Blencowe Resources PLC (LSE:BRES) said its focus for the next 12 months would be to complete a definitive feasibility study (DFS) for the Orom-Cross graphite project in Uganda.
Australian engineering firm CPC Engineering has agreed to manage and sign off on the DFS, with work to concentrate on three areas: permits, licences and infrastructure; pre-qualification [bulk sampling] testing in China and the US; and funding options for the mine’s development.
Blencowe added it walked away from a nickel exploration earn-in deal with SIPA Resources to concentrate on bringing Orom-Cross into production.
Losses for the six months to end of March 2023 were £486,000 (£356,000).
Last month Blencowe raised £635,000 through a placing at 5p per share.