KEY POINTS
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Blencowe Resources has received the final $250,000 payment, completing its $5 million US DFC technical assistance grant for Uganda’s Orom-Cross graphite project.
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The funding supported technical studies and an independent review of the project’s definitive feasibility study.
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Blencowe is now prioritising Phase 1 financing while preparing the funding structure for Phase 2.
Blencowe Resources has received the final $250,000 tranche of a technical assistance grant from the US International Development Finance Corporation (DFC), bringing the total funding received under the programme to $5 million as the company works to advance its Orom-Cross graphite project in Uganda.
The London-listed mining company announced the payment on October 20, 2026, saying it followed a review of the project’s definitive feasibility study (DFS). The completion of the grant disbursement marks another milestone for the project as Blencowe shifts its immediate attention towards securing the financing required to begin Phase 1 development.
The funding has supported technical work and the independent review of the feasibility study, which assesses the project’s potential to operate as a commercial mining venture. Blencowe said the grant had helped advance the project through a substantial body of technical assessments.
US Funding Completes Technical Assistance Programme
The final payment brings the total grant received from the DFC to $5 million. According to Blencowe, the funding supported technical studies leading to completion of the DFS and the associated independent review process.
A definitive feasibility study is a key stage in the development of a mining project. It examines factors such as mining methods, processing technology, infrastructure requirements, capital expenditure, operating costs and projected financial returns. The findings help potential investors and lenders assess the technical and commercial case for proceeding with development.
Blencowe chairperson Sam Quinn said receipt of the final tranche represented an important milestone for Orom-Cross, adding that the DFC programme had supported extensive technical work.
He also described the US agency’s continued support as an endorsement of the project’s potential and strategic importance.
However, completion of the grant programme does not mean that the project has secured all the money needed to build and operate the mine. The grant was intended to support technical assistance, while the company is still working to arrange the financing required for development.
Phase 1 Financing Remains the Immediate Priority
Blencowe said its immediate focus was on closing the financing for Phase 1 of Orom-Cross, while continuing discussions and preparatory work concerning the funding structure for the longer-term Phase 2.
The distinction between the two phases is important because mining projects are often developed in stages to manage capital requirements, construction risks and the pace at which production capacity is expanded.
Securing Phase 1 financing would allow Blencowe to move closer to implementing the initial development plan. The company’s ability to progress will depend on completing funding arrangements and meeting the technical, commercial and operational requirements associated with the project.
Interim chief executive officer Iain Wearing said Orom-Cross was now more advanced and had a clearer development pathway than when the DFC programme began.
He pointed to the project’s scale, economic assessments, independently validated graphite quality and potential downstream opportunities as factors supporting its development prospects.
The company did not disclose a final financing package, the identities of prospective lenders or investors, or a confirmed construction timetable in the announcement.
Graphite’s Strategic Role Adds to Project Significance
Graphite is a critical industrial mineral used in several applications, including lithium-ion battery anodes, refractories, lubricants and other industrial products. Its role in battery manufacturing has increased attention on new sources of supply as countries and companies seek to develop electric vehicles and energy storage systems.
The US government has prioritised critical minerals and supply chains considered important to its industrial and energy-transition objectives. Support for technical work at Orom-Cross places the project within this broader strategic context, although the grant announcement does not establish that future production will be purchased by US companies or directed exclusively to the US market.
For Uganda, the development of a graphite mining project could create opportunities linked to mineral production, employment, infrastructure and export earnings if the project advances into commercial operations. The scale of any such benefits would depend on investment, production levels, market conditions and the extent of local participation in the supply chain.
Blencowe’s reference to downstream opportunities also points to the potential value of activities beyond extracting graphite ore. Depending on the project’s final design and commercial arrangements, downstream processing can help produce material suited to higher-value industrial or battery-related applications.
However, these opportunities require appropriate technology, capital, customers and reliable access to markets. The company has not provided details of specific downstream investments or binding customer agreements in the announcement.
Feasibility Work Moves Project Closer to Development
The completion of the DFC grant programme gives Blencowe a technical milestone as it seeks to attract the funding needed for the next stage of Orom-Cross.
The independent review of the DFS is particularly relevant because investors and lenders typically require detailed technical and financial information before committing significant capital to a mining development.
Even with feasibility work completed, projects can face further hurdles, including financing negotiations, construction planning, infrastructure development, permitting and changes in commodity prices. Graphite projects must also demonstrate that their products meet customer specifications and can compete with supplies from established producers.
Blencowe’s next major task is therefore to convert the technical progress supported by the grant into a fully financed development plan. Progress on Phase 1 funding and the longer-term financing structure for Phase 2 will be important indicators of how quickly Orom-Cross can advance towards construction and eventual production.
The company has not announced a final date for the start of construction or commercial production.
