Black Canyon Limited · ASX:BCA
Black Canyon — Investor Presentation (May 2026)
32 slides from Black Canyon's investor presentation, May 4, 2026
Slide 1: An Emerging Developer of High-Grade Manganese and Iron
An Emerging Developer of High-Grade Manganese and Iron May 2026 ASX: BCA blackcanyon.com.au
Slide 2: Disclaimer
Disclaimer The Company does not purport to give financial or investment advice. No account has been taken of the objectives, financial situation or needs of any recipient of this document. The opinions and recommendations in this presentation are not intended to represent recommendations of particul
Slide 3: Investment Highlights
Investment Highlights Manganese focussed – discovery Greenfield Wandanya high- Advancing pre-development INVESTOR PRESENTATION led growth and largest contained grade Mn & Fe discovery - open activities – resource drill out, manganese deposits in WA in multiple directions MRE Q3 2026, Scoping Study Q
Slide 4: Corporate Overview
Corporate Overview Board and Management Shareholder Breakdown 9% 28% 63% Graham Ascough Brendan Cummins Rebecca Broughton Simon Taylor Adrian Hill BCA Board & Small Cap Inst. Other Non-Executive Chairman Managing Director Company Secretary and CFO Non-Executive Director Non-Executive Director Manage
Slide 5: Emerging WA Manganese Developer
Emerging WA Manganese Developer Quality portfolio built through exploration success Wandanya Project High-grade Mn and Fe, scale potential, shallow to outcropping with positive beneficiation upgrade INVESTOR PRESENTATION Greenfields discovery - high-grade manganese mineralisation similar to near
Slide 6: Delivering Value Through Exploration: Strong Discovery Track Record
Delivering Value Through Exploration: Strong Discovery Track Record Seven manganese discoveries Total raised $23.5m since May 2021 IPO with $10m still held in cash In 24 months and 3 drill programs BCA discovered the largest October 2024 discovered high grade Mn Resources in WA across the Balfour Mn
Slide 7: Manganese Fundamentals: An Essential Mineral below the Radar
Manganese Fundamentals: An Essential Mineral below the Radar World Manganese Production (2022 USGS) Steel Production South Africa Gabon Australia China Essential for steel to improve performance Ghana India with approx. 90% used in the production of steel Ukraine (concentrate) Brazil Rest of World
Slide 8: How much is Manganese worth?
How much is Manganese worth? Manganese Vs Iron Ore Value per tonne Comparison (USD/t) • Current 44% manganese (Mn) price is: $250 US$226 ~2.0x value of iron ore per metric tonne INVESTOR PRESENTATION $200 • Equivalent to A$316 per ton for 44% Mn USD per tonne of ore $150 • 44% Mn currently trading a
Slide 9: Wandanya Project
Wandanya = Project . ae, bso ee - ‘
Slide 10: Project: Greenfields high-grade Mn and Fe Discovery
Wandanya Project: Greenfields high-grade Mn and Fe Discovery Shallow, simple flat-dipping stratabound High-grade Manganese Mn grades similar to the operating Woodie Woodie Mine Mapped, sampled and drilled over 3km strike Exploration potential to the north and south INVESTOR PRESENTATION Ir
Slide 11: Project: Significant Phase 1,2 and RC Mn Drill Results
Wandanya Project: Significant Phase 1,2 and 3 RC Mn Drill Results INVESTOR PRESENTATION | ASX:BCA Mn Width x Grade Mn 11 BCA ASX Announcement 07/08/2025 Shallow, high-grade Manganese continues across Wandanya, ASX announcement 27/08/2025 Thick, high-grade manganese intersects from Wandanya, ASX anno
Slide 12: Wandanya Project: Significant Phase 1,2 and 3 RC Mn Drill Results
Wandanya Project: Significant Phase 1,2 and 3 RC Mn Drill Results 10m @ 26% Mn from 1m including 8m @ 42.2% Mn from 0m including 5m @ 36% Mn from 1m 4m @ 41.5% Mn from 7m 4m @ 50.4% Mn from 4m 4m @ 37.4% Mn from 1m 6m @ 39.3% Mn from 6m including 8m @ 37.4% Mn from 0m including 3m @ 47.3% Mn from 9m
Slide 13: Project: Significant Phase 1,2 and RC Fe Drill Results
Wandanya Project: Significant Phase 1,2 and 3 RC Fe Drill Results INVESTOR PRESENTATION | ASX:BCA Fe Width x Grade Mn 13 BCA ASX Announcement 07/08/2025 Shallow, high-grade Manganese continues across Wandanya, ASX announcement 27/08/2025 Thick, high-grade manganese intersects from Wandanya, ASX anno
Slide 14: Project: Significant Phase 1,2 and RC Fe Drill Results
Wandanya Project: Significant Phase 1,2 and 3 RC Fe Drill Results 7m @ 54.4% Fe from 0m 10m @ 56.2% Fe from 0m including 6m @ 56.4% Fe from 0m 5m @ 59.6% Fe from 3m 6m @ 57.3% Fe from 0m 12m @ 55.8% Fe from 3m including 5m @ 60.0% Fe from 4m 11m @ 56.1% Fe from 0m including 5m @ 60.1% Fe from 4m 16m
Slide 15: Significant Phase RC Drill Results
Wandanya Significant Phase 3 RC Drill Results INVESTOR PRESENTATION X-section 7,526,500mN BCA ASX Announcement 07/08/2025 Shallow, high-grade Manganese continues across Wandanya and ASX announcement 27/08/2025 Thick, high-grade manganese intersects from Wandanya 15
Slide 16: Significant Phase RC Drill Results
Wandanya Significant Phase 2 RC Drill Results 600m INVESTOR PRESENTATION X-section 7,525,900mN BCA ASX Announcement 07/08/2025 Shallow, high-grade Manganese continues across Wandanya and ASX announcement 27/08/2025 Thick, high-grade manganese intersects from Wandanya 16
Slide 17: Significant Phase RC Results
Wandanya Significant Phase 2 RC Results 1800m INVESTOR PRESENTATION X-section 7,524,720mN BCA ASX Announcement 07/08/2025 Shallow, high-grade Manganese continues across Wandanya and ASX announcement 27/08/2025 Thick, high-grade manganese intersects from Wandanya 17
Slide 18: Significant Phase and RC Results
Wandanya Significant Phase 1 and 2 RC Results 2500m INVESTOR PRESENTATION 40m 70m X-section 7,524,000mN BCA ASX Announcement 07/08/2025 Shallow, high-grade Manganese continues across Wandanya and ASX announcement 27/08/2025 Thick, high-grade manganese intersects from Wandanya 18
Slide 19: Project: Thinking outside the Box
Wandanya Project: Thinking outside the Box East Pilbara Stratigraphic Column Schematic Woodie Wandanya Woodie Mineralisation Mineralisation ModelModel W E Balfour Manganese Field INVESTOR PRESENTATION Wandanya Discovery | Woodie Woodie ASX:BCA Woodie Woodie * = Mn Ore Age of the Mn mineralisation at
Slide 20: Project: Core samples for Metallurgical Testwork
Wandanya Project: Core samples for Metallurgical Testwork Drill hole WDDD063 twinning hole WDRC063 that Drill hole WDDD056 twinning hole WDRC056 that intersected 10m @ 27.7% Mn from 4m including intersected 13m @ 59.3% Fe from 1m including 3m @ 39.6%Mnfrom 10m. 7m @ 62.0% Fe from 7m. Downhole direct
Slide 21: Project: Metallurgical Testwork (PQ3 core)
Wandanya Project: Metallurgical Testwork (PQ3 core) Beneficiation Analysis – Sighter level testwork produced a high-grade manganese oxide concentrate from Wandanya feeds using a simple density-based technique (Heavy Liquid Separation – HLS) Heavy Liquid Separation results • Significant manganese upg
Slide 22: Project: Next Steps for 2026
Wandanya Project: Next Steps for 2026 Resource and Economic Evaluation • Resource Definition and Expansion drilling: 3km “Base Case” and immediate upside potential 1.7km north. • Maiden Mineral Resource Estimate (MRE): for manganese and iron. • Metallurgy: manganese and iron composites with ongoing
Slide 23: Project: Next Steps
Wandanya Project: Next Steps Maiden Mineral Growth Potential Through Advancing Pre- Resource Estimate Exploration Drilling development Studies • RC Resource Definition • Remains open to North, • Metallurgy, Environmental, drilling underway South and East Logistics, Marketing, Hydrology • MRE targete
Slide 24: Why Invest?
Why Invest? INVESTOR PRESENTATION Wandanya unique high-grade Active Explorer – drilled BMF Manganese Bank – Mn & Fe discovery – with key 3km of a 9km trend and 315Mt @ 10.5% Mn development attributes over 2000km2 of tenements discovered by BCA with intrinsic value | ASX:BCA Successful Team – Highly
Slide 25: Balfour Manganese Field (BMF)
Balfour Manganese Field (BMF)
Slide 26: Balfour Manganese Field (BMF): The largest manganese Resource in WA
Balfour Manganese Field (BMF): The largest manganese Resource in WA Six manganese discoveries in 2 years across ~2,200km2 area Largest contained manganese deposits in Western Australia and the second largest in Australia Global MRE totalling 315Mt @ 10.5% Mn for 33.1Mt 87% in Measured & Indi
Slide 27: Balfour Manganese Field (BMF): Attractive long-life scoping-level economics
Balfour Manganese Field (BMF): Attractive long-life scoping-level economics KR1 / KR2 and Flanagan Bore underpin KR1 & KR2 Flanagan Bore BMF Project value, potential for strong Financial Performance Unit (July 2024) (Aug 2022) Summary LOM financial returns over a long mine LOM LOM life Initial LOM (
Slide 28: Balfour Manganese Field (BMF): KR1 and KR2 Scoping CAPEX/OPEX
Balfour Manganese Field (BMF): KR1 and KR2 Scoping CAPEX/OPEX CAPEX LOM OPEX/t (CIF) Cost A$/t A$/t Mn Item Description CA Operating Cost C1 $US/DMTU (A$M) LOM CONC Process Plant Mine to ROM Haulage 5.21 20.45 0.42 Crushing 5.9 Milling Costs 5.82 22.87 0.46 Processing 34.4 Grade Control and rehandle
Slide 29: Balfour Manganese Field (BMF): Downstream HPMSM value-add potential
Balfour Manganese Field (BMF): Downstream HPMSM value-add potential STAGE STAGE STAGE 01 02 03 INVESTOR PRESENTATION Evaluate Ore Battery Grade HPMSM Upscale Battery Grade Suitability Experimental Flowsheet HPMSM Flowsheet testwork Initial leach tests yielded Expanded HPMSM Strategy across Sample se
Slide 30: Notes
Notes ASX:BCA | INVESTOR PRESENTATION 30
Slide 31: Notes
Notes ASX:BCA | INVESTOR PRESENTATION 31
Slide 32: Brendan Cummins
Brendan Cummins Managing Director 0400 799 756 brendan.cummins@blackcanyon.com.au