Black Rock Mining (BKT) Q1 2026 TU earnings summary

Executive summary

• Raised A$10 million via placement and A$4 million through an oversubscribed Share Purchase Plan to fund the Early Works Program at Mahenge Graphite Project while finalizing project financing.

• Groundbreaking ceremony for Mahenge held in October 2025, attended by Tanzanian government officials, POSCO representatives, and the Korean Ambassador, signaling strong stakeholder support.

• Early Works Program commenced post-quarter, including construction activities and site earthworks to enable rapid project ramp-up upon full funding and Final Investment Decision.

Financial highlights

• Cash at bank was A$3.6 million as of 30 September 2025, excluding A$9.5 million in proceeds from the placement and SPP received post-quarter.

• Net cash used in operating activities for the quarter was A$2.17 million; net cash used in investing activities was A$0.58 million.

• Net cash from financing activities was A$4.22 million, reflecting the equity raise.

• Payments to related parties during the quarter totaled A$205,555.

Outlook and guidance

• Construction activities for the Early Works Program are expected to ramp up in late October 2025, with contractor selection underway.

• The company expects increased net operating cash flows in the next quarter due to the recent equity raise and commencement of the Early Works Program.

• Ongoing efforts to secure full project funding, including a binding subscription agreement for POSCO's US$40 million equity investment and a US$204 million facilities agreement with DBSA, IDC, and CRDB.