Blencowe Resources (BRES) H2 2025 earnings summary

Executive summary

• Completed Definitive Feasibility Study (DFS) for the Orom-Cross graphite project, confirming it as a low-cost, long-life, scalable operation with significant resource upside.

• Secured offtake agreements for initial and ramp-up production stages, including exclusivity for the EU-funded SAFELOOP battery initiative.

• Raised £5.53 million (net) from equity markets and received $4.75 million of a $5 million US government grant to fund DFS and drilling.

• Largest drill program to date increased JORC resource by 47% to 26.1Mt and reserves to 23.08Mt, with further updates expected.

• Advanced downstream processing strategy with a partnership to build a Spheronised Purified Graphite (SPG) facility near Orom-Cross.

Financial highlights

• Total comprehensive loss for the year: £1,412,406 (2024: £902,801).

• Loss before tax: £1,582,704 (2024: £961,941).

• No revenue generated; all losses due to expenses and project development.

• Capitalised exploration costs: £3,929,517 (2024: £2,846,130).

• Cash balance at year-end: £868,284 (2024: £114,694).

Outlook and guidance

• Targeting Phase 1 project financing by end-Q1 2026, with first production expected in 1H 2027.

• Construction of 10,000t/yr plant planned for 2026, followed by 50,000t/yr plant and SPG facility.

• Ongoing assessment of debt and equity funding options; further capital raises anticipated.