Slide 1: Capital Raising Presentation
Black Rock Mining Mahenge Graphite Mine Simply Better Graphite For personal use only Capital Raising Presentation NOT FOR RELEASE TO U.S. WIRE SERVICES OR September 2025 DISTRIBUTION IN THE UNITED STATES
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. This Presentation is dated 2 September 2025 (“Presentation”) and has been prepared by Black Rock Mining Limited (ABN 59 094 551 336) (ASX ticker BKT) (“Company”
Slide 3: Important notices – Not an offer
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: Important notices – JORC Code
Important notices JORC Code It is a requirement of the ASX Listing Rules that the reporting of ore reserves and mineral resources in Australia comply with the Joint Ore Reserves Committee’s Australasian Code for Reporting of Mineral Resources and Ore Reserves ("JORC Code"). Investors outside Austral
Slide 5: Black Rock at a glance
Black Rock at a glance Capital structure prior to Offer ASX ticker BKT Premium graphite player Share price (28 August 2025) $0.0275 Developing the Mahenge Graphite Project in Tanzania: Shares on issue 1,479.7m For personal use only - Tier 1 scale (2nd largest reserve globally) - Forecast first quart
Slide 6: Black Rock team
Black Rock team Board of Directors Management Richard Crookes, Non-exec Chair: Geologist with over 30 years executive Daniel Pantany, GM Engineering & Technical: Civil Engineer with over 25 experience in the resources and finance industries; raised capital and years experience in mining project deve
Slide 7: Offer Overview
Offer • A$12 million capital raising comprising a A$10m two-tranche placement (Placement) and up to A$2m ‘share purchase plan’ (SPP) (Placement and SPP together the Offer) • Placement Tranche 1 to raise A$4.5 million (before costs) utilising the Company’s existing placement capacity Offer1 under ASX
Slide 8: Offer Indicative Timetable
Offer Trading Halt 29 Aug 2025 Indicative SPP Record Date 1 Sep 2025 Timetable1 For personal use only Announcement of Placement and SPP 2 Sep 2025 Tranche 1 Placement Settlement Date 8 Sep 2025 Tranche 1 Placement Allotment Date 9 Sep 2025 SPP Opening Date 15 Sep 2025 General Meeting of Shareholders
Slide 9: Indicative Capital Structure
Indicative Equity Structure (including Offer) m Capital Shares on issue pre-Offer 1,479.7 For personal use only Placement Tranche 1 Shares 213.0 Structure Placement Tranche 2 Shares1 263.2 SPP Shares2 95.2 Total shares on issue post Offer1 2,051.1 Offer of New Options1,2,3 571.4 Options 111.5 Perfor
Slide 10: 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$277m ▪ POSCO has reviewed a large number of graphite assets
Slide 11: Uses of graphite
Lubricants Recarburising Graphite Shapes 2% Graphite 3% 1% Friction materials 3% Other 7% Uses Castings 8% For personal use only The fastest growing Batteries 52% market for graphite is Refractories Li-ion batteries 24% However, large flake markets are higher value and margin and cannot be substitut
Slide 12: Graphite in batteries
Graphite in Graphite is the dominant anode material, regardless of battery chemistry batteries LFP 17% NMC 111 15% NMC 532 16% NMC 811 16% NCA 11% For personal use only The largest volume 29% 43% ingredient required Cathode (+) 68% 73% for Li-ion batteries is 83% 29% 24% graphite 27% 8% 17% 14% 8% L
Slide 13: Healthy margins at spot prices
US$/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 Mahenge has diversified 1,000 potential revenue from 750 different markets and at 500 11/08/24 11/11/24 11/02/25 11/05/25 11/08/25 -195 +195 +895 +595 +3295 current
Slide 14: Improving outlook for fines prices
Fastmarkets: Graphite Flake, 94% C, -100 Mesh, fob Qingdao, China Improving outlook for fines prices For personal use only 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 15: A snapshot of the Mahenge Graphite Project
A snapshot of the Mahenge Graphite Project Simple open pit mine development with outstanding forecast returns1 US$1.4bn 36% 89ktpa For personal use only 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 16: 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 17: 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 18: A simpler upstream development
A simpler UPSTREAM Mahenge MIDSTREAM DOWNSTREAM Operating 74ktpa development graphite mine Module 1 ~30ktpa of fines New SPG plant approved1 natural graphite anode plant For personal use only Spherenised Purified plan graphite conc Graphite (SPG) A lower risk, much lower capex pathway Black Rock Tan
Slide 19: POSCO's upstream business
POSCO’s UPSTREAM Mahenge MIDSTREAM DOWNSTREAM Operating 74ktpa anode graphite mine Module 1 ~30ktpa of fines New SPG plant approved1 natural graphite anode plant For personal use only Spherenised Purified business graphite conc Graphite (SPG) Promising recent signals & commentary Black Rock Tanzania
Slide 20: 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 supply chain strategy Tanzanian Assessment Customer Markets Government Permitted Robust Compliance Local Content & Community ▪ 55% of capex in
Slide 21: Development timetable
Development ▪ US$204m facility agreement in place with DBSA, IDC and CRDB1: ▪ US$138m 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 22: 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 23: For personal use only
Richard Crookes John de Vries Chair For personal use only E: richard.crookes@blackrockmining.com.au Managing Director and CEO Elvis Jurcevic T: +61 438 356 590 Investor Relations E: jdv@blackrockmining.com.au T: +61 408 268 271 A: Level 1, 1 Walker Avenue E: ej@blackrockmining.com.au West Perth WA 6
Slide 24: Appendix – Additional Slides
Appendix 1 – Additional Slides For personal use only
Slide 25: Strategic Alliance with POSCO
Strategic ▪ POSCO is a major shareholder of Black Rock holding an 8.6% stake (prior to completion of the Offer) Alliance with ▪ POSCO holds a board seat on the Black Rock board POSCO For personal use only ▪ POSCO is Black Rock’s cornerstone offtake partner: ▪ Module 1: ▪ Binding offtake agreement fo
Slide 26: 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 jurisdiction for Facility Agreement ▪ April 2025: Tanzania Targets October 2025 Close for US
Slide 27: 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 28: 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 29: Reserve & Resource
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 Resource Total Ore Reserves 70.5 8.5 6.0 For personal use only Mineral Resources - Measured 31.8 8.6 2.7 Mahenge has
Slide 30: Appendix - Risks
For personal use only Appendix 2 - Risks
Slide 31: Risks – Offer risk
Set out in this section are potential risks associated with Black Rock, the Offer, the industry in which Black Rock operates and an investment in Black Rock shares. It is not an exhaustive list of every risk faced by Black Rock now or in the future. Risks Offer risk The Offer is not underwritten and
Slide 32: Risks – Development, operating and capital costs
Risks The Company's operational results and financial condition may vary with fluctuations in development, operating and capital costs. No assurance can be given that the Company will achieve its development objectives or achieve commercial production, and its production and costs estimates, thereaf
Slide 33: Risks – Operating in Tanzania
Risks Mahenge is located in Tanzania. Investing and operating in foreign jurisdictions carry political, economic and other uncertainties, including, but not limited to, changes in mining and exploration policies or the personnel administering them, nationalisation or expropriation of property, cance
Slide 34: Risks – Tenements and permits
Risks There is a risk that tenements, environmental consents and any other land use approvals may not be granted, obtained or renewed, may be granted, obtained or renewed on terms that are not satisfactory to the Company, or may be obtained granted or renewed but not within the timeframes anticipate
Slide 35: Risks – Graphite price
Risks The success of the Company's operations is primarily dependent on the price of graphite. Graphite prices may fluctuate as a result of numerous factors, which are beyond the control of the Company. Such factors include, but are not limited to: a) new production coming to market; b) speculative
Slide 36: Risks – Insurance
Risks The Company’s business is subject to a number of risks and hazards generally, including adverse environmental conditions, industrial accidents, labour disputes, code of conduct breaches, unusual or unexpected geological conditions, ground or slope failures and natural phenomena such as incleme
Slide 37: Risks – Occupational Health & Safety
Risks The Company’s operations are subject to a variety of industry specific health and safety laws and regulations which are formulated to improve and to protect the safety and health of employees. Mining operations are inherently hazardous. While the Company seeks to implement best practice proced
Slide 38: Risks – Community and social risks
Risks The Company’s relationship with the communities in which it operates is important to ensure the future success of its existing operations and the construction and development of its social risks projects. While the Company believes its relationships with the communities in which it operates ar
Slide 39: International Offer Restrictions
This document does not constitute an offer of new ordinary shares (“New Shares”) of the Company in any jurisdiction International in which it would be unlawful. In particular, this document may not be distributed to any person, and the New Shares may not be offered or sold, in any country outside Au
Slide 40: International Offer Restrictions – Singapore
International This document and any other materials relating to the New Shares have not been, and will not be, lodged or registered as a prospectus in Singapore with the Monetary Authority of Singapore. Accordingly, this document and any other document or materials in connection with the offer or sa
Slide 41: International Offer Restrictions – United Kingdom
International Neither this document nor any other document relating to the offer has been delivered for approval to the Financial Conduct Authority in the United Kingdom and no prospectus (within the meaning of section 85 of the Financial Services and Markets Act 2000, as amended (“FSMA”)) has been
Slide 42: International Offer Restrictions – Canada
International This document constitutes an offering of New Shares only in the Provinces of British Columbia, Ontario and Quebec (the “Provinces”), only to persons to whom New Shares may be lawfully distributed in the Provinces, and only by persons permitted to sell such securities. This document is
Slide 43: International Offer Restrictions – Korea
International The Company is not making any representation with respect to the eligibility of any recipients of this document to acquire the New Shares under the laws of Korea, including the Foreign Exchange Transaction Act and regulations thereunder. The New Shares have not been, and will not be, r