Black Canyon (BCA) Q2 2026 TU earnings summary

Executive summary

• Phase 3 RC drilling at Wandanya confirmed thick, shallow, high-grade manganese and iron mineralisation, with multiple holes averaging above 35% Mn from surface and significant iron intersections up to 61.3% Fe.

• Rock chip sampling at Wandanya South returned exceptional grades, confirming a 1.8km southern extension to the mineralised system.

• The KR2 Mineral Resource Estimate (MRE) was upgraded, with 90% now classified as Indicated, and the combined KR1 and KR2 MRE totals 104 Mt @ 10.3% Mn.

• Acquisition of Ndalamo Platinum Pty Ltd added six tenements, expanding the project footprint by 229km².

Financial highlights

• Cash position as of 31 December 2025 was $10.46 million, with no debt.

• Exploration and evaluation expenditure for the quarter was $724k; admin and corporate costs were $218k.

Outlook and guidance

• Infill and extension drilling at Wandanya planned post-wet season, with further heritage surveys and environmental baseline studies scheduled for early 2026.

• Metallurgical testwork on PQ3 diamond core to continue in the March quarter, with results to inform further development.