1

Developing Large-scale

Orom-Cross Graphite

Project

LSE: BRES

August 2020

Disclaimer

This presentation has been prepared by Blencowe Plc (“Blencowe”). This document contains background information about Blencowe current at the date of this presentation. The presentation is in

summary form and does not purport to be all inclusive or complete. Recipients should conduct their own investigations and perform their own analysis in order to satisfy themselves as to the

accuracy and completeness of the information, statements and opinions contained in this presentation.

This presentation is for information purposes only. Neither this presentation nor the information contained in it constitutes an offer, invitation, solicitation or recommendation in relation to the purchaseor sales of shares in any jurisdiction.

This presentation does not constitute investment advice and has been prepared without taking into account the recipient’s investment objectives, financial circumstances or particular needs and theopinions and recommendations in this presentation are not intended to represent recommendations of particular investments to particular persons. Recipients should seek professional advice whendeciding if an investment is appropriate. All securities involve risks which include (among others) the risk of adverse or unanticipated market, financial or political developments.

To the fullest extent permitted by law, Blencowe, its officers, employees, agents and advisors do not make any representation or warranty, express or implied, as to the currency, accuracy, reliability

or completeness of any information, statements, opinions, estimates, forecasts or other representations contained in this presentation. No responsibility for any errors or omissions from this

presentation arising out of negligence or otherwise are accepted.

This presentation may include forward-looking statements. Forward-looking statements are only predictions and are subject to risks, uncertainties and assumptions which are outside the control of

Blencowe. Actual values, results or events may be materially different to those expressed or implied in this presentation. Given these uncertainties, recipients are cautioned not to place reliance on

forward looking statements. Any forward looking statements in this presentation speak only at the date of issue of this presentation. Subject to any continuing obligations under applicable law,

Blencowe does not undertaken any obligation to update or revise any information or any of the forward looking statements in this presentation or any changes in events, conditions, or circumstances

on which any such forward looking statement is based.

Competent Persons StatementThe geological information in this announcement that relates to Orom Graphite Project is based on information compiled and fairly represented by Mr Oscar Van Antwerpen, who is a Member of the

Geological Society of South Africa and a registered professional scientist at the South African Council of Natural Scientific Professions. Mr Van Antwerpen is employed by Minrom Consulting Pty Ltd

and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration, and to the activity which he has undertaken, to qualify as a Competent Person as defined

in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Van Antwerpen consents to the

inclusion in this report of the matters based on this information in the form and context in which it appears.

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CORPORATE

Corporate Highlights

Ticker BRES.L

New Cash raised (April 2020) £2.0m

Market Cap @ 6p c. £5.9m

Enterprise Value £3.9m

Enlarged Issued Share Capital 98,333,326

Warrants 32,375,001

Significant Shareholders %

Orom-Cross Vendor (12-month lock up) 33.9%

Board & Management (12-month lock up) 13.7%

John Story 13.6%

Approximately 50% of the Company’s issued

shares are locked in for 12 months

VWAP of outstanding warrants is approximately

6.5p and would provide a further £2.1M (approx.)

to the Company if all are exercised

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Orom Project

Orom-Cross flake graphite project was acquired in April 2020 for £2m; 100% paid

for in shares

Further £2m of equity also raised to fund an extensive work programme in 2020

Orom-Cross was granted a 21-year mining licence in 2019 and has the scope to

become a world class graphite project both by size and by end product quality

(circa 3 billion tonnes)

The project is a shallow open pit deposit, with low strip ratio and free digging,

suggesting very low operating costs

Orom-Cross contains a large component of high value jumbo and large flake

product, which are more scarce and sell at a premium to smaller flakes

Uganda is a stable African country, with a strong mining code, low royalties and a

stable currency, making Orom-Cross attractive long term to potential strategic

investors and offtake partners

Strong management team to deliver project with significant African / mining

experience

PROJECT OVERVIEW

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KEY MILESTONES

2021

Completed within first three months

Underway

OROM-CROSS WORK PROGRAMME

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21 year Mining licence awarded in 2019 – key risk removedo Land compensation agreement signed with locals and full pre-mining payment made

Historical exploration work completed (2012 – 2019):o 1,078kms of VTEM (airborne magnetic survey)

o Numerous anomalies tested and proven giving confidence to overall numbers

o 600m diamond drilling

o 4,200m trenching programme

1,950m (69 hole) diamond drilling programme recently completed to provide;o 8-10Mt JORC Indicated Resource for PFS

o Delivers enough graphite for first ~10 years life of mine.

o Resource will represent < 1% of overall deposit

o Size and scale = ability to ramp up production at any time as market conditions dictate.

74% Orom-Cross graphite in Jumbo/XL/Large categories.

Larger flake size = better prices and likely higher demand.

Phase 2 metallurgical test work underway targeting:o 96-97% TGC (total graphite content) with low impurities (thorium, vanadium)

o ~80% recoveries

o Majority Jumbo/XL/Large flakes within concentrate

USE OF FUNDS (FROM IPO)

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Project £ % Funds

Drilling (JORC Indicated Resource) & Phase 2 metallurgical test work 900,000 45

Tenement costs and compensation (mining license) 200,000 10

Scoping/Pre-Feasibility Study 300,000 15

Corporate

IPO related transaction costs 350,000 17.5

G&A (including board fees) 250,000 12.5

Total 2,000,000 100

Exercising 4p-6p Warrants can deliver £0.63m of additional funds

Exercising 8p Warrants can deliver circa £1.5m of additional funds

SHIFTING DEMAND FOR FLAKE GRAPHITE

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Steel Mills / Expandables –

700,000

Electric Vehicles –

270,000

Other Uses – 30,000

TOTAL

~1Mtpa World

Demand

Source - Benchmark Minerals Intelligence (2019)

Steel Mills / Expandables –

800,000

Electric Vehicles –

1,150,000

Other Uses – 50,000

TOTAL

~2Mtpa World

Demand

2020 : graphite required for EVs = 27% world demand

Flake graphite demand forecast to double with almost

all attributable to EV growth (Li-ion batteries)

2025 : graphite for EVs = forecast 58% world demand

4X growth requirement for flake graphite over next 5

years forecast for EVs

GLOBAL GRAPHITE MARKET

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Total flake graphite market size is currently ~1,000,000 T p.a.

o Growth in graphite demand for EVs forecast 20% per annum

o Growth in graphite demand for other uses forecast 5% per annum

Goldman Sachs forecasts 25% of all car sales to be electric vehicles (EVs) by 2025.

World Graphite Market forecast demand to double to 2,000,000 T p.a. over next 5 years

o 1,000,000 T pa new product required for world markets

o Graphite market estimated in 600,000 T p.a. net deficit by 2025

No major (>200,000 T p.a.) new graphite producer forecast coming online in next 5 years;

o Market defined by smaller producers in higher risk locations;

o Syrah Resources (largest producer worldwide) cut back production to 60,000 T pa in 2019 due to operational cost blow-outs and lower

prices

o No forward market to sell graphite into restricts debt funding for new projects

o Higher risk locations will inevitably restrict other new project startups (60% flake graphite forecast to be produced from high risk

locations such as Mozambique, Madagascar and Tanzania).

Opportunity exists for a large-scale producer from 2024 in a safe location that may be considered for supply chain diversification

GRAPHITE SUPPLY DEFICIT BY 2025

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Source – Benchmark Minerals Intelligence 20 year demand-supply forecast (July 2019)

Timing for likely first production at

Orom-Cross coincides with

emerging shortfall of flake graphite

forecast by BMI.

JORC RESOURCE DRILL PROGRAM

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• Drill program along highly anomalous graphite zones – pink areas in diagram

• 65 holes – 1800m drilling program to be completed by June 2020

• Target 8Mt JORC Indicated Resource for first 10 years’ Mine Life, from drilling out <1%

of total deposit - as shown from above diagram

13 holes in high grade zone B

56 holes in zone A

ML 1959 –21 year mining

license

PEER COMPARISONS

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Market

Cap

£6m

Market

Cap

£30-50m

Market

Cap

£30-50m

2-3Bn tonnes deposit

Shallow – low cost operations

Mainly Jumbo-Large flake

Uganda

2-3Bn tonnes deposit

Shallow – low cost operations

Mainly Jumbo-Large flake

Malawi

2-3Bn tonnes deposit

Shallow – low cost operations

Mainly Jumbo-Large flake

Tanzania

Blencowe Resources (LSE:BRES)

Sovereign Metals (ASX:SVM)

Walkabout Resources (ASX:WKT)

Completed

JORC Resource drilling

Scoping and Pre-Feasibility

Studies

Completed

Definitive Feasibility Study

Offtake Partners

Project Funding

Completed

JORC Resource drilling

Scoping and Pre-Feasibility

Studies

Blencowe will complete its JORC Resource drilling and Phase 2 metallurgical test work by end 2020 – thereafter moving immediately to

Feasibility Study Stage in 2021

18 months ahead of Blencowe

36 months ahead of BlencowePathway to delivering Value

MARKET PRICES (APRIL 2020)

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Source: Benchmark Minerals Intelligence / Blencowe – March 2020

Mesh Size 2020CIF China

USD95% TGC

2020CIF China

USD97% TGC

Jumbo +32 1,850 2,200

X-Large +48 1,400 1,750

Large +80 880 1,100

Medium +100 730 875

Small - 100 600 725

CIF China prices typically 10% lower than CIF Europe

Approximately 10% higher prices for every 1% greater purity of concentrate above 94%

Orom-Cross targeting a weighted average price circa usd1,000 / T for all products sold

Orom-Cross targeting a total operating cost (Mombasa port) usd3,00 / T

Blencowe is targeting 50% of Jumbo and X-Large flakes

at 95-97% TGC

BOARD & MANAGEMENT

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Mike Ralston – CEOMr Ralston is a Chartered Accountant with 25 years’ experience successfully developing businesses worldwide, including in Africa. He has been a senior executive and board member for

several junior listed resource companies over the past 15 years and he has raised ~A$300m in debt and equity over that period. He brings a wealth of corporate and management experience

and he has been involved in developing at least three mining companies from start-up through to production. Mr Ralston was previously MD Balamara Resources Ltd (2011-2017), which

developed two large scale coal projects in Poland, and before that CFO Kangaroo Resources Ltd, which developed several coal projects in Indonesia into production, before trade sale to a

major Indonesian coal producer for ~A$600m in 2010. Mr Ralston is the founder and Non-Executive Chairman of ASX-listed Trigg Mining Limited.

Alex Passmore – DirectorMr Passmore is a geologist with significant technical experience developing early stage mining projects worldwide. He has been involved in a number of junior resource companies, working

in both technical and corporate positions. He brings a range of knowledge in the battery metals sector having been a Director of Cobalt One Ltd, which merged with First Cobalt in 2017 to

form the largest Canadian cobalt exploration company. Mr Passmore is currently Managing Director of ASX-listed Rox Resources, a gold exploration company in Australia.

Cameron Pearce – ChairmanMr Pearce is a Chartered Accountant with extensive professional experience in the finance sector in Australia and the UK. His particular focus and experience is in the setup, listing and

development stage of public companies, specifically in the junior resources market, and he has been instrumental in raising capital for various listed companies over the past decade. Mr

Pearce has had previous experience managing the transitionary stage of several UK-listed companies, including most recently Emmerson Plc.

Sam Quinn - DirectorMr Quinn is an experienced corporate lawyer based in UK who focusses primarily on the setup and development of junior resource companies. He has been involved in several junior listed

exploration companies in UK over the past decade, with emphasis on legal, administrative, corporate and strategic advice and capital raising. Mr Quinn is currently a Non-Executive director of

Red Rock Resources Plc.

KEY MANAGEMENT & ADVISORS

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Iain Wearing – COOMr Wearing is a Mining Engineer with 30 years experience in the resource industry, including significant project

experience in Africa. He has been involved in the technical management of African projects for several companies,

including Resolute Mining and Barrick Gold, and he has managed studies for several major projects including the Kibali

Gold Project for Moto Gold, Syama Project in Mali, and Golden Pride in Tanzania.

Iain brings a wealth of technical expertise to the team. His knowledge in Study management, operations planning and

costing, as well as operations management, will be critical to Orom moving forward as Blencowe moves towards first

production.

Oscar Van Antwerpen - TechnicalMr Van Antwerpen is a geologist and a Member of the Geological Society of South Africa and a registered professional

scientist at the South African Council of Natural Scientific Professions . He is the founder and Managing Director of

Minrom Consulting (South Africa), which is a specialist service provider to resource companies working assets within

the African continent.

Minrom has been the technical advisor to CRA on Orom-Cross Project for the majority of the exploration work

conducted there over the past five years. Mr Van Antwerpen is a resource expert within the African market and he has

advised successful international mining companies such as BHP Billiton, Goldfields, Samancor, and DRA International.

Mr Van Antwerpen will remain in a consulting position with Blencowe to ensure that the knowledge gained at Orom over

the past five years is brought forward and utilised. He will be a key part of the planning and execution team going

forward.

APPENDIX

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“Graphite is the number one raw material input into a Li-ion battery”

Reporting from the Prospectors and Developers Association of Canada (PDAC), Benchmark Minerals Intelligence Managing Director,

Simon Moores, reiterates the importance of the battery metal as approximately 50% of Li-ion batteries by mass require graphite.

• Currently, the global market offers 165kpta anode material for existing manufacturing capacity, which needs to rise to 1.8Mtpa by

2030.

• Anode formation relies on synthetic and natural blending, however, the higher cost of synthetic and the difficulty scaling production

will boost the significance of natural sources.

• Simon Moore also emphasises capital market investment is one of the greatest risks to global electrification as sustained funding is

falling short for the “biggest trend in the 21st century, which is energy storage”.

• The rise of battery Megafactories is huge, with 71 currently under development and 45 operating at multi-GWh scales.

• Scaling the supply chain presents huge challenges as speciality markets grow from niche 100ktpa industries to multi-million tonne

scale.

• The trends cumulatively indicate there is a major supply risk across the battery metal space, particularly across the US and Europe

where the four metals (lithium, cobalt, nickel and graphite) are designated critical metals, requiring sustained and significant global

investment to advance capacity.

APPENDIX 1 – BENCHMARK MINERALS

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Simon Moores is a leading authority on lithium ion battery and energy storage supply chains with a specialist focus on lithium, graphite, and cobalt. He is MD of Benchmark Mineral Intelligence, an independent price

assessment and consultancy company for lithium ion battery supply chain

KEY PRICE DRIVERS OF GRAPHITE

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Price

Total Graphitic Content (“Purity”)

of Conc.

Phase 1 Orom met. test work reached 94% TCG – Phase 2

test work targeting 95-97%

Flake SizeJumbo, XL and Large flake

size make up significant % of Orom product based on recent

test work

Supply consistency

Less supply worldwide of Jumbo and X-Large flakes =

less price pressure

Consistent supply from mine important for offtakers/partners

OROM PRODUCT – 74% JUMBO / LARGE

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Jumbo/Large (20 to 80 mesh) Medium (80 to 150 mesh) Small (+150 mesh)

• Gaskets and seals

• Flame retardants

• Thermal sheets

• Fuel cells

• Plugging agents

• Expandable graphite *

• Graphite foils

• Thermal management

Generally these are speciality products that

require the highest quality graphite, and for

which a premium is paid.

• Basic refractory

• Magensia carbon

• Alumina carbon

• Unshaped refractory

• Flame retardants

• Paints and coats

• Pencils

• Dry and Ni MH batteries

• Lubrication

• Friction materials

• Foundry

• Composites

• Lithium-ion batteries (for use in EVs)

• Space technology

• Expandable graphite (Jumbo/XL) is one of the fastest growing markets worldwide (~12% p.a.)

- Used in thermal management of consumer electronics and industrial applications, including heat and corrosion resistant gaskets and fire retardants.

- Fuel cell and flow batteries are also new and potentially large markets for expandables due to high release of energy.

- Limited supply of expandable graphite makes it valuable, with associated higher prices and higher demand.

- Whilst China has significant small fines graphite and can offset supply variations internally it does not have much jumbo/X-L flakes and cannot do the same

TYPICAL APPLICATIONS FOR DIFFERENT GRAPHITE FLAKE SIZES

EVS – SHIFTING GLOBAL STRATEGY

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Source - Syrah Resources Presentation 2019

500k units in 2020, from 200k in 2018

500k units in 2020, no ICE engines by 2025

600k sales by 2020

30% of fleet by 2025

60% of fleet by 2020

200k unit sales in 2020

300k unit sales by 2020, no ICE models by 2025

600k unit sales by 2020

15-25% of fleet by 2025

25% of fleet by 2025, including new USA EV

production

2-3 million globally by 2025, including JV with Ford for

EVs in USA

50% of fleet sales by 2020

80% of models to be electrified by 2025

EV models across all brands, no diesel by 2022

EVS – SHIFTING GLOBAL STRATEGY

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Almost every major vehicle manufacturer worldwide has an

aggressive EV strategy for the next decade, which will

result in considerably more EV sales and associated Li-ion

battery sales.

Natural flake graphite demand will rise in sync.

Source - Syrah Resources Presentation 2019

1 million units p.a. by 2020, from 250k in 2017.

150k unit sales in China by 2020 - 500k by 2025.

70% of China sales by 2025, including a JV with VW for

electrified vehicles.

25% of EU sales by 2020.

10 new BEVs in early 2020s.

65% of fleet sales by 2030.

300k unit sales by 2020.