Blencowe Resources (LSE:BRES), the developer of the Orom-Cross graphite project in Uganda, announced it has received the final $0.25 million tranche of grant funding from the US International Development Finance Corporation (DFC).
The payment brings total funds drawn under the technical assistance grant to $5 million in full, with the money non-dilutive to shareholders.
Release of the final tranche followed completion of the Orom-Cross definitive feasibility study (DFS) and the associated DFC technical review, a process that had been extended by personnel changes at the DFC and the appointment of independent technical reviewers.
Graphite remains a declared US critical mineral, and Blencowe highlighed that the DFC's continued backing underscores the project's strategic relevance to US critical minerals and energy transition priorities.
The grant programme has run alongside a period of rapid technical progress at Orom-Cross: Blencowe completed Stage 7 drilling, lifted the JORC Mineral Resource and reserve base, and delivered a DFS that was subsequently updated to a post-tax NPV10 of $1.254 billion and an IRR of 51%.
"Receipt of the final $0.25 million tranche means Blencowe has now received the full $5 million Technical Assistance Grant from DFC, representing another important milestone for Orom-Cross," said Sam Quinn, non-executive chairman.
Read more about Blencowe Resources
- 29/06/26Blencowe Resources secures Uganda site for graphite downstream processing
- 18/05/26Blencowe lifts Orom-Cross resources to 64.3Mt with maiden Beehive JORC
- 30/04/26Blencowe completes final Beehive assays ahead of maiden JORC
Interim chief executive Iain Wearing commented that the DFC-backed programme had left the project "significantly more advanced and de-risked" than when it began, citing independently validated graphite quality and downstream partnerships spanning batteries, aerospace, defence and hypersonic applications.
Blencowe said its immediate focus is on closing financing for Phase 1 of Orom-Cross, modelled at $45 million of capital expenditure, while continuing preparatory work on the longer-term funding structure for Phase 2.
