Black Canyon Limited · ASX:BCA
Black Canyon — Investor Presentation (October 2026)
22 slides from Black Canyon's investor presentation, Oct 30, 2026
Slide 1: An Emerging Developer of High-Grade Manganese and Iron
rsonal use only An Emerging Developer of High-Grade Manganese and Iron October 2026 ASX: BCA blackcanyon.com.au
Slide 2: 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 3: Corporate Overview
Corporate Overview Board and Management Shareholder Breakdown rsonal use only 9% 25% 68% BCA Board & Small Cap Inst. Other Graham Ascough Brendan Cummins Rebecca Broughton Simon Taylor Adrian Hill Management & Funds Shareholders Non-Executive Chairman Managing Director Company Secretary and CFO Non-
Slide 4: Manganese Fundamentals: Essential for today and Critical for tomorrow
Manganese Fundamentals: Essential for today and Critical for tomorrow World Manganese Production (2022 USGS) Steel Production South Africa rsonal use only Gabon Australia China ▪ Essential for steel to improve performance Ghana India with approx. 90% used in the production of steel Ukraine (concentr
Slide 5: How much is Manganese worth?
How much is Manganese worth? Manganese Vs Iron Ore Value per tonne Comparison (USD/t) rsonal use only • Current 44% manganese (Mn) price is: ~2.4x value of iron ore per metric tonne $250 US$220 • Equivalent to A$308 per ton for 44% Mn INVESTOR PRESENTATION $200 USD per tonne of ore • 44% Mn currentl
Slide 6: WA Manganese Developer
WA Manganese Developer Quality portfolio built through exploration success rsonal use only Wandanya Project ▪ High-grade Mn and Fe, scale potential, shallow to outcropping with positive beneficiation upgrade INVESTOR PRESENTATION ▪ Global MRE totalling 23.6Mt @ 25.8% Mn for 6.1Mt contained Mn (~90%
Slide 7: Black Canyon Mn Projects Benchmarking
Black Canyon Mn Projects Benchmarking (Appendix A) Groote Eylandt 50.0% (Beneficiated ROM) Legend Wandanya 45.0% rsonal use only Balfour Mn Field 40.0% Woodie Operating Mine Woodie Deposit INVESTOR PRESENTATION 35.0% Nicholas Downs Bubble size = Contained Mn Wandanya 30.0% Mn Grade (%) Groote Eyland
Slide 8: Wandanya Discovery
rsonal use only Wandanya Discovery
Slide 9: Maiden Mineral Resource
Wandanya Project: Maiden Mineral Resource Manganese and Iron Mineral Resource outlines and classifications projected to surface. Scale & Quality - Shallow, high-confidence greenfields discovery demonstrating significant dual-commodity optionality. rsonal use only Direct Shipping Ore (DSO) Potential
Slide 10: Mn Project High Grade Benchmarking
Wandanya Mn Project High Grade Benchmarking (Appendix B) rsonal use only INVESTOR PRESENTATION Mining since 1990 23.6Mt @ 25.8% Mn | ASX:BCA Mining since 1965 10 Refer to BCA ASX Announcement 30 September 2026 – Wandanya Maiden Mineral Resource Estimate – 23.6Mt @ 25.8% Mn
Slide 11: Drill Plan
Wandanya Project: Drill Plan Four drill campaigns rsonal use only 2024/2025 - 6,500m 2026 - 17,500m Total 929 drill holes for 24,000m INVESTOR PRESENTATION | ASX:BCA 11 Refer to BCA ASX Announcement 30 September 2026 – Wandanya Maiden Mineral Resource Estimate – 23.6Mt @ 25.8% Mn
Slide 12: Iron MRE Block Model
Wandanya Project: Iron MRE Block Model Iron Mineral Resource Estimate rsonal use only • 12.5Mt @ 54.9% Fe (50% Fe cut-off) including • 5.5Mt @ 57.9% Fe (55% Fe cut-off INVESTOR PRESENTATION Measured Classification | ASX:BCA Fe % 12 Refer to BCA ASX Announcement 30 September 2026 – Wandanya Maiden Mi
Slide 13: Manganese MRE Block Model
Wandanya Project: Manganese MRE Block Model rsonal use only Manganese Mineral Resource Estimate • 23.6Mt @ 25.8% Mn (12% Mn cut-off) 66% Measured and 26% Indicated – 92% INVESTOR PRESENTATION including • 16.8Mt @ 30.0% Fe (20% Mn cut-off Direct Ship Ore Potential • 3.7Mt @ 38.9% Mn (35% Mn cut-off)
Slide 14: Simple - shallow, continuous high-grade manganese and iron
Simple - shallow, continuous high-grade manganese and iron rsonal use only INVESTOR PRESENTATION X-section 7,526,050mN BCA ASX Announcement 07/07/2026 Wandanya High-Grade Mn and Fe Results Continue to Impress 14
Slide 15: 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 rsonal use only 3m @ 39.6%Mnfrom 10m. 7m @ 62.0% Fe from 7m.
Slide 16: Stage Metallurgical Testwork (PQ3 core)
Wandanya Project: Stage 4 Metallurgical Testwork (PQ3 core) Beneficiation Analysis – Pilot Scale Dense Media Separation (DMS) rsonal use only Dense Media Separation results DMS Results • Significant manganese upgrades, Blend Sample Assayed Size Mn head Mn Density Mn (%) on average, produced close to
Slide 17: Project Description and Project Status
Wandanya Project: Project Description Project Status Targeting minimum 10-year operation Conclusion of 12-month baseline Environmental rsonal use only ▪ ▪ ▪ Crushing/Screens Capacity – 2Mtpa Surveys – Flora/Vegetation and Fauna ▪ Product Suite ▪ Engagement with the Environmental Protection INVESTOR
Slide 18: Next Steps
Wandanya Project: Next Steps Growth Potential Through Scoping Study – targeted for Advancing Pre-development Project Pipeline Q4 2026 Studies rsonal use only • Balfour Mn Field – 315Mt MRE • Preliminary Economic Analysis • Metallurgy, Environmental, • Iron and manganese products Logistics, Infrastru
Slide 19: Black Canyon Highlights
Black Canyon Highlights rsonal use only DISCOVER DEVELOP GROWTH INVESTOR PRESENTATION Active Explorer – drilled 4.2 km Wandanya unique high-grade BMF Manganese Bank – of a 9km trend and over 2000km2 Mn & Fe discovery – with key 315Mt @ 10.5% Mn of tenements development attributes discovered by BCA w
Slide 20: Brendan Cummins, Managing Director
rsonal use only Brendan Cummins Managing Director 0400 799 756 brendan.cummins@blackcanyon.com.au
Slide 21: Appendix A: Black Canyon Mn Projects Benchmarking Data
Appendix A Black Canyon Mn Projects Benchmarking Data As of 13/10/2026 Measured Indicated Inferred Total (M&I&I) Tonnes Grade Contained Tonnes Grade Contained Tonnes Grade Contained Tonnes Grade Contained Company Project/ Deposit Status Country Source Date (Mt) (%) (Mt) (Mt) (%) (Mt) (Mt) (%) (Mt) (
Slide 22: Appendix B: Wandanya Mn Project Benchmarking Data
Appendix B Wandanya Mn Project Benchmarking Data – without Mn shale deposits As of 13/10/2026 Measured Indicated Inferred Total (M&I&I) Tonnes Grade Contained Tonnes Grade Contained Tonnes Grade Contained Tonnes Grade Contained Company Project/ Deposit Status Country Source Date (Mt) (%) (Mt) (Mt) (