Blencowe Resources Plc (LSE: BRES) has published an updated Definitive Feasibility Study (DFS) for the Orom-Cross Graphite Project, located in Uganda. The optimised DFS, published in May 2026, realises a 15% increase in the post-tax Net Present Value (NPV10), compared to the previous study published in December 2025, increasing the NPV10 to US$1.254 billion with a post-tax Internal Rate of Return (IRR) of 51%. The updated DFS centres on a two-phase operation and contains several changes compared to the previous study, including revised product pricing assumptions, operational costs, and updates to the development timeline. The estimated capital cost (capex) to construct the mine at Orom-Cross remains low for both phases of the mine's development. Phase 1 is modelled at a production level of 20,000 tonnes per annum (tpa) of 97% Total Graphitic Carbon (TGC) concentrate plus up to 3,000 tpa of spheronised graphite produced at an in-country beneficiation facility, and Phase 1 has a capex of US$45 million. Phase 2, which models production increasing to 70,000 tpa of 97% TGC concentrate, plus up to 10,000 tpa spheronised and purified graphite, plus expandable graphite, from in-country beneficiation, has a capex of US$125 million.
