Blencowe Resources (LSE:BRES) has released final assay results from 40 shallow drill holes at the Beehive deposit within its Orom-Cross Graphite Project, confirming extensive near-surface graphite mineralisation. The results show grades broadly consistent with assumptions used in the project’s definitive feasibility study.
The drilling program has outlined the Beehive zone across approximately 1,200 metres of strike and 480 metres in width, with mineralisation still open in multiple directions and at depth. These findings will support the upcoming maiden JORC resource estimate for Beehive, as well as an updated overall resource for Orom-Cross.
Resource growth strengthens project scale and funding case
The addition of Beehive is expected to materially enhance the overall scale of the Orom-Cross project. Its near-surface nature could support low-cost open-pit mining, while also strengthening the company’s position in ongoing strategic discussions and funding negotiations.
Blencowe Resources aims to position Orom-Cross as a significant graphite development project capable of supplying growing demand from battery and industrial markets.
Financial and technical pressures remain
Despite operational progress, the company’s outlook continues to be weighed down by weak financial performance, including the absence of revenue, ongoing losses, and negative operating and free cash flow, which deteriorated further in 2025.
Technical indicators also point to a softer trend, with the share price trading below key short-term averages and momentum remaining subdued. Valuation remains difficult to assess given the negative price-to-earnings ratio.
More about Blencowe Resources Plc
Blencowe Resources Plc is a London-listed natural resources company focused on advancing the Orom-Cross Graphite Project in Uganda. The project is centered on large-scale, near-surface graphite deposits, with the goal of producing high-quality graphite concentrates and purified products for use in battery technologies and industrial applications.
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