Blencowe Resources PLC (LSE:BRES) has raised £1.12 million through a placing and the exercise of board options, with proceeds earmarked to support work on the Definitive Feasibility Study on the Orom-Cross graphite project in Uganda.
It is raising £1.02 million from a placing, priced at 4.75p, plus £100,000 from the exercise of options at 6p.
Blencowe said the funds will cover the costs of completing the Orom-Cross study, due in the fourth quarter of 2025.
Proceeds will also support project financing work and provide working capital.
“This fundraise provides Blencowe with a clear runway not only to complete the DFS, which is expected in Q4 2025, but to move directly into our project financing work streams. We are now entering a critical phase of value creation," said executive chair Cameron Pearce.
He added: "We expect a strong period of newsflow ahead, including first drill results from our successful infill campaign, a material JORC resource upgrade, and the DFS itself.
"Together these milestones will reaffirm Orom-Cross as a world-class graphite project, well positioned to secure the project finance required to build a mine."