Blencowe Resources (LSE:BRES) has released the final assay results from 87 shallow drill holes at the Iyan deposit within its Orom-Cross graphite project, confirming extensive near-surface graphite mineralisation with strong lateral continuity. Several intercepts exceeded 30 metres in thickness, and the results are expected to support a maiden JORC resource estimate for Iyan in the first quarter of 2026, which management believes will significantly expand the overall Orom-Cross resource inventory.
The company intends to position Iyan as a bulk blending deposit, combining substantial tonnage with higher-grade zones to improve mine design and enable efficient, low-strip-ratio extraction. According to management, the latest drilling outcomes strengthen the case for a large-scale, long-life development while supporting ongoing financing and offtake negotiations. Additional assay results from the nearby Beehive deposit are still pending and could provide further resource growth, reinforcing Orom-Cross as a multi-deposit graphite development hub.
Despite operational progress, the company’s outlook remains constrained by weak financial fundamentals, including the absence of revenue, recurring losses and increased cash burn during 2025. Technical indicators offer some support, with the share price maintaining an established uptrend above key moving averages and positive momentum signals. Valuation remains difficult to assess given negative earnings and the lack of dividend data.
More about Blencowe Resources Plc
Blencowe Resources Plc is a London-listed natural resources company focused on developing the Orom-Cross graphite project in Uganda. The project comprises several deposits — including Camp Lode, Northern Syncline, Iyan and Beehive — with the objective of delivering consistent, large-scale graphite supply through long-life, low-cost production operations.
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