Black Canyon (BCA) Q2 2025 TU earnings summary

Executive summary

• Confirmed high-grade manganese discovery at Wandanya, with RC drilling returning intercepts up to 42% Mn and a 3km strike of outcropping mineralisation identified.

• High-grade iron mineralisation also discovered at Wandanya, with rock chip assays up to 64.3% Fe, indicating potential for direct shipping ore.

• Global Mineral Resource Estimate (MRE) for Balfour Manganese Field stands at 314 Mt @ 10.5% Mn, the largest in Western Australia.

• Scoping Study for KR1 and KR2 deposits indicates a pre-tax NPV of A$340 million and IRR of 70% over a 16-year mine life.

Financial highlights

• Consolidated available cash was $718k as of 31 December 2024, with no debt.

• $2.5 million raised via oversubscribed placement in December 2024 at $0.06 per share; $1.1m received post-quarter, $1.4m pending shareholder approval.

• Share Purchase Plan completed in October 2024, raising $263,000 at $0.07 per share.

• Exploration and evaluation expenditure for the quarter was $349k; admin and corporate costs totaled $187k.

Outlook and guidance

• Further RC drilling and metallurgical testwork planned at Wandanya to expand the mineralised footprint and upgrade manganese mineralisation.

• KR2 Mineral Resource update and review of KR1/KR2 Scoping Study scheduled for the March 2025 quarter.

• Engagement with strategic parties for offtake or involvement in HPMSM and manganese concentrate products ongoing.