Announcement Date: 2022-07-19
Announcement Type: Pre-Feasibility Study
Announcement Code: JORC
Company name: Blencowe Resources Plc
Project name: Orom-Cross
Location: Uganda
Commodities: Graphite
Highlight: PFS results incl. post-tax NPV of US$482M & IRR of 49%
Resources: only available to subscribers
CP/QP: only available to subscribers
Announcement summary: Blencowe Resources (“Blencowe” or the “Company”) (LSE: BRES) is pleased to announce results of the Pre-Feasibility Study it has been conducting at its flagship Orom-Cross Graphite Project in Uganda. These results highlight an exceptional long-life project that delivers considerable returns over an initial life of mine period of fourteen years. In addition, the PFS indicates an initial capital requirement that has been lowered by 23% since the Preliminary Economic Assessment (“PEA”) announced in 2021. The PFS has been delivered in conjunction with leading graphite technical expert Battery Limits Pty Ltd (“Battery Limits”) who have managed several other leading graphite project feasibility studies worldwide. Orom-Cross has an existing JORC Standard Resource of 24.5Mt at 6.0% presenting from surface, which provides for a shallow, low cost, open pit mining operation. All mining within this first 14 years will be done from 0-25m depth. Approximately 600,000 tonnes of ore will be mined per annum from commissioning date and this will increase to 2.4Mtpa by the time the project is fully ramped up in year 10. The existing JORC Resource provides an initial mine life of 14 years and further resources, higher production volumes and an extended mine life can all be obtained at any stage via drilling additional ready-targets. This is however not considered a priority at the moment.
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