Blencowe Resources (BRES) H2 2024 earnings summary

Executive summary

• Focused on advancing the Orom-Cross Graphite Project in Uganda, with significant progress on the Definitive Feasibility Study (DFS) and downstream processing partnerships.

• Secured a US$5 million technical assistance grant from the US Development Finance Corporation (DFC), with $3.5 million disbursed by year-end.

• Achieved first offtake MOU for large flake concentrate and advanced product qualification with OEMs, positioning for future sales agreements.

• Awarded full accreditation by the Minerals Security Partnership (MSP), enhancing project visibility and support.

Financial highlights

• Total comprehensive loss for the year was £902,801, down from £1,366,685 in 2023.

• Loss before tax was £961,941 (2023: £1,397,967).

• Capitalised exploration costs totaled £2,846,130 (2023: £1,450,063).

• Raised £825,023 net from equity markets (2023: £1,313,820).

• Year-end cash balance was £114,694 (2023: £129,853).

Outlook and guidance

• DFS expected to complete around mid-2025, with parallel assessment of a downstream SPG facility.

• Further offtake agreements anticipated in 2025 as product qualification concludes.

• Additional capital required to complete DFS and move toward production; recent post-year-end fundraising of £1.5 million and retail offer of £117,876.

• Plans for construction of a 5,000t/yr plant in Q2 2026 and a 50,000t/yr plant in 2027, subject to funding.