Black Canyon (BCA) Investor Presentation summary

Strategic focus and project overview

• Focused on manganese exploration and development in the Pilbara region, Western Australia, with a portfolio of 1,700km² of granted licenses and 100% ownership of key tenements.

• Largest manganese Mineral Resource Estimate in Western Australia, totaling 314 Mt @ 10.5% Mn, containing 33.1 Mt Mn, discovered over three drill programs in two years.

• Key projects include the Balfour Manganese Field (KR1 and KR2 deposits) and the Wandanya high-grade manganese and iron discovery.

• Multiple development options with positive scoping study results and significant exploration targets of 160–215 Mt @ 11–12% Mn.

Financial and economic highlights

• Scoping Study for KR1 and KR2 deposits shows NPV of $340m, IRR of 70%, AISC of US$3.38/dmtu, and CAPEX of $84.1m.

• Initial 16-year mine life with total LOM revenue of A$2,781m and EBITDA of A$654m; payback period under 2 years.

• First 5 years of mining based on Indicated Mineral Resources, with Inferred Resources used from year 6 onwards.

• Only 15% of the global mineral resource scheduled for mining in the current scoping study.

Exploration and resource development

• Wandanya project features high-grade hydrothermal manganese and iron mineralisation, with rock chip samples up to 60.9% Mn and 64.3% Fe.

• RC drilling at Wandanya W2 Prospect returned consistent, high-grade, near-surface results, including 5m @ 32.4% Mn and 3m @ 40.1% Mn.

• Metallurgical testwork at Wandanya produced concentrate grades between 48% and 50% Mn.

• Significant exploration potential remains along mapped corridors for both manganese and iron.