Blencowe Resources’ development and testing partner American Energy Technologies is testing the material in advanced antiradar/electromagnetic interference (EMI) shielding applications for Unmanned Aerial Vehicles (UAVs) and other defence-related platforms.

Blencowe is engaged with three European manufacturers of advanced aerial platforms, with one potential offtake relationship at an advanced commercial stage, subject to ongoing flight testing and final documentation. Indicative market pricing for the specialist ultra-fine M635 97% TGC material approaches US$20,000/t FOB manufacturing plant.

Separately, discussions around a strategic ally significant ‘Tier 1’ offtake agreement are well advanced, with final technical and commercial inputs being completed . We reiterate our SOTP based target price of 47.9p (representing 561% upside) and Buy recommendation.

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