Blencowe Resources Plc (LSE:BRES) has reported graphite outcrops across approximately 25 kilometres of strike at its Orom-Cross project in northern Uganda, following the completion of a second-phase exploration programme targeting areas beyond its existing deposits.
The company said surface mapping and sampling confirmed graphite occurrences across seven previously identified geophysical targets, with selected grab samples from three targets returning grades exceeding 20% total graphite content (TGC).
The exploration areas are located within Blencowe’s existing mining and exploration licences, approximately 10 kilometres or less from the proposed processing plant.
The findings indicate the presence of graphite mineralisation outside the four deposits that underpin the project’s December 2025 Definitive Feasibility Study (DFS).
Blencowe said its immediate priority remains securing funding for the first phase of development at Orom-Cross, while additional exploration of the wider targets will proceed in stages.
Seven Geophysical Targets Assessed Across Orom-Cross
The second-phase exploration programme followed earlier geophysical surveys and exploratory drilling at the Iyan and Beehive deposits.
Blencowe commissioned surface mapping and sampling in September 2026 to assess the remaining geophysical targets and determine whether they could warrant more detailed investigation.
The programme covered approximately 95% of the identified target areas.
According to the company, all seven targets examined showed evidence of graphite at surface, with several containing extensive outcrops similar to those identified at the project’s four previously drilled deposits.
The mapping also identified soil characteristics comparable with those covering the existing mineralised areas.
Blencowe said the results support further investigation of the targets, although additional drilling and geological assessment will be required to establish the extent, grade and continuity of any potential deposits.
Grab Samples Return Graphite Grades Above 20% TGC
Selective grab sampling identified graphite grades exceeding 20% TGC at three exploration targets: GT-02b, GT-03b and GT-04.
The company said the samples were collected from outcrops showing indications of higher-grade mineralisation rather than through systematic sampling across the entire mapped area.
As a result, the reported grades represent selected sampling locations and should not be interpreted as average grades for the wider targets.
GT-03b and GT-04 are located entirely within Blencowe’s existing exploration licences.
Most of GT-02b lies within the company’s current mining licence, with the remaining portion covered by its exploration licences.
Blencowe did not provide a complete assay breakdown for the individual samples or disclose the number of samples returning grades above 20% TGC.
Further exploration will be needed to determine whether the identified high-grade occurrences extend across larger areas or at depth.
Exploration Identifies Potential Extensions Beyond Existing Mine Plan
The newly mapped graphite occurrences extend along a trend of approximately 25 kilometres, including areas outside the four deposits currently included in the Orom-Cross development plan.
Blencowe’s December 2025 DFS was based on an initial mine life of 15 years using mineralisation from the deposits drilled to date.
The latest exploration programme identifies additional targets beyond that initial mine plan, providing areas for potential future resource assessment.
The company said the results are consistent with its broader geological interpretation of the Orom-Cross project and its previously identified exploration potential of between two billion and three billion tonnes of graphite mineralisation.
This figure represents an exploration-scale estimate of potential mineralisation, rather than a defined mineral resource or reserve.
The latest surface findings do not establish that graphite mineralisation is continuous across the entire 25-kilometre trend, nor do they demonstrate that the additional targets can be economically mined.
Blencowe intends to assess the wider targets through further exploration before determining whether they can contribute to future mine development.
Orom-Cross Holds JORC Resource of 64.3 Million Tonnes
Orom-Cross is an established graphite development project in northern Uganda, where Blencowe has completed a Definitive Feasibility Study and is progressing towards a potential production decision.
The project has a JORC-compliant Measured, Indicated and Inferred Mineral Resource of 64.3 million tonnes grading 6.03% TGC.
It also has a reported Mineral Reserve of 23.08 million tonnes grading 5.18% TGC.
The mineral resource and reserve figures are reported separately and should not be added together.
The existing development plan is based on shallow, open-pit mining, with the company expecting relatively limited waste removal and the potential for free-dig operations in parts of the deposit.
The project also contains larger-flake graphite, which Blencowe has identified as a component of its proposed product offering.
A 21-year mining licence was issued by the Ugandan government in 2019.
The latest exploration targets are located within the company’s existing licence areas and are not currently included in the mine plan supporting the DFS.
Blencowe Continues Discussions with Potential Strategic Partners
Blencowe said the additional exploration results will form part of its ongoing discussions with prospective strategic partners interested in long-term graphite supply.
Interim Chief Executive Officer Iain Wearing said the mapping programme had identified graphite occurrences across the wider licence area and provided further targets for future exploration.
He also highlighted the proximity of the identified areas to the proposed processing facility.
The company considers the potential for additional mineralisation beyond the initial mine plan relevant to discussions concerning future production capacity and supply arrangements.
However, the newly identified targets remain at an early exploration stage, and no additional mine life or production capacity has been established from the latest results.
Blencowe has not announced any new binding supply agreements or funding commitments in connection with the exploration update.
Phase 1 Project Funding Remains Immediate Priority
Blencowe confirmed that securing financing for the first phase of Orom-Cross development remains its principal near-term objective.
The company intends to continue investigating the wider geophysical targets through a staged exploration programme, following the approach previously used at the Northern Syncline and Camp Lode deposits.
That process involved progressing from initial geophysical identification and surface exploration towards drilling and more detailed technical assessment.
The latest programme has established the presence of graphite outcrops across multiple targets beyond the current development area, including selected samples grading above 20% TGC.
Further work will be required to determine whether these occurrences support additional mineral resources and whether they could be incorporated into future mining operations.
Blencowe said it will provide further updates as exploration progresses and continues its work towards financing the initial Orom-Cross development.
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