Strategic and Corporate Update
Summary by AI BETAClose X
21 September 2026
Blencowe Resources plc
("Blencowe" or the "Company")
Strategic and Corporate Update
Blencowe Resources Plc (LSE: BRES) is pleased to provide an update on the development and financing of its 100%-owned Orom-Cross Graphite Project in Uganda, together with an update on executive leadership.
The Company's immediate priorities are to: i) secure project-level funding for Phase 1; ii) convert product qualification and non-binding offtake discussions into definitive commercial arrangements; and iii) complete the implementation work required to advance Orom-Cross towards construction.
Executive Leadership
The Board has appointed Iain Wearing, currently Chief Operating Officer, as Interim Chief Executive Officer with immediate effect. Having led the technical and operational development of Orom-Cross through the Definitive Feasibility Study ("DFS") process, he will provide continuity across the Project's technical, operational and funding workstreams while the Board completes its search for a permanent Chief Executive Officer. He is supported by the Company's Uganda team and specialist consultants.
Mr Wearing is a mining engineer with over 40 years experience in mine operations, mining studies and project development. He has held senior project study and planning as well as operational management positions with Rio Tinto, Barrick, Anaconda/Glencore and Resolute, working on projects in Australia, South America, Asia and Africa, over a variety of commodities including Iron Ore, Gold, Copper, PGE's and Nickel/Cobalt projects
The Board is in discussions with identified candidates for the permanent Chief Executive Officer role, with a focus on securing the experience required for the next stage of development. A further announcement will be made when an appointment is agreed.
Mr Wearing has invested approximately £500,000 in cash through previous company capital raisings, reflecting his personal commitment and alignment with shareholders. The role of Interim Chief Executive Officer is an executive management position and Mr Wearing does not join the Board of Directors.
Project Financing Update
The updated DFS model estimates capital expenditure of US$45 million for Phase 1. The Company is evaluating a range of project-level funding structures through multiple active commercial discussions and due diligence progressing across potential strategic, institutional and development-finance counterparties. Its preference remains for project-level funding, seeking to protect shareholder value while establishing initial production and a sales track record.
The US International Development Finance Corporation ("DFC") has supported the DFS through its technical assistance grant. Engagement with Development Finance Institutions ("DFIs"), institutional investors and other potential project-level capital providers continues alongside this work.
Financing discussions are ongoing with a number of strategic investment partners and are progressing in parallel. Any transaction remains subject to due diligence, commercial terms, approvals and definitive documentation, and the Company will report substantive developments as they become suitable for announcement. Technical and commercial implementation work also continues, including work relating to the previously announced selection of a preferred site for downstream processing near Gulu.
Corporate Financial Position
The Company raised £3m in December 2025 and subsequent warrant and share option exercises have further strengthened its cash position. The Company has no material expenditure commitments now that the DFS and its associated drilling programmes is complete. Therefore, current cash is sufficient to support the corporate overheads, ongoing product qualification and the Phase 1 project financing process. Based on its current plans and expenditure commitments, the Board considers that current cash is sufficient to support these workstreams.
This assessment excludes the capital required to construct and commission Phase 1, which the Company is seeking to secure through the project financing as described above.
Strong Technical Foundations and Project Economics
The DFS published in December 2025 was independently managed and signed off by CPC Engineering, a specialist engineering group with experience in graphite process plant design and major African graphite developments.
The updated DFS commercial model announced in May 2026 reported a post-tax NPV10 of US$1.254 billion and a post-tax IRR of 51%, incorporating revised product mix, pricing, costs and development timings. The NPV10 uses a 10% discount rate over an initial 15-year mine life.
The Mineral Resource work has been undertaken by Minrom Consulting, an independent geological consultancy. The Beehive Mineral Resource estimate announced in May 2026, compiled under the supervision of Minrom's Oscar Van Antwerpen as JORC Competent Person, increased the total project Mineral Resource to 64.3Mt.
The Ore Reserve stands at 23.08Mt at 5.18% total graphitic carbon ("TGC"). Iain Wearing was the JORC Competent Person for the Ore Reserve estimation reported in November 2025.
Resources and Reserves are reported separately and should not be added together. Iyan and Beehive are currently Mineral Resources and have not been converted into Ore Reserves; they offer potential for future development, subject to further drilling and technical assessment.
Product Qualification and Commercial Progress
Blencowe's strategy is to capture more value from each tonne of Orom-Cross graphite through in-country processing and specialist end uses, building a customer base diversified by both geography and application. The Company holds non-binding offtake arrangements across a range of counterparties and product categories and is working to convert these into binding agreements. Previously announced milestones include the following.
High-Purity Processing: Alkeemia's European purification testwork, announced in January 2026, achieved 99.99% carbon purity, following the same purity level achieved through American Energy Technologies Co. ("AETC") in the United States. The different processing routes broaden the Company's options for supplying high-purity graphite to Western markets.
SAFELOOP and Battery Anodes: Blencowe is the exclusive natural flake graphite supplier to the EU-funded SAFELOOP programme. Testing has demonstrated anode composites containing more than 68% natural graphite. In its 17 October 2025 announcement, the Company reported that the earlier AETC work had achieved the highest performance score AETC had recorded for a natural graphite project. These results support continued qualification work with prospective customers.
Supercapacitors: The December 2025 non-binding offtake MOU with YUNASKO provides for an initial 500 tonnes per annum of purified medium flake graphite over the first five years of production. It builds on qualification work for advanced energy-storage applications, with AETC providing further upgrading. Final pricing and supply obligations remain subject to a binding agreement.
Apollo and Defence Batteries: As announced on 27 August 2026, Apollo Energy Systems, AETC and Blencowe are progressing a laboratory prototype designed to meet 4HN military battery specifications required by the US Defence Logistics Agency. A US pilot line targeting 100 cells per month is planned subject to successful prototype completion. Testing also supports a potential higher-value use for graphite by-products from the planned purification process in advanced lead-acid batteries.
Anti-Radar and EMI Applications: The 17 August 2026 update reported testing of Orom-Cross products in anti-radar and electromagnetic interference shielding applications for unmanned aerial vehicles and other defence platforms. Engagement with three European manufacturers included one prospective offtake relationship at an advanced commercial stage, subject to flight testing and final documentation.
Hypersonic Testing: As announced on 1 September 2026, Orom-Cross graphite was used in a rocket nozzle insert, fin coatings and an altimeter battery during a successful US rocket flight reaching Mach 5.5. Further orbital testing was planned for the fourth quarter of 2026. These programmes provide practical evidence of performance in demanding environments and potential routes to specialist customers.
These programmes are at different stages of testing and commercial development. Successful technical results strengthen customer engagement, but do not themselves constitute binding orders. Converting qualification work and non-binding offtake coverage into definitive commercial agreements remains a priority.
Uganda Government Engagement and Operational Continuity
Blencowe's local Uganda team, led by in-country manager Nabil Alam, recently met President Museveni. The Company continues to engage constructively with the Government of Uganda, with discussions covering the development of Orom-Cross, local value addition and potential financing and support mechanisms.
Potential financing or other Government support remains subject to further discussions, the relevant approvals and formal arrangements.
Cameron Pearce, Executive Chairman, commented:
"Orom-Cross has made substantial progress. We have expanded the Resource, strengthened the project economics and demonstrated that our graphite can perform in demanding battery, aerospace and defence applications. Each of these milestones gives us a stronger basis for discussions with customers and funding partners.
"Our priority is to convert that progress into Phase 1 funding and binding commercial agreements. Multiple discussions and due diligence processes are active, and we are pursuing a funding structure that supports development and delivers value for shareholders. Our Uganda team's work and strong Government relationships are important to that effort. We remain confident in the strength of this opportunity and fully focused on the practical steps needed to bring Orom-Cross into production."
Iain Wearing, Interim Chief Executive Officer, commented:
"Having led Orom-Cross's technical and operational development through the DFS process, I am well placed to maintain momentum across funding, technical delivery and implementation workstreams as interim Chief Executive Officer.
The product testing is equally significant. From high-purity graphite and battery materials to components used in a Mach 5.5 rocket flight, we are seeing evidence of Orom-Cross's versatility in real applications. Our task now is to carry that evidence through customer qualification, detailed implementation planning and operations.
I am both personally and financially invested in the development of Orom-Cross and I look forward to continuing to drive the Phase 1 funding process and the Company's other key initiatives alongside the Board, our team and our partners."
**ENDS**
For further information please contact:
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Blencowe Resources Plc |
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Sam Quinn (Director) |
Tel: +44 (0)1624 681 250
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Sasha Sethi (Investor Relations) |
Tel: +44 (0) 7891 677 441 |
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Tavira Financial (Joint Broker):
Jonathan Evans |
Tel: +44 (0)20 3192 1733 |
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Crest Corporate Broking (Joint Broker):
Jerry Keen |
Tel: +44 (0)20 3973 3678 |
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Cavendish (Joint Broker):
Neil McDonald / Peter Lynch / Hanna Leijonmarck |
Tel: +44 (0) 20 7908 6000 |
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