Black Rock Mining (BKT) H2 2025 earnings summary

Executive summary

• Achieved key de-risking milestones for the Mahenge Graphite Project, including binding funding agreements and government approvals.

• Secured USD 254m in funding, with all key permits in place, making the project development-ready pending final funding.

• Signed major agreements with POSCO and Tanzanian government entities, including a USD 40m equity investment and a USD 204m facilities agreement.

• Advanced sustainability initiatives, including environmental approvals, CSR projects, and biodiversity strategies.

Financial highlights

• Consolidated net loss after tax for FY25 was AUD 9.5m, an improvement from AUD 10.6m in FY24.

• Net assets at year-end were AUD 56.3m, down from AUD 59.5m the previous year.

• Total cash at year-end was AUD 1.88m, compared to AUD 8.9m at the end of FY24.

• No dividends declared or paid for the year.

Outlook and guidance

• Project is development-ready, with final investment decision (FID) pending completion of remaining equity funding.

• Anticipates transitioning from developer to producer, targeting entry into the battery materials supply chain.

• Ongoing focus on securing additional funding and progressing early works.