Black Rock Mining : Investor Presentation – Noosa Mining Conference 2025

About this update from Black Rock Mining Limited

Premium Graphiźe Deveop• ASX:BKT | BLACK ROCK MINING | PRESENTATION Premium Graphite Developer World's 2 nd largest 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 team 3 Corporate Snapshot Capital Structure Major Shareholders $0.016c Share price (13 Nov 2025) $3.6m Cash 1 (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 | PRESE NTATION 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 AISC 1 of 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.

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