Blencowe nears completion of graphite project feasibility study

LONDON - Blencowe Resources Plc (LSE:BRES) is approaching completion of the Definitive Feasibility Study (DFS) for its Orom-Cross graphite project in Uganda, with the final report expected in the fourth quarter of 2025, according to a corporate presentation released Wednesday.

The company’s previous Preliminary Feasibility Study delivered a post-tax net present value of $482 million with a 49% internal rate of return, figures the company expects to improve in the upcoming DFS.

Blencowe has secured offtake agreements covering the full initial production phase and established a strategic partnership with the US Development Finance Corporation, which provided $5 million in non-dilutive grant funding for the study.

The company aims to begin production by the end of 2026, with plans to scale operations from 10,000 tonnes to 175,000 tonnes of graphite concentrate. Additionally, Blencowe is developing a strategy to purify graphite to battery grade within Uganda.

"Orom-Cross is building strong momentum as we approach DFS completion," said CEO Mike Ralston in the press release. "We expect the first in a series of assay results from our recent successful infill drilling campaign, which will underpin a material resource upgrade and considerably enhance project economics."

The presentation highlighted the project’s environmental credentials, including plans for 100% hydropower usage and a net-zero mine strategy. The company also noted its connection to the European Union through Project SAFELOOP, though specific details about this initiative were not elaborated.

Blencowe has established infrastructure at the site and describes the project as "significantly de-risked" as it prepares to enter the financing phase.

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