REG - Blencowe Resources - Global MSP Accreditation

Blencowe ResourcesAnnouncement

08/10/2024 07:00

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RNS Number : 2638H  Blencowe Resources PLC  08 October 2024

Date: 08 October 2024
 

Blencowe Resources Plc

("Blencowe" or the "Company")

 

 

Blencowe Receives Global MSP Accreditation

 New Funding Channels Open as Orom-Cross Joins Elite Group of Critical
Minerals Projects

 

Blencowe Resources Plc (LSE: BRES) is pleased to announce that its Orom-Cross
graphite project in Uganda has received full Mineral Services Partnership
("MSP") accreditation. The MSP, a global initiative backed by 14 countries and
the EU, promotes public and private investment in responsible critical
minerals supply chains worldwide.

 

Highlights:

·    South Korea, as current MSP Chair, proposed Orom-Cross for full
accreditation at the MSP Members Forum meeting in New York in September 2024.

·    The proposal received unanimous approval, granting
Orom-Cross immediate accreditation.

·    Accreditation provides international exposure at the highest level,
enhances the project's credibility with tier-1 offtakers, and enables access
to potential new funding sources.

·    This milestone further affirms the high quality of the Orom-Cross
graphite project, and its growing status as a leading new graphite project
globally, as it moves towards first production.

 

Following a series of successful meetings over the past few months between
Blencowe and senior officials in Seoul, South Korea nominated Orom-Cross for
MSP accreditation, which was unanimously approved at the most recent MSP
Forum. South Korea, which assumed the MSP Chairmanship in June 2024, played a
pivotal role in championing Orom-Cross and securing this achievement.

The Mineral Services Partnership comprises the USA, Germany, India, Japan,
South Korea, the UK, Australia and other leading nations as well as the
European Commission, seeks to bolster critical mineral supply chains to
support the clean energy transition. MSP accredited projects are assisted to
deliver concrete results through collaboration between member nations and
tangible support.

Orom-Cross stands out as one of the world's largest estimated graphite
deposits with a unique mix of several key competitive advantages that will
enhance its chances of success, including lowest percentile operating costs,
low capital startup requirements, and proven very high quality of end
products, both as concentrates and purified battery ready 99.95% SPG
(spheronised purified graphite).  These qualities align with the MSP's goals
of securing high quality, long-life graphite supplies outside of China,
crucial to meeting accelerating demand for graphite in lithium-ion
batteries.  Orom-Cross has very strong ESG credentials too, which is another
important factor in gaining MSP support.

 

Blencowe's recently announced strategy to build an in-country downstream
purification facility in Uganda to upgrade graphite concentrate to battery
ready SPG, was also instrumental for MSP's support.  This proposed in-country
beneficiation facility would be one of very few delivering 99.95% purified
graphite products outside of China.

While the full scope of all the benefits this accreditation will bring is
still being explored, it immediately elevates Orom-Cross status within all 14
MSP member countries and their networks. Blencowe will now work closely with
MSP members, and specifically the Government of South Korea, to explore
new funding avenues, offtake agreements, and additional opportunities to
advance the project.

 

Cameron Pearce, Executive Chairman commented;

"Achieving MSP accreditation is a huge step milestone for Blencowe, further
differentiating Orom-Cross as one of only a select few top tier critical
minerals projects worldwide to have received this rare MSP status.  We are
excited and honoured at this recognition and look forward to working closely
with the MSP to explore opportunities that will unlock further Orom-Cross
development."

 

"With the end-product pre-qualification process now completed we can look
forward to additional news flow relating to offtake in the near term.
Furthermore, we have other exciting initiatives that we intend to bring to
market soon that will continue to differentiate our strategy and our project
from our graphite peers."

 

 

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
completed a successful Pre-Feasibility Study on the Project in July 2022 and
is now within 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.

In 3Q 2024 Blencowe introduced a Joint Venture concept with experienced
downstream graphite processing partners to ultimately produce upgraded 99.95%
SPG in Uganda.  This strategy has several key advantages plus substantial
cost savings which will assist deliver a world class project once DFS is
completed.

 

 

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