Oak Securities Research Note Following DFS Update

Summary by AI ^BETAClose X

Oak Securities has reiterated its BUY rating and a 35.70p target price for Blencowe Resources following an update to the Orom-Cross Graphite Project's DFS model. The research highlights a significant 168% increase in the total resource base to 64.3 Mt, with substantial portions not yet included in DFS calculations, and notes the staged development approach with Phase 1 funding as the next key milestone. Oak also points to Blencowe's participation in strategic graphite tenders, with results expected in Q3 2026, which could support planned production growth.

Disclaimer*

Blencowe Resources PLC

04 June 2026

4 June 2026

Blencowe Resources Plc

("Blencowe" or the "Company"),

Oak Securities Issues Updated Research Following DFS Update

Blencowe Resources Plc (LSE: BRES) is pleased to note that its Joint Broker, Oak Securities, has published an updated research note on the Company following Blencowe's recent DFS model update for the Orom-Cross Graphite Project in Uganda.

In the note, Oak reiterates its BUY rating and a 35.70p target price. Oak highlights the step-change in Orom-Cross scale following maiden resource estimates at Iyan and Beehive, taking the total resource base to 64.3 Mt (a 168% increase since Stage 7), and notes that a significant portion of the resource base (Beehive and Iyan) is not yet included in the DFS calculations.

Oak also comments on the staged P1/P2 development approach and funding pathway, noting that the next key milestone is securing Phase 1 funding and that a number of interested parties are progressing due diligence in the data room.

In addition, Oak notes the Company's submission into several sizeable strategic graphite tenders, which could support planned production volume growth across concentrate and upgraded product streams, with results anticipated in Q3 2026.

The Oak Securities research note represents Oak's views and analysis and is not Company guidance.

The research note can be accessed here:

https://blencoweresourcesplc.com/wp-content/uploads/2026/06/OAK-Research-Blencowe-Resources-N2-V3.pdf

**ENDS**

For further information please contact:

Blencowe Resources Plc

www.blencoweresourcesplc.com

Sam Quinn (Director)

Tel: +44 (0)1624 681 250

info@blencoweresourcesplc.com

Sasha Sethi (Investor Relations)

Tel: +44 (0) 7891 677 441

sasha.sethi@blencoweresourcesplc.com

Tavira Financial (Joint Broker):

Jonathan Evans

Tel: +44 (0)20 3192 1733

jonathan.evans@tavira.group

Oak Securities (Joint Broker):

Calvin Man / Mungo Sheehan / Jerry Keen

Tel: +44 (0)20 3973 3678

Cavendish (Joint Broker):

Neil McDonald / Peter Lynch / Hanna Leijonmarck

Tel: +44 (0) 20 7908 6000

epr@cavendish.com

Twitter

https://twitter.com/BlencoweRes

https://www.linkedin.com/company/72382491/admin/

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