Black Rock Mining (BKT) Investor Presentation summary

Capital raising and offer structure

• Launching a A$12 million capital raise: A$10m via two-tranche placement and up to A$2m through a share purchase plan (SPP), both subject to shareholder approval.

• Offer price set at A$0.021 per share, a 23.6% discount to the last trade price, with 1:1 new options (A$0.03 exercise, 2-year expiry) for each share subscribed, also subject to approval.

• Post-offer, shares on issue will increase from 1,479.7m to 2,051.1m, with 571.4m new options and a fully diluted total of 2,758.0m shares.

• Proceeds will fund early works and construction for the Mahenge Graphite Project and provide general working capital.

• Key dates: SPP record date 1 Sep 2025, placement and SPP allotments by 24 Oct 2025.

Project and financial highlights

• Mahenge Graphite Project in Tanzania is the world’s 2nd largest reserve, with a 26-year initial operating life and 347ktpa steady production.

• Forecast NPV10 post-tax is US$1.4bn, with a 36% IRR and all-in sustaining cost (AISC) of US$518/t.

• US$254m in funding secured, including US$204m from DBSA, IDC, and CRDB, and up to US$50m from POSCO.

• POSCO, the largest ex-China anode producer, is a strategic partner, major shareholder (8.6%), and cornerstone offtake partner.

• 95% of Module 1 production is under binding offtake, option, or MOU, with POSCO contracted for 100% of fines production for Modules 1 and 2.

Market positioning and competitive advantages

• Mahenge benefits from first quartile costs due to hydro-dominated grid power and favorable geology yielding a high ratio of large flake graphite.

• Large flake graphite commands higher prices and margins, with diversified revenue streams and robust margins at current spot prices.

• POSCO’s new US$277m SPG plant in Korea, starting construction in 2H CY25, will use Mahenge as its primary feed, reducing sector risk.

• Natural graphite demand is expected to double over the next decade, driven by Li-ion battery growth, with Mahenge well-positioned to supply this market.

• Project leverages substantial existing infrastructure, including access to grid power, rail, airstrip, water, and proximity to Dar es Salaam port.