3rd Jun 2025 13:47
(Alliance News) - Blencowe Resources PLC on Monday said its pretax loss narrowed in the first half of its financial year, as it made significant strides in advancing its flagship Orom-Cross graphite project in Uganda.
The London-based mineral explorer and developer reported a pretax loss of GBP184,568 for the six months ended March 31, compared to a loss of GBP725,840 a year before. Administrative and other expenses fell sharply to GBP161,205 from GBP682,486, reflecting tighter cost control.
Blencowe said it continued work on the definitive feasibility study for Orom-Cross during the period, including pilot testing of 600 tonnes of ore in China, an extensive 7,000-metre drilling programme, and infrastructure improvements at the project site.
Chief Executive Officer Mike Ralston said the study was entering its final stages and would demonstrate the long-term value of the project. "We have a unique project that differentiates from its peers via key fundamentals, strategy and relationships," he added.
Blencowe said it had secured offtake agreements with end users for both large and small flake graphite products. It is also developing a strategy to establish a downstream facility in Uganda to produce uncoated spheronised purified graphite through a joint venture with an experienced SPG producer.
The company has received USD5 million in grant funding from the US International Development Finance Corporation to help finance the DFS and is working with Tavira Securities on further funding options.
Total assets rose to GBP10.2 million from GBP7.6 million a year earlier, while net assets climbed to GBP8.2 million from GBP5.6 million. Cash and cash equivalents stood at just under GBP1,000 at the period end.
Blencowe shares were down 1.5% at 3.30 pence in London on Tuesday afternoon.
By Eva Castanedo, Alliance News reporter
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