Home » Posts tagged 'energy'
Tag Archives: energy
#BRES Blencowe Resources PLC – Successful Hypersonic Rocket Testing
Blencowe Resources Plc (LSE: BRES) is pleased to report further successful testing of Orom-Cross graphite products within advanced aerospace and defence applications.
On 18 August 2026 American Energy Technologies Co (“AETC”), Pluto Aerospace, Purdue University and US Government Agencies, together with Blencowe COO Iain Wearing, attended a rocket test programme in Las Cruces, New Mexico. The successful Pluto Aerospace solid-fuel rocket flight achieved a maximum speed of Mach 5.5 and acceleration approaching 150G, representing a substantial increase in speed and acceleration from the previous test programme undertaken in April.
Importantly, Orom-Cross graphite was incorporated across multiple critical components aboard the hypersonic vehicle, including an ablative rocket nozzle insert, performance-enhancing coatings applied to the rocket fins and natural graphite used within the lithium-ion battery powering the rocket’s altimeter.
The successful test further demonstrates the potential for Orom-Cross graphite to access specialist, high-value aerospace and defence markets, supporting Blencowe’s strategy to continually develop higher-value product pathways as Orom-Cross advances towards production.
Highlights
· Successful hypersonic rocket flight in the USA incorporating Orom-Cross graphite across multiple critical components
· Pluto Aerospace rocket achieved a maximum speed of Mach 5.5 and acceleration approaching 150G
· Orom-Cross graphite incorporated within an advanced ablative rocket nozzle insert manufactured by AETC
· Orom-Cross natural graphite used in performance-enhancing anti-friction and ice-phobic coatings applied to the rocket fins
· Lithium-ion battery powering the rocket’s altimeter used natural graphite supplied by Blencowe alongside recycled graphite, with zero synthetic graphite
· Successful testing further demonstrates the potential for Orom-Cross graphite within high-value aerospace and military applications
· High-end defence applications provide potential pathways to new strategic offtake relationships and funding opportunities
· Continued collaboration with US graphite technical specialist AETC is opening further value-added applications for Orom-Cross graphite
· Further orbital testing planned for Q4 2026
Blencowe provided graphite concentrates from Orom-Cross to technical partner AETC, which manufactured mouldings for rocket and missile exhaust nozzles replacing a proportion of the synthetic graphites normally used in these applications. The resultant nozzles underwent rigorous testing prior to installation on the rocket.
The initial testing programme is being undertaken with Pluto Aerospace for hypersonic sub-orbital rockets, with orbital testing planned for the final quarter of 2026.
The successful flight conducted on 18 August 2026 utilised a substantially larger motor than the previous test undertaken in April, achieving a maximum speed of Mach 5.5 and acceleration approaching 150G.
In addition to the highly innovative rocket motor, Orom-Cross graphite was incorporated into several important components aboard the hypersonic vehicle:
· an advanced ablative nozzle insert manufactured by AETC for enhanced thrust performance;
· performance-enhancing anti-friction and ice-phobic coatings applied to the rocket’s four aluminium fins; and
· natural graphite used within the lithium-ion battery powering the rocket’s altimeter.
Of special note is the application of 3.8 Ah pouch cells, manufactured by Navitas Systems incorporating manufactured natural graphite supplied by Blencowe together with recycled graphite produced through AETC’s direct recycling process. The battery incorporated up to 15 wt.% recycled and “healed” graphite produced through AETC’s direct recycling process and represents the first known example in the North American battery industry of a fully functional form-factored battery incorporating industrially manufactured recycled graphite as a significant component of both the active material and cathode conductivity additive.
Importantly, the battery, comprised of 100% natural flake graphite from raw and recycled materials, with no synthetic graphites, further demonstrating the potential for Orom-Cross graphite to be utilised within specialist, high-value military and aerospace applications.
With the launch of this rocket, Pluto Aerospace and AETC highlighted a group of trusted vendors and raw material suppliers involved in the programme, including Navitas Systems, an advanced U.S. battery manufacturer; Blencowe Resources plc, the supplier of Orom-Cross graphite used in rocket nozzles, battery and ice phobic coatings aboard the flight; and Cadoux Limited, a supplier of nanoscale alumina used as a critical safety component of lithium-ion batteries.
Executive Chairman Cameron Pearce commented:
“These results continue to highlight the emergence of Orom-Cross graphite as an important source of high-quality graphite products for use in military and aerospace applications. There are relatively few graphite projects worldwide capable of supplying the quality of products required for these specialist applications, which may open new offtake relationships and strategic opportunities and places Orom-Cross in a strong position moving forward as we advance towards first production.”
As we complete funding for P1 Production and move to building the first stage of operations, we are continuously testing new products and adding new offtakers, each of which builds further value within the Project. Our strategy is to differentiate Orom-Cross from other graphite projects by targeting the most lucrative markets available to us, through both our products and strategic relationships.”
For further information please contact:
|
Blencowe Resources Plc |
|
|
Sam Quinn (Director) |
Tel: +44 (0)1624 681 250
|
|
Sasha Sethi (Investor Relations) |
Tel: +44 (0) 7891 677 441
|
|
Tavira Financial (Joint Broker):
Jonathan Evans |
Tel: +44 (0)20 3192 1733 |
|
Oak Securities (Joint Broker): Mungo Sheehan / Jerry Keen |
Tel: +44 (0)20 3973 3678 |
|
Cavendish (Joint Broker):
Neil McDonald / Peter Lynch / Hanna Leijonmarck |
Tel: +44 (0) 20 7908 6000 |
|
|
|
|
|
Diagram 1 : Showing latest Pluto rocket tested using Orom-Cross graphite
Diagram 2 : Rocket nozzle utilising Orom-Cross materials
Diagram 3 : Rocket Fins with Orom-Cross Ico phobic coatings applied to four sides (different samples), plus control sample (beige side)
Diagram 4 : Battery cell composed of 85% natural graphite (Orom-Cross) and 15% recycled graphite
#BRES Blencowe Resources PLC – High-Value Defence Applications for Orom-Cross
Blencowe Resources Plc (LSE: BRES) is pleased to report an update on the progress of the ongoing application component testing utilising Orom-Cross graphite concentrates produced from its 100%-owned Orom-Cross Graphite Project in Uganda.
In July, Iain Wearing, the Company’s COO, visited development and testing partner American Energy Technologies (“AETC”) in Chicago for an update on several important programmes currently underway using Orom-Cross graphite products.
The latest work further demonstrates the potential for Orom-Cross graphite products to access specialist, high-value markets beyond conventional concentrate sales. This supports Blencowe’s strategy to continually optimise its product and sales mix towards higher-value applications as the Project advances towards production.
Highlights
· Orom-Cross graphite products being tested in advanced anti-radar / electromagnetic interference (“EMI”) shielding applications for Unmanned Aerial Vehicles (“UAV”) and other defence-related platforms
· Blencowe currently engaged with three manufacturers of advanced aerial platforms in Europe
· One potential offtake relationship now at an advanced commercial stage, subject to completion of ongoing flight testing and finalisation of documentation
· Specialist ultra-fine M635 97% Total Graphitic Carbon (“TGC”) material used in this application has indicative market pricing approaching US$20,000/tonne FOB manufacturing plant
· Latest UAV and anti-radar coating programmes build on previous successful aerospace and rocket propulsion testing, demonstrating continued progression from technical validation towards commercial end-use adoption
· Orom-Cross material currently being used in high-fidelity demonstration projects in real application environments
· Further evidence of Blencowe’s strategy to continually upgrade its sales mix towards higher-value graphite products and specialist Western markets
· Existing non-binding offtake coverage already exceeds planned P1 production of 20,000tpa, while the Company continues to build the broader sales book required for P2 production
· P1 funding discussions continue to advance in parallel, with the Company focused on securing the optimal project-level funding structure
Blencowe Resources is working with its development partners and several manufacturers of UAV technology platforms in Europe to develop formulations for EMI shielding coatings on top of advanced mobile aerial platforms. This anti-radar pigment is very topical for drone manufacturing as well as other defence applications.
In addition to its superb electrical conductivity, testing indicates that Orom-Cross graphite exhibits preferential naturally occurring characteristics of particular relevance to reducing the electromagnetic signature on objects to which this graphite is applied.
Experimental work has also demonstrated highly pronounced hydrophobic properties within natural crystalline flake graphite from Orom-Cross. These characteristics are beneficial for advanced aerial platforms applications where equipment may be exposed to fog, rain and other adverse atmospheric conditions.
Advanced Offtake Discussions
Blencowe Resources has engaged with three manufacturers of advanced aerial platforms, with one offtake relationship now at an advanced stage for application-ready dry powder pigment based on ultra-fine M635 97% TGC flake originating from Orom-Cross.
Commercial documentation is being progressed, with completion subject to final technical inputs and the outcome of ongoing flight testing.
Indicative market pricing for material used in this specialist application approaches US$20,000/tonne FOB manufacturing plant, demonstrating the potential value available from niche applications compared with conventional graphite concentrate sales.
Material from Orom-Cross is currently being used in high-fidelity demonstration projects in real application environments. The Company will update the market as this potential offtake progresses towards execution.
This opportunity represents the latest stage in a broader commercialisation pathway that has seen Orom-Cross graphite successfully tested across multiple aerospace, defence and advanced materials applications.
Offtake and Funding Strategy
Blencowe has already secured non-binding offtake coverage exceeding the planned 20,000tpa P1 Production volume and continues to optimise its sales portfolio as higher-value applications and counterparties emerge.
The Company’s strategy is to progressively replace lower-value sales opportunities with higher-value product pathways where appropriate, while simultaneously building the broader offtake book required to support the planned 70,000tpa P2 Production target.
In parallel, P1 funding discussions continue to advance. The Company remains focused on securing a project-level funding structure that supports development of Orom-Cross while minimising dilution at plc level and will update the market when there is substantive progress suitable for announcement.
Separately, as previously referenced, the Company continues to advance discussions around a potentially strategically significant tier one offtake. This process is now well advanced, with final technical and commercial inputs being completed. The Company will provide a further update if and when appropriate.
Photo: Blencowe COO, Iain Wearing holding sample of dry-powder pigment prior to shipment
Executive Chairman Cameron Pearce commented:
“This latest work further demonstrates the quality and versatility of Orom-Cross graphite products and the value that can be captured by moving beyond conventional concentrate sales into specialist, higher-value applications.
Blencowe has already more than covered the 20,000tpa P1 Production volume through existing non-binding offtake agreements. Our strategy now is to continually optimise that sales portfolio as higher-value opportunities emerge, while at the same time building the broader offtake book required to support P2 Production.
This particular defence application is a good example. Our Orom-Cross graphite is already being used in real-world testing environments, and the potential offtake relationship has progressed to an advanced commercial stage, subject to completion of the remaining technical work and documentation.
Funding remains the key gatekeeper to first production and we continue to advance P1 funding discussions in parallel. Our focus remains on securing the right project-level structure for Orom-Cross, rather than simply the quickest capital available.
Western customers are increasingly seeking high-quality graphite products from non-Chinese sources to reduce geopolitical and supply-chain risk. We believe Orom-Cross is exceptionally well positioned for this shift, and the emergence of specialist opportunities such as these further strengthens the commercial case for the Project.“
|
For further information please contact: |
|||
|
Blencowe Resources Plc |
|
|
|
|
Sam Quinn (Director) |
Tel: +44 (0)1624 681 250
|
|
|
|
Sasha Sethi (Investor Relations) |
Tel: +44 (0) 7891 677 441 |
|
|
|
Tavira Financial (Joint Broker):
Jonathan Evans |
Tel: +44 (0)20 3192 1733 |
|
|
|
Oak Securities (Joint Broker):
Mungo Sheehan / Jerry Keen |
Tel: +44 (0)20 3973 3678 |
|
|
|
Cavendish (Joint Broker):
Neil McDonald / Peter Lynch / Hanna Leijonmarck |
Tel: +44 (0) 20 7908 6000 |
|
|
|
|
|||
|
|
|
||
|
|
|
||
#BRES Blencowe Resources PLC – High Value Synthetic Diamond Manufacture
Blencowe Resources Plc (LSE: BRES) is pleased to announce the results of additional test work confirming that graphite concentrates from the Orom-Cross Project are suitable for the manufacture of synthetic industrial diamonds, further validating the quality, versatility and downstream optionality of the Company’s graphite feedstock.
The test work was undertaken by American Energy Technology Co. (“AETC”) in Chicago and forms part of Blencowe’s value-addition programme focused on demonstrating commercially viable, non-China downstream applications for Orom-Cross graphite.
Crucially, the test work achieved a diamond conversion yield of 53.6wt%, exceeding the typical industry benchmark of approximately 50%. AETC notes that this threshold is widely regarded as critical in determining whether synthetic diamond production can be undertaken economically outside China, given the highly competitive cost structure of the industry. Conversion yields below this level typically necessitate lower-cost Chinese processing to remain viable.
Production of industrial diamonds provides Orom-Cross with another significant value-adding enhancement opportunity beyond sale of graphite as concentrates and Blencowe will be seeking offtake opportunities in this sector ahead as it continues to drive towards first production.
Synthetic Diamond Test Work – Highlights
· Successful synthesis of robust industrial diamonds from Orom-Cross graphite concentrate
· All diamonds produced were mono-crystalline, a higher-value structure than polycrystalline alternatives
· Average particle size of 50-60 microns, with oversized diamonds up to 350-500 microns
· Conversion yield of 53.6wt%, supporting cost-competitive production outside China
AETC further observed that many natural graphites, including several deposits across East Africa, are less suitable for synthetic diamond manufacture due to thicker, less compressible flake structures, which inhibit efficient diamond formation. In contrast, the fine, compressible flake characteristics of Orom-Cross graphite proved highly conducive to diamond synthesis, representing a distinctive quality signature of the deposit.
Strategic Context
Synthetic diamond manufacture is a specialised, high-value industrial market where feedstock quality and conversion efficiency directly influence cost competitiveness. These results confirm that Orom-Cross graphite meets the technical thresholds required to support economically viable diamond production outside China, opening additional downstream pathways alongside the Company’s core battery and energy transition strategy.
This optionality further differentiates Orom-Cross as a high-quality, non-China graphite source, aligned with increasing Western focus on secure supply chains, local processing and advanced manufacturing.
Importantly, the confirmation of multiple high-value end markets strengthens the overall Orom-Cross development case and supports Blencowe’s ongoing funding and offtake processes. In parallel, the Company continues to progress drilling and resource definition across the project, with remaining assay results from the Iyan and Beehive programmes expected to be reported progressively, building toward sequential JORC resource updates.
Cameron Pearce, Blencowe’s Executive Chairman commented:
“This work highlights a fundamental characteristic of Orom-Cross graphite: its quality extends beyond battery applications into demanding industrial uses where conversion efficiency and cost competitiveness are critical. Achieving mono-crystalline diamond formation at conversion yields above industry benchmarks reflects the compressibility and structural integrity of our graphite, which continues to differentiate the project.
As further drill results and technical validation are delivered, Orom-Cross continues to mature as a scalable, high-quality graphite development. This progress strengthens the underlying project fundamentals and is directly supporting funding and offtake discussions currently underway, as we advance toward the next resource update.”
For further information please contact:
|
Blencowe Resources Plc |
|
|
Sam Quinn (Director) |
Tel: +44 (0)1624 681 250
|
|
Sasha Sethi (Investor Relations) |
Tel: +44 (0) 7891 677 441 |
|
Tavira Financial (Joint Broker)
Jonathan Evans |
Tel: +44 (0)20 3192 1733 |
|
Oak Securities (Joint Broker)
Calvin Man /Mungo Sheehan / Jerry Keen |
Tel: +44 (0)20 3973 3678 |
|
|
|
|
|
#AYM Anglesey Mining PLC – Half yearly report for the six months to 30 September 2025
Chairman’s Statement and Management Report
During the half year period, we were pleased to publish a conceptual study of a high-density fluid hydro-power energy storage project at the mine.
The findings of the conceptual study led to the commencement of a pre-feasibility study (PFS) in the energy storage scheme and we have published the proposed operational methodology and revenue streams associated with the project in terms of both Long Duration Energy Storge (LDES) and how that might be the catalyst for the commencement of mining of the Parys Mountain VMS mineral deposits.
Our investigations show there is a positive business case for the energy project on a standalone basis, that the risks identified thus far can be reasonably overcome or mitigated. Elements of the energy storage project scope, for example: the de-watering and refitting of the Morris shaft for material and personnel hoisting, the dewatering of the workings emanating from the Morris shaft 280m below the surface, the upgrading of the power-line to site, the on-going environmental and social studies and the deployment of impact avoidance, mitigation and compensation strategies, are each synergistic with the first steps of establishing a modern underground mine on Parys Mountain.
It is an essential and clear intent of the energy project that Anglesey Mining retains all the optionality that it currently has for the construction and commissioning of an underground mine, and that the hydro energy pumped storage project should not detract from those options over the medium and long term.
In the period to the 30th September 2025, we unfortunately had to announce the termination of our management rights and obligations over Grangesberg Iron AB (GIAB). Under a shareholders’ agreement our 100% owned subsidiary, Angmag AB, and therefore Anglesey Mining, had management rights with the ability to appoint the majority of the Board of GIAB. The Agreement had an initial term of 10 years from 28 May 2014, extendable on a year-to-year basis, unless terminated on one year’s notice. On 28 May 2024, Eurmag AB, which holds the remaining 50.2% of GIAB, gave notice of termination of the Agreement.
As at 31 December 2024, GIAB had loans outstanding to its senior debt holder of approximately US$9.0 million. Despite the best efforts of the Company, revised terms and conditions for the senior debt could not be arrived at such that the Board of Anglesey Mining could then explore the raising of funds to facilitate a settlement of this debt and therefore management of GIAB reverted to Eurmag AB, GIAB’s 50.2% shareholder, with Anglesey retaining its 49.8% ownership interest.
Post the end of the half year period, on 5 December 2025 the Company announced that it had entered into a binding letter of intent with its largest shareholder and largest creditor Energold Minerals Inc. whereby Anglesey will eliminate approximately £4 million of debt in exchange for its interest in GIAB and holding of Labrador Iron Mines Holdings Limited, reducing total outstanding debt to approximately £100,000.
Energold has also provided immediate funding to Anglesey of £350,000 through the purchase of non-voting exchangeable warrants.
The Board believes that the restructuring of the Company’s balance sheet, in addition to the investment of fresh funds by Energold, will place the Company in a materially stronger position from which to pursue its primary objective of advancing Parys Mountain.
Finally, at the beginning of December 2025, we were delighted to welcome Brendan Cahill and Jim Williams to Anglesey’s board.
Financial
The group had no revenue for the period. The loss for the six months to 30 September 2025 was £334,699 (2024 comparative period £311,052) and expenditure on the mineral properties in the period was £50,955 compared to £125,479 in the same period in 2024.
Net current liabilities as at 30 September 2025 were £370,085 compared to net current liabilities of £182,582 at 31 March 2025.
Andrew King
Chairman
19 December 2025
Unaudited condensed consolidated income statement
| Notes | Unaudited six months ended 30 September 2025 | Unaudited six months ended 30 September 2024 | ||
| All operations are continuing | £ | £ | ||
| Revenue | – | – | ||
| Expenses | (236,591) | (213,575) | ||
| Equity-settled employee benefits | – | (4,230) | ||
| Investment income | 883 | 2,169 | ||
| Finance costs | (98,957) | (95,384) | ||
| Foreign exchange movement | (34) | (32) | ||
| Loss before tax | (334,699) | (311,052) | ||
| Taxation | 8 | – | – | |
| Loss for the period | 7 | (334,699) | (311,052) | |
| Loss per share | ||||
| Basic – pence per share | (0.1)p | (0.1)p | ||
| Diluted – pence per share | (0.1)p | (0.1)p | ||
Unaudited condensed consolidated statement of comprehensive income
| Loss for the period | (334,699) | (311,052) | ||
| Other comprehensive income | ||||
| Items that may subsequently be reclassified to profit or loss: | ||||
| Change in fair value of investment | 14 | (449,562) | 388,683 | |
| Foreign currency translation reserve | 13,912 | 17,654 | ||
| Total comprehensive (loss) for the period | (770,349) | 95,285 | ||
All attributable to equity holders of the company
Unaudited condensed consolidated statement of financial position
| Notes | Unaudited 30 September 2025 | 31 March 2025 | ||
| £ | £ | |||
| Assets | ||||
| Non-current assets | ||||
| Mineral property exploration and evaluation | 9 | 17,043,457 | 16,992,502 | |
| Property, plant and equipment | 204,687 | 204,687 | ||
| Investments | 10 | 777,119 | 1,226,681 | |
| Deposit | 129,727 | 128,857 | ||
| 18,154,990 | 18,552,727 | |||
| Current assets | ||||
| Other receivables | 35,358 | 36,988 | ||
| Cash and cash equivalents | 43,791 | 44,264 | ||
| 79,149 | 81,252 | |||
| Total assets | 18,234,139 | 18,633,979 | ||
| Liabilities | ||||
| Current liabilities | ||||
| Trade and other payables | (449,234) | (263,834) | ||
| (449,234) | (263,834) | |||
| Net current liabilities | (370,085) | (182,582) | ||
| Non-current liabilities | ||||
| Loans | (4,231,211) | (4,046,102) | ||
| Long term provision | (50,000) | (50,000) | ||
| (4,281,211) | (4,096,102) | |||
| Total liabilities | (4,730,445) | (4,359,936) | ||
| Net assets | 13,503,694 | 14,274,043 | ||
| Equity | ||||
| Share capital | 11 | 10,359,056 | 10,359,056 | |
| Share premium | 12,910,853 | 12,910,853 | ||
| Currency translation reserve | (68,797) | (82,709) | ||
| Retained losses | (9,697,418) | (8,913,157) | ||
| Total shareholders’ funds | 13,503,694 | 14,274,043 | ||
All attributable to equity holders of the company
Unaudited condensed consolidated statement of cash flows
| Notes | Unaudited six months ended 30 September 2025 | Unaudited six months ended 30 September 2024 | ||
| £ | £ | |||
| Operating activities | ||||
| Loss for the period | (334,699) | (311,052) | ||
| Adjustments for: | ||||
| Investment income | (883) | (2,169) | ||
| Finance costs | 98,957 | 95,384 | ||
| Share based payments charge | – | 4,230 | ||
| Foreign exchange movement | 34 | 32 | ||
| (236,591) | (213,575) | |||
| Movements in working capital | ||||
| Decrease/(increase) in receivables | 1,630 | 9,385 | ||
| Increase in payables | 182,627 | 4,041 | ||
| Net cash used in operating activities | (52,334) | (200,149) | ||
| Investing activities | ||||
| Investment income | 13 | 3 | ||
| Mineral property exploration and evaluation | (48,118) | (274,755) | ||
| Net cash used in investing activities | (48,105) | (274,752) | ||
| Financing activities | ||||
| Issue of share capital | – | 567,750 | ||
| Movements on loans | 100,000 | (29,207) | ||
| Net cash generated from financing activities | 100,000 | 538,543 | ||
| Net increase in cash and cash equivalents | (439) | 63,642 | ||
| Cash and cash equivalents at start of period | 44,264 | 219,685 | ||
| Foreign exchange movement | (34) | (32) | ||
| Cash and cash equivalents at end of period | 43,791 | 283,295 | ||
All attributable to equity holders of the company
Unaudited condensed consolidated statement of changes in group equity
| Share capital £ |
Share premium £ |
Currency translation reserve £ |
Retained losses £ |
Total £ |
|
| Equity at 1 April 2025 – audited | 10,359,056 | 12,910,853 | (82,709) | (8,913,157) | 14,274,043 |
| Total comprehensive loss for the period: |
|||||
| Loss for the period | – | – | – | (334,699) | (334,699) |
| Change in fair value of investment | – | – | – | (449,562) | (449,562) |
| Exchange difference on translation of foreign holding |
– | – | 13,912 | – | 13,912 |
| Total comprehensive loss for the period |
– | – | 13,912 | (784,261) | (770,349) |
| Shares issued | – | – | – | – | – |
| Share issue expenses | – | – | – | – | – |
| Equity-settled employee benefits | – | – | – | – | – |
| Equity at 30 September 2025 – unaudited |
10,359,056 | 12,910,853 | (68,797) | (9,697,418) | 13,503,694 |
| Comparative period | |||||
| Equity at 1 April 2024 – audited | 9,711,764 | 12,963,103 | (89,589) | (8,097,527) | 14,487,751 |
| Total comprehensive loss for the period: |
|||||
| Loss for the period | – | – | – | (311,052) | (311,052) |
| Change in fair value of investment | – | – | – | 388,683 | 388,683 |
| Exchange difference on translation of foreign holding |
– | – | 17,654 | – | 17,654 |
| Total comprehensive loss for the period |
– | – | 17,654 | 77,631 | 95,285 |
| Shares issued | 635,000 | – | – | – | 635,000 |
| Share issue expenses | – | (67,250) | – | – | (67,250) |
| Share issue expenses | – | – | – | 4,230 | 4,230 |
| Equity at 30 September 2024 – unaudited |
10,346,764 | 12,895,853 | (71,935) | (8,015,666) | 15,155,016 |
All attributable to equity holders of the company
Notes to the accounts
1. Basis of preparation
This half-yearly financial report comprises the unaudited condensed consolidated financial statements of the group for the six months ended 30 September 2025. It has been prepared in accordance with the Disclosure and Transparency Rules of the Financial Conduct Authority, the requirements of IAS 34 – Interim financial reporting (as adopted by the UK) and using the going concern basis. The directors are not aware of any events or circumstances which would make this inappropriate. It does not constitute financial statements within the meaning of section 434 of the Companies Act 2006 and does not include all of the information and disclosures required for annual financial statements. It should be read in conjunction with the annual report and financial statements for the year ended 31 March 2025 which is available on request from the company or may be viewed at www.angleseymining.co.uk/accounts.
The financial information contained in this report in respect of the year ended 31 March 2025 has been extracted from the report and financial statements for that year which have been filed with the Registrar of Companies. The report of the auditors on those accounts did not contain a statement under section 498(2) or (3) of the Companies Act 2006 and was not qualified. The half-yearly results for the current and comparative periods have not been audited or reviewed by the company’s auditor.
2. Significant accounting policies
The accounting policies applied in these unaudited condensed consolidated financial statements are consistent with those set out in the annual report and financial statements for the year ended 31 March 2025. There are no new standards, amendments to standards or interpretations that are expected to have a material impact on the group’s results.
The group has not applied certain new standards, amendments and interpretations to existing standards that have been issued but are not yet effective. They are either not expected to have a material effect on the consolidated financial statements or they are not currently relevant for the group.
3. Risks and uncertainties
The principal risks and uncertainties set out in the group’s annual report and financial statements for the year ended 31 March 2025 remain the same for this half-yearly period. They can be summarised as: development risks in respect of mineral properties, especially in respect of permitting and metal prices; liquidity risks during development; and foreign exchange risks. More information is to be found in the 2025 annual report – see note 1 above.
4. Statement of directors’ responsibilities
The directors confirm to the best of their knowledge that:
(a) the unaudited condensed consolidated financial statements have been prepared in accordance with the requirements of IAS 34 Interim financial reporting (as adopted by the UK); and
(b) the interim management report includes a fair review of the information required by the FCA’s Disclosure and Transparency Rules (4.2.7 R and 4.2.8 R).
This report and financial statements were approved by the board on 19 December 2025 and authorised for issue on behalf of the board by Andrew King, interim chairman and Rob Marsden, chief executive officer.
5. Activities
The group is engaged in mineral property development and currently has no turnover. There are no minority interests or exceptional items.
6. Earnings per share
The loss per share is computed by dividing the loss attributable to ordinary shareholders of £0.3 million by 484 million – the weighted average number of ordinary shares in issue during the period. The comparative figures were a loss to 30 September 2024 of £0.3m divided by 442 million shares. However where there are losses the effect of outstanding share options is not dilutive.
7. Business and geographical segments
There are no trading revenues. The cost of all activities charged in the income statement relates to exploration and evaluation of mining properties. The group’s income statement and assets and liabilities are analysed as follows by geographical segments, which is the basis on which information is reported to the board.
Income statement analysis
| Unaudited six months ended 30 September 2025 | |||||
| UK | Sweden – investment | Canada – investment | Total | ||
| £ | £ | £ | £ | ||
| Expenses | (242,701) | 6,110 | – | (236,591) | |
| Investment income | 883 | – | – | 883 | |
| Finance costs | (92,235) | (6,722) | – | (98,957) | |
| Exchange rate movements | – | (34) | – | (34) | |
| Loss for the period | (334,053) | (646) | – | (334,699) | |
| Unaudited six months ended 30 September 2024 | ||||
| UK | Sweden – investment | Canada – investment | Total | |
| £ | £ | £ | £ | |
| Expenses | (187,450) | (26,125) | – | (213,575) |
| Equity settled employee benefits | (4,230) | – | – | (4,230) |
| Investment income | 2,169 | – | – | 2,169 |
| Finance costs | (88,642) | (6,742) | – | (95,384) |
| Exchange rate movements | – | (32) | – | (32) |
| Loss for the period | (278,153) | (32,899) | – | (311,052) |
Assets and liabilities
| ` | Unaudited 30 September 2025 | |||
| UK | Sweden investment | Canada investment | Total | |
| £ | £ | £ | £ | |
| Non current assets | 17,377,871 | 633,170 | 143,949 | 18,154,990 |
| Current assets | 77,977 | 1,172 | – | 79,149 |
| Liabilities | (4,370,796) | (359,649) | – | (4,730,445) |
| Net assets | 13,085,052 | 274,693 | 143,949 | 13,503,694 |
| Audited 31 March 2025 | ||||
| UK | Sweden investment | Canada investment | Total | |
| £ | £ | £ | £ | |
| Non current assets | 17,326,046 | 633,170 | 593,511 | 18,552,727 |
| Current assets | 80,083 | 1,169 | – | 81,252 |
| Liabilities | (3,993,161) | (366,775) | – | (4,359,936) |
| Net assets | 13,412,968 | 267,564 | 593,511 | 14,274,043 |
8. Deferred tax
There is an unrecognised deferred tax asset of £1.6 million (31 March 2025 – £1.6m) which, in view of the group’s results, is not considered to be recoverable in the short term. There are also capital allowances, including mineral extraction allowances, of £14.5 million (unchanged from 31 March 2025) unclaimed and available. No deferred tax asset is recognised in the condensed financial statements.
9. Mineral property exploration and evaluation costs
Mineral property exploration and evaluation costs incurred by the group are carried in the unaudited condensed consolidated financial statements at cost, less an impairment provision if appropriate. The recovery of these costs is dependent upon the successful development and operation of the Parys Mountain project which is itself conditional on financing being available to fund such development. During the period activities were limited and no drilling took place.
10. Investments
| Labrador | Grangesberg | Total | |
| £ | £ | £ | |
| At 1 April 2024 | 771,564 | 633,170 | 1,404,734 |
| Net change during the period | (178,053) | – | (178,053) |
| At 31 March 2025 | 593,511 | 633,170 | 1,226,681 |
| Net change during the period | (449,562) | – | (449,562) |
| At Unaudited 30 September 2025 | 143,949 | 633,170 | 777,119 |
Labrador – Canada
The group has an investment in Labrador Iron Mines Holdings Limited, (LIM) a Canadian company which is carried at fair value through other comprehensive income. The group’s holding of 19,289,100 shares in LIM (12% of LIM’s total issued shares) is valued at the closing price traded on the OTC Markets in the United States. In the directors’ assessment this market is sufficiently active to give the best measure of fair value, which on 30 September 2025 was 1 US cent per share (2024 – 8 US cents). As at 19 December 2025 the share price was 2 US cents per share.
Grängesberg – Sweden
The group has, through its Swedish subsidiary Angmag AB, a 49.8% ownership interest in Grängesberg Iron AB an unquoted Swedish company (GIAB) which holds rights over the Grängesberg iron ore deposits.
The directors assessed the fair value of the investment in Grängesberg under IFRS 9 and consider the investment’s value at 30 September 2025 to be £633,170.
11. Share capital
| Ordinary shares of 1p | Deferred shares of 4p | Total | ||||
| Issued and fully paid |
Nominal value £ |
Number | Nominal value £ |
Number | Nominal value £ |
|
| At 31 March 2024 | 4,200,931 | 420,093,017 | 5,510,833 | 137,770,835 | 9,711,764 | |
| Issued in the period | 647,292 | 64,729,238 | – | – | 647,292 | |
| At 31 March 2025 | 4,848,223 | 484,822,255 | 5,510,833 | 137,770,835 | 10,359,056 | |
| Issued in the period | – | – | – | – | – | |
| At Unaudited 30 September 2025 | 4,848,223 | 484,822,255 | 5,510,833 | 137,770,835 | 10,359,056 | |
The deferred shares are non-voting, have no entitlement to dividends and have negligible rights to return of capital on a winding up.
12. Financial instruments
| Group | Financial assets classified at fair value through other comprehensive income | Financial assets measured at amortised cost | ||
| Unaudited 30 September 2025 | 31 March 2025 | Unaudited 30 September 2025 | 31 March 2025 | |
| £ | £ | £ | £ | |
| Financial assets | ||||
| Investments | 777,119 | 1,048,628 | – | – |
| Deposit | – | – | 129,727 | 128,857 |
| Other receivables | – | – | 35,358 | 36,988 |
| Cash and cash equivalents | – | – | 43,791 | 44,264 |
| 777,119 | 1,048,628 | 208,876 | 210,109 | |
| Financial liabilities measured at amortised cost | ||||
| Unaudited 30 September 2025 | 31 March 2025 | |||
| £ | £ | |||
| Trade payables | (179,123) | (107,559) | ||
| Other payables | (270,111) | (156,275) | ||
| Loans | (4,231,211) | (4,046,102) | ||
| (4,680,445) | (4,309,936) | |||
Anglesey Mining plc
Directors
Andrew King Chairman
Rob Marsden Chief executive
Douglas Hall Non executive
Brendan Cahill Non executive
Jim Williams Non executive
Registered office address – Parys Mountain, Amlwch, Anglesey, LL68 9RE
Phone 01407 831275 Email mail@angleseymining.co.uk
Registrars MUFG Corporate Markets, 29 Wellington Street, Leeds, LS1 4DL
Share dealing phone 0371 664 0445 Helpline phone 0371 664 0300
Company registered number 01849957
Web site www.angleseymining.co.uk
Shares listed AIM – AYM
#URU URU Metals Limited – Release of Updated Corporate Presentation
URU Metals Limited (“URU” or the “Company”) is pleased to announce that a new corporate presentation for the Zeb Nickel Project is now available on the Company’s website at: https://urumetals.com/ and viewable via the link:
http://www.rns-pdf.londonstockexchange.com/rns/7186K_1-2025-12-8.pdf
Corporate Presentation Highlights:
• Confirmation of a magmatic conduit system linking the Uitloop intrusions.
• Identification of seven high-priority drill targets supported by coincident gravity-magnetic-electromagnetic anomalies.
• A refined geological model and updated cross-section defining the Project’s stacked mineralised zones and extended potential.
• Recognition of untested nickel-rich horizons that were not intersected in historical drilling.
• Strengthened evidence for Platreef-style Ni-Cu-PGE mineralisation within Zone 2.
The updated presentation provides enhanced detail on the Project following the integration of the final airborne geophysical results (gravity, magnetic and Spectrem electromagnetics), together with an updated geological model and revised schematic cross-section. These updates collectively improve the understanding of the Project’s nickel sulphide potential and significantly refine the technical foundation for the next phase of exploration.
The data highlights a magmatic conduit system linking the Uitloop ultramafic bodies and defines multiple high-priority drill targets, several of which are supported by coincident gravity-magnetic-electromagnetic anomalies and remain untested. The presentation also outlines the Project’s exploration strategy, geological interpretation updates, and the upcoming work programme designed to unlock further resource potential.
CEO John Zorbas commented:
“We are very pleased to release this updated presentation, which consolidates two years of geological and geophysical work into a comprehensive technical package. The integration of the airborne gravity, magnetic, and EM data materially enhances our understanding of the Zeb Nickel Project and highlights several compelling sulphide targets that have never been drill tested. These results position the Company to advance into the next phase of exploration with greatly increased confidence.”
|
URU Metals Limited John Zorbas (Chief Executive Officer)
|
+1 416 504 3978
|
|
SP Angel Corporate Finance LLP (Nominated Adviser and Broker) Ewan Leggat / Jen Clarke |
+ 44 (0) 203 470 0470 |
#AYM Anglesey Mining PLC – Signing of Letter of Intent to Progress High-Density Fluid Hydro-Power Energy Storage Project
Anglesey Mining is pleased to announce that it has signed a Letter of Intent with RheEnergise Limited (“RheEnergise”) to further progress a high-density fluid hydro-power energy storage project at Parys Mountain.
Anglesey Mining is determined that the energy storage project be a force for good in the community and is delighted to have received in principle support for the scheme from the Amlwch Industrial Heritage Trust, Geo Môn and Menter Môn. Anglesey Mining is also grateful to the Anglesey Energy Island™ Programme, established by Isle of Anglesey County Council, for their practical advice and support.
The letter of intent sees the formation of a jointly owned special purpose vehicle (SPV) with the purpose of having the Parys Mountain site be the first commercial deployment of the High Density Hydro System. Anglesey Mining and RheEnergise have agreed to deploy resources into the SPV: financial, time, material, leases over land and IP and also to conduct a feasibility study over the project. If, as is expected, the study concludes that the project should go ahead, RheEnergise and Anglesey Mining will use their best endeavors to bring the Project to fruition.
Background
Anglesey Mining is focused on delivering a polymetallic underground mine at Parys Mountain. To that end, Anglesey Mining’s management is developing strategies to enable investment in the development of Parys Mountain to be incremental so far as practicable, thus allowing risks to be mitigated in stages before considering options for the next step of development.
A Pre-feasibility study (PFS) in the energy storage scheme is underway and part of that work has fed into a new illustrated presentation which provides potential investors with detailed information on the methodology and revenue streams associated with the proposed project in terms of both Long Duration Energy Storge (LDES) and how that might be the catalyst for the commencement of mining of the Parys Mountain VMS mineral deposits. The presentation can be viewed via this link: Parys HD Hydro Investor Presentation.pdf
It remains an essential and clear intent of this project that Anglesey Mining retains all the optionality that it currently has for the construction and commissioning of an underground mine. Also, that the hydro energy pumped storage project should not detract from those options over the medium and long term.
“ The signing of this Letter of Intent is an important next step in this project for both companies involved,” said Rob Marsden, Chief Executive of Anglesey Mining. “We are excited by the potential and synergies that this project brings together at many levels. Anglesey Mining is focused on delivering a polymetallic underground mine at Parys Mountain. Securing a source of consistent green power on Anglesey and establishing a presence back underground at Parys Mountain is key to the strategy of de-risking the incremental development of the mine and furtherance of the UK’s green power ambitions.”
Parys Mountain is the UK’s most advanced project for the primary mining of copper, lead, silver and zinc, which is on the Government’s critical minerals list.
For further information on the project:
RheEnergise – www.rheenergise.com / LinkedIn @rheenergise
Stephen Crosher, Chief Executive: sc@rheenergise.com
Philippa Rogers, Communications Manager: 07971 269559 / pr@rheenergise.com
Anglesey Mining plc – www.angleseymining.co.uk
Rob Marsden, CEO: 07531 475111 / rob.marsden@angleseymining.co.uk
About Anglesey Mining plc:
Anglesey Mining is traded on the AIM market of the London Stock Exchange and currently has 484,822,255 ordinary shares in issue.
Anglesey Mining is developing the 100% owned Parys Mountain Cu-Zn-Pb-Ag-Au VMS deposit in North Wales, UK with a reported resource of 5.3 million tonnes at over 4.0% combined base metals in the Measured and Indicated categories and 10.8 million tonnes at over 2.5% combined base metals in the Inferred category.
Anglesey Mining also holds a 49.8% interest in the Grängesberg iron ore project in Sweden. Plus an 11.9% interest of Labrador Iron Mines Holdings Limited which, through its 52% owned subsidiaries, is engaged in the exploration and development of direct shipping iron ore deposits in Labrador and Quebec.
Contact details for further information about Anglesey Mining plc:
Anglesey Mining plc
Rob Marsden, Chief Executive Officer – Tel: +44 (0)7531 475111
Andrew King, Chairman – Tel: +44 (0)7825 963700
Davy
Nominated Adviser & Joint Corporate Broker
Brian Garrahy / Daragh O’Reilly – Tel: +353 1 679 6363
Zeus Capital Limited
Joint Corporate Broker
Katy Mitchell / Harry Ansell – Tel: +44 (0)161 831 1512
LEI: 213800X8BO8EK2B4HQ71
#URU URU Metals Limited – Mining Right: Key Regulatory Milestone Met
URU Metals Limited (“URU” or the “Company”) is pleased to announce that, Lesego Platinum Uitloop (Pty) Ltd (“LPU”), has initiated a share issuance process to comply with South Africa’s empowerment regulations under Mining Charter III. This significant step marks a crucial milestone in fulfilling the requirements for the granting of the mining right by the Department of Mineral Resources and Energy (DMRE) to URU, thereby positioning the Company to advance its exploration and further project development activities.
In alignment with Mining Charter III’s provisions for meaningful participation of Historically Disadvantaged South Africans (HDSA), LPU will allocate 10% of its equity as follows:
· 5% to an Employee Share Ownership Scheme (ESOP): This initiative ensures that the employees of LPU directly benefit from the company’s growth and success, fostering long-term engagement and inclusivity.
· 5% to a newly formed Non-Profit Company (NPC), Uitloop Communities NPC. The NPC will focus on community development and socio-economic upliftment, furthering the mandate to deliver tangible benefits to local stakeholders.
These measures, previously disclosed by the Company, reflect the Company’s commitment to operating in compliance with South African mining legislation and fostering sustainable relationships with employees and surrounding communities.
Clearing the Path for Exploration Progress
The share issuance marks a key regulatory milestone, significantly advancing the process for the Company to secure its mining right. Once granted, the mining right will enable the Company to proceed with the next phase of the exploration program, including:
· Infill Drilling Program: A focused campaign aimed at upgrading the existing resource classification at the Zebediela project.
· Declaration of a Maiden Resource: This phase will target the high-grade nickel-platinum group elements (Ni-PGE) mineralization in the footwall zone, building upon the substantial resource base already identified.
These advancements underline URU’s commitment to maximizing the value of its projects while adhering to regulatory and community-focused best practices.
A Milestone for Sustainable Growth
“We are thrilled to take this significant step towards regulatory compliance and operational progress,” said John Zorbas, CEO of URU.
“The issuance of shares by LPU not only demonstrates our commitment to supporting the principles of Mining Charter III but also solidifies our path toward securing the mining right. This milestone positions us to unlock the immense potential of our project while delivering value to all stakeholders, including our employees and local communities.”
Looking Ahead
As LPU progresses towards mining right issuance and exploration advancements, URU remains focused on operational excellence and stakeholder engagement. The Company looks forward to updating the market on its exploration milestones, including the anticipated maiden resource declaration, in due course.
URU is a mineral exploration and development company focused on advancing its high-potential critical metals projects in South Africa. The Company is committed to creating sustainable value through responsible mining practices, regulatory compliance, and engagement with stakeholders. For more information, visit www.urumetals.com.
Market Abuse Regulation (MAR) Disclosure
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”), and is disclosed in accordance with the Company’s obligations under Article 17 of MAR.
For further information, please contact:
|
URU Metals Limited John Zorbas (Chief Executive Officer)
|
+1 416 504 3978
|
|
SP Angel Corporate Finance LLP (Nominated Adviser and Broker) Ewan Leggat / Jen Clarke |
+ 44 (0) 203 470 0470 |
#BRES Blencowe Resources PLC – ESIA Approval
Blencowe Resources (LSE: BRES) is pleased to announce that the National Environmental Management Authority (NEMA) of Uganda has approved its revised Environmental, Social, Impact Assessment (“ESIA”) for the Orom-Cross graphite project.
Following the Company’s enlarged development strategy in 2024, the size and scale of the project has been expanded significantly, with substantial changes enhancing both environmental and social aspects. This required a comprehensive review of the previously approved ESIA to reflect updated production scope and sustainability commitments and formed part of the ongoing broader Definitive Feasibility Study.
The updated ESIA was submitted in October 2024, and its fast-tracking approval highlights the Ugandan Government’s strong support as a strategically important mining project.
Key Enhancements in the Revised ESIA:
· Tripling of planned production rates, increasing Orom-Cross’s commercial potential and returns.
· Adoption of a dry stack tailings disposal method, reducing environmental impact and enabling material reuse in local construction industries.
· Integration of hydropower from the national grid, as a cheap, sustainable energy source, complemented by additional solar installations for enhanced energy security and backup.
· Expanded community initiatives, reinforcing Blencowe’s commitment to long-term social and economic benefits for local stakeholders.
The ESIA revision was conducted in collaboration with Tenvicon a leading Ugandan environmental consultancy and involved extensive community engagement and government consultation to ensure alignment with national sustainability objectives. Integration of hydroelectric power from the Ugandan national grid provides a cost-effective means to provide sustainable energy for the mine site and processing plant, thus allowing Blencowe to deliver green graphite products sought after by end users.
Executive Chairman Cameron Pearce commented:
“We remain fully committed to developing Orom-Cross as one of the world’s leading sustainable graphite projects, with a strong focus on environmental responsibility and community engagement. Achieving near net-zero operations is a priority, and this revised ESIA reflects our proactive approach to integrating renewable energy, innovative waste management solutions, and meaningful social programs into our development plan.”
“This updated ESIA is also highly significant from a financing perspective. Many of our strategic funding and offtake partners prioritise sustainability and ESG excellence, and securing this approval strengthens our position as a preferred supplier of responsibly sourced graphite. The approval also enables us to align our expanded production ambitions with the regulatory framework, ensuring we can scale operations efficiently as we advance the Definitive Feasibility Study (DFS) and move toward production.”
For further information please contact:
|
Blencowe Resources Plc |
|
|
Sam Quinn |
Tel: +44 (0)1624 681 250 |
|
Investor Relations |
|
|
Sasha Sethi |
Tel: +44 (0) 7891 677 441 sasha.sethi@blencoweresourcesplc.com
|
|
Tavira Financial |
|
|
Jonathan Evans |
Tel: +44 (0)20 3192 1733 |
|
|
|
|
|
|
|
|
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.
In 3Q 2024 Blencowe introduced a Joint Venture concept with experienced downstream graphite processing partners to ultimately produce upgraded 99.95% SPG in Uganda. This strategy has several key advantages plus substantial cost savings which will assist deliver a world class project once DFS is completed.
#BRES Blencowe Resources PLC – Offtake for Purified Graphite
Blencowe Resources Plc (LSE: BRES) is pleased to announce it has signed a non-binding Memorandum of Understanding (“MOU”) with Apollo Energy Systems Inc. (“Apollo”) regarding offtake of purified graphite sourced from its Orom-Cross Graphite Project in Uganda.
Apollo is based in Florida, United States, and specialises in advanced lead acid battery storage systems to complement the renewable energy sector. This agreement aligns with Blencowe’s strategy to secure a diversified range of international buyers across different applications, as it progresses toward production.
Highlights:
· Offtake MOU signed with Apollo: A leading processor of lead acid battery technology for advanced energy storage systems, operating from the United States.
· Indicative Framework Established: Initial agreement for 250 tonnes per annum of purified small flake graphite, with final pricing to be agreed within 24 months.
· High Margin Product: Similar purified graphite products to what will be sold to Apollo sell in the region of US$8,000/t, highlighting substantial profitability on these sales over and above typical sale of concentrates.
· Successful Initial Product Testing: Apollo has successfully tested Orom-Cross graphite products and will now advance its internal product qualification and due diligence to support formal agreement discussions.
· Expanding Sales Channels: Further offtake discussions continue with multiple global graphite end-users, including leading OEMs, supporting Blencowe’s strategy for a diversified and resilient sales pipeline with numerous different offtake customers for all its planned annual production.
· Advancing Project Funding: The Apollo MOU validates Orom-Cross graphite quality and potential commercial terms, further supporting ongoing strategic financing discussions with key institutions including the DFC and AFC.
Strategic Offtake Agreement in a High-Value Market
This MOU follows discussions by Blencowe senior management with Apollo during a recent visit to United States and builds on the successful testing and consistent quality validation of Orom-Cross graphite.
Additionally, it represents an important step in diversifying Blencowe’s offtake strategy by targeting niche high-value end markets, where purified fine flake graphite commands a significant premium. While the Apollo MOU represents a small component of the proposed 5,000tpa Phase 1 production, the purification (to be undertaken by AETC in Chicago) elevates the value of fine flake concentrate, transforming a traditionally lower-margin product into a high-value offering, positioning this agreement as a lucrative niche offtake opportunity within the specialist energy storage sector. There is also the potential to expand volumes of this purified product sold to Apollo in the future.
Blencowe continues to advance discussions with multiple US-based OEMs and leading graphite buyers, covering both large flake and small flake products. Following high-level engagements in the United States, several industry players have initiated quality testing of Orom-Cross graphite.
Discussions in the USA have been positive, and Blencowe will continue to work with these parties as well as others industry leaders worldwide as part of its commitment to delivering MOUs with leading buyers of graphite products for its full production output, thus further strengthening the Company’s commercial strategy as it moves towards first production.
Executive Chairman Cameron Pearce commented:
“Following a successful marketing tour of the USA, this MOU is the first of several that we anticipate bringing to market near term. It builds on our initial agreement with Jilin, announced in 2024, to supply up to 15,000tpa large flake concentrate.”
“As previously outlined, smaller flake graphite products must undergo a rigorous pre-qualification process before buyers can commit to offtake agreements. This process typically takes 2-3 years, requiring the extraction of substantial raw material from site and the processing of that to bulk 96% concentrates, and further beneficiation thereafter to 99.95% purified graphite for OEM testing. We have significantly accelerated this timeline, successfully pre-qualifying and delivering all necessary samples, but the process must still be followed to ensure end users can validate the quality and consistency of Orom-Cross graphite.“
“Blencowe continues to execute key milestones as we progress towards an investment decision post-DFS. Orom-Cross stands out as truly a unique graphite project – combining scale, lowest capital and operating costs, and exceptionally high-purity end products. These factors collectively position us ahead of most peers and reinforce the long-term value of the project.“
For further information please contact:
|
Blencowe Resources Plc Sam Quinn |
www.blencoweresourcesplc.com Tel: +44 (0)1624 681 250
|
|
Investor Relations Sasha Sethi |
Tel: +44 (0) 7891 677 441 |
|
Tavira Securities Jonathan Evans |
Tel: +44 (0)20 3192 1733
|
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 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 and Blencowe is now completing the Definitive Feasibility Study phase as it drives towards first production.
Orom-Cross presents as a large, shallow open-pitable deposit, with a maiden JORC Indicated & Inferred Mineral Resource deposit of 24.5Mt @ 6.0% Total Graphite Content. Development of the resource is expected to benefit from a low strip ratio and free dig operations, thereby ensuring lower operating and capital costs.
Apollo Energy Systems Inc.
Apollo is a company with 60-years of experience in development of batteries, fuel cells and systems which incorporate those products. Their roots go back to 1953 when they built their first battery plant in Puerto Rico.
The company is developing a “Lead Cobalt Battery” and “Alkaline Fuel Cell” to provide a Propulsion System for an electric vehicle which will enable that car to drive continuously, like a gasoline powered car, without external recharging (not necessary to “plug-in” to an outside receptacle); and will provide a Power Plant System to give electricity to a home, farm, hotel, cell towers or commercial establishment without use of the outside grid supplied by electric utility companies.
#BRES Blencowe Resources PLC – Hydropower Study Confirms Sustainable, Low-Cost Power Supply for Orom-Cross
Blencowe Resources Plc (LSE: BRES) is pleased to announce the completion of an initial hydropower study for its Orom-Cross Graphite Project in Uganda. The study confirms the availability of abundant, low-cost, and renewable hydropower from the Ugandan national grid, providing a strategic advantage for the Project’s future mining and processing operations. This marks a major step towards Blencowe’s commitment to sustainability and its ambition to deliver a net-zero graphite operation.
Key Findings of the Hydropower Study
· Plentiful renewable energy: Two high-capacity power transmission spurs extend to the regional grid near to Orom-Cross, one from the Bujagali Hydroelectric Dam in Jinga and the other from the Isimba Hydroelectric Dam, both located on the Nile River. This ensures a reliable supply of renewable energy to Orom-Cross, including redundancy.
· Low Cost Advantage: Uganda’s hydropower tariffs are significantly lower than regional African comparisons, positioning Orom-Cross as one of the lowest-cost graphite producers globally.
· Ample Capacity: Uganda currently has over 1,000 MW of installed hydropower capacity, with additional hydro-projects underway. Orom-Cross’s power demand of 12MW (Phase 2) rising to 40MW at full production can be comfortably accommodated.
· Advancing towards Power Purchase Agreement (PPA): The Company is now working towards securing a long-term PPA with Uganda Electricity Transmission Company Limited (UETCL) to formalise the supply of low-cost hydroelectricity for the Project.
· Net-zero Potential: Access to 100% renewable energy for strengthens Blencowe’s ability to achieve net-zero production, making Orom-Cross one of the most environmentally responsible graphite projects globally, a critical factor for funding providers and offtake partners in Europe and North America.
Strategic Importance of Hydropower for Orom-Cross
Reliable, green, and cost-effective energy is a major advantage as Blencowe moves towards first production in 2026. Orom-Cross will require 12MW for Phase 2 commercial scale production, scaling to 40MW at full ramp up, making power a critical cost factor. The study reinforces confidence that Orom-Cross can operate with one of the lowest carbon footprints in the graphite sector, aligning with global ESG and sustainability standards.
Hydropower access strengthens Blencowe’s appeal to OEMs, battery manufacturers, and critical mineral end-users seeking to secure sustainable supply chains. It also enhances discussions with potential offtake and funding partners, particularly in Europe and North America where securing non-China supply is a priority.
Downstream Beneficiation
A key differentiator for Orom-Cross is Blencowe’s plan to develop a beneficiation facility near the Karuma Power Station, (190kms from site) in partnership with one of the most world’s leading SPG producers (“SPG Partner”). This facility will upgrade 96% small fines graphite concentrate to 99.95% SPG (spheronised purified graphite) significantly increasing value and returns.
A low-cost, high-capacity power source is essential for this process. Blencowe intends to leverage its SPG Partner’s proven thermal purification technology which requires considerable energy. This technology eliminates the need for acid leaching and avoids associated environmental concerns.
The availability of abundant, cost-effective hydropower makes this downstream processing strategy viable and highly competitive, reinforcing Orom-Cross’s position ahead as a premier graphite supplier.
Next Steps
Blencowe will continue discussions with UETCL and the Ugandan Government to finalise a PPA and integrate renewable energy planning into the ongoing Definitive Feasibility Study (DFS). Additional studies will be conducted to assess potential power demand scenarios as Orom-Cross scales up production.
Executive Chairman Cameron Pearce commented:
“Access to abundant, low-cost hydropower directly from Uganda’s national grid represents a major strategic advantage for Orom-Cross. This will enable us to operate sustainably with one of the lowest carbon footprints in the graphite sector while keeping production costs highly competitive.”
“We are committed to building one of the world’s most ESG-friendly graphite projects, and securing clean energy is a critical milestone towards that goal. With work now progressing to formalise a PPA, we are securing ensuring a long-term, sustainable power solution that aligns with our development timeline.”
Conclusion
The integration of hydropower into the Orom-Cross development plan underscores Blencowe’s strategic vision to establish a low-cost, high-purity, and net-zero graphite operation. As the Company advances its DFS and project financing discussions, securing sustainable energy further enhances Orom-Cross’s appeal to global investors, end-users
Blencowe remains focused on delivering a world-class graphite project with industry-leading sustainability credentials and looks forward to providing further updates as the PPA process advances.
Figure 1: Isimba Hydroelectric Power Station, Uganda
For further information please contact:
|
Blencowe Resources Plc Sam Quinn |
www.blencoweresourcesplc.com Tel: +44 (0)1624 681 250
|
|
Investor Relations Sasha Sethi |
Tel: +44 (0) 7891 677 441
|
|
Tavira Financial Jonathan Evans |
Tel: +44 (0)20 3192 1733
|
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.
In 3Q 2024 Blencowe introduced a Joint Venture concept with experienced downstream graphite processing partners to ultimately produce upgraded 99.95% SPG in Uganda. This strategy has several key advantages plus substantial cost savings which will assist deliver a world class project once DFS is completed.