have progressed a preliminary mineralisation model highlighting potential extents of the deposit in the hinge area at Beehive. This is in addition to advanced modelling for the upcoming maiden JORC for Beehive where a material update is expected. Final assays before JORC: this batch completes the remaining shallow results ahead of a maiden Beehive JORC Resource and a wider Orom-Cross JORC Resource upgrade. Thick near-surface mineralisation: multiple holes deliver long intervals from surface within the near-surface envelope. High-grade zones within bulk mineralisation: strong grades continue to occur within the broader mineralised package. Average grades are consistent with DFS assumptions, with multiple higher-grade zones within bulk mineralisation. Step-out upside: drilling indicates potential extensions to the west and south of the target area. Selected significant intercepts include: BHDD-L327: 0-30.8m | 22.23m true width (TW) @ 7.73% total graphitic carbon (TGC), BHDD-L331: 3.68-31.0m | 20.85m TW @ 7.67% TGC, BHDD-L335: 2.0-31.0m | 22.64m TW @ 6.30% TGC, BHDD-L402: 9.04-31.4m | 18.88m TW @ 6.67% TGC, BHDD-L404: 15.25-31.5m | 11.88m TW @ 6.68% TGC, High-grade zone: BHDD-L310: 0-3.3m | 2.9m TW @ 10.30% TGC, BHDD-L307: 0.78-18.32m | 13.79m TW @ 6.89% TGC, BHDD-L403: 0-9.0m | 6.94m TW @ 7.68% TGC. (TGC refers to Total Graphitic Carbon. TW = true width.) These results continue to support the interpretation of a thick graphite system at shallow depths, while previously reported deeper drilling demonstrates mineralisation continuing to approximately 100 metres depth. Together, the shallow and deep datasets provide the basis to define the near-surface component and the wider vertical growth runway at Beehive. Beehive has been defined over approximately 1,200 metres of strike and 480 metres of width to date and remains open for step-out extensions to the north and west (particularly toward the western end of the deposit), and to the south; this is in addition to depth continuity below the current shallow ~30m drilling horizon. Modelling is now at an advanced stage and the Company expects to issue a maiden Beehive JORC Mineral Resource shortly (subject to finalisation of the model and reporting). Based on the thickness, continuity and grade profile demonstrated across the programme, together with the defined footprint of the deposit to date, the Company believes Beehive has the potential to represent a material addition to the Orom-Cross resource inventory. The Company will also provide an updated total Orom-Cross JORC Mineral Resource at the same time. Beehive Deposit - Preliminary Mineralisation Model. Beehive Deposit - Key Drill Results. Map 1: Showing the 4x Orom-Cross deposits, including Camp Lode, Northern Syncline, and new Iyan (Northern Syncline Western Limb) and Beehive (GT 01a) deposits. 
