Black Rock Mining : Presentation – US$25m Increase in Debt Facilities

About this update from Black Rock Mining Limited

Black Rock Mining Mahenge Graphite Mine Simply Better Graphite: Investor Update US$25m increase in debt facilities May 2025 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 Presentation is not a prospectus, product disclosure statement or other offering document under Australian law or any other law and will not be lodged with the Australian Securities and Investments Commission. This Presentation may not be released to US wire services or distributed in the United States. This Presentation does not constitute an offer to sell, or the solicitation of an offer to buy, any securities in the United States or any other jurisdiction in which such an offer would be unlawful. The shares being offered and sold under the Placement have not been, and will not be, registered under the U.S. Securities Act of 1933, (" U.S. Securities Act ") or the securities laws of any State or other jurisdiction of the United States. The shares issued under the Offer may not be offered or sold in the United States except in transactions exempt from, or not subject to, the registration requirements of the U.S. Securities Act and any other applicable U.S. state securities laws. The distribution of this Presentation (including an electronic copy) in the United States and elsewhere outside Australia may be restricted by law. If you come into possession of this presentation, you should observe such restrictions. Any noncompliance with these restrictions may contravene applicable securities laws. Refer to "International Offer Restrictions" of this Presentation for more information. Not financial product advice This Presentation, and the information provided in it, does not constitute, and is not intended to constitute, financial product or investment advice, financial, legal, tax accounting or other advice, or a recommendation to acquire shares (or any other securities) of the Company and does not and will not form any part of any contract for the acquisition of shares being offered under the Placement. It has been prepared without taking into account the objectives, financial or tax situation or particular needs of any individual. Before making an investment decision, prospective investors should consider the appropriateness of the information having regard to their own objectives, financial and tax situation and needs and seek professional advice from their legal, financial, taxation or other independent adviser (having regard to the requirements of all relevant jurisdictions). The Company is not licensed to provide financial product advice in respect of an investment in shares. Cooling off rights do not apply to the acquisition of shares under the Offer. Past performance Past performance metrics and figures (including past share price performance of the Company), as well as any historic or pro forma financial information, that is included in this Presentation are provided for illustrative purposes only and should not be relied upon as (and is not) an indication of the Company's views, or that of any other party involved in its preparation, on the Company's future financial performance or condition or prospects. Investors should note that past performance of the Company, including in relation to the historical trading price of the Company's shares, production, mineral resources and ore reserves, costs and other historical financial information cannot be relied upon as an indicator of (and provides no guidance, assurance or guarantee as to) future performance, including the future trading price of shares offered and sold under the Offer. The historical information included in this presentation is, or is based on, information that has previously been released to the market. No liability This Presentation has been prepared by the Company in good faith, based on information available to it, including information from third parties, and has not been independently verified. No representation or warranty is made as to the accuracy, completeness or reliability of the information. To the maximum extent permitted by law, each of the Company and its related bodies corporate, and their respective its directors, employees, agents and advisers: expressly disclaims any and all liability, including, without limitation, any liability arising out of fault or negligence, for any loss arising from the use of or reliance on information contained in this presentation including representations or warranties or in relation to the accuracy or completeness of the information, statements, opinions, forecasts, reports or other matters, express or implied, contained in, arising out of or derived from, or for omissions from, this presentation including, without limitation, any financial information, any estimates or projections and any other financial information derived therefrom, whether by way of negligence or otherwise; and expressly excludes and disclaims all liabilities in respect of, makes no representations regarding, any part of this Presentation and make no representation or warranty as to the currency, accuracy, adequacy, reliability or completeness or fairness of any statements, estimates, options, conclusions or other information contained in this Presentation. To the maximum extent permitted by law, the Company and its related bodies corporate and each of their respective advisers, affiliates, directors, officers, partners, employees and agents, exclude and disclaim all liability, for any expenses, losses, damages or costs incurred by you as a result of your participation in the Offer and the information in this Presentation being inaccurate or incomplete in any way for any reason, whether by negligence or otherwise. Statements made and information presented in this Presentation are made and presented only as at the date of this Presentation and is current as at the date of this Presentation (unless otherwise indicated). The information in this Presentation remains subject to change without notice. The Company reserves the right to withdraw the Offer or vary the timetable for the Offer at any time before the issue of the relevant securities without notice. 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 Differentiated geology due to more heat & pressure: much higher ratio of higher-value large flake diversified revenue & robust margins through the cycle Backed by largest ex-China anode producer POSCO : Strategic Alliance: Black Rock major shareholder at 8.6% Cornerstone offtake partner (3 offtake agreements) 1 Providing up to US$50m in funding 1 US$254m of funding in place US$204m funding signed with DBSA, IDC and CRDB 2 Capital structure ASX ticker BKT Share price (14 May 2025) $0.027 Shares on issue 1,469.4m Options and performance rights 4 191.6m Market capitalisation (undiluted) A$40m Cash (31 Mar 2025) A$4.6m Debt (31 Mar 2025) Nil Major shareholders 5 Copulos Group 16.8% POSCO Group 8.6% Turner Group 6.4% US$50m in funding signed with POSCO 1 12 10 Millions of shares 6 Substantial upside if Black Rock team can execute : 8 Mahenge NPV 10 US$1.4bn (A$2.1bn) 3 4 2 1 Slide 22 provides more details of Black Rock's Strategic Alliance with POSCO. 0 $0.20 $0.15 $0.10 $0.05 $0.00 2 DBSA & IDC are owned by the South African Govt. See ASX releases on 28 May 2025 & 16 Sept 2024. 3 Project metrics based on the eDFS Update dated 10 October 2022. NPV post-tax, post Govt 16% free carry. 14-May-23 14-Nov-23 14-May-24 14-Nov-24 14-May-25 4 More detail on Slide 11. Refer to the eDFS Update for further details on the key assumptions and risks. 4 Includes 108.7m options still to be issued 5 As per latest substantial interest notices Volume Price Black Rock team Board of Directors Management Richard Crookes , Non-exec Chair: 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. Dongjoo (DJ) Kim , Non-exec Director: Mr Kim is POSCO's nominated director and is a Senior Manager at POSCO International's Sydney office. His responsibilities include purchasing and investing in raw materials in Australia, as well as managing various investment projects. Since joining POSCO International in 2010, DJ has accumulated over 15 years of experience in the raw materials investment, purchasing and sales. 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. 5 POSCO SPG plant approved In April 2025, POSCO approved construction of its own US$277m SPG plant in Korea 1 , starting in 2H CY25 with first production due in 2027 POSCO Future M's battery plant in Korea A pivotal development for Black Rock and the natural graphite sector Represents the worlds largest SPG plant not controlled by China POSCO has reviewed a large number of graphite assets, but has only invested in one listed graphite developer  Black Rock Mining Black Rock's Mahenge graphite project is under contract to provide the primary feed for POSCO's new SPG plant Because ~98% of the worlds current SPG capacity is controlled by China, finding a blue-chip offtake partner for fines which is acceptable to debt providers is one of the key barriers to entry for graphite developers Black Rock has binding offtake agreements in place with POSCO for 100% of the fines production for Mahenge Module 1 & 2 Construction approval of SPG plant reduces risk for Black Rock 1 On 22 April 2025, POSCO Future M approved the construction of its own US$277m spherical graphite plant in Korea. 6 Source: https://mkbn.mk.co.kr/news/english/11299032 . SPG is Spherenised Purified Graphite.

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