Blencowe Resources

BRES · Main Market · Basic Resources · mcap £31m · 6.2p 1 open situation →

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2026 Orom-Cross DFS and JORC update

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Project milestones

Orom-Cross DFS and JORC update

Board reshaped; interim CEO on Board; funding open

DFS completed Dec 2025; the 29 May 2026 update lifted NPV10 to US$1.254bn with Phase 1 capex of US$45m unchanged. CEO Ralston resigned 14 Sep 2026 and COO Iain Wearing became Interim CEO on 21 Sep 2026. On 12 Oct 2026 Executive Chairman Pearce resigned, Sam Quinn became Non-Executive Chairman and Wearing joined the Board. Phase 1 funding is not closed and the permanent CEO search continues.

Interim CEO: Iain Wearing, appointed 21 Sep 2026; joined the Board as Executive Director 12 Oct 2026 12 Oct 2026 ↗
Permanent CEO: Search continuing; no date given 12 Oct 2026 ↗
Phase 1 capex: US$45 million (updated DFS model) 12 Oct 2026 ↗
Funding status: Multiple active discussions and due diligence; subject to terms, approvals and definitive documentation 21 Sep 2026 ↗
Cash position: Board considers current cash sufficient for overheads, product qualification and the financing process; excludes Phase 1 construction capital 21 Sep 2026 ↗
Wearing stake: 13,491,666 shares, approximately 2.69% of issued share capital 12 Oct 2026 ↗

Next: Permanent CEO appointment and Phase 1 funding

12 Oct 2026 Board reshaped; interim CEO on Board; funding open
21 Sep 2026 Interim CEO in place; funding still open
16 Sep 2026 P1 funding open; CEO departed, no consultant
14 Sep 2026 CEO resigned; P1 funding talks continue

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