Beehive is located approximately 3kms from the existing Northern Syncline and Camp Lode deposits at the Orom-Cross graphite project in Uganda. Along with these other deposits Beehive sits within the existing Mining License (ML1959).
In December 2025 and January 2026 the company announced exceptional initial drilling results from the Beehive Deposit, where early indications of a strong system have now been materially exceeded by the latest assay results. All three deep holes intersect graphite from near the surface and remain open at depth, which highlights the strength and continuity of the system.
The intersection demonstrates continuous graphite mineralisation from the surface, extending well beyond the ~30m oxide boundary and confirming strong grade continuity at depth. This combination of thickness, continuity and mineralisation remaining open at depth is characteristic of large, long-life graphite systems rather than short-lived or isolated deposits.
These results support the interpretation of Beehive as a large, laterally extensive system with the potential to materially contribute to future resource growth at Orom-Cross, sitting within the existing Mining License. Beehive is a new discovery with zero previous drilling to date.
Blencowe now awaits assay results from the remaining 108 shallow holes drilled at Beehive, which are expected to define significant near-surface tonnage and further demonstrate the overall scale of this new discovery.
L238B – Key mineralised intervals
True Width / Total Graphitic Carbon
92.55m @ 6.83%
from surface to 120.60m, including higher grade zones
15.89m @ 9.42%
8.38m @ 10.95%
L239B – Key mineralised intervals
True Width / Total Graphitic Carbon
95.45m @ 5.62%
comprising two stacked mineralised intervals from 2.73m to the end of hole at 120.20m
81.00m @ 5.82%
0.67m @ 18.90%
1.00m @ 11.98%
1.00m @ 11.96%
4.00m @ 9.95%
14.45m @ 4.49%
incl. 0.69m @ 15.46%
L239B – Key mineralised intervals
True Width / Total Graphitic Carbon
95.45m @ 5.62%
comprising two stacked mineralised intervals from 2.73m to the end of hole at 120.20m
81.00m @ 5.82%
0.67m @ 18.90%
1.00m @ 11.98%
1.00m @ 11.96%
4.00m @ 9.95%
14.45m @ 4.49%
incl. 0.69m @ 15.46%
Beehive continues to deliver standout deep-hole drill results, further demonstrating the scale, continuity and quality of this deposit. The presence of thicker, higher-grade zones reinforces its potential to add meaningful tonnes and support multi-decade production potential, particularly if these results are replicated across the 108 remaining shallow Beehive holes currently being assayed. This is in addition to results expected for another 72 step-out and exploratory holes from Iyan.
Cameron Pearce
Executive Chairman
European Processing & Offtake with Alkeemia
Blencowe and Alkeemia have identified areas of mutual technical and commercial interest and are continuing discussions regarding potential future collaboration.
The ability to deliver ultra-high-purity graphite products through a European-based purification route adds further upside potential to the DFS economics by expanding access to higher-margin, supply-constrained end markets.
Engagement with specialist European processors such as Alkeemia also provides valuable technical validation and supports broader dialogue with a wider range of downstream customers and strategic end users, particularly within Europe.
Purification Testwork
Initial results show that all Orom-Cross concentrates tested were successfully upgraded using Alkeemia’s proprietary process to achieve 99.99% carbon content, exceeding the 99.95% purity typically required for lithium-ion battery applications.
- Purification testing upgraded all Orom-Cross products to 99.99% carbon content
- 99.99% purity is considered the highest purification grade possible and is required for lucrative defence, nuclear and specialist energy applications
- Independent European processing confirms non-Chinese purification capability
- Alkeemia’s process offers a cleaner, lower-toxicity and lower-carbon alternative to conventional Chinese technologies
- Independent testing by a specialist European firm strengthens ongoing offtake discussions and opens additional sales opportunities into European markets
- Discussions with Alkeemia regarding potential direct offtake and European purification arrangements
This level of purity enables Blencowe to target higher-value, strategically important end markets including niche defence and nuclear and specialist industrial applications where product quality, traceability and supply security are critical.
Importantly, the Alkeemia process provides a Western, non-Chinese, purification route, utilising a simpler, less toxic, and more cost-effective methodology than conventional acid-based processes widely used in China. This further aligns Orom-Cross with growing European and US policy objectives to establish secure independent, and sustainable critical mineral supply chains.
Orom-Cross has previously achieved 99.99% purity through testwork conducted by American Energy Technology (“AETC”), a US based technical graphite specialist, using their own proprietary thermal process that differs from the chemical-based approach employed by Alkeemia. The AETC relationship has since evolved to introduce Blencowe a range of valuable niche offtake opportunities, including testing with US Dept of Defence and the EU SAFELOOP initiative.
These purification results are a significant milestone for Orom-Cross and once again demonstrate that our graphite can achieve the very highest purity levels required for specialist applications, including defence, nuclear and strategic energy uses where quality and supply security are critical. It also opens the potential for a valuable new partnership to develop.
Achieving 99.99% carbon content through a non-Chinese, European-based purification route materially enhances the strategic value of Orom-Cross. It positions the project not only as a large-scale, low-cost graphite development, but also as a credible contributor to Western critical mineral supply chains.
Importantly, this work adds further upside potential to the economics outlined in our DFS by broadening access to higher-margin, supply-constrained markets. Combined with the scale we continue to demonstrate through drilling, this reinforces Orom-Cross as a long-life, strategically relevant asset as we advance funding and offtake discussions.
Cameron Pearce
Executive Chairman