Blencowe Resources reported further successful testing of graphite from its 100%-owned Orom-Cross project in Uganda, with material successfully incorporated into multiple critical components of a Pluto Aerospace hypersonic rocket, including an advanced ablative nozzle insert, performance-enhancing anti-friction and ice-phobic coatings applied to the fins, and a lithium-ion battery (LiB) powering its altimeter.
In the 18 August test, attended by US government agencies, the rocket achieved a speed of Mach 5.5 and acceleration approaching 150G, representing a substantial improvement on the previous test programme undertaken in April. Each rocket component containing Orom-Cross graphite successfully performed its intended function.
In our view, this result provides further evidence that Orom-Cross is one of the few graphite projects capable of supplying products of the quality required for demanding specialist, high value applications.
Price target 47.9p, implying 488% upside from current levels