Blencowe Resources (BRES ) has appointed Iain Wearing as interim chief executive with immediate effect.
Wearing led the technical and operational development of the Orom-Cross graphite project through the definitive feasibility study process in his role as chief operating officer.
He will therefore provide continuity across the technical, operational and funding workstreams while the board completes its search for a permanent chief executive, following the resignation of Mike Ralston.
He will be supported by the company's Uganda team and specialist consultants.
Mr Wearing is a mining engineer with over 40 years’ experience in mine operations, mining studies and project development.
He has held senior project study and planning as well as operational management positions with Rio Tinto, Barrick, Anaconda/Glencore and Resolute, working on projects in Australia, South America, Asia and Africa, in a variety of commodities including iron ore, gold, copper, platinum group metals and nickel-cobalt.
Blencowe’s board is in discussions with identified candidates for the permanent chief executive role, with a focus on securing the experience required for the next stage of development. A further announcement will be made when an appointment is agreed.
Mr Wearing has invested approximately £500,000 in cash through previous company capital raisings, reflecting his personal commitment and alignment with shareholders.
The role of interim chief executive is an executive management position and Mr Wearing does not join the board of directors.
The updated DFS model for Orom-Cross estimates capital expenditure of US$45 million will be required for the development of Phase 1.
The company is evaluating a range of project-level funding structures through multiple active commercial discussions with strategic, institutional and development-finance counterparties.
The US International Development Finance Corporation (DFC) has supported the DFS through its technical assistance grant. Engagement with Development Finance Institutions, institutional investors and other potential project-level capital providers continues alongside this work.
Technical and commercial implementation work also continues, including work relating to the previously announced selection of a preferred site for downstream processing near Gulu.
The updated DFS commercial model announced in May 2026 reported a post-tax NPV10 of US$1.254 billion and a post-tax IRR of 51%, incorporating revised product mix, pricing, costs and development timings. The NPV10 uses a 10% discount rate over an initial 15-year mine life.
Total project mineral resource now stands at 64.3 million tonnes, with the reserve booked in at 23.08 million tonnes grading 5.18% total graphitic carbon.
The company holds non-binding offtake arrangements across a range of counterparties and product categories and is working to convert these into binding agreements.
"Having led Orom-Cross's technical and operational development through the DFS process, I am well placed to maintain momentum across funding, technical delivery and implementation workstreams,” said interim chief executive Iain Wearing.
“The product testing is equally significant. From high-purity graphite and battery materials to components used in a Mach 5.5 rocket flight, we are seeing evidence of Orom-Cross's versatility in real applications. Our task now is to carry that evidence through customer qualification, detailed implementation planning and operations. I am both personally and financially invested in the development of Orom-Cross and I look forward to continuing to drive the Phase 1 funding process and the company's other key initiatives alongside the board, our team and our partners."
View from Vox
Blencowe raised £3 million in December 2025 and subsequent warrant and share option exercises have further strengthened its cash position. The company has no material expenditure commitments now that the DFS and its associated drilling programmes is complete. Therefore, current cash is sufficient to support the corporate overheads, ongoing product qualification and the Phase 1 project financing process. With Mr Wearing taking charge on a temporary basis, the company looks to be on a sound footing, and poised for the next stage of its development. Broker Cavendish called Wearing "a safe pair of hands", and set a target of 47.9p for the company, considerably ahead of the current price.