Blencowe Resources Plc (LSE: BRES) is delighted to announce notable advancements in the Definitive Feasibility Study ("DFS") efforts for its wholly-owned Orom-Cross graphite project in Uganda, including the initiation of the 600-tonne bulk sample testing at the Jilin Huiyang New Material Technology Company Ltd ("Jiliin") facility in China.

Key Points:

•   Commercial Scale Processing Initiated: The commencement of the 600-tonne bulk sample processing at Jilin in China signifies a significant advancement for the Orom-Cross DFS.

•  Progress in Off-take Agreements: Senior management and potential off-take partners are scheduled to convene in April 2024 to further discussions on off-take agreements. This follows robust interest in the large-scale test work and samples delivered, as well as the Orom-Cross products across various sectors.

•   Final Sample Delivery: Both the 96% concentrate and 99.95% spheronised purified graphite ("SPG") from the latest bulk sample testing are anticipated to be delivered in Q2 2024 to potential off-taker parties. These samples will be provided in adequate quantities for review, leading to product qualification and eventual contract agreements.

After delivering the 600-tonne bulk sample materials to China, processing has begun at the Jilin facility. In 2023, this facility carried out effective bulk metallurgical test work for Blencowe on the 100-tonne Orom-Cross sample.

Blencowe intends to utilize this product to produce significant quantities of both 96% concentrate and 99.95% uncoated SPG product for final evaluation by potential off-take partners. The objective is to uphold the consistently high quality achieved through the commercial-scale production process in 2023.

Senior management will travel to both China and South Korea in the coming weeks to further negotiate off-take agreements. Encouraging interest has been expressed thus far, and Blencowe remains optimistic that this trend will persist with the ongoing large-scale test work.

Cameron Pearce, Executive Chairman, remarked: "This latest round of 600-tonne bulk sample testing is integral to our DFS. Our goal is to demonstrate that the end products maintain the same exceptional quality and purity during commercial-scale processing, consistent with the successes of all previous testing phases. The quality at scale was confirmed by the 100-tonne testing conducted last year, and we have confidence in achieving comparable outcomes with this latest 600-tonne testing. Subsequently, we will have a sufficient quantity of 99.95% SPG for testing with tier one offtakers to qualify the product."

Mr. Pearce further stated, "We are making significant strides across all DFS objectives. Orom-Cross stands as a world-class graphite project with distinctive attributes, and its potential becomes increasingly evident with each milestone we achieve."