Blencowe Resources (LSE:BRES) today updated the commercial model underpinning the Definitive Feasibility Study for the Orom-Cross graphite project in Uganda, lifting NPV10 by 15% to US$1.254 billion from US$1.087 billion.
The revised model shows net free cash rising 120% to US$4.466 billion over a 15-year life of mine, average annual EBITDA up 45% to US$333 million, and an IRR of 51% that has moderated slightly due to updated timing assumptions, while capital expenditure remains at US$45 million for Phase 1 and US$125 million for Phase 2.
"This DFS model update reflects tangible progress across Orom‑Cross," said Executive Chairman Cameron Pearce.
The company says the uplift is driven by new high‑value offtakes, higher pricing and volumes for purified products, inclusion of expandables and expanded reserves, all modelled without increasing capex.
Blencowe has submitted tenders for several opportunities and expects clearer outcomes in Q3 2026, which it says will underpin volume growth for both concentrates and upgraded products.
The updated production pathway envisages P1 delivering up to 20,000tpa of 97% TGC concentrate plus 3,000tpa spheronised graphite and P2 scaling to 70,000tpa concentrate plus 10,000tpa USPG and expandables.
Funding remains the gatekeeper, with Blencowe focused on securing P1 equity partners while preparing predominantly debt-led funding for P2 as due diligence and expressions of interest continue.
Road upgrades and a permanent camp completed in Q1 2026 are cited as de‑risking logistics ahead of scale-up.
