Black Rock Mining (BKT) Q4 2025 TU earnings summary

Executive summary

• Signed agreements with TANESCO for a new 220kV power line and substation, enabling grid access for Mahenge and improving project competitiveness.

• Facilities agreement with DBSA, IDC, and CRDB increased by US$25m to US$204m, extending loan tenor and deferring first repayment.

• Default notice on Mahenge Special Mining Licence lifted, clearing regulatory impediments.

• US Department of Commerce imposed 93.5% antidumping tariffs on Chinese AAM, raising total tariffs to 160%, benefiting ex-China suppliers.

• Cash at bank at 30 June 2025 was A$2.1m, with no drawn debt.

Financial highlights

• Net cash used in operating activities for the quarter was A$2.0m; year-to-date A$8.8m.

• Net cash used in investing activities for the quarter was A$0.4m; year-to-date A$3.0m.

• Net cash from financing activities for the year was A$4.7m, with A$5.0m from equity issuance.

• Cash and cash equivalents at quarter end were A$2.1m.

• Estimated quarters of funding available: 1, with measures underway to reduce cash outflows and secure further funding.

Outlook and guidance

• Company expects net operating cash flows to reduce next quarter due to cost-cutting and completion of legal work.

• Ongoing efforts to raise additional funds, including a US$40m equity investment from POSCO and US$204m debt facilities, both subject to conditions precedent.

• Confirms commitment to progressing Mahenge to Final Investment Decision and construction readiness.