Blencowe Resources (BRES): Orom-Cross DFS and JORC update

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BRES Blencowe Resources

£31m · 6.2p · −8% since the first step

31 Oct 2025 · Infill drilling complete; JORC update in progress · +9% until the next step JORC update expected within approximately two weeks, feeding directly into the Definitive Feasibility Study (DFS) which remains on track for completion before year-end.

7 Nov 2025 · JORC due in ~2 weeks; DFS targeted late-November · +10% until the next step DFS nearing completion, with delivery targeted for late-November.

27 Nov 2025 · JORC delivered; DFS imminent · +6% until the next step DFS release (imminent) incorporating the upgraded Reserve base.

1 Dec 2025 · DFS completed; P1 financing under way · −15% until the next step With the DFS now complete, the immediate next step is securing the P1 project financing package, which becomes the Company's primary corporate focus.

1 Dec 2025 · JORC update scheduled for early 2026 · −15% until the next step with further JORC update expected to incorporate the additional 192 step-out drillholes not included in the DFS already scheduled for early 2026.

9 Dec 2025 · DFS done; P1 financing under way; offtake MOUs added · −3% until the next step Initial agreement follows substantial product qualification work and coincides with completion of Blencowe's Definitive Feasibility Study ("DFS").

11 Dec 2025 · DFS done; £3m placing funds interim working capital · +2% until the next step The Company continues to progress P1 project financing discussions with development finance institutions, strategic industry partners and government-backed funding bodies, and expects this funding to

12 Dec 2025 · First of six deep-hole assays received · −4% until the next step The remaining deep-hole assays from both Iyan and Beehive, together with results from the extensive shallow drilling completed across the remaining holes within the drill programme, will ultimately be

18 Dec 2025 · Iyan deep holes complete; Beehive deep holes pending · +7% until the next step First deep-hole assays from Beehive, the second new deposit identified in Stage 7, are expected by Christmas, with first Iyan shallow and step-out assays expected early into the New Year.

23 Dec 2025 · First Beehive deep-hole assay reported; more pending · +0% until the next step This result is the first of over 100 Beehive holes to be reported, with further results to follow.

9 Jan 2026 · All three Beehive deep holes reported; shallow assays pending · +42% until the next step Assay results from these remaining holes are expected near term, providing a clear pipeline of ongoing newsflow as the Company progresses funding discussions in parallel.

6 Mar 2026 · DFS done; funding talks continuing · −23% until the next step This increased scale and the growing deposit pipeline support our ongoing strategic and funding discussions as we progress development planning.

30 Apr 2026 · DFS done; funding and strategic talks continuing · −3% until the next step We continue to progress strategic and funding discussions in parallel, with offtake interest remaining strong.

18 May 2026 · DFS optimisation advanced; funding talks ongoing · +6% until the next step This work is well advanced and a further update is expected prior to the end of Q2 2026.

26 May 2026 · DFS update pending; P1 financing in due diligence · +10% until the next step There are several interested parties considering investment and going through the due diligence process and Blencowe will update the market once these options progress to the next stage.

29 May 2026 · Updated DFS out; P1 equity in due diligence · −16% until the next step Several interested P1 funding parties have signed NDAs and are conducting due diligence in the data room.

17 Aug 2026 · P1 funding talks advancing; nothing closed · −19% until the next step In parallel, P1 funding discussions continue to advance.

14 Sep 2026 · CEO resigned; P1 funding talks continue · −3% until the next step Mr Ralston will continue to support the Company on a full-time consultancy basis until his planned retirement at the end of the year, including progressing the ongoing Phase 1 funding process and othe

16 Sep 2026 · P1 funding open; CEO departed, no consultant · +4% until the next step The Board remains focused on the continued advancement of the Orom-Cross Graphite Project with Iain Wearing continuing to lead the Project and will provide further project and operational updates in d

21 Sep 2026 · Interim CEO in place; funding still open · +3% until the next step The Board is in discussions with identified candidates for the permanent Chief Executive Officer role, with a focus on securing the experience required for the next stage of development.

12 Oct 2026 · Board reshaped; interim CEO on Board; funding open · −4% since Together, these changes provide clearer separation between Board oversight and executive delivery as the Company advances Orom-Cross towards construction.

Project milestones

Orom-Cross DFS and JORC update

Board reshaped; interim CEO on Board; funding open

Next: Permanent CEO appointment and Phase 1 funding

Every step · 21

31 Oct 2025 Infill drilling complete; JORC update in progress – JORC update expected within approximately two weeks, feeding directly into the Definitive Feasibility Study (DFS) which remains on track for completion... ↗
7 Nov 2025 JORC due in ~2 weeks; DFS targeted late-November – DFS nearing completion, with delivery targeted for late-November. ↗
27 Nov 2025 JORC delivered; DFS imminent – DFS release (imminent) incorporating the upgraded Reserve base. ↗
1 Dec 2025 DFS completed; P1 financing under way – With the DFS now complete, the immediate next step is securing the P1 project financing package, which becomes the Company's primary corporate focus. ↗
1 Dec 2025 JORC update scheduled for early 2026 – with further JORC update expected to incorporate the additional 192 step-out drillholes not included in the DFS already scheduled for early 2026. ↗
9 Dec 2025 DFS done; P1 financing under way; offtake MOUs added – Initial agreement follows substantial product qualification work and coincides with completion of Blencowe's Definitive Feasibility Study ("DFS"). ↗
11 Dec 2025 DFS done; £3m placing funds interim working capital – The Company continues to progress P1 project financing discussions with development finance institutions, strategic industry partners and government-backed... ↗
12 Dec 2025 First of six deep-hole assays received – The remaining deep-hole assays from both Iyan and Beehive, together with results from the extensive shallow drilling completed across the remaining holes... ↗
18 Dec 2025 Iyan deep holes complete; Beehive deep holes pending – First deep-hole assays from Beehive, the second new deposit identified in Stage 7, are expected by Christmas, with first Iyan shallow and step-out assays... ↗
23 Dec 2025 First Beehive deep-hole assay reported; more pending – This result is the first of over 100 Beehive holes to be reported, with further results to follow. ↗
9 Jan 2026 All three Beehive deep holes reported; shallow assays pending – Assay results from these remaining holes are expected near term, providing a clear pipeline of ongoing newsflow as the Company progresses funding... ↗
6 Mar 2026 DFS done; funding talks continuing – This increased scale and the growing deposit pipeline support our ongoing strategic and funding discussions as we progress development planning. ↗
30 Apr 2026 DFS done; funding and strategic talks continuing – We continue to progress strategic and funding discussions in parallel, with offtake interest remaining strong. ↗
18 May 2026 DFS optimisation advanced; funding talks ongoing – This work is well advanced and a further update is expected prior to the end of Q2 2026. ↗
26 May 2026 DFS update pending; P1 financing in due diligence – There are several interested parties considering investment and going through the due diligence process and Blencowe will update the market once these... ↗
29 May 2026 Updated DFS out; P1 equity in due diligence – Several interested P1 funding parties have signed NDAs and are conducting due diligence in the data room. ↗
17 Aug 2026 P1 funding talks advancing; nothing closed – In parallel, P1 funding discussions continue to advance. ↗
14 Sep 2026 CEO resigned; P1 funding talks continue – Mr Ralston will continue to support the Company on a full-time consultancy basis until his planned retirement at the end of the year, including progressing... ↗
16 Sep 2026 P1 funding open; CEO departed, no consultant – The Board remains focused on the continued advancement of the Orom-Cross Graphite Project with Iain Wearing continuing to lead the Project and will provide... ↗
21 Sep 2026 Interim CEO in place; funding still open – The Board is in discussions with identified candidates for the permanent Chief Executive Officer role, with a focus on securing the experience required for... ↗
12 Oct 2026 Board reshaped; interim CEO on Board; funding open – Together, these changes provide clearer separation between Board oversight and executive delivery as the Company advances Orom-Cross towards construction. ↗

What is happening

Blencowe Resources: Orom-Cross DFS and JORC update – Board reshaped; interim CEO on Board; funding open. ['Board reshaped; interim CEO on Board; funding open']

In short: DFS completed Dec 2025; the 29 May 2026 update lifted NPV10 to US$1.254bn with Phase 1 capex of US$45m unchanged. CEO Ralston resigned 14 Sep 2026 and COO Iain Wearing became Interim CEO on 21 Sep 2026. On 12 Oct 2026 Executive Chairman Pearce resigned, Sam Quinn became Non-Executive Chairman and Wearing joined the Board. Phase 1 funding is not closed and the permanent CEO search continues.
Announced: 31 Oct 2025 · Infill drilling complete; JORC update in progress
Latest: 12 Oct 2026 · Board reshaped; interim CEO on Board; funding open
Interim CEO: Iain Wearing, appointed 21 Sep 2026; joined the Board as Executive Director 12 Oct 2026
Permanent CEO: Search continuing; no date given
Phase 1 capex: US$45 million (updated DFS model)
Funding status: Multiple active discussions and due diligence; subject to terms, approvals and definitive documentation
Cash position: Board considers current cash sufficient for overheads, product qualification and the financing process; excludes Phase 1 construction capital
Wearing stake: 13,491,666 shares, approximately 2.69% of issued share capital
Board change: Executive Chairman Cameron Pearce resigned 12 Oct 2026; Sam Quinn appointed Non-Executive Chairman
Quinn stake: 10,083,333 shares, approximately 2.02% of issued share capital

What comes next

Permanent CEO appointment and Phase 1 funding.

From the company's own announcements. Not investment advice.

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