Black Canyon Limited · ASX:BCA
Black Canyon — Noosa Mining Conference 2025
31 slides from Black Canyon's conference presentation, Nov 14, 2025
Slide 1: Corporate Presentation – Noosa Mining Conference
ASX: BCA 14 November 2025 Corporate Presentation – Noosa Mining Conference Black Canyon (ASX: BCA) is pleased to release the following presentation that Managing Director, Mr Brendan Cummins, will be providing at the Noosa Mining Conference today. For personal use only This announcement has been app
Slide 2: An Emerging Developer of High-Grade Manganese
For personal use only An Emerging Developer of High-Grade Manganese November 2025 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
Emerging WA manganese Well-funded with approx. developer discovery-led growth with $11.6 million cash to advance For personal use only largest contained manganese Wandanya and other programs deposits in WA INVESTOR PRESENTATION Investment Active exploration approach Greenfield Wandanya high-grade Hi
Slide 5: Corporate Overview
Shareholder Breakdown Board and Management Corporate Overview Other Graham Ascough Shareholders Non-Executive Chairman Geophysicist Mr Ascough is a resources executive and geophysicist $0.41 161m 12.3m 63% with more than 30 years’ experience. He is presently Non-Executive Chairman of Geopacific Reso
Slide 6: Delivering Value Through Exploration: Strong Discovery Track Record
Delivering Value Through Exploration: Strong Discovery Track Record Seven manganese discoveries since May 2021 IPO For personal use only In 24 months and 3 drill programs BCA discovered October 2024 discovered high grade the largest Mn Resources in WA stratabound Mn & Fe at Wandanya $0.60 7.0 Phase
Slide 7: Manganese Fundamentals: A Critical Mineral Under the Radar
Manganese Fundamentals: A Critical Mineral Under the Radar World Manganese Production (2022 USGS) Steel Production South Africa For personal use only Gabon Australia China Essential for steel to improve performance Ghana India with approx. 90% used in the production of steel Ukraine (concentrate)
Slide 8: How much is Manganese worth?
How much is Manganese worth? Manganese Vs Iron Ore Value per tonne Comparison (USD/t) For personal use only • Current 44% manganese (Mn) price is: $250 ~2.0x price of iron ore per metric tonne $198 INVESTOR PRESENTATION $200 • Equivalent to AU$297 per ton for 44% Mn USD per tonne of ore $150 • 44% M
Slide 9: Emerging WA Manganese Developer
Emerging WA Manganese Developer Quality portfolio built through exploration success For personal use only Wandanya Project High-grade Mn and Fe, scale potential, shallow to outcropping with positive beneficiation upgrade INVESTOR PRESENTATION No previous exploration – greenfields discovery Hig
Slide 10: Project Wandanya
For personal use only Project Wandanya
Slide 11: Project: Greenfield high-grade Mn and Fe discovery
Wandanya Project: Greenfield high-grade Mn and Fe discovery Shallow, simple flat-dipping stratabound mineralisation For personal use only High-grade Manganese Similar Mn grade to the operating Woodie Woodie Mine Mapped, sampled and drilled over 3km strike INVESTOR PRESENTATION Iron enrichmen
Slide 12: Project: Discovery Drilling
Wandanya Project: Discovery Drilling Three RC drilling programs confirmed For personal use only shallow continuous mineralisation along 3km of strike that remains open INVESTOR PRESENTATION PHASE Sept 2024 01 Initial discovery drilling at W2 June 2025 PHASE Extension drilling increased footprint 900
Slide 13: Wandanya Project: Significant Phase 1,2 and RC Mn Drill Results
For personal use only Wandanya Project: Significant Phase 1,2 and 3 RC Mn Drill Results INVESTOR PRESENTATION | ASX:BCA Mn Width x Grade Mn 12 BCA ASX Announcement 07/08/2025 Shallow, high-grade Manganese continues across Wandanya, ASX announcement 27/08/2025 Thick, high-grade manganese intersects f
Slide 14: Project: Significant Phase 1,2 and 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 15: Wandanya Project: Significant Phase 1,2 and RC Fe Drill Results
For personal use only Wandanya Project: Significant Phase 1,2 and 3 RC Fe Drill Results INVESTOR PRESENTATION | ASX:BCA Fe Width x Grade Mn E46/1407 14 BCA ASX Announcement 07/08/2025 Shallow, high-grade Manganese continues across Wandanya, ASX announcement 27/08/2025 Thick, high-grade manganese int
Slide 16: 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 For personal use only 12m @ 55.8% Fe from 3m including 5m @ 60.0% Fe from 4m 11m @ 56.1% Fe from 0m including 5m
Slide 17: Significant Phase RC Drill Results: X-section 7,526,500mN
Wandanya Significant Phase 3 RC Drill Results For personal use only 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 16
Slide 18: Significant Phase RC Drill Results: X-section 7,525,900mN
Wandanya Significant Phase 2 RC Drill Results For personal use only 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 17
Slide 19: Significant Phase RC Results: X-section 7,524,720mN
Wandanya Significant Phase 2 RC Results For personal use only 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 18
Slide 20: Significant Phase and RC Results: X-section 7,524,000mN
Wandanya Significant Phase 1 and 2 RC Results For personal use only INVESTOR PRESENTATION 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 19
Slide 21: Project: Preliminary Metallurgy
Wandanya Project: Preliminary Metallurgy WDRC013 WDRC027 WDRC032 HLS testwork results summary from moderate and high-grade composites For personal use only HLS Results Composit Sample Head grade Mn (%) Mn overall Combined Size fraction Mn (%) Mn Stage Combined Mn e type feed Mn (%) Density ave Conc
Slide 22: 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 7m For personal use only 3m @ 39.6%Mnfrom 10m. @ 62.0% Fe fr
Slide 23: Project: Manganese and iron discovery geology
Wandanya Project: Manganese and iron discovery geology East Pilbara Stratigraphic Column Schematic Wandanya Mineralisation Model For personal use only W E Balfour Manganese Field INVESTOR PRESENTATION Wandanya Discovery | Woodie Woodie ASX:BCA Woodie Woodie * = Mn Ore Age of the Mn mineralisation at
Slide 24: Project: Next Steps
Wandanya Project: Next Steps Sep 2025 Heritage survey for areas north and east of current drilling for RC discovery drilling in 2026 Nov 2025 For personal use only PQ3 diamond drilling for metallurgical testwork Nov 2025 Settlement of Ndalamo acquisition Nov 2025 INVESTOR PRESENTATION Heritage Surve
Slide 25: Why Invest?
Why Invest? For personal use only INVESTOR PRESENTATION Emerging WA manganese Greenfield Wandanya high-grade Ongoing exploration and developer with an advanced Global Mn & Fe discovery a game development activities focused MRE base and discovery-led growth changer; World-class potential and on unloc
Slide 26: Balfour Manganese Field (BMF)
For personal use only Balfour Manganese Field (BMF)
Slide 27: Balfour Manganese Field: 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 For personal use only and the second largest in Australia Global MRE totalling 315Mt @ 10.5% Mn for 33.1Mt
Slide 28: Balfour Manganese Field: 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 (July 2024) (Aug 2022) For personal use only Unit Summary LOM financial returns over a long mine LOM
Slide 29: Balfour Manganese Field: 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 For personal use only 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 Grad
Slide 30: Balfour Manganese Field: Downstream HPMSM value-add potential
For personal use only 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 Str
Slide 31: Brendan Cummins, Managing Director
For personal use only Brendan Cummins Managing Director 0400 799 756 brendan.cummins@blackcanyon.com.au