Blencowe Resources (BRES ) has received the final tranche of grant funding from the US International Development Finance Corporation (DFC), bringing the total funds received under the technical assistance grant to US$5 million.
The DFC funding is non-dilutive to Blencowe shareholders and arrives as the US Government continues to prioritise and support high ranking critical minerals and the energy transition projects.
Graphite continues to remain a declared US "critical mineral", and the DFC's continued backing of Blencowe’s Orom-Cross project in Uganda reinforces the project's strategic relevance within wider US strategic priorities.
The final US$0.25 million payment follows a period in which the review process was extended due to personnel changes within DFC and the appointment and authorisation of independent technical reviewers.
Blencowe's immediate focus remains on closing the financing of Phase 1 , while continuing discussions and preparatory work around the longer-term Phase 2 funding structure.
"The DFC grant has enabled Blencowe to materially advance Orom-Cross across almost every major technical workstream,” said Iain Wearing, interim chief executive of Blencowe.
“During the programme we have completed extensive drilling, materially increased the JORC mineral resource and ore reserve, delivered the definitive feasibility study and strengthened the project economics to a post-tax NPV10 of US$1.254 billion and IRR of 51%. At the same time, we have substantially advanced the downstream opportunity. Independent test work has repeatedly demonstrated the exceptional quality and versatility of Orom-Cross graphite, including very high purity and strong electrochemical performance, while development programmes with AETC, Alkeemia and other specialist partners have advanced potential applications across batteries, advanced energy storage, aerospace, defence and hypersonic technologies.”
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Orom-Cross is now significantly more advanced and de-risked compared to when the DFC programme began. Orom-Cross now combines scale, robust economics, independently validated graphite quality, a clear development pathway and multiple higher-value downstream opportunities. The next step is funding, and success in that will be the turning point for the project.