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#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
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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.
Golden Metal Resources #GMET – US Funding Strategy
Golden Metal Resources plc (LON:GMET), a mineral exploration company focused on tungsten, gold, copper and silver within Nevada, USA, announces the Company’s strategy relating to funding opportunities that are available through the US Government. The Company intends to pursue this strategy with a particular focus on seeking non-dilutive government supported grant funding for its flagship 100% owned Pilot Mountain Project (“Pilot Mountain” or the “Project”).
Highlights:
– The Company considers that Pilot Mountain hosts the largest known undeveloped tungsten resource in the US.
– The US is currently without any domestic primary tungsten production with their largest import partner for the critical defense metal being China. Beginning January 2026, the US Department of Defense (DOD) is banning the use of mined tungsten from China, Russia, North Korea and Iran in defence procurement.1
– Golden Metal recently signed a tungsten concentrate off-take letter of intent with Global Tungsten & Powders LLC, a leading United States supplier of tungsten powders and semi-finished parts.
– As a result of the above, the Company believes it is in a strong position to seek out non-dilutive grant funding. If Golden Metal were to receive such funds, it would enable exploration and development at Pilot Mountain to be accelerated.
– Golden Metal is actively working with Mrs. Chang Turkmani, who on 5 June 2023 was officially engaged as Strategic United States Government Advisor, on how to shape its general strategy as it relates to further increasing the profile of Golden Metal Resources and Pilot Mountain within the US and abroad.2
Next Steps:
– Golden Metal has commenced the application process for a short list of relevant grant programmes identified by the Company’s management team, alongside Mrs. Turkmani, from the available Company-eligible funding opportunities.
– Some grants targeted by the Company are applied for by way of an unsolicited application process, meaning Golden Metal can neither disclose which grants have or will be applied for nor the expected timing of an award.
– Securing non-dilutive financial support for Pilot Mountain remains a priority of the Company, and all endeavours are being made in this respect to give Golden Metal the best chance of achieving this goal.
– As soon as it is possible to do so, Golden Metal will provide the market with updates as it relates to progress made towards securing non-dilutive grant funding, which would allow the Company to fast-track exploration and development at its flagship Pilot Mountain Project – with the ultimate goal of establishing Pilot Mountain as the only domestic US primary mined source of tungsten.
Oliver Friesen, CEO of Golden Metal, commented:
“While at this time we cannot disclose many details about our strategy as it relates to government funding opportunities, the recent appointment of Mrs. Turkmani should clearly signify to the market the endeavours we are making on this front.
“The time for the United States to reduce its reliance on other countries for their imports of critical and defence metals is now, and we at Golden Metal strongly believe that as 100% owners of what we consider is the largest undeveloped tungsten deposit located on US soil, we can be a part of this urgent process.
“Targeting non-dilutive funding is a critical focus of the Company. However, minimal updates will be given for the time being, as such disclosure may interfere with our ongoing endeavours in this regard. However, it is important for our investors to know that, while this key part of the business ticks away in the background, we will continue pushing forward exploration and development across the portfolio at pace.”
Notes and References
1https://www.jdsupra.com/legalnews/department-of-defense-expands-scope-of-8754647/
2https://www.londonstockexchange.com/news-article/GMET/appointment-of-strategic-advisor-issue-of-shares/15985547
Forward Looking Statements
This announcement contains forward-looking statements relating to expected or anticipated future events and anticipated results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, competition for qualified staff, the regulatory process and actions, technical issues, new legislation, uncertainties resulting from potential delays or changes in plans, uncertainties resulting from working in a new political jurisdiction, uncertainties regarding the results of exploration, uncertainties regarding the timing and granting of prospecting rights, uncertainties regarding the timing and granting of regulatory and other third party consents and approvals, uncertainties regarding the Company’s or any third party’s ability to execute and implement future plans, and the occurrence of unexpected events.
Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors.
For further information visit www.goldenmetalresources.com or contact the following:
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Golden Metal Resources plc Oliver Friesen (CEO) |
Tel: +44 (0) 20 7583 8304 |
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Cairn Financial Advisers LLP Nominated Adviser Sandy Jamieson/Jo Turner/Louise O’Driscoll |
Tel: +44 20 7213 0880 |
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First Equity Limited Broker Jonathan Brown/Jason Robertson |
Tel: +44 20 7374 2212 |
#TM1 Technology Minerals – Proposed Sale of 10% Interest in US Projects
Technology Minerals (LSE: TM1), the first listed UK company focused on creating a sustainable circular economy for battery metals, announces that it has signed a Memorandum of Understanding (“MOU”) for the Proposed Sale (“Proposed Sale”) of an initial 10 per cent interest in the Company’s registered claims in its wholly owned US cobalt/copper projects; the Blackbird Creek Project and Emperium Project (collectively “the Properties”), Lemhi County, Idaho, United States of America, to Bluebird Metals LLC (“Bluebird” or “the Buyer”) for a cash consideration of £900,000. The MOU is legally binding in certain material respects.
Background: Blackbird and Emperium Projects
The Blackbird Creek Project is located within the Idaho Cobalt Belt (“ICB”), a 60 km long metallogenic district characterised by stratiform/tabular Co-Cu deposits. The ICB is hosted in the Mesoproterozoic Belt Supergroup (1,470 Ma and 1,370 Ma), juxtaposed between later Proterozoic (1,370 Ma) quartz monzonitic intrusions.
The Emperium Project covers approximately 55km² in east-central Idaho, making it one of the largest land positions in the Idaho Cobalt Belt. To date, there has been limited exploration conducted on the property in the form of lithogeochemical (rock) sampling, and satellite image interpretation.
Technology Minerals registered claims in the Properties comprise:
· 158 registered claims comprising approximately 3,175 acres, all located at the Blackbird Creek Property; and
· 694 registered claims comprising approximately 13,720 acres all located in the Emperium Project, Lemhi County, Idaho, United States of America.
The MOU also includes a proposed option for the Buyer to acquire a further 20 per cent interest in the Properties for a further cash consideration of £1.8m. The option will be exercisable within a 6-month period from the date of the signing of the detailed Purchase Agreement regarding the Proposed Sale.
Alex Stanbury, Chief Executive Officer of Technology Minerals, said: “The proposed sale of a minority interest in our US projects is in line with our group strategy to progressively deliver value from our portfolio of junior mining assets. The Blackbird Creek and Emperium Projects form part of our exploration strategy to advance assets up the value chain with the aim of creating additional value in the Company for our shareholders.”
Related Party transaction
The Proposed Sale and grant of option are deemed to be related party transactions for the purposes of DTR 7.3 as Chang Oh Turkmani, a beneficial owner of the Buyer, is also a Non-Executive Director of Technology Minerals Plc and beneficial owner of 55,555,556 ordinary shares amounting to 4.37% of the issued shares in the Company.
The Directors of the Company accept responsibility for this announcement.
For further information please contact:
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Technology Minerals Plc |
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Robin Brundle, Executive Chairman Alexander Stanbury, Chief Executive Officer |
+44 20 7618 9100 |
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Arden Partners Plc |
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Ruari McGirr, George Morgan |
+44 207 614 5900 |
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Luther Pendragon |
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Harry Chathli, Alexis Gore, John Bick |
+44 20 7618 9100 |
Mosman Oil & Gas (MSMN) – USA Operations Update
USA Operations Update
Mosman Oil and Gas Limited (AIM: MSMN) the oil exploration, development and production company, announces an update on its Projects in East Texas, USA.
Falcon (50% working interest)
The Falcon-1 well has continued to produce gas and oil (condensate). The most recent sales numbers advised a gross flow rate of 548 mmbtu/day (circa 95 boepd). Whilst the workover conducted in May did not increase gas production, nor reduce water production, the well has today been recompleted in a new zone to determine if that zone will flow at a higher rate of oil and gas. This is one of two zones identified on wireline logs as hydrocarbon bearing sands. Producing this zone will increase the understanding of the reservoir at Falcon. This in turn will enable the Galaxie lease area geological model to be revised, and the potential Galaxie well ranked against alternative drilling prospects.
Gross Production from Falcon-1 in the quarter ended 31 March 2021 was 9,274 boe.
Stanley (15 to 19% working interest)
At the Stanley Project, several workovers have been performed to optimise oil production. These workovers are normal oilfield practice as part of an ongoing management plan to maintain production and maximize long term recoveries.
Stanley-1 has initially produced at 120 bopd. The well will require sand control, which will be installed in the near future. Stanley-2 continues to produce at 20-25 bopd. Stanley-3 is producing at circa 40 bopd, with flow rate temporarily restricted by paraffin wax build up in the flow line that occurred prior to this workover. This wax build up will be hot oil treated next week to enable the well to flow at higher rates. Stanley-4 has been recompleted in a zone that initially produced both oil and gas. The separator equipment required to produce this well has been bought and will be installed this week. The flow rates of each of these wells will be announced once stable production numbers are available.
Gross production for the quarter ended 31 March 2021 was 14,557 bbl.
Greater Stanley (40% working interest)
The Duff well re-completion of a shallow zone did not produce oil, and the Operator now plans to stimulate and re-complete the well in the deeper Sparta zone in June.
Cinnabar (Mosman 97% working interest)
Cinnabar is the project where Mosman has the highest working interest (97%) and Operatorship. Technical work continues to define locations for multiple development wells on a lease which has produced and is held by production from two existing wells. The required 3D seismic data has now been acquired and the contract awarded to reprocess this 3D seismic data.
Resolution of legal matter
In August 2020, Mosman advised that the party that failed to complete the contract to buy the Welch project had issued a claim for the return of the non-refundable deposit paid totaling USD90,000. This claim was considered by Mosman to be without merit (confirmed by Texas legal advice). Mosman can now advise that it has made a commercial decision to settle the claim at a total cost of USD27,500 to Mosman, so as not to incur any additional fees associated with the claim.
Drilling programme
With all recent activity focused on workovers to optimise near-term production from existing wells Mosman is still committed to participating in drilling several wells this year. The candidates include wells at Cinnabar, Stanley and/or Galaxie.
John W Barr, Chairman, said: “ Whilst it makes sense to optimise production, the need for ongoing workover operations has delayed our plans to drill new wells. We are encouraged that higher oil price with WTI over USD 70/bbl means the economics of existing and new wells has improved compared to the challenging prices in 2020.
“We remain well funded with approximately AUD$3.5 million cash in the bank as at 6 June 2021″
Qualified Person’s Statement
The information contained in this announcement has been reviewed and approved by Andy Carroll, Technical Director for Mosman, who has over 35 years of relevant experience in the oil industry. Mr. Carroll is a member of the Society of Petroleum Engineers.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
Enquiries:
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Mosman Oil & Gas Limited John W Barr, Executive Chairman Andy Carroll, Technical Director |
NOMAD and Broker SP Angel Corporate Finance LLP Stuart Gledhill / Richard Hail / Adam Cowl +44 (0) 20 3470 0470 |
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Alma PR Justine James +44 (0) 20 3405 0205 +44 (0) 7525 324431 |
Joint Broker Monecor (London) Ltd trading as ETX Capital Thomas Smith 020 7392 1432 |
U.S. Official Warns of Assassination of Greek Government
As long ago as February, US Treasury official Paul Craig Roberts warned that the Greek government could be assassinated if it turned to Russia for help.
Dr Roberts in a recent interview said ” “The Greek people and the Greek government have before them the unique opportunity to prevent World War III. All the Greek government needs to do, if the Greek people will get behind the government, is to default on the loans, resign from the EU and from NATO, and accept the deal that the Russians have offered them.
This would begin the unraveling of NATO. Very quickly Spain and Italy would follow. So southern Europe would desert NATO and so would Austria, Hungary and the Czech Republic. NATO is the mechanism that Washington uses to cause conflict with Russia. So as the EU and NATO unravel, the ability of Washington to produce this conflict disappears.
The EU and the ECB are using the Greek crisis to establish a ruling power structure. That makes it difficult to make an agreement with the new Greek government to ameliorate the conditions imposed on Greece. So it makes the EU inflexible. That inflexibility gives Greece the cards to say, ‘We’re not playing your game. We’re going to play a different game and accept Russia’s offer.’”
But back in early February Dr. Roberts said;
“We’ll see whether the Greek government does that. Now of course they may not be allowed to. They may be assassinated. It’s entirely possible. I’ve never thought that the United States would allow a new government in any of its vassal states to rise up and become independent of Washington’s control. So the new Greek government officials may have an ‘accident.’ All kinds of terrible things can happen to people, and have, that get out of sync with Washington. We’ve had several cases in Latin and South America of leaders who wouldn’t follow Washington’s line having mysterious deaths. There have been a number of them who have been overthrown in CIA organized coups. ”
And a CIA coup in Greece is not beyond the realms of possibility. It has already happened once.
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