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#BRES Blencowe Resources – SPG Test Work Completed
Successful Completion of Orom-Cross Graphite Project SPG Test Phase
Recent testwork has confirmed the quality of Orom-Cross graphite concentrate to generate a high purity SPG product with excellent battery characteristics
Highlights:
· Blencowe has successfully completed critical next-step metallurgical test work with initial stage SPG (“spheronised purified graphite”) upgrading now completed.
· Test work was completed by two separate graphite technical experts to ensure quality control and quality assurance:
o Leading Chinese graphite laboratory at Wuhan University, which realised SPG values of 99.96 wt%C.
o Leading American graphite firm American Energy Technology, which generated SPG with purity values of 99.99 wt%C.
· These results prove that Orom-Cross graphite can upgrade into one of the purist SPG products, which will strengthen offtake negotiations and ultimately deliver more value to the project.
· Additional metallurgical test work proceeding with samples of uncoated SPG and other flake sizes distributed to potential off-takers and battery manufacturers.
Executive Chairman Cameron Pearce commented:
“The ultimate pre-qualification test for all graphite is how the concentrate upgrades to the 99.95% SPG product that then gets coated before going into the anode within the lithium-ion battery, and I am delighted to present these outstanding results above, which indicate that exceptional SPG products will be produced from Orom-Cross. Not only are we at the highest levels on most relevant indicators but testing has shown we can deliver other valuable products from waste material generated within the process which further strengthens our commercial model.”
Mr Pearce added “We are into one of the most important aspects of our Definitive Feasibility Study, where these tests ultimately prove the quality of the various end products we will produce, and therefore determine offtake interest and contracts. Passing these tests with flying colours is further proof that Orom-Cross is a standout project, and in a world where graphite is becoming increasingly under the spotlight as the supply chain tightens, this is of significant value.”
Blencowe Resources Plc (“Blencowe” or the “Company”), is pleased to announce that additional test work on its Orom-Cross graphite project in Northern Uganda has been completed by two leading graphite technical specialist laboratories in both China and United States. Wuhan University in conjunction with Qingdao Jinhui Graphite Co., Ltd in China and American Energy Technologies Company (AETC) in Illinois are both industry experts in the field of upgrading graphite concentrate to uncoated battery-ready SPG product. This work is critical to understanding the commercial potential of the fines concentrate specifically for utilisation as anode materials in the lithium-ion batteries for EVs (electric vehicles) and wider rechargeable battery markets.
In line with this testwork flow sheet, graphite concentrate, which is comprised of robust and thick natural flakes, was first purified then converted into a range of value-added graphite products, with a major focus on the production of spherical uncoated and spherical surface-coated materials intended for use in lithium-ion battery anodes.
Wuhan University in conjunction with Qingdao Jinhui Graphite Co., Ltd (one of the largest SPG producers in China) have completed preliminary assessment of Orom-Cross fine concentrates with the generation and subsequent testing of uncoated SPG products, following the recent 100t pilot test program. The resultant testwork has delivered an uncoated SPG product with a 99.96% purity and outstanding size distribution and characteristics. The samples generated by Wuhan University have been forwarded to battery manufacturers for coating and initial battery testing.
In parallel Blencowe also commissioned AETC to complete an assessment of the SPG potential of the Orom-Cross product. This testing was completed at the AETC facilities in Chicago utilising their Thermal Conversion Process. The value-added downstream processing of concentrate from Orom-Cross has occurred in accordance with the inverted flow sheet practiced by AETC which is unique in the market. Blencowe chose AETC to undertake comparable testwork in part due to its capacity to deliver the uncoated, coated and battery testwork within a non-acid production process. Producing SPG products in a non-acid process would have profound environmental advantages that would boost Orom-Cross’s ESG credentials substantially.
After purifying the material using high temperature (but no acid or alkaline treatment) to a level of 99.99 wt% C, AETC subjected it to spheroidisation and classification. The resultant graphite has a very impressive tap density (read ‘energy density’) of 1.1 g/cm3, with a surface area of <10 m2/g. Both of these indicators highlight an extremely high grade end product.
The uncoated graphite was tested in the industry-standard CR2016 coin cells v. Li/Li+ counter electrode at C/10 charge-discharge rate. The material was seen to deliver very impressive reversible capacity of 367.58 mAh/g which is defined as “near theoretical” electrochemical performance, considering that theoretical capacity is 372 mAh, and hardly any graphite has been able to achieve this historically in practical applications. This indicator alone ranks Orom-Cross graphite as high as any other SPG product elsewhere.
The uncoated material was also surface-coated to form CSPG (“coated spheronised purified graphite”), which is the ultimate form of battery-ready graphite that goes into the anode. Application of surface coating makes batteries that use such graphite safer; additionally, graphite anodes which are composed of surface-coated graphite tend to have lower irreversible capacity loss, a key property linked to management of electrolyte levels inside an operating lithium-ion battery.
The coated material was put into batteries and subjected to short and long-term cycling. The carbon-coated version of this graphite displayed excellent electrochemical performance, with a reversible capacity loss and reversible capacity constituting near theoretical electrochemical behaviour which positions the material from Blencowe into the class of super-premium anode grade graphite for use in lithium-ion battery anodes.
The long-term cycling of this material has retained an excellent stability of performance characteristics as a function of cycle life, having scored a very low 1.39% degradation. Testwork suggests that Orom-Cross graphite can support 1,438 cycles while the United States ABC requirement for EV batteries is 1,000 charge-discharge cycles. Therefore, with nearly 50% additional cycles, the Orom-Cross material is again highlighting its premium quality and is ideally suited for application in the lithium-ion battery anodes.
It is worth noting that the non-spherical portion of Blencowe’s graphite (which accounted for approximately 25.6% of feed into the AETC spheroidising process) generated expanded delaminated graphite and spheroidisation process rejects, which were formulated into the composition of alkaline, lead acid batteries and an electrically conductive can coating. In all instances, the non-spherical portion of Blencowe’s material offered outstanding performance, positioning Blencowe for cost leadership in that there is a strong likelihood that near 100% of all the graphite which enters a downstream processing circuit will find use in value-added applications within batteries.
Blencowe is now proceeding with additional metallurgical test work with additional samples of uncoated SPG and other flake sizes distributed to potential off-takers and battery manufacturers for upgrades to large flake as well as opportunities for utilisation of SPG wastes.
For further information please contact:
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Blencowe Resources Plc Sam Quinn |
www.blencoweresourcesplc.com Tel: +44 (0)1624 681 250
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Investor Relations Sasha Sethi |
Tel: +44 (0) 7891 677 441
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Tavira Financial Jonathan Evans |
Tel: +44 (0)20 3192 1733 jonathan.evans@tavira.group
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First Equity Limited Jason Robertson |
Tel: +44(0)20 7330 1833 |
#BRES Blencowe Resources PLC – Receipt of $1m Grant First Tranche from DFC
Blencowe receives first US$1 Million Grant funding from Development Finance Corporation for Orom-Cross Graphite Project
Initial 20% Mobilisation tranche paid to Blencowe for Project Feasibility Costs
Blencowe Resources Plc (“Blencowe” or the “Company”) (LSE: BRES) is pleased to announce it has received its first US$1 million mobilisation tranche payment from the Development Finance Corporation (“DFC”). This represents 20% of the full US$5 million DFC grant for Definitive Feasibility Study (“DFS”) costs, recently completed and announced by Blencowe.
Blencowe announced on 22 September that the Company had secured a US$5 million grant from tier one funding provider DFC to cover a substantial part of the DFS costs for the Orom-Cross Project. Furthermore, DFC is now the lead mandated partner to deliver a full funding solution for Orom-Cross production, assuming completion of a successful DFS.
Blencowe is confident that this unique strategic relationship will now open doors to unlock additional value at Orom-Cross by expanding the project in ways previously considered not possible due to capital constraints.
Orom-Cross is one of the largest graphite projects worldwide by size and scale of deposit and a 21 year Mining License has already been awarded. Blencowe took the project through a successful Pre-Feasibility Study in 2022 and is now embarked on the Definitive Feasibility Study as it drives towards decision to mine. Metallurgical test results by leading graphite industry experts in South Africa, Canada, Australia and China have all underlined Orom-Cross graphite as upgrading to one of the cleanest, purest high grade concentrates of any graphite project, with an excellent mix of both coarse and smaller flakes. This has recently been confirmed again on a commercial scale within the 100 tonne bulk sample test programme conducted at one of the leading graphite producer’s facility in China.
Cameron Pearce, Executive Chairman commented;
“This first US$1 million received is of significance firstly because it is completely undilutive funding for Blencowe and its shareholders, and secondly because it solidifies the critical strategic relationship that has been developed between our Company and the DFC. I would like to emphasise once again that the Grant Agreement with DFC does not require Blencowe to match funds input by them. Their US$5 million funding is provided via this initial mobilisation tranche and thereafter by further tranches that are paid upon Blencowe achieving as-agreed milestones, which are all key deliverables within the DFS program. We are already well advanced in our achievement of the next milestone which would access and release another US$1 million payment from DFC.”
Mr Pearce added “The DFC Grant Agreement also has no pre-set marketing restrictions and we remain committed to achieving the best offtake partnerships for our products wherever they may be. Our bulk sample pre-qualification process is well underway and we have considerable offtake interest from recent marketing in China. We look forward to the completion of critical SPG testing in USA to prove that Orom-Cross can ultimately produce an efficient 99.95% uncoated battery-ready product for the anode market which will then lead to further OEM SPG testing as part of our DFS.”
For further information please contact:
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Blencowe Resources Plc Sam Quinn |
www.blencoweresourcesplc.com Tel: +44 (0)1624 681 250
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Investor Relations Sasha Sethi |
Tel: +44 (0) 7891 677 441
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Tavira Financial Jonathan Evans |
Tel: +44 (0)20 3192 1733
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First Equity Limited Jason Robertson |
Tel: +44(0)20 7330 1833 |
Buy Blencowe Resources #BRES with a 73p price target says First Equity
Buy Blencowe Resources #BRES says First Equity Ltd#BRES Blencowe Resources PLC – Corporate Presentation
Blencowe Resources is pleased to announce the release of an updated presentation following the completion of the DFC grant.
The presentation can be viewed here and can be found on the Company’s website at https://blencoweresourcesplc.com/presentation/
For further information please contact:
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Blencowe Resources Plc Sam Quinn |
www.blencoweresourcesplc.com Tel: +44 (0)1624 681 250
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Investor Relations Sasha Sethi |
Tel: +44 (0) 7891 677 441
|
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Tavira Financial Jonathan Evans |
Tel: +44 (0)20 3192 1733
|
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First Equity Limited Jason Robertson |
Tel: +44(0)20 7330 1833 jasonrobertson@firstequitylimited.com
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Twitter https://twitter.com/BlencoweRes
#BRES Blencowe Resources PLC – DFC Grant Completed
Orom-Cross is the first pre-production graphite project to achieve support from the Development Finance Corporation (“DFC”), a USA government backed finance provider
DFC to co-fund the Definitive Feasibility Study (“DFS”) and also be lead partner for the project financing of the Orom-Cross into production
Highlights:
- Ground-breaking technical assistance agreement signed with tier one financial institution to provide Blencowe with significant funding for DFS programme.
- US$5 million to be input by the DFC as a grant, with a 20% upfront contribution (US$1 million) to be paid immediately.
- Further DFC payments will be made upon as-agreed feasibility study milestones being achieved.
- DFC is the United States of America’s (“US”) leading development finance institution that partners with the private sector to provide finance solutions for project development in markets deemed as critical to US interests.
- DFC is geared to provide funding assistance for Orom-Cross as part of the US Government’s strategic drive to secure a reliable supply chain of critical minerals and metals, within its wider US$1 trillion Biden-renewables strategy.
- As part of the US$5 million Technical Assistance Grant (“TAG”) the DFC has a right of first refusal on commercial terms to arrange project financing for the Orom-Cross project, which may deliver Blencowe with a potential full funded solution to bring Orom-Cross into production with support from the tier 1 major financial institution.
- The DFC partnership opens up the potential for Blencowe to consider a larger scale project with potentially far greater returns within the DFS. This will have material ramifications on overall Orom-Cross project value ahead.
Blencowe Resources Plc (“Blencowe” or the “Company”) (LSE: BRES) is pleased to announce it has signed a US$5 million agreement with the DFC in order to provide substantial funding for the Orom Cross DFS programme, via a Technical Assistance Grant. The DFC is a proxy for the US Government which funds the organisation and ultimately sets its vision, parameters and funding distribution.
Cameron Pearce, Executive Chairman commented;
“This funding relationship with the DFC is a unique and game-changing event for Blencowe. To the best of our knowledge there has been no other graphite project worldwide that has received a similar type grant to date from the DFC. We appreciate and we value this support and we will do everything we can to build their trust within this relationship, to ensure we deliver a high quality project together.
We believe that that having DFC as our strategic project partner substantially de-risks Orom-Cross and provides us with the means to deliver a world class project from here. Blencowe presented an excellent US$482 million NPV for Orom-Cross within the Pre-Feasibility Study last year but we are now optimistic that we can deliver an even greater value NPV within the Definitive Feasibility Study as we can expand the project horizons.
With the support of the DFC, we can address one of the major challenges and risks to any mining being the clear pathway to fund the project into production. We now have the opportunity to build the Orom-Cross project into a world class project with the comfort of a world class strategic partner.
Graphite demand is rising fast and will continue to do so. It is one of the under-rated but key components of the lithium-ion battery and it is irreplaceable in this regard. As such any future anticipated surge in demand for these batteries, not just for electric vehicles but for energy storage in all other renewable capacities, will continue to accelerate demand for graphite. We now have the means to deliver one of the leading graphite projects in the world and a highly incentivised tier one strategic partner with whom we will work with to do that.”
DFC Technical Assistance Grant (TAG)
This is an innovative funding mechanism for the DFC to become involved at an early stage with key projects that they consider to be within their direct scope and strategy. As Orom-Cross contains an estimated 2-3 billion tonnes of graphite and is one of the largest, high quality deposits worldwide it has considerable long term appeal to the DFC. Graphite remains high on the US Government critical metals and minerals list, hence this relationship with Blencowe opens a potential supply chain for high value end-product over a very long life of mine.
DFC has been working closely with Blencowe through this TAG process and both the Company and the Orom-Cross project have been subjected to all necessary due diligence in order to progress DFC interest into this monetised initial funding solution. Both parties see considerable long term value in their association with one another and Blencowe is confident this relationship will assist to provide a larger project funding solution ahead. One of the key terms within the TAG Agreement is for DFC to be mandated to provide financing for the full Orom-Cross project on commercial terms.
Prospective new graphite producers need to think outside the box to find innovative funding solutions in order to deliver their projects and the DFC relationship provides this for Orom-Cross. Not only does the US$5 million grant cover a significant portion of the DFS costs, which materially reduces the dilutionary impact to Blencowe of funding the full DFS itself, but it also provides a highly motivated full mine implementation funding partner ahead. Furthermore, the credibility associated with partnering one of the leading tier one financial institutions worldwide will open a variety of other relationships ahead as key players in the graphite market (including end user OEMs) can see a new high quality graphite project emerging that now has a more certain pathway to production.
Blencowe will immediately request the upfront payment of the initial 20% of the TAG (US$1 million), which together with the Company’s existing funds provides the means to continue DFS work underway and deliver the next as-agreed milestone payment with DFC. Once this next milestone is achieved further DFC funds are unlocked and so on, until the full grant is utilised and ultimately the DFS is completed.
One substantial advantage that now comes into play with the DFC relationship is that Blencowe is able to consider a larger-scale production strategy than it could do under the base-case scenario that the Company was considering whilst funding solo. The implications of this are enormous and the Company will provide a further update on this once the revised strategy is finalised. The expectation would be for a larger project from day one with a downstream processing facility built in-country to produce an uncoated battery-ready 99.95% SPG product. These factors above will ultimately deliver a considerably higher Net Present Value than the US$482 million NPV achieved within the 2022 Pre-Feasibility Study.
About International Development Finance Corporation
The DFC is the primary US Government finance institution set up to provide financially sound funding solutions for private-sector initiatives pertaining to critical challenges facing the world, in this case the drive towards increased sustainability across the planet. It is an agency of the United States federal government and represents US interests.
DFC’s lending capacity is used to provide loans, guarantees, equity investments and political-risk insurance for private-sector led development projects, feasibility studies and technical assistance. DFC invests across several sectors with stated goals of empowerment, innovation, investment into Africa, green energy and climate change.
Orom-Cross is directly linked with several of these goals. This project may ultimately become one of the largest graphite producing operations in the world over a very long mine life, delivering an end-product in a sustainable manner which is a non-replaceable input component to lithium-ion batteries. Demand for graphite is accelerating at a rate where it is doubling every few years, and is expected to continue growing exponentially into the future. Graphite is therefore high on the US Government critical metals and minerals list and assisting to open up long term supply chain of graphite is a key strategy.
Orom-Cross will also deliver a ‘green’ graphite product through a variety of production initiatives, including the use of hydro-electric power for all mining and processing energy requirements. Orom-Cross aims to become one of the leading sustainable mining projects worldwide and this is a very important component of the DFC charter and critical within a rapidly changing landscape where every participant along the EV supply chain will be audited on their sustainability credentials by OEMs.
Orom-Cross’s potential ability to aid in the further development of the Ugandan economy, empowering its population and driving investment and future development has also proved attractive to the DFC.
For further information please contact:
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Blencowe Resources Plc Sam Quinn |
www.blencoweresourcesplc.com Tel: +44 (0)1624 681 250
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| Investor Relations
Sasha Sethi |
Tel: +44 (0) 7891 677 441
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| Tavira Financial
Jonathan Evans |
Tel: +44 (0)20 3192 1733
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| First Equity Limited
Jason Robertson |
Tel: +44(0)20 7330 1833
jasonrobertson@firstequitylimited.com
|
Twitter https://twitter.com/BlencoweRes
LinkedIn https://www.linkedin.com/company/72382491/admin/
Background
Orom-Cross Graphite Project
Orom-Cross is a potential world class graphite project both by size and end-product quality, with a high component of more valuable larger coarse flakes within the deposit.
A 21-year Mining Licence for the project was issued by the Ugandan Government in 2019 following extensive historical work on the deposit. Blencowe completed a successful Pre-Feasibility Study on the Project in July 2022 and is now within the Definitive Feasibility Study phase as it drives towards first production.
Orom-Cross presents as a large, shallow open-pitable deposit, with an initial JORC Indicated & Inferred Mineral Resource of 24.5Mt @ 6.0% TGC (Total Graphite Content). This Resource has been defined from only ~2% of the total tenement area which presents considerable upside potential ahead. Development of the resource is expected to benefit from a low strip ratio and free dig operations together with abundant inexpensive hydro-electric power off the national grid, thereby ensuring low operating costs. With all major infrastructure available at or near to site the capital costs will also be relatively low in comparison to most graphite peers.
#BRES Blencowe Resources PLC – Bulk Sampling Completed
Completion of 100t Bulk Sample underlines high quality graphite product from Orom-Cross
Highlights:
· Blencowe has now successfully completed critical pre-qualification metallurgical test work with 100t bulk sample works concluded in China.
· Commercial scale results continue to confirm that a high-grade, low impurity concentrate (95-97% TGC) can be delivered from Orom-Cross graphite project in Uganda.
· Increased coarse flake percentage of final mix, together with higher recoveries, will increment the overall weighted average selling price of the Orom-Cross basket of end products.
· Blencowe now has a considerably larger volume of concentrate product to send to potential end users for further pre-qualification testing.
· Positive feedback received from end users on Blencowe’s high-quality 95-97% TGC product with significant interest from established Chinese industry groups in progressing offtake arrangements.
Blencowe Resources Plc (“Blencowe” or the “Company”), is pleased to announce that additional metallurgical test work on its Orom-Cross graphite project in Uganda has now been completed by leading graphite technical specialist laboratory, Jilin New Technology (“Jilin”) based at Yanji in Northern China, following our recent update on 14 August 2023.
This metallurgical test work is critical to understanding the commercial scale process plant components, the quality of the end-product that Orom-Cross can deliver as a high-grade graphite concentrate as well as the flake sizing yield, and the operability of a process plant at Orom-Cross. The 100t bulk sample also provides significantly greater quantum of end product for end user testing which is critical for the Definitive Feasibility Study.
Executive Chairman Cameron Pearce commented:
“We are very pleased with these results from the 100 tonne bulk sample program. We utilized the services of a very experienced graphite plant operator at Jilin for the pilot testing as we believed this party’s extensive knowledge over decades in the industry would deliver superior net concentrate results, and I delighted to say they have delivered us a great outcome.”
Mr Pearce added: “We now have proof we can deliver a very high quality graphite concentrate from Orom-Cross on a commercial scale, which is a key DFS milestone. In parallel we are testing the upgrade of this concentrate to uncoated battery-ready 99.95% SPG (spheronised, purified graphite) and expandables as the next important step to significantly value-add our end products.
Finally, we also now have larger quantities of concentrate as bulk samples to deliver to potential buyers and engage with strategic groups. These groups can now proceed to test the concentrate and determine their level of interest for binding offtake agreements which will be crucial for our project financing. We believe these results will be attractive to a range of graphite consumers and that Orom-Cross can help deliver the shortfall of graphite expected in the market in the foreseeable future.”
Background to the Test Work
Blencowe commissioned Jilin New Technology in partnership with Wuhan University to undertake metallurgical test work on a 100t bulk sample which covered material from both the Northern Syncline and Camp Lode areas within Orom-Cross. The pilot plant program was designed to deliver the following objectives:
1. Confirm the commercial scale viability of processing the Orom-Cross ores.
2. Confirm a 95-97% TGC (Total Graphite Content) pure concentrate is possible with low impurities (in particular thorium and vanadium).
3. Confirm the laboratory testing models.
4. Confirm the liberation process in order to maintain a majority of Jumbo/XL/Large flakes within the concentrate.
5. Confirm the process flow diagram for the pilot plant design as part of the Definitive Feasibility Study.
6. Deliver significant quantum of bulk concentrate to allow Blencowe to initiate discussions with potential off-take partners.
Blencowe is pleased to announce that the pilot plant process has successfully delivered on all of the above objectives.
The optimisation of the process (on the basis of the previous laboratory testing) has been very successful with the pilot plant methodology further improved and able to deliver a shorter overall processing of the ore, whilst improving the metrics of the concentrate delivered.
A shorter processing cycle has the benefits of lower capital expenditure and lower operating costs, both of which will enhance the overall Orom-Cross project financials.
The streamlined processing design has also realised increased recoveries of the more valuable larger +50mesh flake from 6.5% to 9.5% yield (within overall basket of end products), whilst increasing overall large flake yield by approximately 2% and increasing overall concentrate recoveries to over 94%. Again, this will add further value to the project financials.
The additional metallurgical test work to date shows a robust flowsheet capable of repeatable metallurgy for a wide range of feed samples from Orom-Cross, which will now be used directly for reference in the actual concentrator engineering design for the Definitive Feasibility Study.
#BRES Blencowe Resources PLC – Bulk Sampling Update & China Visit
Highlights:
· Blencowe has successfully completed a critical component of the Definitive Feasibility Study (“DFS”), with the successful scaled commercialisation of the flowsheet within the bulk sample processing at Chinese pilot plant graphite production facility.
· Results continue to highlight a high-grade, low impurity concentrate can be delivered in bulk from Orom-Cross.
· Several meetings held with leading Chinese graphite offtake firms seeking both large flake and fines concentrates.
· Ugandan mining officials visited China with Blencowe and were shown the process facility in support of the project.
· Blencowe now approached for downstream processing opportunities.
Blencowe Resources Plc (“Blencowe” or the “Company”), is pleased to provide an update on the 100 tonne bulk sample processing program currently underway. The work is being completed by a leading graphite technical specialist firm, Jilin New Technology, based in Yanji Province in northern China. This experienced graphite facility has been conducting similar test work on several other leading East African graphite projects over the past few years.
The Company is expecting the bulk sample test program to be completed by the end of August.
Senior Company personnel travelled to China recently to review the progress on the bulk sample processing and broaden relationships in this key market. Accompanying the COO was the Company’s Ugandan Country Manager and a representative of the Ugandan Directorate of Geological Survey and Mines (DGSM), with the express purpose of evaluating the progress of the processing and to demonstrate the full process for the Ugandan Government.
Following a refinement of the Pre-Feasibility Study processing methodology by Wuhan University specialists, Blencowe wished to confirm directly with the pilot plant operators the expected improvements in both overall recovery and concentrate grades and secure early samples for delivery to potential offtake partners, following a marked increase in interest for the projects’ concentrate within China. The 100 tonne pilot plant process is currently nearing completion and to date it is confirming the commercial processing viability of the Orom-Cross ores. The Company also visited operating graphite plants and graphite processing equipment suppliers.
Following the distribution of concentrate samples to potential end users from the IMO test work and Wuhan University 150kg test work, several large downstream offtake processors requested meetings to discuss timing and availability of the high-grade, low impurity concentrates from the Orom-Cross project. The offtake meetings involved firms seeking substantial quantities of both larger flake concentrates and fines feedstock for the SPG processors. Several downstream processing firms have expressed interest in opportunities to explore in-country downstream processing of the Orom-Cross concentrates and Blencowe will consider this within the DFS that is underway.
Blencowe was pleased to be able to escort a representative of the Ugandan Directorate of Geological Survey and Mines to view the final processing of the bulk sample. Blencowe invited the DGSM representative to view the process in order to continue to develop a better understanding of the processing technology involved, to foster a deeper overall understanding of the project within Uganda, and to continue to work in partnership with the Government in order to develop the project.
For further information please contact:
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Blencowe Resources Plc Sam Quinn |
www.blencoweresourcesplc.com Tel: +44 (0)1624 681 250
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Investor Relations Sasha Sethi |
Tel: +44 (0) 7891 677 441
|
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Tavira Financial Jonathan Evans |
Tel: +44 (0)20 3192 1733 jonathan.evans@tavira.group
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First Equity Limited Jason Robertson |
Tel: +44(0)20 7330 1833 jasonrobertson@firstequitylimited.com
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Alan Green covers Shuka Minerals #SKA & Blencowe Resources #BRES on this week’s Stockbox Research Talks
Alan Green covers Shuka Minerals #SKA & Blencowe Resources #BRES on this week’s Stockbox Research Talks
Blencowe Resources #BRES – Warrants Update
Further to the announcement on 18 April 2023, the Board of the Company has indicated its wish to exercise 3,150,000 warrants from a total of 6,000,000 warrants allocated that are due to expire on 18 July 2023. Cameron Pearce and Sam Quinn exercised 500,000 and 250,000 respectively as announced on 23 November 2020, therefore, a balance of 2,150,000 warrants of 4p will expire today.
The Board continue to be in a close period relating to the advanced discussions with the DFC regarding funding the DFS, therefore, may not deal in the securities of the Company.
The Board has committed unconditionally to proceed with exercising the warrants at the earliest opportunity possible at such time it is permitted to exercise the warrants. The Company shall receive proceeds of £126,000 following the exercise.
|
Director |
Warrants to be exercised |
Price |
Proceeds |
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Cameron Pearce |
1,000,000 |
4p |
£40,000 |
|
Sam Quinn |
750,000 |
4p |
£30,000 |
|
Mike Ralston |
1,000,000 |
4p |
£40,000 |
|
Alex Passmore |
400,000 |
4p |
£16,000 |
The Board will notify their holdings in due course following the exercise of warrants.
For further information, please visit https://blencoweresourcesplc.com or the following:
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Blencowe Resources Sam Quinn
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Tel: +44 (0) 1624 681 250
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Investor Enquiries Sasha Sethi |
Tel: +44 (0) 7891 677 441
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Tavira Financial Jonathan Evans |
Tel: +44 (0)20 7100 5100 jonathan.evans@tavirasecurities.com
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First Equity Limited Jason Robertson |
Tel: +44 (0)203 192 1733 jasonrobertson@firstequitylimited.com
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