Blencowe Resources (BRES) investor relations material

Project development timeline and milestones

• Acquired the project in 2020 and advanced from early-stage development to pre-production in six years.

• Completed maiden and revised JORC resource and reserve estimates, metallurgical testing, and a 7,000m drill program.

• Definitive Feasibility Study (DFS) completed, with first production targeted for March 2026.

• $15 million invested to date, with further funding and offtake contracts planned for 2026.

Market positioning and global trends

• Global demand for natural flake graphite is expected to double by 2030.

• Western buyers are seeking ex-China supply due to supply chain risks, but ex-China supply remains limited.

• China currently dominates graphite production and purification, but new ex-China mines could shift the market.

• First-mover advantages are significant for new suppliers in the next 24 months.

Resource scale, quality, and infrastructure

• Project hosts an estimated 2-3 billion tonnes, with JORC resource increased 66% to 43Mt @ 5.76% TGC by 1Q 2026.

• JORC reserves increased 47% to 23Mt @ 5.18% TGC in Nov 2025, extending mine life and production rates.

• Four high-grade deposits, all within a licensed area, with shallow mining enabling lower costs.

• Only 2% of the project area drilled, indicating significant upside potential.

• Key infrastructure includes proximity to main roads and hydropower from the national grid.