Less Ads, More Data, More Tools Register for FREE

Pin to quick picksBlencowe Resources Regulatory News (BRES)

Share Price Information for Blencowe Resources (BRES)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 5.35
Bid: 5.20
Ask: 5.50
Change: -0.20 (-3.60%)
Spread: 0.30 (5.769%)
Open: 5.45
High: 5.50
Low: 4.75
Prev. Close: 5.55
BRES Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Receipt of Third Tranche from DFC

10 Apr 2024 07:00

RNS Number : 9418J
Blencowe Resources PLC
10 April 2024
 

Date: 10 April 2024 Blencowe Resources Plc

("Blencowe" or the "Company")

 

 

Third tranche US$1 million Grant Funding received from US International Development Finance Corporation

DFC Grant funds continue to support ongoing Orom-Cross Feasibility Study work

 

Blencowe Resources Plc (LSE: BRES) is pleased to announce the receipt of its third tranche US$1 million funding from the United States International Development Finance Corporation ("DFC"). This payment, representing a further 20% of the full US$5 million DFC grant further supports the ongoing Orom-Cross Definitive Feasibility Study ("DFS") costs, bringing the total received to US$3 million since the agreement was signed in Sept 2023.

Key Milestones Achieved Driving DFS Progress:

· Completion of SPG (spheronised, purified graphite) coating test work and waste composite flake test work studies.

· Initiation of a commercial study into a downstream processing facility to deliver 99.95% uncoated SPG, located in Uganda.

· Completion of expandability test work by leading US graphite technical expert.

Blencowe successfully completed all of the above milestones to achieve this latest disbursement of DFC funds, with results continuing to highlight Orom-Cross as a standout graphite project with unique characteristics.

The successful coating of SPG product marks a crucial step towards product qualification, positioning Orom-Cross favourably with tier-1 offtakers. Additionally, achieving success in expandability testing enhances the potential for high value niche sales for large flake products which could drive the bulk of Orom-Cross revenues in the future.

Blencowe is exploring the potential establishment of a downstream processing facility in Uganda to further upgrade the purity of the Company's graphite from a 96% concentrate to 99.95% uncoated SPG. This transformation would elevate the value of the lowest value small flake concentrate from approximately $600/tonne to around $2,500/tonne, setting Orom-Cross apart from its peers and meeting significant demand for a 99.95% graphite product range sourced from outside China. Although still in its early stages, this strategy promises significant value addition with commercial studies underway assessing its integration into the core Orom-Cross production strategy. 

Blencowe remains actively engaged with potential offtake partners worldwide, fostering relationships with tier-1 offtakers who are evaluating product samples constantly. Blencowe's CEO and COO will travel to China and South Korea over the next few weeks to further these discussions and to establish key offtake relationships.

 

Cameron Pearce, Executive Chairman commented;

"I would like to thank DFC for their ongoing support, they are an outstanding project partner and we are able to accelerate the pace of our studies with their assistance. Our DFS results underscore what an exceptional graphite project Orom-Cross is, including its size and scale, low operating costs, low capital start-up costs and high quality purified end products which are building interest with key offtakers and end users. We are committed to adding value wherever possible to ensure that our DFS delivers a standout result ahead."

 

Mr Pearce added "Blencowe is making significant strides with the feasibility study as evidenced in this latest disbursement from DFC. We are confident in the continued expansion of the natural flake graphite market and we aim to be one of the few projects that successfully navigates both the qualification and funding processes to achieve production status ahead."

 

 

For further information please contact:

 

Blencowe Resources Plc

Sam Quinn

 

www.blencoweresourcesplc.com

Tel: +44 (0)1624 681 250

info@blencoweresourcesplc.com

 

Investor Relations

Sasha Sethi

Tel: +44 (0) 7891 677 441

sasha@flowcomms.com

 

Tavira Financial 

Jonathan Evans

Tel: +44 (0)20 3192 1733

jonathan.evans@tavira.group

 

 

Twitter https://twitter.com/BlencoweRes

LinkedIn 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.

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
MSCUKAARSOUSRUR
Date   Source Headline
14th Jun 20247:00 amRNSHalf-year Report
10th Jun 20247:00 amRNSFirst offtake for 15,000 tonnes
3rd Jun 20247:00 amRNSCorporate Presentation Updated
28th May 20249:00 amRNSCEO Video Interview
15th Apr 20247:00 amRNSBulk Sample Update
10th Apr 20247:00 amRNSReceipt of Third Tranche from DFC
26th Feb 20248:52 amRNSResult of AGM
9th Feb 20247:00 amRNSSubscription & Conditional Subscription - Replace
6th Feb 20247:00 amRNSSubscription & Conditional Subscription
31st Jan 20247:00 amRNSAnnual Financial Report
29th Jan 20247:00 amRNSDFC LOI Regarding Project Financing
25th Jan 20247:00 amRNSReceipt of further $1m Tranche from the DFC
2nd Jan 20247:00 amRNSProject Update
11th Dec 20237:00 amRNSDFS Update
30th Oct 20237:00 amRNSSPG Test Work Completed
10th Oct 202312:16 pmRNSReceipt of $1m Grant First Tranche from DFC
22nd Sep 20237:05 amRNSCorporate Presentation
22nd Sep 20237:00 amRNSDFC Grant Completed
4th Sep 20237:00 amRNSBulk Sampling Completed
23rd Aug 20237:16 amRNSHolding(s) in Company
14th Aug 20237:57 amRNSBulk Sampling Update & China Visit
18th Jul 20237:00 amRNSWarrants Update
22nd Jun 20231:49 pmRNSCEO Interview
19th Jun 20237:00 amRNSMetallurgical test work results
2nd Jun 20237:00 amRNSHalf-year Report
24th May 20238:59 amRNSHolding(s) in Company
18th May 20237:46 amRNSPlacing to Raise £635,000
9th May 20237:00 amRNSWebinar Today
2nd May 20237:11 amRNSInvestor Webinar & Updated Presentation
27th Apr 20233:22 pmRNSStrategic Funding Partner for Orom-Cross
18th Apr 20237:00 amRNSWarrant Expiry Extension
2nd Mar 20237:49 amRNSResearch Note
27th Feb 20237:00 amRNSBulk Sampling Complete
15th Feb 202310:17 amRNSResult of AGM
23rd Jan 20237:00 amRNSAppointment of Leading Engineering Firm to DFS
16th Jan 20237:00 amRNSFinal Metallurgical Testing Programs
13th Jan 20237:00 amRNSAnnual Results 30 September 2022 & Notice of AGM
11th Jan 20234:40 pmRNSSecond Price Monitoring Extn
11th Jan 20234:35 pmRNSPrice Monitoring Extension
11th Jan 20237:00 amRNSExport Approval for Bulk Samples
6th Dec 20227:00 amRNSMetallurgical Test Work Update
17th Nov 20229:00 amRNSPrice Monitoring Extension
27th Oct 202211:10 amRNSIssue of Options
26th Oct 20227:00 amRNSStrategic Investment
24th Oct 20224:41 pmRNSSecond Price Monitoring Extn
24th Oct 20224:36 pmRNSPrice Monitoring Extension
6th Oct 202212:45 pmRNSWebinar Call
3rd Oct 20229:06 amRNSSecond Price Monitoring Extn
3rd Oct 20229:00 amRNSPrice Monitoring Extension
3rd Oct 20227:00 amRNSStrategic Party

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.