Result of General Meeting held on 8 December 2021

08 December 2021                 
Blencowe Resources Plc
(“Blencowe” or the “Company“)
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Blencowe Resources Plc (LSE: BRES) is pleased to announce that at the Company’s General Meeting held earlier today, all resolutions were duly passed. Subject to the publication of a simplified prospectus that is currently being approved by the FCA, the passing of these resolutions gives the directors the authority to issue shares in the capital of the Company in respect of the Fundraise described in the Company’s RNS published on 12 November 2021.

For further information on please contact:

Blencowe Resources Plc

Sam Quinn

www.blencoweresourcesplc.com

Tel: +44 (0)1624 681 250

 [email protected]

Investor Relations

Sasha Sethi

Tel: +44 (0)7891 677 441

[email protected]

Brandon Hill Capital Limited

Jonathan Evans

Tel: +44 (0)20 3463 5000 [email protected]

First Equity Limited

Jason Robertson

Tel: +44(0)20 7330 1883

[email protected]

Background

Orom-Cross is a poten al 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 excep onal 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 produc on.
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 ini al 13-year life of mine. Development of the resource is expected to benefit from a low strip ra o and free dig opera ons thereby ensuring lower opera ng 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 produc on. The September 2021 PEA delivered an NPV8 of US$317M and IRR 49% with an average nameplate produc on of 75,000tpa graphite sold as concentrate, with ability to extend this a er further drilling.