Black Canyon (BCA) Investor presentation summary

Investment highlights

• Holds the largest contained manganese resources in Western Australia, with a global MRE of 315Mt @ 10.5% Mn, 87% in Measured & Indicated categories.

• Discovered high-grade manganese and iron at the Wandanya Project, with mineralisation open in multiple directions and consistent grades suitable for low-cost open pit mining.

• Well-funded with approximately $10.5 million in cash as of December 2025, and a tight capital structure supported by institutional investors.

• Active exploration and expansion, with a strong board and management team experienced in resource discovery and value creation.

• Metallurgical testwork at Wandanya produced a 44% Mn product with high recovery and low impurities.

Project portfolio and development

• Six manganese discoveries since 2021 across a 2,200km² area, including the Balfour Manganese Field and Wandanya Project.

• Balfour Manganese Field is the largest manganese resource in WA, with multiple deposits and positive scoping studies on Flanagan Bore, KR1, and KR2.

• Scoping studies indicate low CAPEX, short payback, and strong financial returns, with KR1 & KR2 showing a 16-year LOM, $2.78B revenue, $654M EBITDA, and 70% IRR.

• Simple mining and processing methods (crush, wash, screen, DMS) and multiple development options, including hub and spoke processing.

• Downstream potential for battery-grade HPMSM, with testwork achieving >99% Mn sulphate purity from KR1 feedstock.

Exploration and next steps

• Ongoing infill and discovery drilling at Wandanya to extend mineralisation and support a maiden resource estimate.

• Metallurgical and beneficiation testwork underway to optimise manganese and iron recovery.

• Feasibility-level studies in progress, including transport, logistics, process design, and environmental permitting.

• Strategic investor discussions ongoing to support project development.

• Well-positioned to continue exploration and pre-development activities with strong financial backing.