Black Rock Mining Limited · ASX:BKT
Black Rock Mining — Investor Presentation (May 2025)
27 slides from Black Rock Mining's investor presentation, May 20, 2025
Slide 1: Simply Better Graphite: Investor Update
Black Rock Mining Mahenge Graphite Mine For personal use only Simply Better Graphite: Investor Update Interview with Pitt Street Research May 2025
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. Summary information The material contained in this Presentation is a summary and for information purposes only. The information in this Presentation is general i
Slide 3: Important notices
Important notices Not an offer This Presentation is not an offer or invitation for subscription or purchase of, or a recommendation in relation to, securities in the Company and neither this Presentation nor anything contained in it shall form the basis of any contract or commitment. This Presentati
Slide 4: Black Rock at a glance
Black Rock at a glance Capital structure ASX ticker BKT Premium graphite player Share price (14 May 2025) $0.027 Developing the Mahenge graphite project in Tanzania: Shares on issue 1,469.4m For personal use only - Tier 1 scale (2nd largest reserve globally) - Forecast first quartile costs due to hy
Slide 5: 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 6: POSCO SPG plant approved
POSCO SPG plant approved For personal use only In April 2025, POSCO ▪ A pivotal development for Black Rock and the natural graphite sector approved construction ▪ Represents the worlds largest SPG plant not controlled by China of its own US$277m ▪ POSCO has reviewed a large number of graphite assets
Slide 7: Graphite uses and flake sizes
Lubricants Recarburising Graphite Shapes 3% 2% 1% Graphite Friction materials 3% Other 7% Uses Castings 8% For personal use only The fastest growing Batteries 52% market for graphite is Refractories Li-ion batteries 24% However, large flake markets are higher value & margin and cannot be substituted
Slide 8: Graphite in batteries
Graphite in Graphite is the dominant anode material, regardless of battery chemistry batteries LFP 17% NMC 111 15% NMC 532 16% NMC 811 16% NCA 11% For personal use only The largest volume 29% 43% Cathode (+) ingredient required 68% 73% 83% 29% for Li-ion batteries is 24% graphite 27% 8% 17% 14% 8% L
Slide 9: Graphite pricing by Mahenge product
Graphite pricing by Mahenge product (last 12 months) US$/t Healthy margins 2,000 1,750 at spot prices 1,500 1,250 For personal use only Mahenge has diversified 1,000 750 revenue from different 500 markets and current 14/05/24 14/08/24 -195 +195 14/11/24 +895 +595 14/02/25 +3295 14/05/25 Split in Mah
Slide 10: Improving outlook for fines prices
Fastmarkets: Graphite Flake, 94% C, -100 Mesh, fob Qingdao, China Improving outlook for fines For personal use only prices Strong demand outlook for battery-grade fines on expected growth in electric vehicles & static storage Source: Fastmarkets BRM Lithium & Graphite Short-term Forecast Tracker, 15
Slide 11: 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 12: 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 13: 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 Driven by: Connection to competitively-priced hydro-dominated grid power Geological advantages with more higher value large flake graph
Slide 14: A simpler upstream business
A simpler UPSTREAM Mahenge MIDSTREAM DOWNSTREAM Operating 74ktpa development graphite mine Module 1 New SPG plant approved1 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 Tan
Slide 15: POSCO's upstream business
POSCO’s UPSTREAM Mahenge MIDSTREAM DOWNSTREAM Operating 74ktpa anode graphite mine Module 1 New SPG plant approved1 natural graphite anode plant For personal use only ~30ktpa of fines Spherenised Purified business graphite conc Graphite (SPG) Promising recent signals & commentary Black Rock Tanzania
Slide 16: 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 17: 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 18: Potential de-risking milestones
Potential Status of key de-risking milestones : ▪ Financing milestones: 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 ✓ S
Slide 19: 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 20: 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 21: Appendix – Additional Slides
Appendix 1 – Additional Slides For personal use only
Slide 22: Strategic Alliance with POSCO
Strategic ▪ POSCO is a major shareholder of Black Rock holding an 8.6% stake ▪ POSCO holds a board seat on the Black Rock board Alliance with ▪ POSCO is Black Rock’s cornerstone offtake partner: For personal use only POSCO ▪ Module 1: ▪ Binding offtake agreement for fines1 (32% of volume) Black Rock
Slide 23: Tanzania: An improving jurisdiction for investment
Tanzania: ▪ Moody’s upgraded Tanzania to a B1 stable due in March 2024 due to reduced political risk and structural reform agenda. Fitch upgraded An improving Tanzania to B+ with a Stable Outlook in Dec 2024 ▪ April 2025: Tanzania Targets October 2025 Close for US$42B LNG For personal use only juris
Slide 24: Graphite anodes: Natural vs. Synthetic
Graphite Natural graphite anode Synthetic graphite anode anodes: For personal use only Natural vs. Synthetic Most lithium-ion batteries use a Natural graphite anodes are typically superior Synthetic graphite anodes have advantages in in terms of price and energy capacity terms of output, lifespan an
Slide 25: Li-ion battery raw materials supply chain by country
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: Mahenge JORC Mineral Resource Estimate and Ore Reserve
Mahenge JORC Compliant Mineral Resource Estimate and Ore Reserve Ore Reserves Tonnes (Mt) 1 Grade (% TGC) Contained Graphite (Mt) Reserve & - Proven - Probable 0 70.5 0.0 8.5 0.0 6.0 Total Ore Reserves 70.5 8.5 6.0 For personal use only Resource Mineral Resources - Measured 31.8 8.6 2.7 Mahenge has