General Update From Blencowe

Why It Matters

The resource upgrade from the Ian discovery could materially increase Blencowe’s project scale and valuation, while growing offtake interest and U.S. strategic demand strengthen commercial prospects; however, securing financing is critical to translate these developments into production and shareholder value.

Summary

Blencowe completed a 7,000-meter drill program in the latter half of last year, yielding two new discoveries—Ian and Beehive—with assay results for the Ian deposit now released. The company has incorporated the Ian results into a resource upgrade for the Chalk deposit, which is the focus of the current update. Meanwhile Blencowe is advancing offtake discussions with multiple parties testing its products, attracting notable interest from U.S. critical minerals stakeholders. Management said securing a funding solution remains a principal near-term objective.

Original Description

Blencowe has announced the addition of a JORC resource for the Iyan deposit at its Orom-Cross graphite project in Uganda. The total resource at the project now stands at 43 million tonnes of ore, with only 2% of the surface area of the licence drilled. The company will also be releasing further drill results from the Beehive deposits in due course, and these will lead on to a further resource upgrade. Will Orom-Cross go through the magic 50 million tonnes mark? It's a number that chief executive Mike Ralston floats without hesitation as he sits down to walk us through the implications of the latest results, and to tell us what happens next