REG - Blencowe Resources - Appointment of Project Finance Adviser

Blencowe ResourcesAnnouncement

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RNS Number : 9332X  Blencowe Resources PLC  04 September 2025

4 September 2025
 

 

Blencowe Resources Plc

("Blencowe" or the "Company")

 

WaterBorne Capital Mandated to Structure Orom-Cross Project Finance

Experienced African Corporate Advisory Firm engaged to provide project finance
support

 

Blencowe Resources Plc (LSE: BRES) is pleased to advise that has signed a
mandate with WaterBorne Capital, an independent South African corporate
advisory firm with deep expertise in structuring project finance solutions for
African mining developments.

As Blencowe completes the Definitive Feasibility Study ("DFS") at its
Orom-Cross graphite project in Uganda and prepares for first production,
securing an experienced external funding solutions partner is a crucial step.
Project financing is an intense and highly technical process, requiring
rigorous due diligence and complex modelling that goes far beyond standard
corporate finance. Lenders and strategic partners typically demand:

·      sophisticated financial models that integrate operating and
capital costs with detailed mine schedules;

·      dynamic cashflow forecasting capable of stress-testing multiple
scenarios; and

·      carefully structured debt and equity packages that meet
international credit standards.

The quality of preparation is critical to the outcome. WaterBorne Capital
brings the technical depth and proven track record to run this process ahead
of schedule, ensuring Orom-Cross is presented as a fully bankable project to
prospective debt providers and strategic partners.

 

About WaterBorne Capital

Based in Cape Town, South Africa, WaterBorne Capital specialises in Project
Finance Advisory, Financial Modelling, Strategic Capital Raising, Corporate
Finance and Financial Management. The firm has successfully supported multiple
African mining companies to structure and secure funding from both development
finance institutions and commercial banks. Recent examples include Peak Rare
Earths, Southern Sphere, Barplats Platinum, Eland Platinum, Two Rivers
Platinum, Tharisa Platinum, Harmony, Norilsk Nickel and African Rainbow
Minerals.

Blencowe has already established engagement with a range of potential funding
partners, including:

·    US International Development Finance Corporation ("DFC") - provider
of a US$5.0 million technical assistance grant for the DFS and retaining first
right of refusal to participate in full project financing.

·    African Finance Corporation ("AFC") - signed a Letter of Intent in
2025 expressing interest in both and debt and equity participation to deliver
Orom-Cross into production.

·    African commercial banks - with strong experience in mining finance,
now in discussions as part of the wider project funding strategy.

·    UK Government-linked institutions - with potential support under
critical minerals frameworks, where WaterBorne Capital's expertise will be
valuable in structuring solutions.

Cameron Pearce, Executive Chairman commented:

""Securing an experienced project finance partner is a critical step for
Orom-Cross. The due diligence and financial modelling process required by
international lenders is highly complex, involving mine scheduling,
scenario-based cashflow forecasting and the structuring of debt packages to
meet the most rigorous standards.

WaterBorne Capital brings both the technical expertise and the network across
Africa to deliver this process effectively, significantly de-risking
Orom-Cross as we move towards completion of the DFS expected shortly.
WaterBorne Capital's involvement gives us confidence that a first-class
funding solution can be structured, locked down and implemented once the DFS
is finalised.

With proven knowledge of African resource projects and a strong network
throughout the continent, WaterBorne Capital is an ideal partner for Blencowe
and we look forward to building a long and successful relationship with them.
This appointment, together with imminent assay results, a material JORC
upgrade, further offtake developments and the forthcoming DFS, positions
Blencowe at a major value inflection point."

 

Brett Levick, WaterBorne Capital Managing Director commented:

"From a financing perspective, Orom-Cross offers a uniquely attractive profile
for debt providers: low upfront capex, substantial existing infrastructure
that reduces execution risk, national grid hydropower for reliable low-cost
energy, and a long-life resource of premium graphite that supports strong
cashflows. Coupled with Uganda's stable operating environment, 100% ownership
of the project and Blencowe's downstream strategy, Orom-Cross ticks many of
the key boxes African and International lenders seek."

 

Issue of Equity

The Company has agreed to pay WaterBorne Capital an engagement fee through the
issue of 200,000 new ordinary shares in lieu of their services.

Admission and Total Voting Rights

The Company will make an application for 200,000 ordinary shares to be
admitted to trading on the Equity Shares (transition) category of the Official
List and the Main Market of the London Stock Exchange at 8.00 a.m. on 10
September 2025.

The Company hereby notifies the market, in accordance with the FCA's
Disclosure Guidance and Transparency Rules, that on Admission, the Company's
enlarged share capital will consist of 335,335,477 Ordinary Shares, each with
one vote. The Company does not hold any Ordinary Shares in Treasury. On
Admission, the total number of voting rights in the Company is expected to be
335,335,477 and this figure may be used by Shareholders as the denominator for
the calculations by which they will determine if they are required to notify
their interest in, or a change to their interest in, the Company under the
FCA's Disclosure Guidance and Transparency Rules.

 

 

For further information please contact:

   Blencowe Resources Plc    www.blencoweresourcesplc.com

 Sam Quinn                   Tel: +44 (0)1624 681 250

                             info@blencoweresourcesplc.com (mailto:info@blencoweresourcesplc.com)

 Investor Relations          Tel: +44 (0) 7891 677 441

 Sasha Sethi                 sasha@flowcomms.com (mailto:sasha@flowcomms.com)

 Tavira Financial            Tel: +44 (0)20 3192 1733

 Jonathan Evans              jonathan.evans@tavira.group (mailto:jonathan.evans@tavira.group)

Twitter https://twitter.com/BlencoweRes (https://twitter.com/BlencoweRes)

LinkedIn https://www.linkedin.com/company/72382491/admin/
(https://www.linkedin.com/company/72382491/admin/)

 

 

Background

 

Orom-Cross Graphite Project

Orom-Cross is a potential world class graphite project both by size and
end-product quality, with a high component of more valuable larger coarse
flakes within the deposit.

A 21-year Mining Licence for the project was issued by the Ugandan Government
in 2019 following extensive historical work on the deposit.  Blencowe has
already completed a successful Pre-Feasibility Study on the Project and is now
within the final stage of the Definitive Feasibility Study phase as it drives
towards first production.

Orom-Cross presents as a large, shallow open-pitable deposit, with an initial
JORC Indicated & Inferred Mineral Resource of 24.5Mt @ 6.0% TGC (Total
Graphite Content). This Resource has been defined from only ~2% of the total
tenement area which presents considerable upside potential ahead.
Development of the resource is expected to benefit from a low strip ratio and
free dig operations together with abundant inexpensive hydro-electric power
off the national grid, thereby ensuring low operating costs.  With all major
infrastructure available at or near to site the capital costs will also be
relatively low in comparison to most graphite peers.

 

 

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