REG - Blencowe Resources - Receipt of US$0.75 million from DFC

Blencowe ResourcesAnnouncement

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RNS Number : 0745Q  Blencowe Resources PLC  08 July 2025

Date: 08 July 2025

 

Blencowe Resources Plc

("Blencowe" or the "Company")

 

 

Company Receives Further US$0.75 million Grant Funding from US International
Development Finance Corporation

DFC support continues to validate Orom-Cross as a globally strategic graphite
project

 

Blencowe Resources Plc (LSE: BRES) is pleased to announce receipt of a further
$0.75 million tranche of grant funding from the US International Development
Finance Corporation ("DFC"), bringing total funds received under the overall
US$5.0 million technical assistance grant to $4.75 million (95%).

The final tranche of  $0.25 million will be paid upon completion of the
Definitive Feasibility Study ("DFS").

This DFC funding is non-dilutive to shareholders of the Company, and the
support arrives at a critical juncture, as the US Government continues to
assess which global projects to support in the energy transition.  Graphite
remains a declared US critical mineral, and the strong backing of Orom-Cross
by the DFC signals both confidence in the project and strategic alignment with
broader US priorities.

 

Key Milestones Delivered to Secure This Tranche:

·    Completion of all infill drilling, to substantially increment the
Mineable Reserves

·    Completion of all infrastructure scope - power, roads, water,
communications and camp

These milestones mark substantial progress in finalising the Definitive
Feasibility Study ("DFS").

The Company recently completed an infill drilling program as part of its wider
drilling campaign to  infill sections of the existing drilling database to
provide further geological confidence and ultimately to provide additional
mineable tonnes or Reserves within the DFS.  Once assays are finalised,
independent geological consultant, Minrom will deliver an updated JORC
Resource Statement.

This larger and upgraded resource will provide Orom-Cross with a longer life
of mine including the capacity to produce and sell greater volumes annually.
Crucially, upgrading Inferred and Indicated Resources into Measured Resources
and Reserves is a key requirement for inclusion in the Definitive Feasibility
Study, as only Reserves can be counted for mine planning. This work will
underpin the final DFS and enhance commercial outcomes, particularly as
graphite demand is forecast to double over the medium term and new supply
remains constrained.

Key infrastructure work has been completed and reports submitted to the DFC,
demonstrating progress across all critical areas required to support
Orom-Cross startup.

 

Cameron Pearce, Executive Chairman commented:

"This latest tranche of funding from the DFC brings us closer to unlocking
significant value at Orom-Cross. Their continued support is a strong
endorsement of the project's potential and strategic importance."

"As the revised JORC Resource is finalised and the Definitive Feasibility
Study completed, we are approaching a clear value inflection point."

 

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.

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