The Company is pleased to announce its Interim Results for the six-month period to 31 March 2021.

Electronic copies of the report will be available at the Company’s website www.blencoweresourcesplc.com

For further information please contact:

Interim Management Report

Dear Shareholder,

It is with pleasure we present you with the Interim Results for the Company, and an update on various

activities underway within Blencowe. The past year has been a challenging one for everybody and it has forced us all to adapt to continue to work, using different methodologies wherever necessary to achieve outcomes.  I am pleased to report that the team within Blencowe, and that includes the wider support network of parties that help and support us everywhere, have all pulled together superbly and found ways to deliver solutions to overcome all challenges.  It is times like this that board, management and key relationships are tested and I would like to give each and every party included under this umbrella my heartfelt thanks for their efforts.  They have been appreciated. 

We have always known that we have a significant resource asset at Orom-Cross, and post the RTO in April 2020 we set out to put as much value onto this project as we could, with a goal to remain efficient in all we did, both in terms of time and cost.  In the past year we have achieved a number of key milestones that continue to add value, culminating in our maiden JORC Resource estimate for over 16 million tonnes graphite, and this represents a starting point as we have explored only the smallest fraction of what is available there.  We have identified two excellent deposits, one of particular high grade, and we drilled them out in a substantial programme that completed in 2H 2020.  Samples were sent to South Africa for assaying, and others to Canada where our metallurgical partner is currently well underway with what is turning out to be a successful test program to deliver a quality concentrate that will be in high demand as we move into production.

We continue to build on these early successes and we have recently initiated a second substantial drilling program in the field at Orom-Cross to further delineate these two deposits and prepare them for mining planning and pit designs that will be required within the feasibility study.  Our plan remains straightforward, to continue building this project towards a decision to mine whilst utilising all our experience to ensure that all key requirements are suitably covered to de-risk the process.

Blencowe remains a firm believer that the push for renewable energy will continue gathering huge momentum moving forward, and the transition from fossil fuel engines to electric vehicles (EVs) will play a central role in this.  Currently the lithium-ion battery is the accepted technology that will power these EVs and graphite remains a core component within the anode inside the battery.  It is therefore logical to assume demand for graphite will remain highly leveraged to growth in demand for lithium ion batteries, and over the next few years Blencowe intends to bring into production one of the lower cost, high grade graphite projects in the world, located in a safe long term jurisdiction for development of such a project. 

We continue to appreciate your support as a shareholder as we continue this exciting journey.

Mike Ralston

Chief Executive Officer

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