OROM-CROSS GRAPHITE PROJECT March 2026 LSE:BRES blencoweresourcesplc.com Driving to First Production We are witnessing the first fundamental shift in graphite markets as western offtakers actively seek ex-China supply BUT EX-CHINA SUPPLY IS LIMITED 3 Produces: • 75% concentrate • 95% purified graphite CHINA DOMINANCE New ex-China Graphite Suppliers First global shift away from China if new ex-China mines can deliver DIFFICULTIES IN MOST GRAPHITE PROJECTS GETTING FUNDED First mover advantages next 24 months ...

Core Insights - Lomiko Metals Inc. has announced positive results from the Preliminary Feasibility Study (PFS) for its La Loutre Graphite Project, indicating strong economic viability and potential for significant revenue generation [2][3]. Economic Evaluation - The PFS shows a pre-tax NPV of CAD$797.5 million and an after-tax NPV of CAD$617.4 million, with pre-tax and after-tax IRRs of 30.3% and 24.7%, respectively [2][10]. - The project has an initial capital cost (CAPEX) of CAD$504.6 million and a life of mine (LOM) processing period of 28 years [2][10]. - The average LOM strip ratio is 2.4:1, with total mined ore of 46.8 million tonnes at an average grade of 4.79% Cg [2][10]. Production and Reserves - The PFS estimates a total of 2,149 kilotons of graphite concentrate with a grade of 97.0% Cg over the life of the mine [2][10]. - Probable mineral reserves are estimated at 46.8 million tonnes with an average grade of 4.79% Cg, yielding a contained in-situ graphite quantity of 2.24 million tonnes [2][10]. Project Infrastructure and Community Engagement - The La Loutre Project is located in southeastern Quebec, covering 4,528 hectares and is positioned to create hundreds of jobs and significant contracting opportunities for local and Indigenous businesses [3][4]. - The company plans to work closely with local municipalities and the Kitigan Zibi First Nation to advance the project [4]. Next Steps - The PFS results indicate the project has technical and financial merit, with recommendations to advance to the next stage of development, including a feasibility study and an Environmental Impact Study [47]. Mineral Resource Estimate - The total mineral resource estimate includes measured, indicated, and inferred resources, with a focus on ensuring reasonable prospects for eventual economic extraction [21][22]. Capital and Operating Costs - Total operating costs are estimated at CAD$26.47 per tonne milled, with mining costs at CAD$12.43, processing costs at CAD$12.87, and general and administrative costs at CAD$1.17 [11][44]. Environmental and Water Management - The project includes a comprehensive water management plan to minimize environmental impact, with measures for sedimentation and recycling of water in processing circuits [38][39]. Graphite Price Forecast - The long-term weighted-average graphite price is projected at US$1,524 per tonne of graphite concentrate, with an exchange rate of CAD$1.00 = US$0.70 [6][9]. Sensitivity Analysis - A sensitivity analysis on the project's NPV and IRR was conducted, showing variations based on graphite price, capital expenditures, operating costs, and exchange rates [12][13].

Core Viewpoint - Titan Mining Corporation is advancing its Kilbourne Graphite Project, which aims to supply approximately 50% of the U.S. natural graphite demand and reduce the country's reliance on imports [1][8]. Project Overview - The Kilbourne Graphite Project is planned to produce 40,000 tonnes per annum of natural flake graphite [1][8]. - The project has commenced shipping graphite concentrate from its demonstration facility and has launched a fully-funded Feasibility Study (FS) [1][2]. Feasibility Study Details - The FS will evaluate mine design, resource upgrades, processing optimization, infrastructure needs, environmental considerations, and cost estimates [5][8]. - Infill drilling and exploration drilling for mineral resource expansion began in Q4 2025, with 82% of infill drilling and 51% of exploration drilling completed [3][5]. Timeline and Goals - Titan is targeting a construction decision by late 2026 or early 2027, with construction activities expected to start in 2027, contingent on study results and financing [6][8]. - The project is designed to enhance U.S. supply chain resilience and enable large-scale domestic production of natural graphite [6][8]. Engineering and Technical Support - A multidisciplinary engineering team has been appointed to support the FS, including firms specializing in mining, processing, and infrastructure [7][9]. - The FS is co-funded by the Export-Import Bank of the United States to assist in project financing [8]. Company Background - Titan Mining Corporation is the only end-to-end producer of natural flake graphite in the U.S. and aims to enhance the security of the domestic supply chain for critical minerals [18].

Core Viewpoint - Titan Mining Corporation has initiated the shipping of graphite concentrate from its demonstration facility and launched a fully-funded Feasibility Study for its Kilbourne Graphite Project, aiming for a production capacity of 40,000 tonnes per annum in New York [1][6]. Group 1: Project Development - The graphite demonstration plant has produced approximately 1,600 kilograms of graphite concentrate and is ramping up to its nameplate capacity, with customer qualification shipments currently underway [2]. - The Feasibility Study is a significant step in transitioning the Kilbourne project from demonstration-scale production to a fully integrated mining and processing operation [5]. - Titan is targeting a construction decision by late 2026 or early 2027, with construction activities expected to commence in 2027, contingent on study results, permitting, and financing [6]. Group 2: Feasibility Study Details - The Feasibility Study will assess final mine design, resource upgrades to reserves, processing optimization, infrastructure needs, environmental advancements, and detailed capital and operating cost estimates [5]. - Approximately 82% of infill drilling and 51% of exploration drilling for mineral resource expansion have been completed, which is expected to enhance the current mineral resource estimate and optimize mine design [3]. Group 3: Strategic Importance - Titan aims to eliminate 100% import reliance on natural flake graphite, a critical material for energy, defense, and industrial applications, thereby strengthening the U.S. supply chain resilience [2][6]. - The project is designed to supply around 50% of the U.S. natural graphite demand, highlighting its significance in the domestic market [8]. Group 4: Team and Expertise - The Feasibility Study is coordinated by Titan's technical team and supported by independent engineering and technical specialists with expertise in mining, processing, and infrastructure [7]. - Qualified Persons responsible for various components of the Feasibility Study include experts from M3 Engineering, Metpro Management, Dorfner Anzaplan, and BBA Consultant, each bringing extensive experience in their respective fields [9][10][11][12][16].

Core Viewpoint - Nouveau Monde Graphite Inc. (NYSE:NMG) is considered a promising penny stock, although recent developments have led to a reduction in its price target from $7.50 to $5.50 due to dilution concerns and production timeline adjustments [1][2]. Financial Adjustments - The price target cut is attributed to a recent equity raise expected to cause significant dilution, alongside a delay in the projected first production to the first half of 2028, which has negatively impacted the company's valuation [2]. - The revised discounted cash flow model estimates a net asset value of $919 million, equating to $3.51 per share, factoring in a cash balance of $68.8 million and debt of $11.6 million [2]. Market Sentiment - Maxim Group has initiated coverage of Nouveau Monde Graphite Inc. with a Buy recommendation, reflecting a bullish sentiment on Wall Street following the signing of multiple commercial agreements for Phase 2 graphite production [3]. - The company has secured a 7-year off-take agreement with the Canadian government for the supply of 30,000 tons per annum of graphite concentrate, indicating strong demand and support for its operations [3]. Business Overview - Nouveau Monde Graphite Inc. is developing an integrated, carbon-neutral graphite business in Québec, focusing on mining and processing high-purity natural graphite for electric vehicle batteries, energy storage systems, and defense industries [4]. - The company aims to supply the Western market, positioning itself strategically within the growing demand for sustainable materials [4].

Core Insights - Titan Mining has initiated ore feeding at its Kilbourne graphite demonstration facility, marking a significant step towards the production of graphite concentrate and restoring domestic output for the first time in over 70 years [1][3] Group 1: Facility and Production Capacity - The Kilbourne facility is a fully permitted demonstration plant with a capacity of approximately 1,200 tonnes per annum (tpa) of concentrate [2] - The project aims to achieve a target output of 40,000 tpa of graphite concentrate, potentially supplying nearly half of the current US natural graphite demand as market needs grow [4] Group 2: Strategic Importance - The Kilbourne project is crucial for US critical minerals independence, providing a secure domestic supply of battery-grade natural flake graphite, essential for energy storage and defense industries [3] - This US-based production is intended to alleviate supply chain risks arising from global restrictions on graphite exports [4] Group 3: Financial Backing and Support - The project has received additional support from the Export-Import Bank of the US (EXIM), which has approved $5.5 million in non-dilutive funding to expedite feasibility work and issued a non-binding letter of interest for up to $120 million in project financing [5]

Core Insights - Volt Resources has signed a binding term sheet with Unbounded Opportunities Fund (UOF) to advance the Bunyu graphite mine project in Tanzania, which is strategically located with access to key infrastructure [1][2] - The Bunyu project is recognized as the largest JORC-compliant mineral resource in Tanzania and one of the largest graphite deposits globally [2] Investment Agreement - The agreement outlines a framework for a significant equity investment by UOF, which includes a conditional $11.1 million (CI$9.22 million) investment in Volt's subsidiary, Volt Graphite Tanzania (VGT) [2][3] - Upon financial close, UOF will acquire a 62% stake in VGT, while Volt will retain 38% [3] Project Development - UOF will update a feasibility study for the Bunyu graphite project, with a capital expenditure of $37 million, targeting an annual production of 40,000 tonnes of graphite concentrate at 94% total graphitic carbon (TGC) [3] - Operating costs are estimated at $450 per tonne, with UOF agreeing to cover any capital cost overruns without altering its equity position [3][4] Operational Management - UOF will manage the finalization of mining, engineering, procurement, construction, and operation contracts, while Volt will secure offtake agreements and oversee local coordination [4][5] - The companies have a four-month period to meet conditions and finalize definitive documentation, or the term sheet will terminate [5] Strategic Importance - Volt's executive chairman highlighted the significance of this partnership for securing equity funding and project management support to facilitate the Bunyu graphite project's development [6] - UOF aims to address funding challenges due to low graphite prices by increasing annual concentrate production rates and achieving lower unit operating costs compared to the 2023 feasibility study [7]

Core Viewpoint - Northern Graphite Corporation has placed its Lac des Iles mine and mill into temporary care and maintenance to address an unexpected equipment issue and to expedite maintenance and development work ahead of the 2026 pit expansion [1][2]. Company Update - The decision for care and maintenance was driven by a bearing failure at the mill, which has a replacement window of approximately four to six weeks [2]. - The company has ordered a replacement part and is advancing other maintenance projects that were originally scheduled for January [2][3]. - The Lac des Iles mine produces approximately 15,000 tonnes of graphite concentrate per year, with an installed capacity of 25,000 tonnes per year [4]. Expansion Plans - Pre-stripping activity is currently underway as part of Phase 1 of an expansion program that could potentially add eight years to the mine life [4]. - The expansion program is being partially financed by Natural Resources Canada, covering 75% of eligible costs up to $6.2 million [4]. - The company is in the final stages of applying for a Certificate of Authorization from Quebec's environmental ministry to mine to 203 meters above sea level, with production from the expanded pit anticipated to start in the second quarter of next year [5]. Regulatory and Operational Status - The company is currently authorized to mine to 209 meters, but has temporarily halted operations after inadvertently mining slightly below this depth [6]. - A minor amendment to the existing Certificate of Authorization will be requested to allow mining to continue at the current pit to 203 meters [6]. - This situation may result in a production gap of approximately two to three months between existing operations and production from the expanded pit [6]. Strategic Importance - The company aims to extend the life of the Lac des Iles mine, which is considered a strategic asset for creating a secure and sustainable North American supply chain for graphite, critical for the growing battery markets [7][8]. - Northern Graphite is focused on becoming a world leader in producing natural graphite and upgrading it into high-value products for the green economy, including materials for lithium-ion batteries and other advanced technologies [8].

Core Insights - Mason Resources Inc. congratulates Nouveau Monde Graphite Inc. (NMG) on transformative agreements that enhance its position in the global energy transition and Canada's critical minerals strategy [1] Group 1: NMG's Announcements - NMG finalized an offtake and marketing agreement with Traxys for natural flake graphite targeting refractory markets in North America and Europe [2] - Multiple offtake agreements for Phase-2 graphite production have been secured, demonstrating strong support from the Canadian government and customers [2] - NMG updated its commercial agreement with Panasonic Energy to launch dedicated production capacity for active anode material [2] Group 2: Traxys Agreement Details - The updated agreement with Traxys includes an offtake of 20,000 tonnes per annum of graphite concentrate, with a firm take-or-pay commitment of 10,000 tonnes per year from NMG's Phase-2 Matawinie Mine [3] - This partnership will leverage Traxys' market intelligence and logistics to integrate NMG's flake graphite into established supply chains [3] - The agreements collectively cover up to 100% of NMG's anticipated future output from the Phase-2 Matawinie Mine [3] Group 3: Government and Panasonic Agreements - NMG executed binding supply agreements with the Government of Canada for 30,000 tonnes per annum of graphite concentrate over a seven-year term [4] - The revised agreement with Panasonic Energy aims to accelerate the production of 13,000 tonnes per annum of active anode material [4] - Ongoing negotiations with a leading anode manufacturer could lead to a supply of up to 30,000 tonnes per annum of graphite concentrate [4] Group 4: Mason's Strategic Outlook - Mason Resources views these developments as enhancing the value of its investment in NMG and highlights the importance of Canadian graphite assets in global supply chains [6] - The integrated approach of NMG, from mining to battery material production, positions it as a key player in North America's clean-energy supply chain [6]

Core Insights - Titan Mining Corporation reported a 37% year-over-year revenue increase for Q1 2025, reaching $16.02 million, alongside a 4% reduction in all-in sustaining costs (AISC) [1][7] - The company achieved a payable zinc production of 15.37 million pounds, a 5% increase from Q1 2024, and a significant cash flow from operations of $2.69 million, up 922% year-over-year [7][8] - Exploration results indicate potential mineral resource expansion, with a notable intercept of 11.6 feet at 13.7% Zn, approximately 1,750 feet outside the current mineral resource model [4][11] Financial Performance - Revenue for Q1 2025 was $16.02 million, a 37% increase compared to $11.73 million in Q1 2024 [7] - Net income after tax was $0.35 million, compared to a loss of $2.63 million in Q1 2024 [7] - Cash flow from operating activities was $2.69 million, significantly up from $0.26 million in Q1 2024 [7] Operational Highlights - The average realized zinc price was $1.29 per pound, up from $1.11 per pound in Q1 2024 [7] - C1 cash costs decreased to $0.91 per pound, down 6% from $0.97 per pound in Q1 2024, while AISC was $0.96 per pound, down 4% from $1.00 per pound in Q1 2024 [7][8] - The company drilled 22 holes totaling 9,213 feet in underground exploration, focusing on the Mahler, New Fold, and Mud Pond zones [11] Strategic Developments - Titan is advancing its dual-commodity growth plan with robust cash flow from zinc operations and rapid progress on the Kilbourne graphite project [5][10] - The Kilbourne Graphite Project is on track to produce 1,000–1,200 tonnes of graphite concentrate per year, with plans to increase production to 40,000 tonnes per year, marking the first fully integrated natural flake graphite production in the U.S. since 1956 [10][28] - The company is implementing a production expansion from 1,750 to 2,250 tons/day, expected to be completed by year-end [9][28]