Black Horse Mining Ltd. · ASX:BHL
Black Horse Mining — Investor Presentation (October 2025)
25 slides from Black Horse Mining's investor presentation, Oct 1, 2025
Slide 1: Unlocking High-Grade Potential
Unlocking High-Grade Potential Corporate Presentation October 2025 ASX: BHL (reserved) www.blackhorsemining.com
Slide 2: Important Notice
Important Notice 2 Corporate Presentation The information contained in this presentation has been prepared by Black Horse Mining Limited (“BHL” or “Company”) and its r elated bodies corporate (the “Group”) for background information purposes only. This presentation has been prepared as at 1 October
Slide 3: Victoria – Why?
Victoria – Why? 3 Bendigo-Ballarat zone known to be a premier gold producer having produced over 80Moz of gold and contains the two highest-grade significant producing gold mines in Australia – Fosterville >200koz/y @ 10.5g/t (also the highest margin gold mine in the world)1 and Costerfield >50koz/y
Slide 4: Mt Egerton - Opportunity
Mt Egerton - Opportunity 4 • 95 km west of Melbourne; 35 km from Ballarat • Gold discovered in 1853; mined until 1906 • ~1.29 Moz Au produced @ 5.5–19.3 g/t (average approx. 12g/t) • One of only eight Victorian gold mines to produce over 1Moz from primary sources (not alluvial) • Water ingress led t
Slide 5: Tenure
Tenure 5 • One Retention Licence (RL2018) which covers the Mt Egerton gold mines • One granted Exploration Licence (EL6417) which surrounds the Retention Licence and hosts other numerous gold occurrences • One Exploration Licence Application (EL8628) which surrounds the granted Exploration Licence –
Slide 6: Potential
Potential 6 3D Geological Modelling • Transformed historical data, including drilling, mine plans, sections, long sections, and level surveys, into a comprehensive three-dimensional wireframe model of the Mount Egerton mining complex. This model has revealed: • Remnant lodes intersected in historica
Slide 7: Potential
Potential 7 • Mt Egerton only mined to c.550m below surface – Fosterville orebody nearly 2,000m and still going, Ballarat c. 1,000m and not closed off. Egerton also not closed off • Top of old shafts filled in but workings likely still intact • ~1.29 Moz Au produced @ 5.5– 19.3 g/t (average around 1
Slide 8: Potential
Potential 8 Refer to the Independent Geologist Report dated 26 September 2025, for inclusion in the Prospectus lodged by Black Horse Mining Limited with the Australian Securities and Investment Commission, dated 2 October 2025. Mount Egerton, Fosterville, and Ballarat long-sections. Blue dashed line
Slide 9: Regional Potential
Regional Potential 9 Exploration Potential Beyond Main Corridor • Areas to the north, east, and south of the main Egerton mine corridor exhibit significant exploration potential, as identified through LiDAR imaging and historical records. • LiDAR-Identified Excavations - Hundreds of shallow, largely
Slide 10: Regional Potential
Regional Potential 10 Southern Prospects • ~1.6 km south of Egerton, three veins were tested; one reached a depth of 30 m with gold grades up to 1.5 g/t, while the other two showed trace amounts. • Morris's Paddock, ~4.8 km south, a small underground shaft was developed in auriferous drift and grave
Slide 11: Access
Access 11 • Access for exploration has been designed around utilisation of Crown Land • The Company will not require any private landowner consents or need to enter into any access and compensation agreements with private landowners or occupiers to apply the funds raised under the Offer towards its
Slide 12: Work Programme
Work Programme 12 Geophysics • Ground penetrating radar (GPR) survey to accurately locate historical shafts – concentrating on the Rose, Sister Rose, Quarry, Egerton, and Blackhorse shafts. Aim to locate and open at least one shaft to assess access to existing workings and water level and quality. •
Slide 13: Work Programme
Work Programme 13 Drilling • Diamond drilling to assess shallow mineralisation in the upper part of the complex, already partly identified from historical drilling (A-C), and deeper drilling to assess open projected mineralisation beyond the extent of the exiting workings (D-G). • Roadside aircore d
Slide 14: Transaction Structure
Transaction Structure 14 Consideration for Acquisition Expenditure Commitment to earn 80% of SMS At Completion: ➢ 9,500,000 BHL shares (ordinary, fully paid). Minimum Spend Commitment: ➢ 5,000,000 options to acquire shares: ➢ $4,000,000 over 5 years from Completion Date in order to maintain its • Ex
Slide 15: Deployment of Funds
Deployment of Funds 15 Indicative deployment of IPO funds Funds Available (A$) Use of Funds Project IPO capital raising 8,000,000 Exploration ($8,000,000) Activity Application of Funds Year 1 Year 2 Total Exploration Budget - Mt 4,000,000 Egerton Project Drilling 1,100,000 1,100,000 2,200,000 Acquis
Slide 16: Corporate Overview
Corporate Overview 16 Capital Structure at Listing Directors Peter Wall Non-Executive Chairman ASX Code BHL David Frances Managing Director - CEO Shares on issue 64.5m Charles McHugh Non-Executive Director Vendor Shares 9.5m PRL Shares 15m Key Management Director Options (1) 30m David Frances Managi
Slide 17: Board of Directors
Board of Directors 17 Peter Wall Non-Executive Chair Mr Wall is a corporate lawyer and has been a Partner at Steinepreis Paganin (Perth based corporate law firm) since July 2005. Mr Wall graduated from the University of Western Australia in 1998 with a Bachelor of Laws and Bachelor of Commerce (Fina
Slide 18: Board of Directors
Board of Directors 18 Ian Hobson Company Secretary A Fellow Chartered Accountant and Chartered Secretary, Mr Hobson has more than 30 years’ experience in the areas of corporate finance, governance, corporate accounting, company secretarial and restructuring advice. Mr Hobson was a director of Pricew
Slide 19: Management
Management 19 David Frances Managing Director - CEO Mr Frances is Managing Director and CEO and is responsible for the day to day running of the Company. Charles McHugh Mr McHugh is a highly credentialed mining professional, Charles brings over 30 years of extensive experience in production, strateg
Slide 20: Contact Details
Contact Details 20 David J Frances – Director dfrances@blackhorsemining.com +61 400 080 074 info@blackhorsemining.com www.blackhorsemining.com
Slide 21: APPENDIX
APPENDIX 21 Mt Egerton circa 1880 – showing the 200 head stamp-house in the right foreground, the Sister Rose shaft left mid ground and Rose shaft centre background
Slide 22: Regional Geology
Regional Geology 22 The Mt Egerton-Gordon area lies in the southern Bendigo Structural Zone, part of the Lachlan Fold Belt (LFB). The zone is bounded by the Avoca Fault (west) and Heathcote Fault (east), the latter of which contains Cambrian mafic volcanic basement overlain by Ordovician Castlemaine
Slide 23: Local Geology
Local Geology 23 Host rocks Early Ordovician turbidites of the Castlemaine Supergroup. • Deep marine siltstone • Shale • Sandstone Isoclinally folded along steep, N–S trending axes. The Mt Egerton Granodiorite (Late Devonian) crops out to the west and may partly overlap historically mined zones. Cov
Slide 24: Structural Setting and Mineralisation
Structural Setting and Mineralisation 24 W.M. Bradford’s detailed mapping revealed Mt Egerton’s structural geology mirrors that of major Central Victorian goldfields (e.g., Ballarat). Three main mineralisation types were historically mined Wing Makes – large-scale tension veins splitting from main r
Slide 25: Exploration Post Mine Closure (1907)
Exploration Post Mine Closure (1907) 25 Year Operator(s) Work Undertaken 1975 – 1978 Western Mining Corporation Geophysical traverses 1980 – 1982 Carpentaria Exploration Geological Mapping, Soil Sampling, Historical Research, 3 Diamond drill holes 1985 – 1989 Western Mining Corporation Geological Ma
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