Blencowe Resources - Initiation Report
Blencowe Resources PLC was listed as a cash shell on the LSE in 2019 at 4p per share, seeking a quality asset to trigger a Reverse Takeover (RTO). In a timely fashion, the management team masterminded the acquisition of a 100% interest in the Orom-Cross Graphite Project in Uganda. This project has been rapidly diamond drilled, delivering a JORC Resource of 25Mt @ 6.0% with only 1-2% of the expected resource drilled to date – there is plenty of upside to scale up the resource significantly with additional drilling. The project has a current NPV(8) of $482m (49% IRR) with a CAPEX requirement of an easily financeable $62m, making it one of the most attractive, undeveloped mining assets globally in our view.The world-class graphite project with a 21-year Mining License already in place and has a highly compelling combination of large-scale, shallow and low-cost mining, with an excellent mix of jumbo/large flakes and smaller size flakes within its end products, giving a high weighted value basket price.
Resolve Research initiates coverage of Blencowe with a target price of 23.3p, and a Strong Buy stance.
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