Blencowe Resources (BRES) has received a further US$750,000 in grant funding from the US International Development Finance Corporation (DFC).
Total funds received under the overall US$5 million technical assistance grant has now reached US$4.75 million.
The final tranche of US$250,000 will be paid upon completion of the definitive feasibility study for the company’s Orom-Cross graphite project in Uganda.
To secure the most recent tranche the company met certain milestones, including completion of all infill drilling, to boost mineable reserves, and completion of certain infrastructure work.
These milestones are also significant components in the DFS.
Once assays are finalised, independent geological consultant Minrom will deliver an updated JORC resource.
This larger and upgraded resource will provide Orom-Cross with a longer life of mine, including the capacity to produce and sell greater volumes annually. Upgrading inferred and indicated resources into measured resources and reserves is a key requirement for inclusion in the DFS.
"This latest tranche of funding from the DFC brings us closer to unlocking significant value at Orom-Cross,” said Cameron Pearce, Blencowe’s executive chairman. “Their continued support is a strong endorsement of the project's potential and strategic importance. As the revised JORC resource is finalised and the definitive feasibility study completed, we are approaching a clear value inflection point."
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The DFC funding is non-dilutive to shareholders, and the support arrives at a critical juncture, as the US Government continues to assess which global projects to support in the energy transition. Graphite remains a declared US critical mineral, and the strong backing of Orom-Cross by the DFC signals both confidence in the project and strategic alignment with broader US priorities. Graphite demand is forecast to double over the medium term and new supply remains constrained. As Cameron Pearce says, it does look like a “value inflection point” is coming.