Black Rock Mining Limited

Black Rock Mining’s future is closely tied to the successful development of the Mahenge Graphite Project. To this end, it is at a consequential juncture in its history. The hard work of exploration, permitting, feasibility and offtake is complete. What remains is closing the financing package and pulling the trigger on a Final Investment Decision – at which point Mahenge transitions from a development asset into an operating mine. Financing is substantially in place. Three African development lenders (the Development Bank of Southern Africa, the Industrial Development Corporation of South Africa, and Tanzanian lender CRDB) have committed a combined US$179m facility, comprising a US$113m construction term loan, a US$20m revolving working capital facility, a US$20m cost overrun facility, and a US$26m bank guarantee facility. Combined with POSCO’s earlier US$50m commitment, this makes US$225m all up. The outstanding task is finalising the equity component of the financing package – the company has been actively pursuing a project-level equity partner, aiming to sell a stake at a premium as a less dilutive pathway than a corporate equity raise. On the ground, early works have commenced. A formal groundbreaking event was held in Tanzania in October 2025, with the Black Rock Board in attendance, marking the commencement of site activities including the 220kV transmission line alignment in conjunction with TANESCO, Tanzania’s national electricity supplier. In February 2026, Black Rock awarded a US$11m bulk earthworks contract to local contractor Taifa Mining and Civils. No firm FID date has been announced. The company’s public guidance is that FID will follow completion of the equity financing process and full loan documentation – a process that will continue for some months into 2026. Once FID is made, first production from Module 1 is targeted within 24 months, placing initial graphite output – on current trajectory – in the 2027–2028 window. Modules 2 through 4, which would bring total production to 347,000 tonnes per annum, are intended to be funded from project cashflows rather than requiring additional external capital, a staged development approach that materially reduces long-term financing risk for investors.