Blencowe Resources (BRES) has signed a mandate with WaterBorne Capital, an independent South African corporate advisory firm with deep expertise in structuring project finance solutions for African mining developments.
WaterBorne Capital brings the technical depth and proven track record to run the project finance process ahead of schedule, ensuring Blencowe’s Orom-Cross graphite project in Uganda is presented as a fully bankable project to prospective debt providers and strategic partners.
Based in Cape Town, South Africa, WaterBorne Capital specialises in project finance advisory, financial modelling, strategic capital raising, corporate finance and financial management.
The firm has successfully supported multiple African mining companies to structure and secure funding from both development finance institutions and commercial banks. Recent examples include Peak Rare Earths, Southern Sphere, Barplats Platinum, Eland Platinum, Two Rivers Platinum, Tharisa Platinum, Harmony, Norilsk Nickel and African Rainbow Minerals.
Blencowe has already established engagement with a range of potential funding partners, including the US International Development Finance Corporation, which has provided a US$5 million technical assistance grant for the definitive feasibility study at Orom-Cross.
In addition, the African Finance Corporation signed a Letter of Intent in 2025 expressing interest in both and debt and equity participation.
The company is also now in discussions with African commercial banks with strong experience in mining finance and with UK Government-linked institutions.
WaterBorne Capital's expertise will be valuable in structuring solutions around all these relationships.
""Securing an experienced project finance partner is a critical step for Orom-Cross,” said Cameron Pearce, executive chairman of Blencowe.
“The due diligence and financial modelling process required by international lenders is highly complex, involving mine scheduling, scenario-based cashflow forecasting and the structuring of debt packages to meet the most rigorous standards. WaterBorne Capital brings both the technical expertise and the network across Africa to deliver this process effectively, significantly de-risking Orom-Cross as we move towards completion of the DFS, expected shortly. WaterBorne Capital's involvement gives us confidence that a first-class funding solution can be structured, locked down and implemented once the DFS is finalised.”
Blencowe has agreed to pay WaterBorne Capital an engagement fee through the issue of 200,000 new ordinary shares in lieu of their services.
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Good to see Blencowe moving decisively into the next phase of work on Orom-Cross. The DFS is now very well advanced, and should be arriving shortly, meaning financing is just around the corner. Interest from high-level institutions is already manifest, and structuring this into the most attractive financing package will be a key next step.