Join me for an exclusive interview with Mike Ralston, CEO of Blencowe Resources, as we unpack the company’s strategically positioned graphite project.
With government backing from the US, EU and UK, Orom-Cross in Uganda represents a rare alignment of exceptional geology, commercial sophistication and geopolitical timing.
In this conversation, we dive deep into the imminent JORC resource and reserve update following Blencowe’s largest ever drilling program.
After completing 7,750 meters of infill drilling designed specifically to convert resources to reserves, Mike discusses what magnitude of increase investors should expect. With every deep hole ending in mineralisation and exceptional high-grade intercepts at Camp Lode showing grades up to 11.13% TGC, the question doesn’t seem to be about whether the resource grows, but by how much.
We explore the potential value inflection coming with the Definitive Feasibility Study. The PFS delivered a post-tax NPV of $482 million, but since then Blencowe has secured premium offtake agreements, improved infrastructure access and substantially de-risked the project through government backing across three continents.
Market expectations suggest the DFS could come close to $1 billion NPV.
Mike walks us through whether that’s realistic and what the key drivers are that could bridge that gap, including how exceptional high grade zones at Camp Lode might improve mine sequencing and payback periods.
The technical validation of Orom-Cross graphite has been remarkable. Recent testing with Apollo Energy Systems showed a 12% performance enhancement in lead-acid batteries, while AETC achieved 99.98% purity and 68% natural graphite loading in EV anodes, one of the highest loadings ever recorded.
Mike explains what makes Orom-Cross graphite perform so well across such diverse applications, from traditional lead-acid batteries to cutting-edge EV technology.
We also address the elephant in the room: the appointment of WaterBorne Capital. This is a firm known for structuring major institutional transactions for companies like Peak Rare Earths and African Rainbow Minerals, not typically hired for small-scale mine financing.
Mike provides candid insight into whether the company is actively marketing itself to potential acquirers or evaluating self-development, what attributes would make a buyer the right fit, and how the DFC’s first right of refusal on project financing affects strategic options.
The valuation disconnect is striking. Blencowe trades at roughly £25 million market cap against a post-tax NPV of $482 million that’s expected to increase substantially. That represents less than £1 per tonne of graphite in the ground when established projects trade at £15-25 per tonne.
Mike discusses why the market is valuing Orom-Cross so conservatively despite systematically eliminating almost every technical and commercial risk that typically justifies junior miner discounts. With infrastructure in place, government backing secured, offtake agreements established, and exceptional geology confirmed, what boxes remain unticked for institutional investors to take this seriously?
We also tackle the scale potential that makes this story particularly compelling. Blencowe has drilled only 2% of the license area and already defined 24.5 million tonnes at 6.0% TGC. Independent consultants at Minrom have suggested Orom-Cross could host over two billion tonnes, an extraordinary claim that Mike defends by walking through the geological evidence and what gives him confidence in that magnitude of resource potential.
We close by looking at the competitive landscape and what could go wrong. With the graphite market increasingly crowded with critical minerals projects seeking funding, Mike articulates what makes Orom-Cross genuinely different from the dozen other graphite projects pitching similar stories.
This interview goes beyond the press releases to examine the strategic architecture Blencowe has built, the technical evidence supporting the investment thesis and what it all means for shareholders as the company approaches key catalysts in Q4 2025.
Whether you’re an institutional investor evaluating critical minerals opportunities, a retail investor in the energy transition supply chain, or simply interested in how junior miners navigate the complex path from discovery to development, this conversation is not one to miss.
