Black Rock Mining (BKT) Investor Presentation summary

Project overview and strategy

• Holds the world's second largest graphite ore reserve with compelling project metrics and robust economics.

• Mahenge project is fully permitted, with significant local African funding and strategic partners in finance, construction, and offtake.

• Focused on upstream graphite mining with low capital intensity, low complexity, and reduced risk.

• Project leverages a stable jurisdiction with strong infrastructure and government support for mining.

Resource scale, quality, and processing

• Mahenge has a JORC-compliant resource of 213.1Mt at 7.8% TGC, with 16.6Mt contained graphite.

• High proportion of large flake graphite and low impurities enable up to 99% TGC concentrate using conventional flotation.

• Resource is open at depth and along strike, with a planned pit up to 2.5km long.

Financials and economics

• Project NPV (10% post-tax) is US$1.4bn, with a 36% post-tax IRR and 26-year initial operating life.

• Module 1 capex is US$231m, with all-in sustaining cost (AISC) of US$518/t and basket price of US$1,709/t.

• Revenue to cost ratio exceeds 2:1 at current prices; 10% price increase boosts NPV by 20%.

• First quartile cost position driven by grid hydro power and high-value large flake graphite.