Blencowe Resources (BRES) H1 2026 earnings summary

Executive summary

• Focused on completing the Definitive Feasibility Study (DFS) for the Orom-Cross graphite project, finalizing Stage 7 drilling, securing offtake partners, and launching project financing for first-stage production targeted for 2027.

• DFS completed in December 2025, showing a US$1.087 billion NPV10 and 96% IRR10, with a capital expenditure of US$170 million, considered low among peers.

• Two new graphite deposits discovered (Iyan and Beehive), increasing JORC Resource by 168% to 64Mt at 6.03% TGC and JORC Reserves to 23.08Mt at 5.18% TGC.

• All P1 Production (20,000tpa) allocated in non-binding offtake agreements; focus shifting to P2 Production (70,000tpa) with binding contracts pending project financing.

• No trading income earned; expenditure focused on asset development.

Financial highlights

• Loss after tax for the six months ended 31 March 2026: £1,041,437, compared to £184,568 for the same period last year.

• Operating loss for the period: £1,017,934, up from £161,205 year-over-year.

• Cash and cash equivalents at period end: £2,133,021, up from £942 year-over-year.

• Net assets as of 31 March 2026: £14,452,029, up from £8,249,225 year-over-year.

• Share capital increased to £2,751,273 and share premium to £19,226,748 following new share issues.

Outlook and guidance

• Targeting project financing of approximately US$45 million to commence P1 Production in 2027.

• Updated DFS to be announced soon, reflecting recent changes and value enhancements.

• Continued focus on securing new institutional investors and expanding offtake agreements.