Blencowe Resources Plc, the natural resources company focused on the development of the Orom-Cross Graphite Project in Uganda, is pleased to announce its audited financial results for the year ended 30 September 2025 (the “Annual Report”) and it’s notice of Annual General Meeting (“Notice of AGM”).
The Annual Report which includes an unqualified audit report and audited Financial Statement for the year ended 30 September 2025 & The Notice of AGM and the associated Form of Proxy will be made available on the Company’s website at www.blencoweresourcesplc.com. Hard copies will be posted to the Company’s shareholders.
For further information, please contact:
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Blencowe Resources Sam Quinn
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Tel: +44 (0) 1624 681 250 info@blencoweresourcesplc.com
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Investor Enquiries Sasha Sethi |
Tel: +44 (0) 7891 677 441
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Tavira Financial Limited Jonathan Evans |
Tel: +44 (0)20 7100 5100 jonathan.evans@tavirasecurities.com
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Chief Executive Officer’s Statement for the period ended 30 September 2025
Shareholders and Stakeholders,
As we continue this journey to unlock the enormous value within the Orom-Cross graphite project I am pleased to share with you some of the progress we have made over the last 12 months.
Graphite remains an integral part of the global energy transition due to its non-replaceable role within the lithium-ion battery that stores all renewable energy generated and powers electric vehicles. There are many other commercial applications for graphite through its primary qualities (high heat resistance and high conductivity) but it is the role within batteries that most analysts are forecasting accelerated growth ahead as the world gradually moves away from fossil fuels.
Whilst some analysts consider this energy transition “yesterday’s news” due to a perceived slow-down in demand for electric vehicles, we do not agree. In fact, we’d suggest the transition has not even yet begun in earnest, and graphite as a critical mineral will very definitely have its day in the sun; particularly as we do not envisage most other graphite projects making it through to production ahead due to a wide variety of reasons. This will ultimately create a significant demand-supply imbalance and a huge opportunity for those projects that can ultimately mine and process graphite and sell it into growing world markets.
We therefore remain bullish for the future, and our efforts over the past 12 months have largely been focussed on how we complete the Orom-Cross Definitive Feasibility Study (DFS) as the main requirement prior to decision to mine, then project funding, and ultimately first production.
The DFS has three key elements within: firstly, all mining, plant and infrastructure requirements at site, secondly securing offtaker partners to sign sales agreements, and thirdly funding. All these elements carry equal weight and are all critical to the successful completion of the study. I am happy to say that as of 01 December 2025 we have completed the DFS as set out in the announcement. What is emerging is that Orom-Cross will be one of the lowest percentile costs (both operating and capital costs) graphite projects worldwide, which will be a significant achievement and a huge boost to ultimately bring the mine into production.
The complex process of getting our end-products qualified in the graphite market has been successfully completed and we have sent the resultant samples of concentrates and purified graphite to many different interested parties all over the world. The feedback has generally been very positive which bodes well for future sales relationships and it highlights that quality is paramount in this industry. We now have Offtake Agreements in place covering all the first stage of production (10,000tpa concentrates) and we are well on our way to covering stage two (ramp up to 50,000tpa concentrates). We have opened some niche relationships that we believe will be of huge value to us ahead and we are confident we will find others once the DFS is completed and we get onto many more radars. Offtake contracts are critical in graphite as we sell 1-2-1 into end users rather than into a metals market, and as these end users are very discerning the high quality products coming from Orom-Cross makes a big difference to their interest and our success.
Blencowe became a member of the prestigious EU-funded SAFELOOP initiative in 2024 and currently we have exclusivity for all natural flake graphite sold into that exciting project ahead. SAFELOOP is developing a Gen3 lithium-ion battery to power standardised EV buses across Europe and roll-out is expected from 2028. Significant developmental progress on this advanced battery has been made by the experienced SAFELOOP team to date and this initiative may ultimately deliver a substantial, unique, high value offtaker for Orom-Cross ahead.
The third key DFS activity is funding, and we continue to build strong funding relationships that are ultimately the foundation of successful implementation. As previously reported, Blencowe received a US$5 million technical assistance grant from the US Government, via their private sector lending arm the US International Development Finance Corporation (DFC), and to date US$4.75M of this grant has been disbursed to Blencowe. This support has been critical, and aside from the credibility our relationship with DFC provides we are confident this tier one financial institution will play a cornerstone role in the overall funding solution for Orom-Cross implementation. Other financial institutions have also engaged with us and we are building a strong base upon which we can be confident will ultimately deliver the substantial capital requirement to build our project.
Blencowe continues to evolve its mining and processing strategy and over the past year work has continued to provide a downstream processing strategy to ultimately deliver some of the only purified graphite produced outside of China. Downstream beneficiation is where the most substantial profits are made in this industry so this is an important strategy for us and one that will differentiate Blencowe from its peers. In September 2024 Blencowe announced a partnership that has been formed with one of the most significant Spheronised Purified Graphite (SPG) producers in the world and necessary work with this party has been completed to ensure this unique opportunity is included in the DFS. The plan is to build an SPG facility near to Orom-Cross to become an offtaker for life of mine, to beneficiate lower value Orom-Cross small flake concentrate nearby and then sell higher value purified graphite produced into world markets. This facility will deliver a premium product that OEMs are seeking and it is anticipated that this beneficiation plant will be completed in parallel with the Orom-Cross ramp-up (stage two production) over the next few years.
The largest drill programme ever conducted at Orom-Cross was undertaken during the year and assay results continue to show long intersections of high grade graphite from shallow locations. All three are very important to the success of the project. This program had various strategies including geotechnical holes (for pit designs), infill drilling to lift the current Joint Ore Reserves Committee Standard Reserves (JORC), deep holes to test extensions at depth on all deposits and substantial drilling at the newly identified Beehive deposit. The campaign was a complete success and it has now been proven that Orom-Cross graphite extends to depths more than three times deeper than previously drilled, in all three deposits, which underlines the size and scale of this world class asset. A revised JORC Resource statement was delivered on 27 November 2025, leading into the DFS. A revised Exploration target will also be published, likely in early 2026, which will highlight targets for more infill drilling ahead to continue to increment the tonnes available at Orom-Cross.
We continue to build and develop our relationships within Uganda and we appreciate all the support given to us by parties within that country. Most notably we would like to thank the Government of Uganda for their support at all levels and local community support which is an integral part of this project.
I would once again like to mention the excellent work of our operational management team, led by COO Iain Wearing, and our Ugandan team, led by our Country General Manager Nabil Alam. They have all done an amazing job to get this drill programme and the DFS completed and we published in December 2025.
I would also like to thank our shareholders and the wider market for your support, and to recognise all the new shareholders we have collected during the year as we advance towards production. Orom-Cross offers a unique and differentiated graphite project which has key fundamentals that most other graphite projects do not have, which gives it huge advantages. We look forward to further success ahead.
Mike Ralston
Chief Executive officer
30 January 2026