The updated JORC confirms a substantial increase in ore reserves and a meaningful increase in indicated resources, further validating Orom-Cross as a large-scale, low-cost, long-lived graphite project with significant future expansion potential. This upgrade comes at a strategically important time for the graphite sector, as global demand for secure supply from China accelerates.
This update only affects the infill drill results from 39 holes at Camp Lode and Northern Syncline.
A further 192 exit holes, drilled across the wider mining license area at the new Iyan and Beehive deposits, including the six deep drill holes (each terminating in graphite mineralization at a depth of approximately 100 metres), have yet to be integrated. These results collectively demonstrate the broader potential of the system and are expected to support an additional JORC expansion beyond DFS in 2026, providing a strong growth runway for the project.
JORC Resources and Reserves Statement (2025 update)
Total JORC ore reserves (proven + probable):
- Proven reserve: 1.29 Mt @ 5.13% TGC
- Likely reserve: 21.78 Mt @ 5.18% TGC
- Total ore reserves: 23.08 Mt @ 5.18% TGC
This represents a significant increase of 47% or 7.36 million tonnes compared to the previous JORC ore reserve estimate reported in 2022
Total JORC Mineral Resources (measured + indicated + inferred at a cut-off value of 3.5% GC):
- Measured source: 1.20 Mt @ 5.13% TGC
- Indicated source: 16.40 Mt @ 5.70% TGC
- Derived source: 8.50 Mt @ 5.41% TGC
- Total resources: 26.10 Mt @ 5.58% TGC
This represents an increase of 7% over the previous JORC estimate, including a 33% increase (4.1 million tonnes) in indicated resources. A detailed breakdown of reserves and resources by deposit (Camp Lode and Northern Syncline) can be found below.
Key results and significance of the upgrade
- A 47% increase in ore reserves: an important milestone in reducing risks for DFS.
- 33% increase in indicated resources – improves confidence in early life mines and improves project financeability.
- Strong geological continuity between both primary deposits, reaffirming Orom-Cross as a rare, large-scale, shallow, low-band graphitic system.
- High-quality metallurgical consistency, fully aligned with previous test work, to support both concentrate quality and downstream USPG processing.
An exceptional growth trajectory continues, with:
- 192 exit holes (83% of the entire Stage 7 drill program) ready to be integrated second major JORC upgrade post-DFS in 2026.
- The majority of the remaining holes have been drilled in new Iyan and Beehive deposits.
- The geology of the new Iyan and Beehive deposits closely matches the Northern Syncline and Camp Lode deposits respectively, indicating the potential to double the JORC Resource once incorporated.
- Drilling deep to ~100 metres, with all holes producing mineralisation, indicating significant potential for vertical expansion.
- Only ~2% of the permit area at Orom-Cross has been drilled to date.
This JORC update marks the most significant technical advances to date and sets the foundation for the DFS to present a robust, scalable development path.
Strategic context
The strengthened JORC supports Orom-Cross at a strategically important time for the graphite sector:
- Western governments (UK, US, EU) are accelerating their efforts to secure graphite supplies from non-Chinese countries.
- The new government of the United Kingdom Critical Minerals Strategy – Vision 2035 classifies graphite as a critical and growth mineral with a rapidly increasing demand forecast.
- Global supply is tightening and very few advanced projects are approaching financing and construction.
The improved reserve base is expected to significantly increase the financing momentum for the company’s P1 production. The DFS, which integrates both the mining operations and the USPG treatment plant in the country, will now reflect the improved long-term resource base.
This JORC, together with the upcoming DFS, will provide the technical platform from which Blencowe will collaborate with development finance institutions, strategic partners and MSP-aligned organizations as it moves towards construction and first production.
Cameron Pearce, Executive Chairman, commented:
“This enhanced JORC is transformational for Orom-Cross. The substantial increase in ore reserves and indicated resources confirms the quality, scale and longevity of the project as we enter the DFS and financing phase.
The remaining 192 exploration holes and the deep drilling results, all of which ended in mineralization, highlight the enormous potential for further upgrades from JORC Resources that await us in early 2026.
With the DFS soon to be published, we will be able to demonstrate the strengthened technical and economic foundations of Orom-Cross at a time when safe, high-quality graphite supply is increasingly important to Western governments.
Next steps
- DFS release (upcoming) with the upgraded reserve base.
- Launch of the P1 Production financing process.
- Assessment and integration of the remaining 192 exit holes in a future JORC expansion.
- Integrating deep mineralization into long-term expansion scenarios.
- Further updates on downstream USPG development and offtake progress.
ANNEX
Deposit distribution
Camp Lode:
- Ore reserves: 2.49 million tonnes @ 6.74% TGC
- Indicated source: 2.22 Mt @ 6.96% TGC
- Inferred resource: 0.36 Mt @ 6.50% TGC
Comments: Excellent surface continuity, consistent grades and strong metallurgical performance reinforce Camp Lode as the major source of early mine forage.
Northern syncline – eastern limb:
- Ore reserves: 20.59 Mt @ 4.99% TGC
- Measured resource: 1.20 Mt @ 5.13% TGC
- Indicated source: 14.19 Mt @ 5.50% TGC
- Inferred Resources: 8.14 million tonnes @ 5.36% TGC
Comments: Broad mineralized zones, shallow depths and thick intersections strengthen the long-term mining scheme. Because the majority of the inferred material is contained within the lode, it is well positioned for upgrade through additional level control drilling.
TABLE OF MINERAL RAW MATERIALS
- GC – Graphitic Carbon, TC – Total Carbon.
- No geological losses have been applied.
- A conservative cutoff of 3.5% GC has been applied based on metallurgical tests and preliminary mining parameters.
- Mineralized tonnes are rounded and graphite metal tonnages are rounded to the nearest 1000 (Kt).
- Contains graphite has been reported without application of limit values, loss factors or enrichment yields.
- GC – Graphitic Carbon, TC – Total Carbon.
- Mining dilution of 5% applied.
- Mineralized tonnes are rounded and graphite metal tonnages are rounded to the nearest 1000 (Kt).
- Contains graphite has been reported without application of limit values, loss factors or enrichment yields.
Declaration of the competent person
The information contained in this press release, which relates to Mineral resource estimate, was prepared under the supervision of Mr Sean Nieman, an employee of Minrom Consulting (Pty) Ltd; he is a member of the Geological Society of South Africa (GSSA) and a Certified Professional Natural Scientist (Pr.Sci.Nat) with the South African Council for Natural Scientific Professions (SACNASP).
Mr Sean Nieman has sufficient experience relevant to the style of mineralization and type of deposit in question and to the activity he has undertaken to qualify as a Competent Person as defined by the JORC (2012) Code. Mr. Sean Nieman agrees that the matters included in this report are based on his information in the form and context in which it appears.
The information contained in this press release, which relates to Mineral reserves estimate, was compiled under the supervision of Mr Iain Wearing, an employee of Blencowe Resources Plc; he is a member of the Australian State Board of Mining and Metallurgy (AusIMM) and a Certified Professional Engineer.
Mr Iain Wearing has sufficient experience relevant to the style of mineralization and type of deposit in question and to the activity he has undertaken to qualify as a Competent Person as defined by the JORC (2012) Code. Mr Iain Wearing consents to the inclusion in this report of the matters on the basis of his information in the form and context in which it appears
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Background
Orom-Cross Graphite Project
Orom-Cross is a potentially world-class graphite project, both in size and quality of the end product, with a high proportion of more valuable, larger coarse flakes in the deposit.
In 2019, a 21-year mining permit for the project was issued by the Ugandan government following extensive historical work on the deposit. Blencowe has now completed a successful phase of the final feasibility study as the first major step towards first production.
Orom-Cross presents as a large, shallow, open deposit, with an initially JORC indicated and inferred mineral resource of 26.11 million tonnes @ 5.58% TGC (total graphite content). This resource is defined based on only ~2% of the total rental area, offering significant upside potential. Development of the resource is expected to benefit from low stripping ratio and free digging operations, along with abundant low-cost hydropower from the national grid, ensuring low operating costs. With all major infrastructure available on or near the site, capital costs will also be relatively low compared to most graphite peers.
Source
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