• Strong stakeholder support demonstrated in official Groundbreaking ceremony
• Early works program progressing well to support rapid construction ramp-up
• Access road resettlement completed and 220kV transmission line work commenced

Black Rock Mining Limited (ASX: BKT) has provided an update on activities at its Mahenge Graphite Project in Tanzania for the quarter ending 31 December 2025. The quarter saw a major milestone with the official groundbreaking ceremony at Mahenge, attended by the Tanzanian Minister of Minerals, the Ambassador of the Republic of Korea, and representatives of POSCO. The early works program is progressing well to support a rapid ramp-up of construction activities once the company is fully funded and makes the Final Investment Decision. Key progress includes the completion of access road resettlement and the commencement of work on the 220kV transmission line alignment, which will provide the project with competitively priced, hydro-dominated grid power. Black Rock remains well-funded following a successful A$4 million Share Purchase Plan, and the company is engaged in ongoing discussions with various parties for project financing. The company is well-positioned to reach the Final Investment Decision and transition into a leading global graphite producer.

The company had A$9.6 million in cash reserves at 31 December 2025 and no drawn debt. During the quarter, A$198,559 was paid to related parties for executive director salaries, non-executive director fees, and the company secretary fee.

Black Rock remains focused on completing project financing and is engaged in discussions with a number of parties across a range of equity structures. Global funding conditions remain supportive for critical minerals, with formal government policy structures in place in the USA and EU, among others, and various international frameworks for supply chain stability providing strong potential for strategic financing.