Black Rock Mining Limited · ASX:BKT
Black Rock Mining — 121 & Indaba Mining Conferences, Cape Town 2025
26 slides from Black Rock Mining's conference presentation, Jan 30, 2025
Slide 1: Simply Better Graphite: Investor Update
Black Rock Mining Mahenge Graphite Mine For personal use only Simply Better Graphite: Investor Update 121 & Indaba Mining Conferences, Cape Town February 2025
Slide 2: Important notices
Important notices 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. The release, publication or distribution of this presentation in certain jurisdictions may be restricted by law and therefore persons in su
Slide 3: Black Rock at a glance and capital structure
Black Rock at a glance Capital structure ASX ticker BKT Premium graphite player Share price (29 January 2025) $0.034 Shares on issue 1,252.0m Developing the Mahenge graphite project in Tanzania: For personal use only - Tier 1 scale (2nd largest reserve globally) Options and performance rights 84.4m
Slide 4: Black Rock team
Black Rock team Board of Directors Management Richard Crookes, Non-exec Chairman: Geologist with over 30 years Steuart McIntyre, GM Corporate Development: Mining analyst with over 15 executive experience in the resources and finance industries; raised capital years experience. Previous roles include
Slide 5: Graphite is the dominant anode material in batteries
Graphite in Graphite is the dominant anode material, regardless of battery chemistry batteries LFP 17% NMC 111 15% NMC 532 16% NMC 811 16% NCA 11% For personal use only Li-ion batteries 29% 43% Cathode (+) typically contain 68% 73% 83% 29% ~7-10x more graphite 24% than lithium. 27% 8% 17% 14% 8% LFP
Slide 6: Growing importance of natural graphite in batteries
Growing importance of natural graphite in batteries More natural 100% graphite in For personal use only 75% batteries 65% 41% 50% The use of natural 25% 50% graphite in batteries 30% has potential to grow 0% 2023 2030 from 30% of the Natural graphite Synthetic graphite Silicon LTO Other anode to 50%
Slide 7: Healthy margins at spot prices
US$/t Graphite pricing by Mahenge product (last 12 months) Healthy margins 2,000 1,750 at spot prices 1,500 1,250 For personal use only Current graphite prices 1,000 750 support healthy potential 500 margins at Mahenge at 22/01/24 22/04/24 -195 +195 22/07/24 +895 +595 22/10/24 +3295 22/01/25 forecas
Slide 8: Diversified revenue stream
Diversified Flake graphite prices over last 4 years (Asian Metals) revenue stream US$/t 1,400 For personal use only Mahenge basket price 1,200 has been relatively 1,000 steady as weaker fines price has been offset 800 by stronger large flake 600 price The fines price (-194) has fallen to a new 400 1
Slide 9: Graphite uses and diversified product mix
Lubricants Recarburising Graphite Shapes 3% 2% 1% Graphite Friction materials 3% Other 7% Uses Castings 8% For personal use only Black Rock has a Batteries 52% diversified product Refractories mix with 60% 24% exposure to the high margin large flake market SMALL FLAKE (FINES) LARGE FLAKE JUMBO FLAKE
Slide 10: 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 11: 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 12: Forecast first quartile costs
Forecast first quartile costs 2024 Adjusted C1 Cost Curve* For personal use only First quartile assets are higher margin and more robust through the cycle Sources: Benchmark Mineral Intelligence Flake Graphite Report Q2 CY22, Black Rock Mining, Company Data C1 Cash Costs are defined as Cash Costs ex
Slide 13: A simpler, upstream development pathway
A simpler UPSTREAM Mahenge MIDSTREAM DOWNSTREAM Large scale New in-house development graphite mine Module 1 SPG plant1 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 Tanzania
Slide 14: 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 15: 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 ▪ Up to US$50m
Slide 16: Potential de-risking milestones
Potential Several potential de-risking milestones due near term: ▪ 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,
Slide 17: 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 18: For personal use only
Richard Crookes John de Vries Chairman 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
Slide 19: Appendix
For personal use only Appendix
Slide 20: Project milestones in the last 12 months
Project ▪ US$40m equity investment in Black Rock signed with POSCO in exchange for offtake rights for Module 2 fines1 Milestones ▪ US$179m Facilities Agreement signed with DBSA, IDC and CRDB2 For personal use only In the last 12 months ▪ Mahenge recognised by US State Department as a Mineral Securit
Slide 21: ESG milestones in the last 12 months
ESG ▪ Meeting environmental and social standards to satisfy debt approvals based on compliance with Equator Principals and IFC Performance Standards Milestones ▪ ESIA for Mahenge complete (April 2023) and subsequent studies ▪ ESIA for Faru John Rd complete For personal use only In the last 12 months
Slide 22: Strategic Alliance with POSCO
Strategic ▪ POSCO is Black Rock’s major shareholder holding a 10.1% stake ▪ POSCO is Black Rock’s cornerstone offtake partner: Alliance with ▪ Module 1: For personal use only POSCO ▪ Binding offtake agreement for fines1 (32% of volume) ▪ MOU for 6ktpa of large flake2 (7% of volume) ▪ Module 2: Black
Slide 23: Tanzania: an improving jurisdiction for investment
Tanzania: ▪ Moody’s recently upgraded Tanzania to a B2 Positive due to reduced political risk and structural reform agenda 1 An improving For personal use only jurisdiction for ▪ Equinor/Shell/Exxon Mobil recently struck a deal for the development of an LNG terminal in Tanzania expected to cost tens
Slide 24: Graphite playbook
MAJORITY OF PRE-CONSTRUCTION INVESTMENT Graphite PILOT PLANT QUALIFICATION playbook CUSTOMERS & OFF-TAKES GOVERNMENT Free-Carried Interest For personal use only Shareholding Agreement EPC Sequential development that is customer driven DRILLING SOCIAL LICENCE STUDY WORK MINING LICENCE & FINANCING APR
Slide 25: Graphite supply chain for batteries is more dependent on China
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
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