Black Rock Mining Limited · ASX:BKT

Black Rock Mining — Benchmark Battery Gigafactories Asia Pacific, Perth 2022

25 slides from Black Rock Mining's conference presentation, Sep 28, 2022

  1. Slide 1: Simply Better Graphite: Investor Update

    Black Rock Mining Mahenge Graphite Mine For personal use only Simply Better Graphite: Investor Update Benchmark Battery Gigafactories Asia Pacific, Perth September 2022

  2. Slide 2: Important notices

    Important notices 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 . For personal use only The release, publication or distribution of this presentation in certain jurisdictions may be restricted by law and

  3. Slide 3: Table of Contents

    Black Rock and the  Corporate overview: Black Rock at a glance 4 For personal use only  Black Rock team 5 Mahenge  Milestones delivered 6 Graphite  The outlook for graphite 7 Mine  Premier Location 13  A snapshot of the Mahenge graphite mine 14 Table of Contents  ESG Focus 15  Graphite Playb

  4. Slide 4: Black Rock at a glance

    Black Rock at a glance Capital structure ASX ticker BKT Premium graphite player Share price (23 September 2022) $0.19 For personal use only Shares on issue 977.3 M Developing the Tier 1 scale Mahenge graphite project in Tanzania (2nd largest reserve globally) Options and performance rights 65.3 M Ma

  5. Slide 5: Black Rock team

    Black Rock team Board of Directors Management Steuart McIntyre, GM Corporate Development: Mining analyst with over 15 For personal use only Richard Crookes, Non-exec Chairman: Geologist with over 30 years’ executive experience in the resources and finance industries; raised capital years experience.

  6. Slide 6: Milestones delivered

    Milestones  Free Carried Interest Framework Agreement signed with Govt of Tanzania Delivered  500t pilot plant qualification run completed, the largest in the sector For personal use only  Term Sheet signed with POSCO for Offtake and US$10m Pre-payment In the last 12 months  ICA Partners appoint

  7. Slide 7: Graphite in batteries

    Graphite in Graphite is the dominant anode material, regardless of battery chemistry batteries For personal use only LFP NMC 111 NMC 532 NMC 811 NCA 17% 15% 16% 16% 11% There is more 29% 43% graphite in Li-ion Cathode (+) 68% 73% batteries by volume 83% 29% 24% than any other 27% 8% material, regard

  8. Slide 8: Natural graphite increasing in batteries

    Natural Growing importance of natural graphite in batteries 100% graphite For personal use only 75% 48% increasing in 58% 41% 50% batteries 25% 39% 48% 49% 0% The use of natural 2020 2025 2030 graphite in batteries Natural graphite Synthetic graphite Silicon LTO Other has been growing Demand for LIB

  9. Slide 9: Strong outlook for natural graphite

    Strong Structural deficits in natural graphite predicted from 2022 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 outlook for 500,000 For personal use only natural 0 graphite Market Balance (tpa) -500,000 Market size ~1.2mt in 2022 -1,000,000 Benchmark expects graphite market

  10. Slide 10: Li-ion battery raw materials supply chain by country

    Li-ion battery EXTRACTION PROCESSING ANODE/CATHODE PRODUCTION BATTERY CELL MANUFACTUARING raw materials EU, 4% Other, For personal use only 17% US, 10% supply chain GRAPHITE Other, China, 73% EU, 6% China, 73% 23% Other, 11% China, China, 100% 83% by country COBALT Other, 99% China, 1% EU, 17% Other

  11. Slide 11: Graphite price increases with flake size

    Graphite Price increases with flake size Uses For personal use only Black Rock has a diversified product SMALL FLAKE (FINES) LARGE FLAKE JUMBO FLAKE mix with 60% Lithium-Ion Batteries Flame Retardants Flame Retardants exposure to the high Paint & Coatings Refractories Gaskets & Seals margin large fl

  12. Slide 12: Robust graphite prices

    Graphite prices over past 12-months for Mahenge's 5 products Robust US$/t 2,000 Graphite 1,750 For personal use only 1,500 prices 1,250 1,000 750 Current graphite 500 prices are similar to 23/09/21 23/12/21 23/03/22 23/06/22 23/09/22 -195 +195 +895 +595 +3295 Split in Mahenge basket: 32% 9% 36% 18%

  13. Slide 13: Premier location

    Premier location For personal use only AFRICA Well positioned in Dar es Salaam East Africa’s growing Graphite belt Mahenge Graphite Mine TANZANIA Tanzania seeking to encourage investment - BKT signed FCI Agreement with Govt (Dec 2021) - BHP committed US$100m in Kabanga Nickel (Jan 2022) 13

  14. Slide 14: A snapshot of the Mahenge Graphite Mine

    A snapshot of the Mahenge Graphite Mine Simple open pit mine development with outstanding forecast returns1 For personal use only US$1.5B 45% 83ktpa NPV10 nom post tax, post 16% FC Post-tax, ungeared, real IRR Module 1 production (1Mtpa) US$116M 340ktpa 95 – 99%+ TGC purity 59% +80 mesh, 41% -80 Mod

  15. Slide 15: ESG Focus

    ESG Focus Digbee ESG engaged For personal use only to ensure best practice Customer Markets A new greener source  Higher grade concentrate reduces manufacturing of graphite Hydro Electric Power  Low carbon power supply, and transport footprint and energy consumption  Reduced community vehicle int

  16. Slide 16: Graphite Playbook

    Graphite MAJORITY OF PRE-CONSTRUCTION INVESTMENT PILOT PLANT QUALIFICATION Playbook CUSTOMERS & For personal use only OFF-TAKES GOVERNMENT Free-Carried Interest Shareholding Agreement Sequential EPC development that is customer driven DRILLING SOCIAL LICENCE STUDY WORK MINING LICENCE & FINANCING APR

  17. Slide 17: Development Timetable

    Development  Debt process underway, aiming to finalise debt in the next few months1 Timetable For personal use only  Black Rock is targeting up to 50-60% debt via traditional project finance Aiming to have debt finance in place for  Construction period 15 months2 Module 1 in the next few months.

  18. Slide 18: Urbix Agreement

    Urbix  Conditional Framework Agreement signed with Urbix in Sept 20221 Agreement For personal use only  Urbix is a US-based clean tech graphite processing company Represents potential to bring forward  Collaboration to establish new integrated and cost competitive supply chain development of with

  19. Slide 19: Advancing Next Steps

    Advancing  Project milestones: Next Steps  Grant of SML to unify existing MLs  For personal use only  Complete early works and Resettlement Action Plan  Continue to recruit for key roles, particularly in Tanzania Black Rock expects to complete a number of  Offtake milestones: important de-risk

  20. Slide 20: Black Rock: The premier graphite exposure

    Black Rock: The premier graphite exposure A world-class deposit with a superior development strategy For personal use only 01 Upstream focus with highly economic mine project 06 Premier location and logistics options 02 Deep evaluation work for Tier 1 scale project 07 Fit-for-purpose project executi

  21. Slide 21: For personal use only

    Richard Crookes For personal use only John de Vries Chairman 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

  22. Slide 22: Appendix

    For personal use only Appendix

  23. Slide 23: Why Black Rock?

    Why Black Rock ? For personal use only Unique competitive advantages driven by Geology and Geography GEOLOGY GEOGRAPHY ★ Mahenge’s 213mt resource makes it the 4th largest graphite ★ Access to key infrastructure, Grid Power, Rail, Airstrip, Water resource in the world1 and Tailings disposal (dry stac

  24. Slide 24: Battery raw material demand growth

    Battery Battery Raw Material Demand Growth (kt) demand 6,000 5,903 For personal use only growth 5,000 4,241 4,000 3,689 A synchronised global technology 3,000 2,869 change is underway 2,645 and is expected to 2,000 drive strong demand 1,652 for battery materials 1,000 914 693 654 506 342 185 0 2020

  25. Slide 25: Offtake Agreements

    Offtake Mahenge Offtake for Module 1 (83ktpa) Agreements 100.0 For personal use only 90.0 Almost 90% of 80.0 15.0 15.0 15.0 15.0 15.0 Mahenge’s Module 1 70.0 production is under 60.0 15 15 15 binding offtake or 50.0 45 45 option 30 30 30 40.0 30.0 20.0 26.6 26.6 26.6 26.6 26.6 10.0 0.0 Year 1 Year 2

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