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Blencowe Resources #BRES – Exercise of Share Options
Blencowe Resources Plc (LSE: BRES) announces that Executive Chairman Cameron Pearce has exercised share options in the Company.
The share options were issued on 16 December 2021, with a 6p exercise price and a term of five years to maturity. Cameron Pearce was issued 1,500,000 options respectively and is exercising 1,000,000 at 6p, resulting in proceeds of approximately £60,000 for the Company.
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Director |
Share Options Granted |
Exercise Cost at 6p |
Current Holdings |
Holdings on Admission* |
% Holdings on Admission |
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Cameron Pearce |
1,000,000 |
£60,000 |
16,516,667 |
17,516,667 |
3.40 |
Admission and Total Voting Rights
An application has been made for 1,000,000 new ordinary shares to be admitted to trading on the Equity Shares (Transition) category of the official list and the main market of the London Stock Exchange from 8.00 a.m. on 10 September 2026 (“Admission”).
In accordance with the FCA’s Disclosure Guidance and Transparency Rules, the Company confirms that following Admission, the Company’s enlarged issued ordinary share capital will comprise 501,276,099 ordinary shares. The Company does not hold any ordinary shares in Treasury. Therefore, following Admission, the above figure may be used by shareholders in the Company as the denominator for the calculations to determine if they are required to notify their interest in, or a change to their interest in the Company, under the FCA’s Disclosure Guidance and Transparency Rules.
Cavendish – Blencowe Resources #BRES Hypersonic rocket test further broadens hi-value pathway
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
Stockbox podcast with Alan Green, Mark Fairbairn and Dan Flynn covering #BRES, #DGQ, #VVV & #BUX
Stockbox podcast with Alan Green, Mark Fairbairn and Dan Flynn covers:
- Blencowe Resources #BRES
- Delta Gold Technologies #DGQ
- VVV Sports #VVV
- Buxton Resources #BUX
Cavendish note – Blencowe Resources #BRES Anti-radar coatings = high-value defence offtake potential
Blencowe Resources’ development and testing partner American Energy Technologies is testing the material in advanced antiradar/electromagnetic interference (EMI) shielding applications for Unmanned Aerial Vehicles (UAVs) and other defence-related platforms.
Blencowe is engaged with three European manufacturers of advanced aerial platforms, with one potential offtake relationship at an advanced commercial stage, subject to ongoing flight testing and final documentation. Indicative market pricing for the specialist ultra-fine M635 97% TGC material approaches US$20,000/t FOB manufacturing plant.
Separately, discussions around a strategic ally significant ‘Tier 1’ offtake agreement are well advanced, with final technical and commercial inputs being completed . We reiterate our SOTP based target price of 47.9p (representing 561% upside) and Buy recommendation.
Link here to view the full note
Cavendish – Graphite – Projects best positioned for value creation
Blencowe has adopted a partnership-based approach that provides exposure to multiple purification technologies
In our view, the strongest projects are those capable of serving multiple end markets. By selling higher value coarse flakes into industrial applications while upgrading lower-value fine flakes into BAM, they diversify revenue streams, reduce dependence on any single end market and maximise value capture across the full flake size distribution. They also reduce downstream capital requirements and improve capital efficiency, as only the lower-value fine fractions require further processing to achieve attractive margins. Blencowe and EcoGraf are examples of developers pursuing this dual-market strategy.
Some developers have sought to manage BAM-related risks through development strategies. Blencowe, for example, has outlined a five-phase development plan designed to reduce technical, commercial, market and financing risks.
Phase 1 (P1) is effectively a commercial-scale validation phase for the concentrator. During P1, downstream production is to occur via toll processing with technical partners. This should enable participation in higher value product markets without the immediate capital investment and execution risks associated with constructing downstream processing infrastructure, while also allowing customer qualification to begin before committing capital to an owned downstream plant.
Blencowe is ultimately targeting in-house production of USPG (uncoated spheronised graphite). This strategy captures a meaningful proportion of downstream value uplift while minimising risk by allowing customers to undertake coating and other final processing steps within their own supply chains or via toll processing. Coating and associated processing are the most capex-intensive downstream steps, while endusers often have exacting requirements and may have their own proprietary coating technologies.
Finally, the phased development strategy also reduces execution and market risk. P1 and P3 provide operational and commercial validation before construction of the first full-scale concentrator and downstream modules, respectively. Subsequent capacity additions are intended to be demand-led, reducing the risk of committing capital ahead of market demand.
Purification technology provides another point of differentiation. Conventional Chinese graphite purification typically relies on hydrofluoric acid (HF), which is highly effective but presents environmental and permitting challenges associated with handling hazardous chemicals and waste streams.
EcoGraf has developed proprietary HF-free purification technology (HFfree®) and intends to deploy multiple downstream facilities located close to end-users, with mid-stream (shaping) operations planned at Ifakara in Tanzania, near the Epanko mine.
Blencowe, meanwhile, has adopted a partnership-based approach that provides exposure to multiple purification technologies. Its agreement with AETC provides access to thermal purification, while Alkeemia’s proprietary HF-based process is designed to reduce the environmental footprint of conventional HF purification while retaining the technical advantages of the established process.
Blencowe Resources June 26 Buy at 7.8p. Price target 47.9p
Full Cavendish note here
Cavendish – Blencowe Resources #BRES Site for Gulu Downstream has strong infrastructure. Reiterates buy.
Blencowe Resources has secured (via option to purchase) a preferred site for the downstream processing operations associated with its 100%-owned Orom-Cross flake graphite project in Uganda. Located c35km north of Gulu, the 100-acre site provides direct access to low-cost hydro-linked grid power, a permanent water source and sufficient space to accommodate future expansions as Orom-Cross and downstream capacity ramp-up in tandem.
Orom-Cross combines a large, scalable resource base with favourable orebody characteristics and metallurgy, a flake size distribution skewed towards higher-value larger flakes, good infrastructure (eg low-cost hydropower) and strong ESG credentials. The project is positioned to benefit from an ongoing structural shift in global graphite markets. Western OEMs and governments are intensifying efforts to reduce reliance on China for critical minerals and we understand they are prepared to pay premium prices for reliable long-term supply of high quality ex-China graphite as a result.
In our view, Blencowe is well differentiated versus peers that remain heavily exposed to commoditised small-flake concentrate markets. We reiterate our SOTP-based target price of 47.9p (representing 539% upside) and Buy recommendation.
Full note here
Blencowe Resources #BRES – Cavendish Publishes Initiation Research
Blencowe Resources (BRES): BUY Orom-Cross: Differentiated ex-China graphite opportunity
Blencowe Resources is advancing the 100%-owned Orom-Cross flake graphite project in Uganda. The project combines a large, scalable resource base with favourable orebody characteristics and metallurgy, a flake size distribution skewed towards highervalue larger flakes, good infrastructure (eg low-cost hydropower) and strong ESG credentials. Orom-Cross is positioned to benefit from an on-going structural shift in global graphite markets. Western OEMs and governments are intensifying efforts to reduce reliance on China for critical minerals and we understand they are prepared to pay premium prices for reliable long-term supply of high-quality ex-China graphite as a result. Against this backdrop, a well-thought-out strategy is in place of three interlocking pillars that is designed to minimise capital requirements and execution risks while progressively unlocking value. This comprises: i) a phased, demand-led expansion strategy; ii) the upgrading of low-value small-flake material into higher-value battery-targeted products; and iii) conversion of larger-flake concentrates into valuable high-purity products. In our view, Blencowe is well differentiated versus peers that remain heavily exposed to commoditised small-flake concentrate markets. We initiate coverage with a SOTP-based target price of 47.9p (representing 518% upside) and a Buy recommendation.
Blencowe Resources #BRES – Block Admission Six Monthly Return
The Company applied for the Block Admission of 64,125,278 ordinary shares of 0.5p (“Ordinary Shares”) in the Block Listing Application on 13 January 2026 (“Block Admission”).
The Company reports that during the period from 13 January 2026 to 12 June 2026 an aggregate of 14,071,450 Ordinary Shares have been issued pursuant to the Block Admission following the exercise of warrants raising approximately £789,000 for the Company. A balance of 50,053,828 Ordinary Shares remains available under the Block Admission as at 12 June 2026.
Total Voting Rights
In accordance with the FCA’s Disclosure Guidance and Transparency Rules, the Company confirms that following Admission, the Company’s enlarged issued ordinary share capital will comprise 492,420,836 ordinary shares. The Company does not hold any ordinary shares in Treasury. Therefore, following Admission, the above figure may be used by shareholders in the Company as the denominator for the calculations to determine if they are required to notify their interest in, or a change to their interest in the Company, under the FCA’s Disclosure Guidance and Transparency Rules.
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Blencowe Resources Plc |
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Sam Quinn (Director) |
Tel: +44 (0)1624 681 250
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Sasha Sethi (Investor Relations) |
Tel: +44 (0) 7891 677 441 |
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Tavira Financial (Joint Broker):
Jonathan Evans |
Tel: +44 (0)20 3192 1733 |
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Oak Securities (Joint Broker):
Calvin Man / Mungo Sheehan / Jerry Keen |
Tel: +44 (0)20 3973 3678 |
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Cavendish (Joint Broker):
Neil McDonald / Peter Lynch / Hanna Leijonmarck |
Tel: +44 (0) 20 7908 6000 |
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Stockbox podcast with Alan Green, Mark Fairbairn and Dan Flynn covering #CMRS, #BRES, #MPAL & #TRU
Stockbox podcast with Alan Green, Mark Fairbairn and Dan Flynn covers:
- Critical Mineral Resources #CMRS
- Blencowe Resources #BRES
- Medpal AI #MPAL
- Trufin #TRU
OAK Securities – Optimised DFS Drives Upgrade to Valuation for Blencowe Resources #BRES
Blencowe Resources Plc (LSE: BRES) has published an updated Definitive Feasibility Study (DFS) for the Orom-Cross Graphite Project, located in Uganda. The optimised DFS, published in May 2026, realises a 15% increase in the post-tax Net Present Value (NPV10), compared to the previous study published in December 2025, increasing the NPV10 to US$1.25 billion with a post-tax Internal Rate of Return (IRR) of 51%.
The updated DFS centres on a two-phase operation and contains several changes compared to the previous study including revised product pricing assumptions, operational costs, and updates to the development timeline. The estimated capital cost (capex) to construct the mine at Orom-Cross remains low for both phases of the mine’s development. Phase 1 is modelled at a production level of 20,000 tonnes per annum (tpa) of 97% Total Graphite Carbon (TGC) concentrate plus up to 3,000 tpa of spheronised graphite produced at an in-country beneficiation facility, and Phase 1 has a capex of US$45 million. Phase 2, which models production increasing to 70,000 tpa of 97% TGC concentrate, plus up to 10,000 tpa spheronised and purified graphite, plus expandable graphite, from in-country beneficiation, has a capex of US$125 million.
Thesis Summary
Since the publication of the previous DFS in December 2025, Blencowe Resources has announced the results from its 6,750-metre (m) Stage 7 drill programme at the Orom-Cross Graphite Project, and defined maiden Resource Estimates at the Iyan and Beehive Deposits.
The resource estimates at Iyan and Beehive have increased the scale of Blencowe’s Resource base by 168% to a total of 64.3 million tonnes (Mt) at an average grade of 6.0% TGC.
The updated May 2026 DFS is focused on the JORC 2012 compliant Reserve Estimate for the Orom-Cross deposit of 23.1 Mt at an average grade of 5.18% TGC.
Blencowe could further improve the robust economics for the Orom-Cross Project by converting the expanded resource base into reserves to potentially extend the mine life or increase production levels.
We have updated our valuation to reflect the improved NPV at the Orom-Cross Project, and we have also taken into account changes to the valuations of the graphite peer group. As a result of these changes, we maintain our BUY rating and have increased our price target by 6% to 35.7p from 33.7p per share.