Black Rock Mining Limited · ASX:BKT
Black Rock Mining — Investor Presentation (February 2026)
20 slides from Black Rock Mining's investor presentation, Feb 9, 2026
Slide 1: Premium Graphite Developer
For personal use only Premium Graphite Developer Naturally Better Graphite 121 Presentation | February 2026
Slide 2: Disclaimer
Disclaimer This presentation has been prepared by Black Rock Mining Limited (Black Rock or the Company) and has been approved by the Board of Black Rock. The release, publication or distribution of this presentation in certain jurisdictions may be restricted by law and therefore persons in such juri
Slide 3: Premium Graphite Developer
For personal use only Premium Graphite Developer AS X:BKT | BLACK ROCK M ININ G | PRESEN TATI ON World’s 2nd largest Permitted and Strategic partners in Low risk graphite Ore Reserve significant local finance, construction execution by with compelling African funding and offtake experienced team pro
Slide 4: Corporate Snapshot and Directors
Directors Corporate Snapshot Richard Crookes | Non-Executive Chair Geologist with over 30 years executive experience in the resources and finance industries. Capital Structure Major Shareholders John de Vries | Managing Director and Chief Executive Officer $0.017c $9.6m Mining Engineer with over 40
Slide 5: Graphite Fundamentals: Price increases with flake size
Price increases with flake size Graphite Fundamentals Jumbo Flake While Graphite demand is broadly being driven by Flame Retardants Li-ion batteries, large flake markets are higher value Gaskets & Seals For personal use only and margin and cannot be substituted with Expandable Graphite synthetic (60
Slide 6: The Mahenge Revenue Opportunity
The Mahenge Revenue Opportunity Mahenge has diversified potential revenue from different markets and at Black Rock sensitivity: 10% Increase in basket price = 20% current prices, healthy potential margins at forecast AISC1 of US$518/t. For personal use only Increase in unlevered NPV AS X:BKT | BLACK
Slide 7: Location and Infrastructure
Location and Infrastructure ▸ Stable economic jurisdiction rated B1(Moody’s) B+ (Fitch) since 2024 For personal use only ▸ Development Vision 20502 published in August 2025 commits to the mining sector as a major contributor to GDP which currently stands at 9% AS X:BKT | BLACK ROCK M ININ G | PRESEN
Slide 8: The Deposit: Scale, Quality & Approvals
The Deposit: Scale, Quality & Approvals Mahenge has one of the largest graphite Resources in the world and the 2nd largest Graphite Ore Reserve (JORC-2012) For personal use only Low deleterious impurities and favourable metallurgy allows production of up to 99% TGC concentrate purity, solely with co
Slide 9: The Economics: Simple Open Pit with Outstanding Returns
The Economics: Simple Open Pit with Outstanding Returns For personal use only US$1.4bn 36% 89ktpa NPV10 nom post tax, post 16% FC Post-tax, ungeared IRR Module 1 production* (1mtpa) AS X:BKT | BLACK ROCK M ININ G | PRESEN TATI ON 95 – 97%+ TGC purity US$231m 347ktpa 59% +80 mesh, 41% -80 Module 1 ca
Slide 10: Pathway to FID and Construction
Downstream Strategic Partners June 2024 Offtake agreements Signed with two Chinese entities Pathway to FID Construction July 2024 Mining contractors Engaged local Tanzanian POSCO For personal use only Downstream contractor US$50m equity September 2024 POSCO Muhui Qingdao Yujinxi Binding subscription
Slide 11: Africa Funding Driving Local Economic Development
Africa Funding Africa Financing Model provides Social Licence Driving Local Economic Development DBSA – Development The Industrial Development Debt Support from Equity support from cornerstone Bank of Southern Africa Corporation of South Africa For personal use only Local African Financiers offtake
Slide 12: Secure Offtake
Secure Offtake Mahenge Offtake for Module 1 (89ktpa) 100.0 ~95% of Mahenge’s Module 1 90.0 production is under binding For personal use only 5 5 5 5 5 offtake, option or MOU 80.0 20 20 20 70.0 AS X:BKT | BLACK ROCK M ININ G | PRESEN TATI ON 60.0 50 50 50.0 30 30 30 40.0 30.0 6 6 6 6 6 20.0 28.5 28.5
Slide 13: The Path to Cashflow is Mining
The Path to Cashflow is Mining UPSTREAM MIDSTREAM DOWNSTREAM For personal use only A low risk and low capex pathway to cashflow ~30ktpa Spherenised Black Rock is initially focused on an of fines Purified AS X:BKT | BLACK ROCK M ININ G | PRESEN TATI ON graphite Graphite UPSTREAM business where it has
Slide 14: Mahenge Graphite Project
For personal use only Mahenge Graphite Project 14 AS X:BKT | BLACK ROCK M ININ G | PRESEN TATI ON
Slide 15: Naturally Better Graphite
Naturally Better Graphite For personal use only Greener supply chain, world-class graphite AS X:BKT | BLACK ROCK M ININ G | PRESEN TATI ON Battery Market Mahenge Dry Tailings Simple Processing Hydro Power Graphite Deposit Low-carbon Eliminates dam risk Three stage polishing High-grade energy Protect
Slide 16: Why Black Rock Mining?
For personal use only Why Black Rock Mining? AS X:BKT | BLACK ROCK M ININ G | PRESEN TATI ON World’s 2nd largest Permitted and Strategic partners in Low risk graphite Ore Reserve significant local finance, construction execution by with compelling African funding and offtake experienced team project
Slide 17: Appendix: Mahenge Forecast First Quartile Costs
Appendix: Mahenge Forecast First Quartile Costs First quartile assets are 2024 Adjusted C1 Cost Curve* typically higher margin For personal use only and more robust through the cycle AS X:BKT | BLACK ROCK M ININ G | PRESEN TATI ON Driven by: ▸Connection to competitively-priced hydro-dominated grid p
Slide 18: Strategic Alliance with POSCO
Strategic Alliance with POSCO ▸ POSCO is a major shareholder of Black Rock holding a 5.9% stake1 ▸ POSCO holds a board seat on the Black Rock board For personal use only ▸ POSCO is Black Rock’s cornerstone offtake partner: Module 1: • Binding offtake agreement for fines¹ (32% of volume) AS X:BKT | B
Slide 19: Notes
For personal use only Notes 19 AS X:BKT | BLACK ROCK M ININ G | PRESEN TATI ON
Slide 20: Contact Us
For personal use only Contact Us John de Vries Managing Director and CEO +61 438 356 590 jdv@blackrockmining.com.au www.blackrockmining.com.au
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