LSE-listed Blencowe Resource says its immediate priorities for its Orom-Cross graphite project, in Uganda, are to secure project-level funding for Phase 1 of the project, convert product qualification and nonbinding offtake discussions into definitive commercial arrangements and complete the implementation work required to advance the project towards construction.

This comes amid changes to the company’s executive leadership as the Blencowe board has recently appointed current COO Iain Wearing as the company’s interim CEO with immediate effect given his expertise in leading the technical and operational development of Orom-Cross through the definitive feasibility study (DFS) process.

Wearing has also invested about £500 000 in cash through previous company capital raisings, reflecting his personal commitment and alignment with shareholders.

Blencowe highlights that its strategy is to capture more value from each tonne of the Orom-Cross graphite through in-country processing and specialist end-uses and building a customer base diversified by both geography and application.

The company’s DFS model estimates capital expenditure of $45-million for Phase 1 of the project, while also evaluating a range of project-level funding structures through active commercial discussions and due diligence across potential strategic, institutional and development finance institutions (DFIs).

"Our priority is to convert that progress into Phase 1 funding and binding commercial agreements.

“Multiple discussions and due diligence processes are active, and we are pursuing a funding structure that supports development and delivers value for shareholders. Our Uganda team's work and strong government relationships are important to that effort,” says Blencowe executive chairperson Cameron Pearce.

To date, the US International Development Finance Corporation (DFC) has supported Blencowe’s DFS through its technical assistance grant and engagements with other DFIs continue.

Moreover, Blencowe reports that it raised £3-million in December 2025 and that subsequent warrant and share option exercises have further strengthened the company’s cash position and provided the security needed to support Phase 1 of the project financing process.

In May, an updated DFS valued the Orom-Cross project at about $1.2-billion after taxes, with a 51% profit rate based on updated prices, costs and schedules. The value assumes a 10% discount rate over the mine’s initial 15-year lifespan.

Further, independent geological consultancy Minrom Consulting has estimated the project’s total mineral resources at 64.3-million tonnes, while the ore reserve stands at 23-million tonnes at 5.18% total graphitic carbon.

“From high-purity graphite and battery materials to components used in a Mach 5.5 rocket flight, we are seeing evidence of Orom-Cross' versatility in real applications.

“Our task now is to carry that evidence through customer qualification, detailed implementation planning and operations,” Wearing comments.

Blencowe’s Uganda team, led by country manager Nabil Alam, recently met with the country’s President Yoweri Museveni as constructive engagements continue with the Ugandan government about the development of Orom-Cross, local value addition, potential financing and support mechanisms.

Potential government support remains subject to further discussions, relevant approvals and formal arrangements, the company concludes.