23rd May 2025 11:07
(Alliance News) - Blencowe Resources PLC on Friday said it has received a further USD500,000 in grant funding from the US International Development Finance Corp, taking total funds now received to USD4.0 million.
The London-based mineral explorer and developer said the technical assistance grant was for USD5.0 million in total.
"We have recently had to navigate a degree of uncertainty following the pause in DFC due to the change in US administration. The resumption of DFC grant payments at this pivotal stage of the DFS is a clear vote of confidence that reaffirms US Government support and underscores Orom-Cross' strategic importance as a secure large-scale critical mineral supply," said Executive Chair Cameron Pearce.
Blencowe expects to receive the remaining USD1.0 million balance in two further tranches, to the value of USD750,000 and USD250,000.
Its receipt of the funding is dependent on Blencowe's completion of its agreed definitive feasibility study milestones at the Orom-Cross graphite project.
To secure this most recent tranche, Blencowe in the first quarter of 2025 completed micronisation studies, which unlocked "new high-value product streams"; won approval for its updated environmental and social impact assessment; completed water studies, and installed water bores on site.
The next tranche is expected "in the near term", the company said.
Chair Pearce continued: "As development accelerates, we are sharpening our focus on differentiation and downstream value. Micronisation offers an immediate and meaningful uplift to our product basket price, while our planned Ugandan downstream processing initiative could position Blencowe as a rare non-China source of 99.95% uncoated spheronised, purified graphite. This is a strategically transformative opportunity.
"With progress advancing across multiple workstreams we look forward to updating shareholders on further milestones in the coming weeks."
Shares in Blencowe were down 1.1% at 3.41 pence each in London on Friday morning. The stock remains down 38% over the past year.
By Emily Parsons, Alliance News reporter
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