Blencowe Resources Plc (LSE:BRES) has entered into a Letter of Intent with Italian graphite processor Alkeemia S.P.A. to toll process and purify material from its Orom-Cross graphite project in Uganda at a newly developed facility in Italy. The arrangement is designed to create a cleaner, non-China downstream pathway and support the production of ultra-high-purity graphite of up to 99.99% for specialist, higher-value applications.
Under the initial terms, up to 1,000 tonnes of graphite per year are expected to be processed, with flexibility to expand volumes over time. The agreement is intended to reduce downstream execution risk, enhance Blencowe’s appeal to European customers and financiers, and establish a traceable, locally processed supply chain aligned with European critical minerals strategies. Separately, the company confirmed the issue of 500,000 new shares and 1,000,000 options to consultant Minex, taking total voting rights to 477,795,645 shares following admission to trading in London.
Despite the strategic progress, Blencowe continues to face material financial headwinds, including the absence of revenue, ongoing losses, and negative operating cash flows. Market indicators remain weak, reflecting these challenges, although recent funding activity and strategic partnerships provide some optionality for future development. Overall, near-term financial and operational pressures continue to dominate the investment outlook.
More about Blencowe Resources
Blencowe Resources Plc is a London-listed natural resources company focused on advancing the Orom-Cross graphite project in Uganda. The company aims to supply natural flake graphite into European battery and energy-transition supply chains, including participation as an exclusive supplier to the EU SAFELOOP initiative under the European Union’s Project Horizon framework.
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