Image source: © 2025 Krish Capital Pty. Ltd.

Highlights

  • Blencowe Resources has raised £1.12 million through a share placing and board option exercise.

  • Proceeds will fund completion of the Definitive Feasibility Study (DFS) and support project financing.

  • Orom-Cross Graphite Project continues to advance, backed by a 21-year mining licence and significant resource potential.

Blencowe Resources Plc (LSE:BRES), the natural resources company advancing the Orom-Cross graphite project in Uganda, has completed an aggregate fundraise of £1.12 million. The financing was achieved through a placing of £1.02 million and the exercise of board options amounting to £100,000.

The placing comprised 21,473,683 new ordinary shares issued at 4.75 pence per share, raising £1.02 million. The transaction was managed by the Company’s broker, Tavira Financial Limited.

Additionally, members of the Board and senior management exercised options priced at 6 pence per share, above the placing price, resulting in the issue of 1,666,667 new ordinary shares and raising £100,000.

Use of Proceeds

The Company stated that the net proceeds will primarily support three areas:

  • Completion of the Definitive Feasibility Study (DFS), which is scheduled for release in Q4 2025.

  • Advancement of project financing work streams following the recent appointment of a project finance adviser.

  • Provision of general working capital.

Management confirmed that the funding is sufficient to complete the DFS while ensuring a pathway towards financing and subsequent development of the project.

Investor and Broker Warrants

As part of the fundraising, the Company will issue one warrant for each placing share. These warrants will be exercisable at 6.5 pence for a period of two years from Admission.

In addition, Tavira Financial Limited, the Company’s broker, has been granted 1,263,158 broker warrants. These warrants are exercisable at 4.75 pence for a period of three years from Admission.

Orom-Cross Graphite Project

The Orom-Cross graphite project is positioned as a potential large-scale deposit with favourable resource characteristics. The project benefits from a 21-year Mining Licence awarded by the Ugandan Government in 2019, following extensive exploration and historical work.

A successful Pre-Feasibility Study has already been completed, and the Company is currently advancing the final stage of the Definitive Feasibility Study.

Orom-Cross is defined as a shallow, open-pitable resource, initially reporting a JORC Indicated and Inferred Mineral Resource of 24.5 million tonnes at 6.0% total graphite content (TGC). This resource estimate represents only around 2% of the total tenement area, indicating potential for significant expansion.

Blencowe Resources confirmed that the proceeds from this fundraising provide the means to complete the DFS by Q4 2025 and prepare for project financing thereafter.