2nd Jun 2023 11:02
(Alliance News) - Blencowe Resources PLC on Friday said its half-year loss widened, as it focuses on completing a feasibility study and securing funding for its Orom-Cross graphite project in Uganda.
The London-based mineral exploration and development company said pretax loss widened to GBP486,076 in the six months at ended March 31 from GBP356,336 a year prior. Blencowe has no revenue, so the wider loss was due to administrative fees and other expenses growing by 35% to GBP446,424 from GBP331,617.
Looking ahead, Blencowe said it is continuing to develop its Orom-Cross graphite project in northern Uganda, with a definitive feasibility study underway, expected to be completed in around a year's time. The Australian engineering firm CPC Engineering will manage the DFS.
Blencowe said it hopes to sign off on a "substantial" technical assistance grant with the Development Finance Corp, which will provide up to 50% of the DFS costs.
Chief Executive Officer Mike Ralston said: "Blencowe is working through a number of different potential funding options to secure the right partnerships for funding both the DFS and the project implementation.
"Further capital will be introduced into the company as and when required, with the continued support of our major shareholders, and once Blencowe delivers the DFC's technical assistance grant it is believed that many other funding opportunities will emerge at all levels."
Shares in Blencowe were up 2.0% at 5.00 pence each in London on Friday morning.
By Sabrina Penty, Alliance News reporter
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