1

Orom-Cross Jumbo Graphite ProjectUganda

LSE: BRES

April 2020

DisclaimerThis 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 insummary 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 theaccuracy 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, reliabilityor completeness of any information, statements, opinions, estimates, forecasts or other representations contained in this presentation. No responsibility for any errors or omissions from thispresentation 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 ofBlencowe. 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 onforward 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 circumstanceson 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 theGeological 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 Ltdand 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 definedin 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 theinclusion in this report of the matters based on this information in the form and context in which it appears.

2

3

Orom Project

ü Relisted on the Standard List of the LSE on 28 April 2020

ü Orom-Cross Graphite Project acquired through the issue of 33.33m shares at 6p (£2m)

ü Further £2m of equity also raised at 6p to fund an extensive work programme in 2020

ü Orom-Cross was granted a 21-year mining licence in 2019 and has the scope to become aworld class graphite project both by size and by end product quality (>3 billion tonnes)

ü The project is a shallow open pit deposit, with low strip ratio and free digging, suggestingattractive operating costs of circa US$300/t1 (lowest industry quartile)

ü Orom-Cross contains a large component of high value jumbo and large flake product,which currently sell for >US$1,500/t, outlining significant project economics

ü Current production scenario is 25,000tpa, with significant capacity for further expansionaccording to market supply/demand conditions

ü Uganda is a stable African country, with a strong Mining Code, low royalties and a stablecurrency, making Orom-Cross attractive to potential strategic investors and offtake partners

ü Strong management team to deliver project (mining & African experience)

1 – CIF Mombasa

IPO OVERVIEW

4

CORPORATE SNAPSHOT

Ticker BRES.L

First day of dealing 28 April 2020

Market Cap @ 6p c. £5.9m

Completed IPO Raise @ 6p £2m

Enterprise Value £3.9m

Share Capital Prior to IPO 31,666,664

Project Acquisition Shares 33,333,333

IPO Shares 33,333,329

Enlarged Issued Share Capital 98,333,326

Warrants 32,375,001

Significant Shareholders %

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

Board and Mgmt (12-month lock up) 13.7%

John Story 13.6%

Apul Investments 8.5%

Brandon Hill Capital and Affiliates

Total

5.8%

75.5%

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

5

KEY CATALYSTS IN 2020

IPO

Apr

il 20

20

Reso

urce

dril

ling

Drilli

ng re

sults

Phas

e 2

met

allu

rgica

l wor

k Up

grad

es o

f end

prod

uct r

esul

ts

Mai

den

JORC

reso

urce

Adva

nce

ongo

ing

feas

ibilit

y wo

rk

Enga

ge w

ith

indu

stria

l and

stra

tegi

c pa

rties

OROM-CROSS WORK PROGRAMME

6

ü 21 year Mining licence awarded in 2019 – key risk removed

ü Several stages of exploration work completed:o 1,078kms of VTEM (airborne magnetic survey) – numerous anomalies tested and proven by trenching program giving confidence to overall numberso 600m diamond drillingo 4,200m trenching programme

ü 1,800m (59 hole) diamond drilling programme underway in 1H 2020 to provide;o 8-10Mt JORC Indicated Resource for PFS (assumes 800ktpa for 25ktpa end product)o Delivers enough graphite for first 10 years life of mine.o Represents < 1% of overall deposit – huge size and scale & ability to ramp up production at any time as market conditions dictate.

ü Estimated 680M tonnes graphite (of total est. 3.7 billion tonnes) in free dig; just 0-20m below surface.Low mining cost and already proven extractable via Phase 1 met test work. Lower capex as no front-end crushing and grinding required in circuit.

ü 74% Orom-Cross graphite in Jumbo/XL/Large categories.~USD 1,500/t difference between price of Small Fines and Super Jumbo. Larger flake size = better prices and likely higher demand.

ü Phase 2 metallurgical test work also underway in 1H 2020 targeting:o 96-97% TGC (total graphite content) with low impurities (thorium, vanadium)o ~80% recoverieso Majority Jumbo/XL/Large flakes within concentrate

USE OF FUNDS 18 MONTHS

7

Project £ % Funds

Drilling (JORC Indicated Resource) & Phase 2 metallurgical test work 700,000 35

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

Scoping/Pre-Feasibility Study 500,000 25

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

GLOBAL GRAPHITE MARKET

8

§ Total graphite market size is currently ~1,000,000 T p.a.o 300,000 T pa – Electric vehicles (small/fines) & other uses – fastest

growing sectoro 500,000 T pa – Steel mills (Large/medium flakes)o 200,000 T pa – Expandables/flame retardants (Jumbo/XL)

§ Increasing demand from lithium-ion battery sector for use in ElectricVehicles (EVs); graphite is key input into the anode (Small/fines flakes)

§ Also, increasingly applied to expandables and fire retardants for buildingmaterials in emerging markets (Jumbo/XL flakes)

o 10% growth pa forecasto 20,000 T pa new high grade product required each yearo Highest quality product = Highest prices paid

§ World Graphite Market forecast demand to double to 2,000,000 Tp.a. over next 5 years – mainly small fines (EVs)

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

§ No major (>200,000 T p.a.) new graphite producer forecast online in next5 years – market defined by smaller producers in higher risk locations;

o Syrah Resources cut back production to 60,000 T pa in 2019 due tooperational cost blow-outs and lower prices in the small fines market

Steel Mills (Large/Medium) –500,000

Electric Vehicles (Small/Fines) – 270,000

Other Uses – 30,000

Expandables/Flame Retardants (Jumbo/XL) – 200,000(10% growth pa)

TOTAL ~1Mtpa World Demand

Jumbo-XL-Large-Medium flakes

OROM-CROSS

Source - Benchmark Minerals Intelligence (2019)

JORC RESOURCE DRILL PROGRAM

9

• Drill program along highly anomalous graphite zone – pink area above• 59 holes – 1800m drilling program to be completed by June 2020• Presenting from surface = free dig product; low cost mining, quality product

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

PEER COMPARISONS

10

Market Cap£6m

Market Cap

£20-30m

Market Cap

£30-50m

2-3Bn tonnes depositShallow – low cost operationsMainly Jumbo-Large flakeUganda

2-3Bn tonnes depositShallow – low cost operationsMainly Jumbo-Large flakeMalawi

2-3Bn tonnes depositShallow – low cost operationsMainly Jumbo-Large flakeTanzania

Blencowe Resources (LSE:BRES)

Sovereign Metals (ASX:SVM)

Walkabout Resources (ASX:WKT)

CompletedJORC Resource drillingScoping and Pre-Feasibility Studies

CompletedDefinitive Feasibility StudyOfftake PartnersProject Funding

CompletedJORC Resource drillingScoping and Pre-Feasibility Studies

Blencowe is targeting to complete its JORC Resource drilling and Phase 2 metallurgical test work in 1H 2020 – thereafter moving immediately to Scoping and Feasibility Study Stage in 2H 2020

18 months ahead of Blencowe

36 months ahead of BlencowePathway to delivering Value

FORWARD PRICE CURVE (MARCH 2019)

11

Prices fluctuate based on demand and supply, and are formulated on flake size and carbon content (purity)

Mesh Size CarbonContent% TGC

2019CIF Europe

$/t

2020CIF Europe

$/t

2021CIF Europe

$/t

2022CIF Europe

$/t

2023CIF Europe

$/t

2024CIF Europe

$/t

2025CIF Europe

$/t

+32+32+32

929597

2,1742,4062,668

2,2822,5512,881

2,3782,6993,111

2,4782,8553,360

2,5823,0213,629

2,6903,1963,920

2,8033,3814,233

+48+48+48

929597

1,7701,9852,128

1,8762,1242,298

1,9802,2512,482

2,0882,3862,680

2,2032,5292,985

2,3252,6813,126

2,4522,8423,376

+80+80+80

929597

9271,1021,363

9551,1791,485

9831,2621,619

1,0131,3501,764

1,0431,4451,923

1,0751,5462,096

1,1071,6542,285

+100+100+100

929597

893979

1,097

901999

1,130

9061,0091,164

9101,0191,193

9151,0291,223

9201,0391,253

9241,0501,285

+200+200+200

929597

816862989

832879

1,009

849897

1,029

866915

1,050

883933

1,071

901952

1,092

919971

1,114

Source - Flake Graphite Price Estimates; Fast Market Graphite Report; March 2019

Jumbo

X-Large

Large

Medium

Small

CURRENT PRICES (APRIL 2020)

12

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

Notes§ Prices have fallen circa 25% over past 12 months – as indicated by comparisons between table above versus the table on previous pageHowever;§ CIF China prices are typically 10% lower than CIF Europe§ Approximately 10% higher price for every 1% increment on purity – hence as 95% TGC moves up to 97% the price would typically move 20% higher.§ Prices are very fluid and can change quickly as demand-supply imbalances kick in, current COVID-19 pandemic is likely to impact supply.

Blencowe is targeting >50% of Jumbo and X-Large flakes at 95-97% TGC

BOARD & MANAGEMENT

13

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 forseveral 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 experienceand 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), whichdeveloped 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 amajor 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, workingin 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 toform 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 anddevelopment 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. MrPearce 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

14

Iain Wearing – COOMr Wearing is a Mining Engineer with 30 years experience in the resource industry, including significant projectexperience 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 KibaliGold 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 andcosting, as well as operations management, will be critical to Orom moving forward as Blencowe moves towards firstproduction.

Oscar Van Antwerpen - TechnicalMr Van Antwerpen is a geologist and a Member of the Geological Society of South Africa and a registered professionalscientist at the South African Council of Natural Scientific Professions . He is the founder and Managing Director ofMinrom Consulting (South Africa), which is a specialist service provider to resource companies working assets withinthe African continent.

Minrom has been the technical advisor to CRA on Orom-Cross Project for the majority of the exploration workconducted there over the past five years. Mr Van Antwerpen is a resource expert within the African market and he hasadvised 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 overthe past five years is brought forward and utilised. He will be a key part of the planning and execution team goingforward.

APPENDIX

15

GRAPHITE SUPPLY DEFICIT BY 2025

16

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.

“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

17

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

SUPPLY SIDE

18

490

400 400

0

350 350

160 150

400

0

100

200

300

400

500

600

2016 2020 2025

Estimated tonnes natural flake graphite produced per annum 2016 to 2025

China Mozambique Other Countries

Source - Argus Graphite White Paper 2019

§ China is currently the largest graphite supplier globally

§ Chinese supply dropped by 20% in 2018 due to environmental regulations.

§ China does not produce much Jumbo and X-Large flake graphite – it imports this specification.

§ ASX listed Syrah Resources (Mozambique) is the largest new supplier globally focused on small and medium sized flakes

• Syrah has capacity to produce 350,000T p.a.

• In September 2019 Syrah reduced production from 15,000T p.m.to 5,000T p.m. (60,000Tpa) following higher than expected operating costs and pricing pressure, with their small fines priced at c.$400/t

§ No other new large-scale graphite projects (>100,000Tp.a.) are expected to go live in next 5 years particularly with respect to Jumbo and Large flake product

Forecast total supply of 1.15MT

by 2025

KEY PRICE DRIVERS OF GRAPHITE

19

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 pressureConsistent supply from mine

important for offtakers/partners

OROM PRODUCT – 74% JUMBO / LARGE

20

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

21

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 production2-3 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

22

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.