Black Rock Mining Limited · ASX:BKT
Black Rock Mining — Investor Presentation (March 2025)
38 slides from Black Rock Mining's investor presentation, Mar 5, 2025
Slide 1: Simply Better Graphite: Capital Raising Presentation
Black Rock Mining Mahenge Graphite Mine For personal use only Simply Better Graphite: Investor Update Capital Raising Presentation NOT FOR RELEASE TO U.S. WIRE SERVICES OR March 2025 DISTRIBUTION IN THE UNITED STATES
Slide 2: Important notices
Important notices You are advised to read the following carefully before making any use of the information contained in this presentation. This presentation is dated 5 March 2025 (“Presentation”) and has been prepared by Black Rock Mining Limited (ACN 094 551 336) (ASX ticker BKT) (“Company” or “Bla
Slide 3: Important notices
Important notices Not financial product advice This Presentation, and the information provided in it, does not constitute, and is not intended to constitute, financial product or investment advice, financial, legal, tax accounting or other advice, or a recommendation to acquire shares (or any other
Slide 4: Important notices: Mineral Resources and Ore Reserves
Important notices Mineral Resources and Ore Reserves This Presentation contains estimates of the Company's Mineral Resources and Ore Reserves. The information in this Presentation that relates to the Company’s Mineral Resources and Ore Reserves has been extracted from the Company's previous ASX anno
Slide 5: Black Rock at a glance
Black Rock at a glance Capital structure prior to Offer ASX ticker BKT Premium graphite player Share price (28 February 2025) $0.028 Shares on issue 1,252.0m Developing the Mahenge graphite project in Tanzania: For personal use only - Tier 1 scale (2nd largest reserve globally) Options and performan
Slide 6: Capital Raising Offer Structure
Capital Offer Structure • A non-underwritten placement targeting to raise A$5 million from sophisticated and professional investors (“Placement”)1 • Raising Subject to shareholder approval, participants in the Placement will be entitled to be made an offer to receive one (1) free unlisted option wit
Slide 7: Black Rock team
Black Rock team Board of Directors Management Richard Crookes, Non-exec Chair: Geologist with over 30 years executive Steuart McIntyre, GM Corporate Development: Mining analyst with over 15 experience in the resources and finance industries; raised capital and years experience. Previous roles includ
Slide 8: Graphite in batteries
Graphite in Graphite is the dominant anode material, regardless of battery chemistry batteries LFP 17% NMC 111 15% NMC 532 16% NMC 811 16% NCA 11% For personal use only Li-ion batteries 29% 43% Cathode (+) typically contain 68% 73% 83% 29% ~7-10x more graphite 24% than lithium. 27% 8% 17% 14% 8% LFP
Slide 9: Growing importance of natural graphite in batteries
Growing importance of natural graphite in batteries More natural 100% graphite in For personal use only 75% batteries 65% 41% 50% The use of natural 25% 50% graphite in batteries 30% has potential to grow 0% 2023 2030 from 30% of the Natural graphite Synthetic graphite Silicon LTO Other anode to 50%
Slide 10: Healthy margins at spot prices
US$/t Graphite pricing by Mahenge product (last 12 months) Healthy margins 2,000 1,750 at spot prices 1,500 1,250 For personal use only Current graphite prices 1,000 750 support healthy potential 500 margins at Mahenge at 22/01/24 22/04/24 -195 +195 22/07/24 +895 +595 22/10/24 +3295 22/01/25 forecas
Slide 11: Diversified revenue stream
Diversified Flake graphite prices over last 4 years (Asian Metals) revenue stream US$/t 1,400 For personal use only Mahenge basket price 1,200 has been relatively 1,000 steady as weaker fines price has been offset 800 by stronger large flake 600 price The fines price (-194) has fallen to a new 400 1
Slide 12: Graphite uses and product mix
Lubricants Recarburising Graphite Shapes 3% 2% 1% Graphite Friction materials 3% Other 7% Uses Castings 8% For personal use only Black Rock has a Batteries 52% diversified product Refractories mix with 60% 24% exposure to the high margin large flake market SMALL FLAKE (FINES) LARGE FLAKE JUMBO FLAKE
Slide 13: A snapshot of the Mahenge Graphite Project
A snapshot of the Mahenge Graphite Project Simple open pit mine development with outstanding forecast returns1 For personal use only US$1.4bn 36% 89ktpa NPV10 nom post tax, post 16% FC Post-tax, ungeared IRR Module 1 production* (1mtpa) 95 – 99%+ TGC purity US$231m 347ktpa 59% +80 mesh, 41% -80 Modu
Slide 14: Why Mahenge?
Why Julius Nyerere Hydropower Project (2115MW) Mahenge? For personal use only Unique competitive advantages driven by Large container port in Dar es Salaam geology and substantial existing infrastructure Tazara Railway Line Geology Substantial existing infrastructure ★ Mahenge’s 70.5mt Reserve makes
Slide 15: Forecast first quartile costs
Forecast first quartile costs 2024 Adjusted C1 Cost Curve* For personal use only First quartile assets are typically higher margin and more robust through the cycle Sources: Benchmark Mineral Intelligence Flake Graphite Report Q2 CY22, Black Rock Mining, Company Data C1 Cash Costs are defined as Cas
Slide 16: A simpler upstream development
A simpler UPSTREAM Mahenge MIDSTREAM DOWNSTREAM Large scale New in-house development graphite mine Module 1 SPG plant1 natural graphite anode plant For personal use only ~30ktpa of fines Spherenised Purified plan graphite conc Graphite (SPG) A lower risk, much lower capex pathway Black Rock Tanzania
Slide 17: ESG focused ecosystem
ESG focused ecosystem For personal use only A new greener source of graphite with best Battery Large Flake practice whole of Environmental and Social Impact Assessment supply chain strategy Tanzanian Government Customer Markets Permitted Robust Compliance Local Content & Community ▪ 55% of capex in
Slide 18: Development timetable
Development ▪ US$179m facility agreement in place with DBSA, IDC and CRDB1: ▪ US$113m Term Debt timetable ▪ US$20m Working Capital Facility ▪ US$20m Cost Overrun Facility For personal use only First production ▪ US$26m Bank Guarantee for Mine Closure expected to be 24 months from FID ▪ US$50m from P
Slide 19: Potential de-risking milestones
Potential Status of key de-risking milestones : ▪ Financing milestones1: de-risking ▪ Signing POSCO offtake agreement + US$10m prepay agreement ✓ ✓ For personal use only ▪ POSCO agreement to invest up to US$40m in Black Rock1 milestones ▪ US$179m facility agreement signed with DBSA, IDC and CRDB2 ✓
Slide 20: Black Rock ready to deliver
Black Rock ready to deliver Compelling Project Metrics Tier 1 Scale For personal use only 1st Quartile Costs The significant Tier 1 (low-cost green power, low strip) Higher proportion of large flake scale Mahenge Higher purity concentrates graphite mine into an Strong macro tailwind undersupplied an
Slide 21: Contact details
Richard Crookes John de Vries Chair For personal use only E: richard.crookes@blackrockmining.com.au Managing Director and CEO Steuart McIntyre T: +61 438 356 590 GM Corporate Development E: jdv@blackrockmining.com.au T: +61 413 555 609 A: Level 1, 1 Walker Avenue E: sm@blackrockmining.com.au West Pe
Slide 22: Appendix – Additional Slides
Appendix 1 – Additional Slides For personal use only
Slide 23: Strategic Alliance with POSCO
Strategic ▪ POSCO is a major shareholder of Black Rock holding a 10.1% stake (Prior to the Offer) Alliance with ▪ POSCO holds a board seat on the Black Rock board For personal use only POSCO ▪ POSCO is Black Rock’s cornerstone offtake partner: ▪ Module 1: ▪ Binding offtake agreement for fines1 (32%
Slide 24: Tanzania: An improving jurisdiction for investment
Tanzania: ▪ Moody’s recently upgraded Tanzania to a B2 Positive due to reduced political risk and structural reform agenda 1 An improving For personal use only jurisdiction for ▪ Equinor/Shell/Exxon Mobil recently struck a deal for the development of an LNG terminal in Tanzania expected to cost tens
Slide 25: Graphite supply chain dependence on China
Li-ion battery EXTRACTION PROCESSING ANODE/CATHODE PRODUCTION BATTERY CELL MANUFACTUARING raw materials GRAPHITE EU, 4% Other, China, Other, 17% US, 10% EU, 6% China, For personal use only supply chain 23% 73% 73% Other, 11% China, China, 99% 83% by country COBALT Other, 99% China, 1% EU, 17% Other,
Slide 26: Offtake agreements
Offtake Mahenge Offtake for Module 1 (89ktpa) agreements 100.0 For personal use only 90.0 5 5 5 5 5 ~95% of Mahenge’s 80.0 20 20 20 Module 1 production 70.0 is under binding 60.0 50 50 offtake, option or 50.0 30 30 30 MOU 40.0 30.0 6 6 6 6 6 20.0 28.5 28.5 28.5 28.5 28.5 10.0 0.0 Year 1 Year 2 Year
Slide 27: Appendix - Risks
For personal use only Appendix 2 - Risks
Slide 28: Risks: Offer risk
Set out in this section are potential risks associated with Black Rock, the Placement, the industry in which Black Rock operates and an investment in Black Rock shares. It is not an exhaustive list of every risk faced by Black Rock now or in the future. Risks The Placement is not underwritten and th
Slide 29: Risks continued: Funding risk
The Company will require further financing support in the future to fund the development and construction of Risks Mahenge. Despite the Company’s strong capital raising track record, there is no certainty that it will be successful in obtaining the financing required for Mahenge as and when needed,
Slide 30: Risks continued: Taxation
Changes to corporate income tax, import duties, property tax, excise tax, withholding tax, capital gains tax, tax Risks clearances or any other applicable taxation legislation or policies in Tanzania, Australia, or other jurisdictions where the Company operates or procures supply may adversely affec
Slide 31: Risks continued: Graphite price
The success of the Company's operations is primarily dependent on the price of graphite. Graphite prices may Risks fluctuate as a result of numerous factors, which are beyond the control of the Company. Such factors include, but are not limited to: a. speculative positions taken by investors or trad
Slide 32: Risks continued: Environmental regulations and risk
National and local environmental laws and regulations in jurisdictions in which the Company operates affect the Risks Company. These laws and regulations set various standards regulating certain aspects of health and environmental quality, provide for penalties and other liabilities for the violatio
Slide 33: Risks continued: Exploration and development risk
The exploration for and development of mineral deposits is speculative and involves significant risks. Whether a Risks Exploration and development risk mineral deposit will be commercially viable depends on a number of factors, including: the particular attributes of the deposit (such as size, grade
Slide 34: Risks continued: Acquisition, divestment and offtake risk
From time to time, the Company evaluates opportunities for acquisition and divestment of assets and participates in Risks discussions with third parties on a confidential basis, including in respect to asset level transactions. Neither the opportunities nor the negotiations will be disclosed publicl
Slide 35: International Offer Restrictions
This document does not constitute an offer of new ordinary shares (“New Shares”) of the International Company in any jurisdiction in which it would be unlawful. In particular, this document may not be distributed to any person, and the New Shares may not be offered or sold, in any country outside Au
Slide 36: International Offer Restrictions: Singapore
This document and any other materials relating to the New Shares have not been, and will not be, lodged or International registered as a prospectus in Singapore with the Monetary Authority of Singapore. Accordingly, this document and any other document or materials in connection with the offer or sa
Slide 37: International Offer Restrictions: United Kingdom
Neither this document nor any other document relating to the offer has been delivered for approval to the Financial International Conduct Authority in the United Kingdom and no prospectus (within the meaning of section 85 of the Financial Services and Markets Act 2000, as amended (“FSMA”)) has been
Slide 38: International Offer Restrictions: Canada
This document constitutes an offering of New Shares only in the Provinces of British Columbia, Ontario and Quebec International (the “Provinces”), only to persons to whom New Shares may be lawfully distributed in the Provinces, and only by persons permitted to sell such securities. This document is
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