Black Canyon Limited · ASX:BCA
Black Canyon — RIU Conference 2026
30 slides from Black Canyon's conference presentation, Feb 17, 2026
Slide 1: Corporate Presentation – RIU Conference
ASX: BCA 17 February 2026 Corporate Presentation – RIU Conference Black Canyon (ASX: BCA) is pleased to release the following presentation that will be provided at the RIU Conference. This announcement has been approved by the Board of Black Canyon Limited. Contact Board of Directors 35 Richardson S
Slide 2: An Emerging Developer of High-Grade Manganese and Iron
An Emerging Developer of High-Grade Manganese and Iron February 2026 ASX: BCA blackcanyon.com.au
Slide 3: 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 4: Investment Highlights
Manganese focussed explorer and Greenfield Wandanya high-grade developer with discovery-led growth Mn & Fe discovery unique style of and largest contained manganese mineralisation and remains open in deposits in WA multiple directions INVESTOR PRESENTATION Investment Active exploration with a boots
Slide 5: Corporate Overview
Corporate Overview Board and Management Shareholder Breakdown 9% 28% 63% Graham Ascough Brendan Cummins Rebecca Broughton Simon Taylor Adrian Hill Non-Executive Chairman Managing Director Company Secretary and CFO Non-Executive Director Non-Executive Director BCA Board & Small Cap Inst. Other Manage
Slide 6: 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 7: Delivering Value Through Exploration: Strong Discovery Track Record
Delivering Value Through Exploration: Strong Discovery Track Record Seven manganese discoveries since May 2021 IPO In 24 months and 3 drill programs BCA discovered the largest Mn October 2024 discovered high grade Resources in WA across the Balfour Mn Field (BMF) stratabound Mn & Fe at Wandanya $0.6
Slide 8: 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 9: 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$325 per ton for 44% Mn USD per tonne of ore $150 • 44% Mn currently trading a
Slide 10: Wandanya Project
Wandanya = Project.
Slide 11: 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 12: 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 13: 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 14: 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 15: 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 16: 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 17: 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 18: 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 19: 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 20: Project: Preliminary Metallurgy
Wandanya Project: Preliminary Metallurgy (RC chips) Sighter Metallurgical Testwork produced a 44% Mn product with low impurities and high recovery Heavy Liquid Separation (HLS) testwork results summary from moderate and high- WDRC013 WDRC027 WDRC032 grade composites HLS Results Composit Sample Head
Slide 21: 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 22: Project: Next Steps for 2026
Wandanya Project: Next Steps for 2026 Resource and Economic Evaluation • Infill Drilling: the 3km of mineralisation already defined and extend to the east. • Maiden Mineral Resource Estimate (MRE): delineating manganese of iron. • Metallurgy: Composite manganese and iron samples to undergo INVESTOR
Slide 23: Why Invest?
Why Invest? INVESTOR PRESENTATION Wandanya unique high- Active Explorer – drilled BMF Manganese Bank – grade Mn & Fe discovery – 3km of a 9km trend and 315Mt @ 10.5% Mn with key development other tenements. discovered by BCA. attributes. | ASX:BCA Successful Team - track- Highly supportive share Tig
Slide 24: Project: Thinking outside the Box
Wandanya Project: Thinking outside the Box East Pilbara Stratigraphic Column Schematic Wandanya Mineralisation Model W E Balfour Manganese Field INVESTOR PRESENTATION Wandanya Discovery | Woodie Woodie ASX:BCA Woodie Woodie * = Mn Ore Age of the Mn mineralisation at Woodie Woodie between 955-1100 Ma
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: Brendan Cummins Managing Director
Brendan Cummins Managing Director 0400 799 756 brendan.cummins@blackcanyon.com.au