Blencowe Resources (BRES ) booked a loss of just under £1.6 million in the year to September 2025. The company closed out the period with nearly £900,000 cash in the bank, although subsequent fundraisings topped that up as a feasibility study was completed for the Orom-Cross graphite project in Uganda.
“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,” said Mike Ralston, Blencowe’s chief executive.
“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 as the main requirement prior to decision to mine, then project funding, and ultimately first production.”
In terms of costs, Orom-Cross looks set to be in the lowest percentile costs both at the operating and at the capital level when set against other graphite projects worldwide.
“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,” continued Ralston.
“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 and we are well on our way to covering stage two. 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 one-to-one 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.”
View from Vox
Blencowe’s shares have doubled over the past year, and it’s not hard to see why. The company has undertaken a significant amount of exploration and development work at Orom-Cross, including the largest drill programme ever undertaken there. The DFS demonstrated that the project is highly attractive from an economic perspective, and at the same time relationships are being built with potential customers.