Blencowe Resources

Orom-Cross Just Fired a Rocket

Good Morning Team.

Since my last piece, Blencowe has been building its validation stack.

We’ve covered the geology (Iyan and Beehive are exceptional). We’ve covered the purification breakthrough (99.99% purity, non-Chinese routes into both the US and Europe). We’ve covered the co-investment thesis and why the DFC’s $5 million commitment was mission critical.

Now add this: Orom-Cross graphite has been used in live rocket propulsion nozzle testing. In California.

With US Government agencies in attendance.

American Energy Technologies Company (AETC) — the same Chicago-based partner already validating Orom-Cross for synthetic diamond conversion and purification — manufactured rocket nozzle mouldings using Orom-Cross graphite concentrate.

The target was simple - could natural graphite from Uganda replace a portion of the synthetic graphite typically used in propulsion nozzles?

The test firing was attended by representatives from Pluto Aerospace, Purdue University and various US Government agencies, alongside Blencowe’s COO Iain Wearing. The programme completed its planned runs successfully.

Data is being analysed and further testing is planned. And — subject to technical outcomes and scheduling — orbital testing is expected in the latter half of 2026.

That’s our next step.

In parallel, AETC has been evaluating graphite-based coatings applied to rocket fin components, testing durability under hypersonic conditions and icephobic properties — surfaces engineered to resist ice formation.

Early observational performance has been encouraging, with potential applications across both military and civilian aircraft environments.

Why This Matters Beyond the Headline

The core Orom-Cross thesis has always been battery-grade graphite for the energy transition. That remains the primary commercial pathway, and this is unchanged.

But the AETC relationship layers on optionality that the DFS economics never modelled:

• Synthetic diamond conversion at a 53.6% yield — above the 50% commercial viability threshold

• 99.99% purity through a US-based processing route

• Rocket propulsion nozzle performance validation in live conditions

• Hypersonic coating durability testing

Each of these represents a potential niche, high-value pathway for a portion of Orom-Cross production. None of them were in the DFS.

All of them are being validated by American partners, with American government agencies involved.

US Government Angle

Here’s the strategic read-across I’d encourage you to consider.

The US DFC already committed $5 million to Blencowe, with first right of refusal on project-level financing. That was the co-investment signal I flagged in December.

Now you’ve got US Government agencies attending a live rocket test using Orom-Cross material. Purdue University — a leading US defence and aerospace research institution — in the room. Pluto Aerospace running the hypersonic sub-orbital platform.

Blencowe’s Executive Chairman Cameron Pearce said it plainly:

‘The more value-enhancing strategic relationships Blencowe and AETC can build within US Government agencies, and associated technology providers, the more likely offtakes and/or funding from this direction.’

That’s the language of an organisation that understands exactly what it’s doing. They’re not just selling graphite. They’re positioning Orom-Cross inside the US defence and aerospace supply chain — the one that’s actively trying to break its dependence on Chinese critical minerals.

Defence and aerospace validation gets you a different class of strategic partner.

Putting the Pieces Together

Step back and look at the full picture as it stands today:

• Geology: 26.1Mt JORC resource (pre-Iyan, pre-Beehive). The Q1 2026 update incorporating those two new deposits hasn’t landed yet. When it does, we’re likely looking at 30+ year mine life material.

• Purification: 99.99% purity validated through AETC (US) and Alkeemia (Italy). Two non-Chinese routes into the world’s two most important Western markets.

• Offtake: Yunasko MOU (supercapacitors), Jilin agreement, and others in various stages of progression.

• Diamond conversion: 53.6% yield confirmed — above commercial viability threshold.

• Rocket testing: Live propulsion nozzle test firing completed. Orbital testing expected H2 2026.

• Co-investment: DFC committed, roadshow completed, financing discussions progressing.

• Market cap: Still approximately £37 million.

What’s Next

The orbital testing expected in H2 2026 is the next milestone on this particular thread. If successful, that transforms a promising niche application into a validated one — with the kind of performance data that US Government procurement processes actually require.

In parallel, watch for:

• The Q1 2026 JORC update incorporating Iyan and Beehive results

• Conversion of existing MOUs to binding offtake agreements

• Phase 1 financing structure announcement

• Further updates on the hypersonic coating programme, which remains under analysis

The company has been disciplined about disclosure — elements of these programmes involve government and commercial stakeholders with strict confidentiality requirements.

To the eternal disappointment of the five minute shareholder, that’s what working with serious counterparties actually looks like.

The Bottom Line

When I wrote last year that Blencowe was hanging a ‘FOR SALE’ sign outside their London offices, I was describing a company positioning for strategic co-investment.

What’s happened since is that every pillar of that thesis has strengthened — geology, purification, offtake, and now defence/aerospace validation at the highest levels.

The market cap hasn’t caught up.

The easy money was made early.

The re-rating from here isn’t about a single announcement. It’s about a financing structure announcement, a JORC update, and a binding offtake stack — all of which appear to be in motion simultaneously.

Watch this space.