Earnings release
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RNS Number : 5484VBlencowe Resources PLC21 September 2026 21 September 2026 Blencowe Resources plc ("Blencowe" or the "Company") Strategic and Corporate Update Blencowe Resources Plc (LSE: BRES) is pleased to provide an update on the development and financing of its 100%-ownedOrom-Cross Graphite Project in Uganda, together with an update on executive leadership. The Company's immediate priorities are to: i) secure project-level funding for Phase 1; ii) convert product qualification andnon-binding offtake discussions into definitive commercial arrangements; and iii) complete the implementation workrequired to advance Orom-Cross towards construction. Executive Leadership The Board has appointed Iain Wearing, currently Chief Operating Officer, as Interim Chief Executive Officer with immediateeffect. Having led the technical and operational development of Orom-Cross through the Definitive Feasibility Study ("DFS")process, he will provide continuity across the Project's technical, operational and funding workstreams while the Boardcompletes its search for a permanent Chief Executive Officer. He is supported by the Company's Uganda team and specialistconsultants. Mr Wearing is a mining engineer with over 40 years experience in mine operations, mining studies and project development.He has held senior project study and planning as well as operational management positions with Rio Tinto, Barrick,Anaconda/Glencore and Resolute, working on projects in Australia, South America, Asia and Africa, over a variety ofcommodities including Iron Ore, Gold, Copper, PGE's and Nickel/Cobalt projects The Board is in discussions with identified candidates for the permanent Chief Executive Officer role, with a focus on securingthe experience required for the next stage of development. A further announcement will be made when an appointment isagreed. Mr Wearing has invested approximately £500,000 in cash through previous company capital raisings, reflecting his personalcommitment and alignment with shareholders. The role of Interim Chief Executive Officer is an executive managementposition and Mr Wearing does not join the Board of Directors. Project Financing Update The updated DFS model estimates capital expenditure of US$45 million for Phase 1. The Company is evaluating a range ofproject-level funding structures through multiple active commercial discussions and due diligence progressing acrosspotential strategic, institutional and development-finance counterparties. Its preference remains for project-level funding,seeking to protect shareholder value while establishing initial production and a sales track record. The US International Development Finance Corporation ("DFC") has supported the DFS through its technical assistance grant.Engagement with Development Finance Institutions ("DFIs"), institutional investors and other potential project-level capitalproviders continues alongside this work. Financing discussions are ongoing with a number of strategic investment partners and are progressing in parallel. Anytransaction remains subject to due diligence, commercial terms, approvals and definitive documentation, and the Companywill report substantive developments as they become suitable for announcement. Technical and commercial implementationwork also continues, including work relating to the previously announced selection of a preferred site for downstreamprocessing near Gulu. Corporate Financial Position The Company raised £3m in December 2025 and subsequent warrant and share option exercises have further strengthenedits cash position. The Company has no material expenditure commitments now that the DFS and its associated drillingprogrammes is complete. Therefore, current cash is sufficient to support the corporate overheads, ongoing productqualification and the Phase 1 project financing process. Based on its current plans and expenditure commitments, the Boardconsiders that current cash is sufficient to support these workstreams. This assessment excludes the capital required to construct and commission Phase 1, which the Company is seeking to securethrough the project financing as described above. Strong Technical Foundations and Project Economics The DFS published in December 2025 was independently managed and signed off by CPC Engineering, a specialistengineering group with experience in graphite process plant design and major African graphite developments.
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The updated DFS commercial model announced in May 2026 reported a post-tax NPV10 of US$1.254 billion and a post-taxIRR of 51%, incorporating revised product mix, pricing, costs and development timings. The NPV10 uses a 10% discount rateover an initial 15-year mine life. The Mineral Resource work has been undertaken by Minrom Consulting, an independent geological consultancy. The BeehiveMineral Resource estimate announced in May 2026, compiled under the supervision of Minrom's Oscar Van Antwerpen asJORC Competent Person, increased the total project Mineral Resource to 64.3Mt. The Ore Reserve stands at 23.08Mt at 5.18% total graphitic carbon ("TGC"). Iain Wearing was the JORC Competent Person forthe Ore Reserve estimation reported in November 2025. Resources and Reserves are reported separately and should not be added together. Iyan and Beehive are currently MineralResources and have not been converted into Ore Reserves; they offer potential for future development, subject to furtherdrilling and technical assessment. Product Qualification and Commercial Progress Blencowe's strategy is to capture more value from each tonne of Orom-Cross graphite through in-country processing andspecialist end uses, building a customer base diversified by both geography and application. The Company holds non-bindingofftake arrangements across a range of counterparties and product categories and is working to convert these into bindingagreements. Previously announced milestones include the following. High-Purity Processing: Alkeemia's European purification testwork, announced in January 2026, achieved 99.99% carbonpurity, following the same purity level achieved through American Energy Technologies Co. ("AETC") in the United States. Thedifferent processing routes broaden the Company's options for supplying high-purity graphite to Western markets. SAFELOOP and Battery Anodes: Blencowe is the exclusive natural flake graphite supplier to the EU-funded SAFELOOPprogramme. Testing has demonstrated anode composites containing more than 68% natural graphite. In its 17 October 2025announcement, the Company reported that the earlier AETC work had achieved the highest performance score AETC hadrecorded for a natural graphite project. These results support continued qualification work with prospective customers. Supercapacitors:The December 2025 non-binding offtake MOU with YUNASKO provides for an initial 500 tonnes per annumof purified medium flake graphite over the first five years of production. It builds on qualification work for advanced energy-storage applications, with AETC providing further upgrading. Final pricing and supply obligations remain subject to a bindingagreement. Apollo and Defence Batteries:As announced on 27 August 2026, Apollo Energy Systems, AETC and Blencowe are progressinga laboratory prototype designed to meet 4HN military battery specifications required by the US Defence Logistics Agency. AUS pilot line targeting 100 cells per month is planned subject to successful prototype completion. Testing also supports apotential higher-value use for graphite by-products from the planned purification process in advanced lead-acid batteries. Anti-Radar and EMI Applications: The 17 August 2026 update reported testing of Orom-Cross products in anti-radar andelectromagnetic interference shielding applications for unmanned aerial vehicles and other defence platforms. Engagementwith three European manufacturers included one prospective offtake relationship at an advanced commercial stage, subjectto flight testing and final documentation. Hypersonic Testing:As announced on 1 September 2026, Orom-Cross graphite was used in a rocket nozzle insert, fin coatingsand an altimeter battery during a successful US rocket flight reaching Mach 5.5. Further orbital testing was planned for thefourth quarter of 2026. These programmes provide practical evidence of performance in demanding environments andpotential routes to specialist customers. These programmes are at different stages of testing and commercial development. Successful technical results strengthencustomer engagement, but do not themselves constitute binding orders. Converting qualification work and non-bindingofftake coverage into definitive commercial agreements remains a priority. Uganda Government Engagement and Operational Continuity Blencowe's local Uganda team, led by in-country manager Nabil Alam, recently met President Museveni. The Companycontinues to engage constructively with the Government of Uganda, with discussions covering the development of Orom-Cross, local value addition and potential financing and support mechanisms. Potential financing or other Government support remains subject to further discussions, the relevant approvals and formalarrangements. Cameron Pearce, Executive Chairman, commented: "Orom-Cross has made substantial progress. We have expanded the Resource, strengthened the project economics anddemonstrated that our graphite can perform in demanding battery, aerospace and defence applications. Each of thesemilestones gives us a stronger basis for discussions with customers and funding partners. "Our priority is to convert that progress into Phase 1 funding and binding commercial agreements. Multiple discussions anddue diligence processes are active, and we are pursuing a funding structure that supports development and delivers value forshareholders. Our Uganda team's work and strong Government relationships are important to that effort. We remainconfident in the strength of this opportunity and fully focused on the practical steps needed to bring Orom-Cross intoproduction." Iain Wearing, Interim Chief Executive Officer, commented: "Having led Orom-Cross's technical and operational development through the DFS process, I am well placed to maintainmomentum across funding, technical delivery and implementation workstreams as interim Chief Executive Officer. The product testing is equally significant. From high-purity graphite and battery materials to components used in a Mach 5.5rocket flight, we are seeing evidence of Orom-Cross's versatility in real applications. Our task now is to carry that evidencethrough customer qualification, detailed implementation planning and operations.
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I am both personally and financially invested in the development of Orom-Cross and I look forward to continuing to drive thePhase 1 funding process and the Company's other key initiatives alongside the Board, our team and our partners." **ENDS** For further information please contact: Blencowe Resources Plc www.blencoweresourcesplc.com Sam Quinn (Director) Tel: +44 (0)1624 681 250 info@blencoweresourcesplc.com Sasha Sethi (Investor Relations) Tel: +44 (0) 7891 677 441 sasha.sethi@blencoweresourcesplc.comTavira Financial (Joint Broker): Jonathan Evans Tel: +44 (0)20 3192 1733jonathan.evans@tavira.groupCrest Corporate Broking (Joint Broker): Jerry Keen Tel: +44 (0)20 3973 3678Cavendish (Joint Broker): Neil McDonald / Peter Lynch / HannaLeijonmarck Tel: +44 (0) 20 7908 6000epr@cavendish.com Twitter https://twitter.com/BlencoweRes LinkedIn https://www.linkedin.com/company/72382491/admin/ Crest Corporate Broking is a trading name of CAL Investments Limited, which is Authorised and Regulated by the FinancialConduct Authority (FRN: 114008) This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authorityto act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this informationmay apply. For further information, please contact rns@lseg.com or visit www.rns.com. RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the informationcontained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. Forfurther information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy. END