Blencowe Resources (LSE:BRES) has announced additional encouraging assay results from 36 shallow drill holes at the Beehive graphite deposit, located within its Orom-Cross project in Uganda. The latest results confirm substantial near-surface mineralisation, including multiple intercepts exceeding 30 metres in thickness and grades frequently above 5% total graphitic carbon, extending the discovery further to the north and west.
The findings strengthen the case for Beehive as a potentially bulk-mineable, high-grade graphite deposit and support progress toward a maiden JORC-compliant Mineral Resource, targeted for the second quarter of 2026. Alongside the previously defined Iyan resource, Beehive is expected to significantly increase the overall scale of Orom-Cross, enhancing its importance as a potential supplier of graphite to non-Chinese markets. This progress also supports Blencowe’s ongoing strategic discussions and funding efforts.
Despite positive exploration momentum, the company’s outlook remains constrained by its financial position, including a lack of revenue, continued losses, and negative operating and free cash flow, which deteriorated further in 2025. Market indicators also point to a weaker technical picture, with the share price trading below key short-term averages and momentum remaining subdued. Valuation remains difficult to assess due to negative earnings and the absence of a meaningful price-to-earnings ratio.
More about Blencowe Resources Plc
Blencowe Resources Plc is a London-listed exploration and development company focused on graphite assets, primarily through its Orom-Cross project in Uganda. The project is targeting large-scale, near-surface graphite resources intended to supply western markets seeking reliable, non-Chinese sources of critical materials used in batteries and industrial applications.
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