Blencowe executive chairman Cameron Pearce noted the entry to the DFS stage comes two-and-a-half years after the project acquisition.
"Graphite demand is growing fast as forecast and as the market becomes increasingly more aware that there are very few new graphite mines scheduled to commence production in the near term this demand-pull will potentially drive further price rises ahead, particularly for the products found at Orom-Cross," he said.
Test work has indicated that Orom-Cross can produce several high-quality end products as a 96-97% LOI concentrate, the company said.
The PFS viewed an initial capital cost of $62 million for a 14-year mine life with an average of 101,000 tonnes of concentrate produced per annum.
Blencowe's share price was unchanged day on day on 27 September at 3.55p (US$0.04).