• Blencowe raises £1.12M to complete Orom-Cross feasibility study
• Study due Q4 2025; mine aims for 50,000t graphite in Phase 2
• Project seeks financing amid falling global graphite prices

Blencowe Resources announced on Friday, September 12, that it has raised 1.12 million British pounds (about $1.5 million) through a share placement. The company intends to use the funds to finalize the feasibility study for its Orom-Cross graphite project in Uganda and to support efforts to secure financing for the future mine's construction.

"This fundraise provides Blencowe with a clear runway not only to complete the DFS, which is expected in Q4 2025, but also to move directly into our project financing work streams," said Executive Chairman Cameron Pearce. "We are now entering a critical phase of value creation, with a JORC Resource upgrade, DFS results, financing preparations, and subsequent development all aligned."

Expected by the end of 2025, the feasibility study is set to update the project’s economic parameters from the 2022 pre-feasibility study. That earlier study outlined a mine capable of producing 5,000 tonnes of graphite annually in Phase 1, before scaling up to 50,000 tonnes in Phase 2. The announced initial investment is $62 million, with production slated to begin in 2026.

This development comes days after Blencowe hired South African firm WaterBorne Capital to assist with the mine's financing process. Several lenders, including the U.S. International Development Finance Corporation (DFC) and the African Finance Corporation (AFC), have already approached the company to offer a loan.

However, the development of Orom-Cross is taking place amid a challenging market, marked by falling graphite prices. According to ChemAnalyst, the graphite price index dropped by 16.26% in North America during the second quarter of 2025 due to a continued supply surplus.

Aurel Sèdjro Houenou