Black Rock Mining (BKT) H2 2024 earnings summary

Executive summary

• Advanced Mahenge Graphite Project in Tanzania, securing over USD200m in development funding and progressing towards construction readiness.

• Signed binding agreements with POSCO for up to USD40m equity investment and USD10m prepay, plus full offtake contracts for large flake graphite.

• Facilities Agreement for USD179m signed with DBSA, IDC, and CRDB Bank, subject to final equity raise and customary conditions.

• Completed key ESG milestones, including ESIAs, resettlement, and sustainability reporting, positioning for low-carbon, first quartile cost graphite production.

Financial highlights

• Net loss after tax for FY24 was AUD10.6m, compared to AUD9.3m in FY23.

• Total income was AUD104,845, primarily from interest and rental income.

• Cash and cash equivalents at year-end were AUD8.9m, down from AUD11.5m in FY23.

• Exploration and evaluation assets increased to AUD52.6m from AUD46.8m.

• No dividends declared or paid.

Outlook and guidance

• Focus remains on completing financing and commencing Mahenge Project development, with transition from developer to producer targeted.

• Final Investment Decision (FID) pending completion of equity raise and satisfaction of funding conditions.

• Market demand for graphite expected to recover, with battery sector growth driving long-term opportunities.