At a Glance
- Blencowe raises $1.5 million to advance Uganda’s Orom-Cross graphite project.
- Funding supports definitive feasibility study amid rising electric vehicle battery demand.
- Insider backing signals confidence in Uganda’s role in critical minerals supply chain.
Blencowe Resources, a London-listed mining company, has raised $1.5 million to advance its Orom-Cross graphite project in northern Uganda, a deposit positioned as one of Africa’s most strategic graphite assets.
The financing highlights rising investor interest in African critical minerals, particularly graphite, which plays a central role in lithium-ion batteries for electric vehicles and renewable energy storage systems.
The capital raise was structured through a £1.02 million ($1.3 million) share placement led by Tavira Financial, along with an additional £100,000 ($135,000) from exercised board options.
The company says the funding provides enough working capital to complete a definitive feasibility study (DFS) by the fourth quarter of this year.
Insider backing signals confidence
As part of the deal, Blencowe issued 21.47 million new ordinary shares, while board members and senior management subscribed to another 1.67 million shares through exercised options. The move underscores insider confidence in the project’s potential.
Proceeds will cover the final stages of the DFS, ongoing project financing work, and day-to-day operations. The company earlier appointed a project finance adviser, giving it a path to pursue full construction funding once feasibility work is finished.
Orom-Cross has been described as a deposit with world-class potential, positioning Uganda to become a new entrant in the global supply chain for battery materials. With electric vehicle demand rising sharply, graphite has emerged as one of the most in-demand raw materials.
Blencowe says its focus is on pushing Orom-Cross through feasibility, securing offtake agreements with battery and energy storage manufacturers, and moving quickly toward production.
Balancing growth with responsibility
Beyond economics, the company stresses its commitment to safety, environmental standards and community participation. Executives say building local trust and delivering long-term value in Uganda will be as important as serving global markets.
For Blencowe, the $1.5 million raise is more than just a funding milestone. It represents a step toward positioning Uganda within the fast-changing energy transition, where the need for sustainable and reliable sources of critical minerals is only expected to grow.
