Iyan Deposit Delivers Further Significant Graphite Intercepts from Surface in the Final Release of Assays

Blencowe Resources Plc (LSE: BRES) is pleased to report the final set of assay results completed from the 87 shallow holes drilled at the Iyan deposit, part of the Company’s Orom-Cross Graphite Project in Uganda. These results represent the third batch from the Stage 7 drilling programme, with results continuing to exceed expectations and supporting the imminent maiden JORC resource estimate for the Iyan deposit, which will increase the overall Orom-Cross resource base. This maiden JORC resource will represent the first formal resource estimate for Iyan and further strengthen Orom-Cross as a multi-deposit graphite project.

This final batch completes the Stage 7 drilling programme at Iyan, providing the last data required for the maiden Iyan JORC Resource estimate, expected shortly.

Iyan forms the western extension of the Northern Syncline graphite system and is being advanced as a bulk blending deposit intended to provide consistent, near-surface, high tonnage graphite feed to support long-life, low-cost production. Results at Orom-Cross continue to demonstrate that the bulk mineralisation at Iyan is accompanied by repeated higher-grade zones, providing flexibility within mine planning for blending and supporting overall project value.

These latest shallow holes were drilled to approximately 30 metres depth, deliberately selected to define near-surface mineable material rather than test geological limits. Mineralisation was intersected from surface in most holes, with several ending in mineralisation, indicating potential for continuation below the current drilling depth. This is consistent with all previous results at Iyan. The northern area highlights some barren intrusions in the upper areas but also indicates strong grade intercepts at depth below the barren overlying materials.

Iyan Drilling – Highlights

• Final assay batch drilling results continue to exceed expectations and support imminent maiden JORC resource estimate for Iyan, increasing the overall Orom-Cross resource base
• Thick, laterally continuous near-surface graphite mineralisation confirmed
• Multiple intercepts of >30m from surface, with several holes ending in mineralisation
• Iyan will be developed as a bulk blending deposit, supporting efficient, low-strip mining
• Higher-grade zones persist within bulk mineralisation, enhancing blending flexibility
• Results support near-term resource growth, larger-scale development and ongoing funding and offtake discussions
• Southern drill lines indicate potential extension of mineralisation toward the Northern Syncline hinge

Selected Significant Shallow Intercepts – Iyan Deposit

(Selected downhole intervals; mineralisation from surface unless stated otherwise)

• NSDD-L103: 15.64m @ 10.13% TGC, including 5.02m @ 14.42% TGC and 1.00m @ 18.37% TGC
• NSDD-L307: 9.44m @ 11.42% TGC, including 4.00m @ 15.96% TGC and 1.00m @ 18.89% TGC
• NSDD-L508: 13.71m @ 8.26% TGC, including 4.01m @ 11.00% TGC (ended in mineralisation)
• NSDD-L503: 10.72m @ 8.18% TGC, including 3.06m @ 12.37% TGC
• NSDD-L408: 9.60m @ 8.95% TGC from surface, including 2.50m @ 13.76% TGC
• NSDD-L402: 10.00m @ 7.96% TGC, including 4.00m @ 10.82% TGC

These results are consistent with the broader Orom-Cross system and support mine planning and the bulk blending strategy, reinforcing the scale and continuity ahead of the maiden Iyan JORC resource estimate.

JORC Update Q1 2026

The final assay results are now being validated and modelled by the independent geological consultants, Minrom, and are expected to deliver the maiden JORC resource estimate for Iyan in Q1 2026. This will increase the overall Orom-Cross resource and support ongoing funding and offtake discussions as they continue to advance.

Beehive Drilling Results Pending

In parallel, substantial assay results at the nearby Beehive deposit remain pending. Earlier deep drilling returned very strong grades at depths of up to approximately 100 metres. Assay results from the completed shallow drilling programme at Beehive, comprising approximately 110 holes drilled to approximately 30 metres depth, are expected to be reported regularly in batches and are anticipated to further contribute to overall Orom-Cross resource growth, with a maiden JORC resource estimate for Beehive expected to follow.

Blencowe Resources Executive Chairman, Cameron Pearce commented:

“These further great results from Iyan continue to exceed our expectations. We are seeing thick graphite from surface, strong grades, and excellent consistency across the deposit, which is exactly what we need as we build scale at Orom-Cross.

With the maiden Iyan JORC estimate now imminent, these results clearly demonstrate the size and quality of the resource. This is particularly important as we progress funding discussions, as it reinforces the long-life, large-scale development potential of Orom-Cross.

The maiden Iyan JORC will mark another important step in demonstrating the full scale of Orom-Cross.

Importantly, we still have significant upside ahead. Many holes continue to end in mineralisation, and Beehive drilling results remain to come, which we expect will further strengthen the overall resource base.”

Iyan Deposit – Key Drill Results

Figures 1-2: Iyan Deposit drill sections showing thick, continuous graphite mineralisation remaining open at depth, remaining sections 1-5, 7, and 9

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

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