Blencowe Resources (LSE:BRES) has announced a maiden JORC 2012 mineral resource estimate for the Beehive deposit at its wholly owned Orom-Cross graphite project in Uganda. The new estimate adds 21.3 million tonnes at 6.58% total graphitic carbon, increasing total project resources to 64.3 million tonnes at 6.03% TGC across four separate deposits.
Resource growth strengthens long-term project potential
The company said the updated resource base reinforces Orom-Cross as a large-scale, multi-deposit graphite development with long operational potential. Mineralisation at Beehive remains open both along strike and at depth, while the current resource model covers only around 22% of the identified target anomaly, highlighting considerable scope for future expansion.
Blencowe noted that the enlarged resource inventory was achieved at a conversion cost of less than US$10 per tonne, with the updated figures now being incorporated into ongoing optimisation work for the project’s definitive feasibility study. The company is also continuing to evaluate downstream processing opportunities alongside strategic funding and offtake discussions.
Management believes the increased scale of the resource and the project’s comparatively low-cost profile could improve Orom-Cross’s attractiveness to potential commercial and financing partners as the company advances from exploration towards development.
Despite the operational progress, Blencowe’s outlook continues to be affected by weak financial performance, including ongoing losses, no revenue generation and worsening negative operating and free cash flow during 2025. Market technical indicators also remain relatively soft, with the share price trading below key shorter-term averages and momentum measures subdued. Valuation metrics continue to be limited by negative earnings.
More about Blencowe Resources Plc
Blencowe Resources Plc is a UK-listed exploration and development company focused on the Orom-Cross graphite project in Uganda. The project hosts large near-surface graphite deposits suited to open-pit mining and is being developed to supply graphite for industrial applications, including battery technology and energy storage markets.
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