Blencowe Resources (BRES) H1 2025 earnings summary

Executive summary

• Focused on advancing the Definitive Feasibility Study (DFS) for the Orom-Cross graphite project, including bulk sample testing, further drilling, and infrastructure development.

• Significant progress in qualifying end products for offtake agreements, with positive test results and agreements signed with end users.

• Ongoing work to incorporate a downstream processing facility for uncoated spheronised purified graphite (USPG) in Uganda, with a joint venture under discussion.

• Actively pursuing both short-term and long-term funding, supported by a US$5 million grant from the US International Development Finance Corporation (DFC) and additional UK fundraising.

Financial highlights

• Loss after tax for the six months ended 31 March 2025 was £184,568, a significant reduction from £725,840 in the same period last year.

• Total comprehensive loss for the period was £221,057, compared to £661,687 year-over-year.

• Administrative fees and other expenses for the period were £161,205, down from £682,486 in the prior year.

• Net cash outflow from operating activities was £621,844; cash and cash equivalents at period end were £942.

• Non-current assets stood at £10,157,290, up from £7,061,967 year-over-year, reflecting increased investment in exploration.

Outlook and guidance

• DFS completion expected by Q3 2025, with a revised JORC Resource report anticipated.

• Offtake agreements and downstream processing facility expected to enhance project value and provide stable offtake outlets.

• Long-term funding solution involving both debt and equity is being developed, with DFC as a potential cornerstone debt provider post-DFS.