Black Canyon (BCA) investor relations material

Executive summary

• Recorded a net loss after tax of $945,736 for the half-year ended 31 December 2025, compared to a loss of $362,727 in the prior corresponding period.

• Advanced exploration and development activities at the Wandanya Manganese and Iron Project, with significant drilling and assay results confirming high-grade mineralisation.

• Completed acquisition of Ndalamo Platinum Pty Ltd, securing key tenements adjacent to Wandanya.

• Raised $10 million via a placement to fund ongoing exploration, drilling, and feasibility studies.

• No dividends declared or paid for the period.

Financial highlights

• Revenue from interest income was $273,346, up from $70,803 year-over-year.

• Loss before income tax increased to $1,016,539 from $646,412 year-over-year.

• Basic and diluted loss per share was $(0.64), compared to $(0.34) in the prior period.

• Cash and cash equivalents at period end were $10,454,898, up from $2,222,289 at 30 June 2025.

• Net assets increased to $20,912,473 from $9,897,325 at 30 June 2025.

Outlook and guidance

• Further metallurgical testwork planned using core from recent diamond drilling at Wandanya.

• Heritage surveys completed to enable infill and step-out drilling; additional surveys scheduled for Wandanya South in Q1 2026.

• Funds from placement to support continued exploration, feasibility studies, and working capital.