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Blencowe Resources on Friday said it remains ‘bullish’ on its future prospects, as it continues work to bring its flagship project to production. Blencowe, which is developing the Orom-Cross graphite project in Uganda, reported a pretax loss of £1.6 million for the year ended September 30, widened from £961,941 the previous year. Capitalised exploration costs increased to £3.9 million from £2.8 million. Adminstrative fees & other expenses rose to £1.5 million from £789,707. Blencowe said it raised £5.5 million net of issue costs from equity markets, up from £825,023 in financial 2024, which it ‘used to pay for the continued development of the Orom-Cross Graphite project and other working capital costs.’ The firm had a cash balance of £868,284 as of September 30, up from £114,694 one year prior. ‘The Orom-Cross Graphite Project is at an advanced stage of project development with a definitive feasibility study recently completed,’ Blencowe noted. Chief Executive Officer Mike Ralston commented: ‘Whilst some analysts consider this energy transition ’yesterday’s news’ due to a perceived slow-down in demand for electric vehicles, we do not agree. In fact, we’d suggest the transition has not even yet begun in earnest, and graphite as a critical mineral will very definitely have its day in the sun; particularly as we do not envisage most other graphite projects making it through to production ahead due to a wide variety of reasons. ‘This will ultimately create a significant demand-supply imbalance and a huge opportunity for those projects that can ultimately mine and process graphite and sell it into growing world markets.’ ‘We therefore remain bullish for the future...Orom-Cross offers a unique and differentiated graphite project which has key fundamentals that most other graphite projects do not have, which gives it huge advantages,’ he added. ‘We look forward to further success ahead.’ Blencowe Resources shares closed down 0.2% at 8.28 pence on Friday in London. Copyright 2026 Alliance News Ltd. All Rights Reserved.
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