• Successful A$10 million Placement and oversubscribed A$4 million Share Purchase Plan
• Groundbreaking ceremony held with strong stakeholder support
• Early Works Program commenced, including construction activities and site preparation

Black Rock Mining Ltd (ASX: BKT) has provided an update on activities at its Mahenge Graphite Project in Tanzania for the quarter ending 30 September 2025. The company successfully raised A$10 million through a placement and an additional A$4 million through an oversubscribed share purchase plan. The proceeds will be used to fund the Early Works Program at Mahenge, including commencing construction activities and plant site earthworks. A formal groundbreaking event was held at Mahenge, officiated by the Tanzanian Minister of Minerals, to mark the commencement of the Early Works Program. The event was well attended by senior government officials, representatives of POSCO, and the company's board and executives, demonstrating strong stakeholder support for the project. The Early Works Program is directed at completing sufficient works to support a rapid ramp up of construction activity once Black Rock is fully funded and makes the Final Investment Decision. Key elements of the program include improvement to existing site access roads, plant site earthworks, and commencing works related to the development of Mahenge's high voltage transmission line. The company also progressed various environmental, social, and governance (ESG) initiatives during the quarter, including livelihood restoration plans and community engagement.

The company notes an increase in inbound enquiries for graphite supply from ex-China customers. The IEA's Global EV Outlook 2025 forecasts the market share of EVs in light vehicle transport to increase to over 30% by 2030, which could drive significant growth in graphite demand.