Black Rock Mining : Investor Presentation – 121 & Indaba Mining Conferences

About this update from Black Rock Mining Limited

Black Rock Mining Mahenge Graphite Mine Simply Better Graphite: Investor Update 121 & Indaba Mining Conferences, Cape Town February 2025 Black Rock at a glance Premium graphite player Developing the Mahenge graphite project in Tanzania : Tier 1 scale (2 nd largest reserve globally) Forecast first quartile costs due to hydro-dominated grid Very low carbon-footprint products (decarbonisation) Backed by largest ex-China anode producer POSCO : Strategic Alliance: Black Rock major shareholder at 10.1% Cornerstone offtake partner (3 offtake agreements) 1 Providing up to US$50m in funding 1 Exploring other opportunities to collaborate US$229m of funding in place US$179m funding signed with DBSA, IDC and CRDB 2 US$50m in funding signed with POSCO 1 Substantial upside if Black Rock team can execute : - Mahenge NPV 10 US$1.4bn (A$2.1bn) 3 1 Slide 22 provides more details of Black Rock's Strategic Alliance with POSCO. 2 DBSA & IDC are both wholly-owned subsidiaries of the South African Govt. See ASX release 16 Sept 2024. 3 Project metrics updated Oct 2022. NPV post-tax, post Govt 16% free carry. More detail on Slide 10. Capital structure ASX ticker BKT Share price (29 January 2025) $0.034 Shares on issue 1,252.0m Options and performance rights 84.4m Market capitalisation (undiluted) A$43m Cash (31 Dec 2024) A$2.1m Debt (31 Dec 2024) Nil Major shareholders 4 Copulos Group 11.9% POSCO Group 10.1% 10 $0.20 8 $0.15 shares 6 $0.10 of 4 Millions 2 $0.05 0 $0.00 29-Jan-23 29-Jul-23 29-Jan-24 29-Jul-24 29-Jan-25 Volume Price 3 4 As per latest substantial interest notices Black Rock team Board of Directors Richard Crookes , Non-exec Chairman: Geologist with over 30 years executive experience in the resources and finance industries; raised capital and financed a number of projects globally, including across Africa. Previous roles include Investment Director at Mining PE Fund EMR Capital, Executive Director in Macquarie's Metals & Energy Capital and Chief Geologist / Mining Manager at Ernest Henry Mining. John de Vries , MD & CEO: Mining Engineer with over 40 years experience in mine development and operations; professional experience spans Africa, the Pacific, the former Soviet Union, North and South America and Australia. Previously General Manager Technical Services with St Barbara, integral in the 2014 turnaround; earlier operational management roles at BHP Nickel West, Orica Mining Services and Western Mining Corp. Ian Murray , Non-exec Director: Finance Executive with over 20 years corporate experience in the publicly listed resources sector; led highly successful project developments, major acquisitions, company restructures and stock exchange listings. Previous roles include CEO of Gold Road Resources, CEO and CFO of DRDGold Ltd, Director of Rand Refinery Ltd and GoldMoney.com, and senior positions at KPMG, PwC and Bioclones. Ursula Phillips , Non-exec Director: Ms Phillips has over 10 years experience in management of major organisations spanning technology, operations and risk, and more than 20 years in complex program management and transformation. Ms Phillips' prior experience includes CTO for Tattarang, CTO at PepsiCo ANZ and Chief Information / Chief Risk Officer at Real Pet Food Company. Management Steuart McIntyre , GM Corporate Development: Mining analyst with over 15 years experience. Previous roles include sell-side mining analyst for Royal Bank of Canada and Blue Ocean Equities and associate at Cutfield Freeman, a mining-focused corporate finance boutique in London. Steuart has degrees in Civil Engineering and Commerce from the University of Sydney and a diploma of corporate finance from the London Business School. Daniel Pantany , GM Engineering & Technical: Civil Engineer with over 25 years experience in mining project development in Africa and Australia across a broad range of project delivery roles including EPCM, EP, and lump sum EPC contracts. His most recent position was with CPC Engineering including secondment as Project Engineering Manager for Syrah's Balama project. Black Rock's Study Manager for Mahenge since 2018. Paul Sims , CFO: A highly credentialled finance resources executive with over 25 years of executive experience in the resources industry, spanning both commercial and financial roles at BHP, Western Mining Corp, Minara Resources and Karara Mining. Mr Sims has extensive experience in debt finance, project management and cost control. He has a Bachelor of Business degree from Curtin University and is a Fellow of CPA Australia. Rae Wyatt, Chief People and Sustainability Officer: Experienced HR professional with 15 years experience in the resources industry, specialising in project development and stakeholder engagement with communities. Ms Wyatt has most recently held senior roles at Clean TeQ (Sunrise Metals), Gold Road and Macmahons. She has a degree in commerce from Curtin University in HR and Industrial Relations and is a graduate of AICD. 4 Graphite in batteries Li-ion batteries typically contain ~7-10x more graphite than lithium. LFP batteries expected to be 50% of global passenger EV sales within 2 years* Cathode (+) Anode (-) Graphite is the dominant anode material, regardless of battery chemistry LFP NMC 111 NMC 532 NMC 811 NCA 17% 15% 16% 16% 11% 29% 43% 68% 73% 83% 29% 24% 27% 17% 8% 14% 8% 95% 95% 95% 95% 95% 5% 5% 5% 5% 5% Silicon / other Graphite Other Cobalt Manganese Nickel Lithium Source: Pallinghurst-Traxys battery analysis. %s represent the proportions of cathode and anode in each battery respectively. NCA batteries contain 2% aluminium (not shown) *Bloomberg New Energy Finance Report, 12 June 2024: https://about.bnef.com/blog/electric-vehicle-sales-headed-for-record-year-but-growth-slowdown-puts-climate-targets-at-risk-according-to-bloombergnef-report/ 5 More natural Growing importance of natural graphite in batteries graphite in 100% batteries 75% 41% 65% 50% The use of natural graphite in batteries has potential to grow from 30% of the anode to 50% by 2030 25% 50% 30% 0% 2023 2030 Natural graphite Synthetic graphite Silicon LTO Other In late Sept 2023, UBS published a research report on natural graphite 1 : Natural graphite looks to be preferred in low-cost lower-carbon profile LFP batteries Natural graphite market share in the anode could increase from 30% today to 50% by 2030 Forecasting a 6x growth in natural graphite demand by 2030 to 6.3mt This forecast would require ~5mt of new natural graphite supply by 2030 or around 14 new mines the size of Syrah's Balama mine (based on a nameplate capacity of ~350ktpa) 2 . Given the significant barriers to entry for new natural graphite supply, Black Rock believes this scenario would likely lead to substantial supply deficits and much higher graphite prices. Sources: Public releases, UBS, Benchmark Mineral Intelligence Q4 CY22, Black Rock Mining 1 Australian Financial Review, 1 October 2023, Graphite to Surge:UBS 6 2 Syrah Resources (ASX:SYR): Q3 2023 Quarterly Activities Report, 17 October 2023 Healthy margins at spot prices Current graphite prices support healthy potential margins at Mahenge at forecast AISC of US$518/t US$/t Graphite pricing by Mahenge product (last 12 months) 2,000 1,750 1,500 1,250 1,000 750 500 22/01/24 22/04/24 22/07/24 22/10/24 22/01/25 -195 +195 +895 +595 +3295 Split in Mahenge basket: 32% 9% 36% 18% 5% Source: RefWin, Asian Metals, ICC Sino, Black Rock Mining US$/t Consolidated Mahenge basket pricing (last 12 months) 1,200 1,100 1,000 900 800 22/01/24 22/04/24 22/07/24 22/10/24 22/01/25 Mahenge Basket at 95% conc grade Mahenge Basket at 97% conc grade (estimated) Source: RefWin, Asian Metals, ICC Sino, Black Rock Mining Black Rock sensitivity: 10% increase in basket price = 20% increase in unlevered NPV 7 Diversified revenue stream Mahenge basket price has been relatively steady as weaker fines price has been offset Flake graphite prices over last 4 years (Asian Metals) US$/t 1,400 1,200 1,000 by stronger large flake price 800 600 400 The fines price (-194) has fallen to a new 12-year low of ~US$350/t while larger flake prices have been improving since August 2023 (+195, +895) 200 22/01/2021 22/01/2022 22/01/2023 22/01/2024 22/01/2025 -194 Price EXW China US$/t +195 Price EXW China US$/t +895 Price EXW China US$/t Source: Asian Metals 8 Graphite Uses Black Rock has a diversified product mix with 60% exposure to the high margin large flake market Lubricants Recarburising Graphite Shapes 3% 2% 1% Friction materials 3% Other 7% Castings 8% Batteries 52% Refractories 24% SMALL FLAKE (FINES) LARGE FLAKE JUMBO FLAKE Lithium-Ion Batteries Flame Retardants Flame Retardants Paint & Coatings Refractories Gaskets & Seals Lubricants Aviation Expandable Graphite Pencils Lithium-Ion Batteries Fuel Cells Price increases with flake size 9 Source: European Advanced Carbon and Graphite Material Association (ECGA 2024). https://ecga.net/main-uses-of-graphite/ A snapshot of the Mahenge Graphite Project Simple open pit mine development with outstanding forecast returns 1 US$1.4bn 36% NPV 10 nom post tax, post 16% FC Post-tax, ungeared IRR US$231m 347ktpa Module 1 capex + power line* Steady production (4 x 1Mtpa) US$1,709/t US$518/t Basket graphite price*** All-In-Sustaining-Cost** 89ktpa Module 1 production* (1mtpa) 95 - 99%+ TGC purity 59% +80 mesh, 41% -80 Concentrate product 26 years Initial operating life 1 See Black Rock ASX release dated 10 October 2022, Black Rock completes FEED and eDFS Update. All technical parameters, including in the estimation of Mineral Resources or Ore Reserves, underpinning the estimates continue to apply and have not materially changed. The estimated Ore Reserves and Mineral Resources underpinning the production and financial forecasts were prepared by Competent Persons in accordance with the requirements in Appendix 5A (JORC Code). *Includes US$182m for Module 1 capex + US$33m for power line + US$16m for early works & other costs (not included in the eDFS Update). Power line capex plus interest to be recouped over the first 4 years and power costs expected to be ~US8c/kWh. Forecast Capex has been classified as a Class 2 estimate with accuracy of ±10% as defined by 10 AACE. **Average over first 10 years. ***Expert Consensus is the average forecast from Benchmark Mineral Intelligence, Fastmarkets and Wood Mackenzie over the first 10 years. Why Mahenge? Unique competitive advantages driven by geology and substantial existing infrastructure Julius Nyerere Hydropower Project (2115MW) Tazara Railway Line Large container port in Dar es Salaam Geology Mahenge's 70.5mt Reserve makes it the 2nd largest graphite Reserve in the world Low deleterious impurities and favourable metallurgy means that Mahenge is able to produce up to 99% TGC concentrate purity, solely with conventional flotation processing Substantial existing infrastructure Access to key infrastructure, hydro-dominated & competitively priced grid power, rail, airstrip, water and dry stack tailings disposal Logistics advantages with processing through Dar es Salaam high volume container port 11

View stock analysis, news, and events for Black Rock Mining Limited