Blencowe Resources PLC on Monday said its pretax loss narrowed in the first half of its financial year, as it made significant strides in advancing its flagship Orom-Cross graphite project in Uganda.
The London-based mineral explorer and developer reported a pretax loss of £184,568 for the six months ended March 31, compared to a loss of £725,840 a year before. Administrative and other expenses fell sharply to £161,205 from £682,486, reflecting tighter cost control.
Blencowe said it continued work on the definitive feasibility study for Orom-Cross during the period, including pilot testing of 600 tonnes of ore in China, an extensive 7,000-metre drilling programme, and infrastructure improvements at the project site.
Chief Executive Officer Mike Ralston said the study was entering its final stages and would demonstrate the long-term value of the project. ‘We have a unique project that differentiates from its peers via key fundamentals, strategy and relationships,’ he added.
Blencowe said it had secured offtake agreements with end users for both large and small flake graphite products. It is also developing a strategy to establish a downstream facility in Uganda to produce uncoated spheronised purified graphite through a joint venture with an experienced SPG producer.
The company has received $5 million in grant funding from the US International Development Finance Corporation to help finance the DFS and is working with Tavira Securities on further funding options.
Total assets rose to £10.2 million from £7.6 million a year earlier, while net assets climbed to £8.2 million from £5.6 million. Cash and cash equivalents stood at just under £1,000 at the period end.
Blencowe shares were down 1.5% at 3.30 pence in London on Tuesday afternoon.
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