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ASX:BKT | BLACK ROCK MINING | PRESENTATION
Premium Graphite Developer
World's 2ndlargest graphite Ore Reserve with compelling project metrics Permitted and significant local African funding Strategic partners in finance, construction and offtake Low risk execution by experienced team3
Corporate Snapshot
Capital Structure
Major Shareholders
$0.016c
Share price
(13 Nov 2025)
$3.6m
Cash1
(30 Sep 2025)
2,147m
Shares on issue
Nil
Debt (30 Sep 25)
$34.4m
Market cap
1 Cash at 30 Sept. Excludes ~$9.5M proceeds (before costs) from Tranche 2 of the Placement, and SPP, as approved by Company shareholders on 17 October
2025.
5.G%
POSCO
Group
6.G%
Turner Group
15.4%
Copulos
Group
Directors
Richard Crookes | Non-Executive Chair
Geologist with over 30 years executive experience in the resources and finance industries.
Share Price
$0.06
$0.05
Price (A$/share)
$0.04
$0.03
$0.02
$0.01
$-
45.0
40.0
35.0
30.0
25.0
20.0
15.0
10.0
5.0
-
John de Vries | Managing Director and Chief Executive Officer Mining Engineer with over 40 years experience in mine development and operations.
Ian Murray | Non-Executive Director
ASX:BKT | BLACK ROCK MINING | PRESENTATION
Finance Executive with over 20 years corporate experience in the publicly listed resources sector.
Ursula Phillips | Non-Executive Director
Experienced senior management executive of 20+ years spanning technology, operations and risk, complex program management and transformation
Dongjoo (DJ) Kim | Non-Executive Director
POSCO's nominated director based in POSCO International's Sydney office.
+15 years of experience in the raw materials investment, purchasing and sales.
Executives
Daniel Pantany | GM Engineering s Technical
Volume (m)
Civil Engineer with over 25 years experience in mining project development in Africa and Australia across a broad range of project delivery roles.
Paul Sims | Chief Financial Officer
+25 years experience senior financial roles in the resources industry, extensive experience in debt finance, project management and cost control.
Rae Wyatt | Chief People and Sustainability Officer
HR professional with 15 years experience in the resources industry, specialising
in project development and stakeholder engagement with communities.
4
Graphite Fundamentals
While Graphite demand is broadly being driven by Li-ion batteries, large flake markets are higher value and margin and cannot be substituted with
synthetic (60% of Mahenge's potential volume)
Price increases with flake size
Graphite Shapes 1%
Recarburising 2%
Lubricants 3%
Friction materials 3%
Other 7%
Castings 8%
Refractories Batteries
24%
Jumbo Flake
Flame Retardants Gaskets C Seals Expandable Graphite Fuel Cells
$
Large Flake
Flame Retardants Refractories Aviation
Lithium-Ion Batteries
$
Small Flake (Fines)
Lithium-Ion Batteries Paint C Coatings Lubricants
Pencils
ASX:BKT | BLACK ROCK MINING | PRESENTATION
52%
Source: European Advanced Carbon and Graphite Material Association (ECGA 2024). https://ecga.net/main-uses-of-graphite/
5
The Mahenge Revenue Opportunity
Mahenge has diversified potential revenue from different markets and at current prices, healthy potential margins at forecast AISC1of US$518/t.
Black Rock sensitivity: 10% Increase in basket price = 20% Increase in unlevered NPV Graphite pricing by Mahenge product (last 12 months) Consolidated Mahenge basket pricing (last 12 months)US$/t 2,000
1,750
1,500
US$/t 1,200
1,100
At current prices Mahenge has Revenue : Cost >2:1
1,250 1,000
1,000
750
900
500
10/07/24 10/10/24 10/01/25 10/04/25 10/07/25
800
10/07/24 10/10/24 10/01/25 10/04/25 10/07/25
-195 +195 +895 +595 +3295
Split in Mahenge basket: 32% G% 36% 18% 5%
Mahenge Basket at 95% conc grade
Mahenge Basket at 97% conc grade (estimated)
ASX:BKT | BLACK ROCK MINING | PRESENTATION
Source: RefWin, Asian Metals, ICC Sino, Black Rock
6
1. Refer to Slide 9 for further details.