Final US$0.25 Million DFC Grant Funding Received

Blencowe Resources PLC

20 October 2026

 

Date: 20 October 2026                                 

Blencowe Resources Plc

("Blencowe" or the "Company")

Final US$0.25 Million DFC Grant Funding Received

US$5.0 million technical assistance grant now received in full following completion of the Orom-Cross DFS and DFC technical review

Blencowe Resources Plc (LSE: BRES) is pleased to announce the receipt of the final tranche of US$0.25 grant funding from the US International Development Finance Corporation ("DFC"), thus bringing the total funds received under the technical assistance grant to US$5.0 million.

This DFC funding is non-dilutive to Blencowe shareholders and arrives as the US Government continues to prioritise and support high ranking critical minerals and the energy transition projects.  Graphite continues to remain a declared US "critical mineral", and the DFC's continued backing of Orom-Cross reinforces the Project's strategic relevance within wider US strategic priorities.

Key Milestone Delivered to Secure This Tranche:

·      Completion of the Orom-Cross DFS and associated technical review requirements, enabling release of the final US$0.25 million tranche.

The final payment follows a period in which the review process was extended due to personnel changes within DFC and the appointment and authorisation of independent technical reviewers.

Completion of this process represents a further important milestone and marks the full and final drawdown of the US$5.0 million DFC Technical Assistance Grant, while the Company continues to engage closely with DFC as Orom-Cross advances towards development.

Blencowe's immediate focus remains on closing the financing of  Phase 1 , while continuing discussions and preparatory work around the longer-term Phase 2 funding structure.

Sam Quinn, Non-Executive Chairman, commented:

"Receipt of the final US$0.25 million tranche means Blencowe has now received the full US$5 million Technical Assistance Grant from DFC, representing another important milestone for Orom-Cross.

The grant has supported a substantial body of technical work through completion of the DFS and associated independent review process, while DFC's continued support provides a strong endorsement of the Project's potential and strategic importance.

With the DFS now complete and the technical foundations of Orom-Cross significantly strengthened, we are approaching an important value inflection point. Our focus remains firmly on progressing Phase 1 funding and moving the Project towards development."

Iain Wearing, Interim Chief Executive Officer, commented:

"The DFC grant has enabled Blencowe to materially advance Orom-Cross across almost every major technical workstream.

During the programme we have completed extensive drilling, materially increased the JORC Mineral Resource and Ore Reserve, delivered the Definitive Feasibility Study and strengthened the Project economics to a post-tax NPV10 of US$1.254 billion and IRR of 51%.

At the same time, we have substantially advanced the downstream opportunity. Independent test work has repeatedly demonstrated the exceptional quality and versatility of Orom-Cross graphite, including very high purity and strong electrochemical performance, while development programmes with AETC, Alkeemia and other specialist partners have advanced potential applications across batteries, advanced energy storage, aerospace, defence and hypersonic technologies.

The result is a significantly more advanced and de-risked project than when the DFC programme began. Orom-Cross now combines scale, robust economics, independently validated graphite quality, a clear development pathway and multiple higher-value downstream opportunities, providing a strong platform as we progress Phase 1 funding and advance towards development."

For further information please contact:

Blencowe Resources Plc  Sam Quinn	www.blencoweresourcesplc.com Tel: [phone] [e-mail]
Investor Relations Sasha Sethi	Tel: [phone] [e-mail]
Tavira Financial  Jonathan Evans	Tel: [phone] [e-mail]

Twitter https://twitter.com/BlencoweRes

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

 

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