#BRES Blencowe Resources – Consolidated Africa Holding & Joint Broker

Blencowe Resources Plc (” Blencowe” or the “Company”) (LSE: BRES) has been notified that Consolidated Africa Limited (“CAL”) has today sold its entire holding in the Company (17,725,000 ordinary shares being 10.9% of the issued share capital) to new and existing shareholders arranged through Tavira Securities Limited (“Tavira”).

CAL received 25,000,000 ordinary shares in Blencowe following its sale of the Orom Cross graphite project in 2020.  CAL were locked up for one year following the IPO in June 2020.

Appointment of Joint Broker

The Company is pleased to announce that it has appointed Tavira as its joint broker. Tavira has recruited senior personnel from the Company’s former broker Brandon Hill Capital Limited and Blencowe looks forward to continuing the strong relationship with the team.

Executive Chairman Cameron Pearce Commented:

“We are pleased that the share register has been strengthened following these on market share purchases. We believe with a market cap of approximately £6.5M, the Company is significantly undervalued, as evidenced by our recent Preliminary Economic Assessment which yielded an NPV for Orom-Cross of US$317M. In December 2021 we closed on a £2M fundraise at 5p per share, which has provided sufficient capital to undertake our 2022 work programme at Orom-Cross, including the completion of a Pre-Feasibility Study. An updated resource statement on Orom-Cross is due to be released later this quarter, which we expect will further increase the size and grade of the resource.

We would like to welcome Tavira Securities as co-broker and we look forward to continuing our relationship with the former senior members of the Brandon Hill team going forward.”

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