Black Rock Mining (BKT) Q1 2025 TU earnings summary

Executive summary

• POSCO signed a binding agreement for a US$40m equity investment in Black Rock, increasing its stake to 19.99% and securing long-term offtake for Mahenge Module 2; proceeds to fund Module 1 development.

• Black Rock secured a US$179m Facilities Agreement with DBSA, IDC, and CRDB to fund Mahenge's development, subject to conditions precedent.

• Mining services contract signed with Taifa for an initial three-year term, supporting project readiness and lender requirements.

• First Annual Sustainability Report completed; ESG initiatives and permitting advanced, with ESIA for Idenke Settlement area approved post-quarter.

• Ms Ursula Phillips appointed as Non-Executive Director effective 1 October 2024.

Financial highlights

• Cash at bank was A$5.4m at 30 September 2024, with no drawn debt.

• Net cash outflow from operating activities for the quarter was A$2.7m; investing activities outflow was A$1.0m.

• Estimated quarters of funding available at current burn rate is 1.46, with additional funding initiatives underway.

Outlook and guidance

• POSCO's investment and offtake agreements de-risk funding and provide a clear path to production for Mahenge.

• Facilities Agreement and mining contract execution are key milestones toward Final Investment Decision.

• Cash flows expected to reduce next quarter as pre-funding phase winds down.