It has promoted technical chief Iain Wearing to interim Chief Executive while it pursues project-level funding for its $45 million Phase 1 graphite development in Uganda.
Orom-Cross graphite was used in nozzle, fin coating and battery components in a hypersonic flight test in New Mexico, reinforcing Blencowe's push into defence and aerospace markets.
The company reported fresh test results showing its Orom-Cross graphite enhances advanced lead-acid battery performance, opening a new sales route for waste material from its planned Uganda processing plant.
"Western customers are increasingly seeking high-quality graphite products from non-Chinese sources to reduce geopolitical and supply-chain risk," said executive chairman Cameron Pearce
The company has taken an option to purchase a 100-acre site near Gulu as the future base for higher-value graphite product operations.
The junior mining firm has updated its Definitive Feasibility Study for the Orom-Cross graphite project, lifting NPV10 to US$1.254bn, and increasing life-of-mine free cash to US$4.466bn. Meanwhile, Phase 1 and Phase 2 capex estimates remain unchanged.