Beehive is located approximately 3kms from the existing Northern Syncline and Camp Lode deposits at the Orom-Cross graphite project in Uganda. Along with these other deposits Beehive sits within the existing Mining License (ML1959) and 21.3Mt at 6.58% TGC included in the revised April 2026 JORC Resource.
In December 2025 and January 2026 the company announced exceptional initial drilling results from the Beehive Deposit, where early indications of a strong system have now been materially exceeded by the latest assay results.
Beehive
| Mt | % Total Carbon | |
|---|---|---|
| Total Inferred Resources | 21.30 | 6.58% |
All three deep holes intersect graphite from near the surface and remain open at depth, which highlights the strength and continuity of the system.
The intersection demonstrates continuous graphite mineralisation from the surface, extending well beyond the ~30m oxide boundary and confirming strong grade continuity at depth. This combination of thickness, continuity and mineralisation remaining open at depth is characteristic of large, long-life graphite systems rather than short-lived or isolated deposits.
These results support the interpretation of Beehive as a large, laterally extensive system with the potential to materially contribute to future resource growth at Orom-Cross, sitting within the existing Mining License. Beehive is a new discovery with zero previous drilling to date.
L238B – Key mineralised intervals
True Width / Total Graphitic Carbon
92.55m @ 6.83%
from surface to 120.60m, including higher grade zones
15.89m @ 9.42%
8.38m @ 10.95%
L239B – Key mineralised intervals
True Width / Total Graphitic Carbon
95.45m @ 5.62%
comprising two stacked mineralised intervals from 2.73m to the end of hole at 120.20m
81.00m @ 5.82%
0.67m @ 18.90%
1.00m @ 11.98%
1.00m @ 11.96%
4.00m @ 9.95%
14.45m @ 4.49%
incl. 0.69m @ 15.46%
L239B – Key mineralised intervals
True Width / Total Graphitic Carbon
95.45m @ 5.62%
comprising two stacked mineralised intervals from 2.73m to the end of hole at 120.20m
81.00m @ 5.82%
0.67m @ 18.90%
1.00m @ 11.98%
1.00m @ 11.96%
4.00m @ 9.95%
14.45m @ 4.49%
incl. 0.69m @ 15.46%
Beehive continues to deliver standout deep-hole drill results, further demonstrating the scale, continuity and quality of this deposit. The presence of thicker, higher-grade zones reinforces its potential to add meaningful tonnes and support multi-decade production potential, particularly if these results are replicated across the 108 remaining shallow Beehive holes currently being assayed. This is in addition to results expected for another 72 step-out and exploratory holes from Iyan.
Cameron Pearce
Executive Chairman