Blencowe Resources, the London-listed company developing a graphite project in northern Uganda, has raised £1.12 million (≈ UGX 5.33 billion) to push its Orom-Cross venture toward the finish line of a key study.
The money comes through two channels: a placing of £1.02 million (≈ UGX 4.85 billion) arranged by its broker, Tavira Financial, and an additional £100,000 (≈ UGX 475 million) from board members and senior executives who exercised options. In total, the transactions added more than 23 million new shares to the market.
Company officials say the proceeds will be used to complete a definitive feasibility study — or DFS — expected by the fourth quarter of 2025, as well as to support project financing efforts and working capital.
Executive Chairman Cameron Pearce said the cash injection gives Blencowe momentum at a crucial point.
“This fundraise provides Blencowe with a clear runway not only to complete the DFS, which is expected in Q4 2025, but also to move directly into our project financing work streams,” Pearce said. “We are now entering a critical phase of value creation, with a JORC Resource upgrade, DFS results, financing preparations, and subsequent development all aligned.”
He added that board members showed confidence in the project by exercising options “at a premium to market,” while thanking shareholders “for their continued support.”
Pearce said the company expects a steady flow of updates in the coming months. “We expect a strong period of newsflow ahead, including first drill results from our successful infill campaign, a material JORC resource upgrade, and the DFS itself,” he said. “Together these milestones will reaffirm Orom-Cross as a world-class graphite project, well positioned to secure the project finance required to build a mine.”
Blencowe also issued Tavira 1.26 million broker warrants as part of the deal.
