Black Rock Mining Limited · ASX:BKT
Black Rock Mining — RIU Sydney (May 2026)
24 slides from Black Rock Mining's conference presentation, May 5, 2026
Slide 1: Premium Graphite Developer – Naturally Better Graphite
For personal use only Premium Graphite Developer Naturally Better Graphite ASX:BKT | May 2026
Slide 2: Disclaimer
Disclaimer A S X : B K T | B L A C K R O C K M I N I N G | P R E S E N T A T I ON 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 pres
Slide 3: Why Mahenge Wins
A S X : B K T | B L A C K R O C K M I N I N G | P R E S E N T A T I ON For personal use only Why Mahenge Wins Simplicity Purity & Large Flake Disciplined Infrastructure with gives business upstream locks in sustained scale unique options business competitive “Crawl walk run” four module Higher porti
Slide 4: The Company: Africa & Experience
The Company: Africa & Experience Directors Richard Crookes | Non-Executive Chair Geologist with over 30 years executive experience in the resources A S X : B K T | B L A C K R O C K M I N I N G | P R E S E N T A T I ON and finance industries. Capital Structure Major Shareholders For personal use onl
Slide 5: Tanzania: Ambition and Infrastructure
Tanzania: Ambition and Infrastructure A S X : B K T | B L A C K R O C K M I N I N G | P R E S E N T A T I ON For personal use only ▸ Stable economic jurisdiction rated B1(Moody’s) B+ (Fitch) since 2024 ▸ Development Vision 20502 published in August 2025 commits to the mining sector as a major contri
Slide 6: The Deposit: Simplicity, Scale & Quality
The Deposit: Simplicity, Scale & Quality A S X : B K T | B L A C K R O C K M I N I N G | P R E S E N T A T I ON For personal use only Mahenge has one of the largest graphite Resources in the world and the 2nd largest Graphite Ore Reserve (JORC-2012) Low deleterious impurities and favourable metallur
Slide 7: Price increases with flake size
Price increases with flake size Graphite: Critical3 Energy | Industrial | Military Jumbo Flake A S X : B K T | B L A C K R O C K M I N I N G | P R E S E N T A T I ON For personal use only While Graphite demand is broadly being driven by Flame Retardants Li-ion batteries, large flake markets are high
Slide 8: Beyond Batteries: 68% Large Flake & Purity Supports Margin Resilience
Beyond Batteries: 68% Large Flake & Purity Supports Margin Resilience A S X : B K T | B L A C K R O C K M I N I N G | P R E S E N T A T I ON Mahenge has diversified potential revenue from different markets Black Rock sensitivity: 10% Increase in For personal use only and at current prices, healthy p
Slide 9: Graphite Market: Reset Price Protocol
Graphite Market: Reset Price Protocol A S X : B K T | B L A C K R O C K M I N I N G | P R E S E N T A T I ON For personal use only Key assumptions for 2022 Protocol: Key assumptions for developing 2026 Protocol: • Energy transition continues to drives fines pricing • Premium of 25% for attributable
Slide 10: The Economics: Adjusted Price Protocol, Robust Returns
The Economics: Adjusted Price Protocol, Robust Returns A S X : B K T | B L A C K R O C K M I N I N G | P R E S E N T A T I ON For personal use only US$730m 23% 89ktpa NPV8% real post tax, post 16% FC Post-tax, ungeared IRR Module 1 productioni (1mtpa) 95 – 97%+ TGC purity US$231m 347ktpa 59% +80 mes
Slide 11: Strategic Partners: Leveraging Strengths Downstream
Strategic Partners: Leveraging Strengths Downstream Offtake agreements Signed with two Chinese entities A S X : B K T | B L A C K R O C K M I N I N G | P R E S E N T A T I ON Construction For personal use only Mining contractors Engaged local Tanzanian POSCO contractor US$50m equity Downstream POSCO
Slide 12: Finance: Africa Funding Africa
Finance: Africa Funding Africa Financing Model provides Social Licence A S X : B K T | B L A C K R O C K M I N I N G | P R E S E N T A T I ON For personal use only DBSA – Development The Industrial Development Debt Support from Equity support from cornerstone Bank of Southern Africa Corporation of S
Slide 13: First Quartile Costs: Forecast sustained competitiveness
First Quartile Costs: Forecast sustained competitiveness A S X : B K T | B L A C K R O C K M I N I N G | P R E S E N T A T I ON Infrastructure and 95% TGC & 97.5% TGC for Mahenge (Adjusted ASIC US$ 313*) For personal use only location drive long term competitiveness Geography: Costs ▸Hydro-dominated
Slide 14: Business Model: Upstream First
Business Model: Upstream First A low risk and low capex A S X : B K T | B L A C K R O C K M I N I N G | P R E S E N T A T I ON Simplicity Lowers Risk pathway to cashflow For personal use only Black Rock is initially focused on an UPSTREAM business where it has competitive advantages, proven expertis
Slide 15: Upstream First: Why it Lowers Risk
Upstream First: Why it Lowers Risk A S X : B K T | B L A C K R O C K M I N I N G | P R E S E N T A T I ON Now is the most realistic Timing to create 'The ONE Success Story' the market needs For personal use only SUPPLY CHAIN STRUCTURAL PROBLEM THE SOLUTION Non-Chinese Graphite The Vicious Cycle Mahe
Slide 16: ESG: Sustainable Competitive Advantage
ESG: Sustainable Competitive Advantage A S X : B K T | B L A C K R O C K M I N I N G | P R E S E N T A T I ON Naturally Better Graphite For personal use only Greener supply chain, world-class graphite Battery Market Mahenge Dry Tailings Simple Processing Hydro Power Graphite Deposit Low-carbon Elimi
Slide 17: Mahenge Graphite Project
For personal use only Mahenge Graphite Project A S X : B K T | B L A C K R O C K M I N I N G | P R E S E N T A T I ON 17
Slide 18: Mahenge brings together scale, product quality and strategic partnerships
Mahenge brings together scale, product A S X : B K T | B L A C K R O C K M I N I N G | P R E S E N T A T I ON For personal use only quality and strategic partnerships in a staged development to deliver Naturally Better Graphite Scale Products Partners Risk mitigation Global #2 JORC Reserve In demand
Slide 19: Contact Us
For personal use only Contact Us John de Vries Managing Director and CEO +61 438 356 590 jdv@blackrockmining.com.au www.blackrockmining.com.au
Slide 20: Appendix: Strategic Alliance with POSCO
Appendix: Strategic Alliance with POSCO A S X : B K T | B L A C K R O C K M I N I N G | P R E S E N T A T I ON For personal use only ▸ POSCO is a major shareholder of Black Rock holding a 5.9% stake1 ▸ POSCO holds a board seat on the Black Rock board ▸ POSCO is Black Rock’s cornerstone offtake partn
Slide 21: Appendix: Benchmarked Protocol
Appendix: Benchmarked Protocol A S X : B K T | B L A C K R O C K M I N I N G | P R E S E N T A T I ON For personal use only New protocol is mid tier relative to peers • Premium of 25% for attributable for 97.5% con for large flake, 96% for - 100# – consistent with peers • References BMI, Wood Mac an
Slide 22: Appendix: Secure Offtake
Appendix: Secure Offtake Mahenge Offtake for Module 1 (89ktpa) A S X : B K T | B L A C K R O C K M I N I N G | P R E S E N T A T I ON For personal use only ~95% of Mahenge’s Module 1 100.0 production is under binding 90.0 5 5 5 5 5 offtake, option or MOU 80.0 20 20 20 70.0 60.0 50 50 50.0 30 30 30 4
Slide 23: Appendix: Experience: Risk Mitigation
Appendix: Experience: Risk Mitigation A S X : B K T | B L A C K R O C K M I N I N G | P R E S E N T A T I ON For personal use only Use African funded SPVs to close finance gap – Africa Funding Africa Investing in Africa Framework Agreement & Special Mining Licence – Clarity and consistent rules
Slide 24: Contact Us
For personal use only Contact Us John de Vries Managing Director and CEO +61 438 356 590 jdv@blackrockmining.com.au www.blackrockmining.com.au