Blencowe Resources PLC (LSE:BRES) has received a fourth tranche of funding from the International Development Finance Corporation (DFC), the private sector lending arm of the US government.
This latest payment, of US$0.5 million, is part of US$5 million in prospective grants agreed to fund a definitive feasibility study at the Orom-Cross graphite project in Uganda.
Blencowe has now received US$3.5 million in technical assistance grants from the DFC since the funding agreement was signed in September 2023.
Cameron Pearce, Blencowe executive chairman commented: “We will continue to use a combination of DFC funding and our own funds raised to get the DFS completed in a fashion that does not substantially dilute our shareholders.
“This is important to us. We have come a long way through DFS already with minimum impact to our register and we want to continue that same course of action ahead."