Black Rock Mining : BKT Confirms 25% increase in Measured Resources

ASX ANNOUNCEMENT 3 FEBRUARY 2022

Black Rock Mining confirms 25% increase in Measured Mineral Resource,

now the largest in class globally

	HIGHLIGHTS
only
∙ Completion of infill drill program and bulk metallurgical sampling has resulted in a 25%
	increase in Measured Mineral Resource
∙ Mahenge now has the largest Measured graphite mineral resource globally
∙	Black Rock confirms the first 10 years of the Ulanzi mine plan (including all of Module 1
		and 2) is now underpinned by the highest confidence mineral resource category
	∙	Mineral resource upgrade provides additional confidence for lenders and offtake
use		partners in the context of the debt financing process currently underway

Tanzanian graphite developer Black Rock Mining Limited (ASX:BKT) (Black Rock or the Company) is pleased

to announce that as a result of completing assays from the 2019 infill metallurgical drilling and bulk sampling program the JORC Compliant Mineral Resource Estimate and Ore Reserve, has been updated, posting a 25% increase in Measured Mineral Resource.

personalMahenge Graphite Mineral Resource Update

As part of the Company's ramp up on Project execution activities, Black Rock has completed an update of its Mahenge Mineral Resource designed to provide high confidence to customers and financiers on the planned production output over the first 10 years of operation from the Ulanzi open pit. The 25% increase in Measured Mineral Resource effectively confirms that 100% of the likely loan life is now underpinned by Measured Resource.

Drilling and bulk sampling was completed on the Ulanzi orebody in 2019 but held in storage for final customer qualification. This material was only recently assayed and used as an ore feed and processed in China and Canada as part of Black Rock's 500 tonne qualification processing plant campaign, refer ASX announcement 6th December 2021.

The complete report on the Mineral Resource Estimate is attached per Appendix 1.
Summary of the Mahenge Project JORC Mineral Resource update:
For	∙ The global Mineral Resource Estimate for the Mahenge Graphite Project is 213.1M tonnes at 7.8% TGC
(Previously 211.9 Mt @ 7.8% TGC). This makes it the fourth largest JORC Mineral Resource globally and
	it is still open along strike;
	∙ Mineral Resource in the Measured category is now 31.8Mt and Indicated at 84.6Mt, combined
	representing 55% of the total Mineral Resource;
	∙ 25% increase in the measured Mineral Resource at Mahenge is the largest Measured Mineral Resource
	of any graphite developer globally;
	∙ Within this Mineral Resource is a higher grade portion of 43.8Mt @ 10.8% TGC;
Black Rock Mining Ltd	Australian Office	Tanzanian Office	Directors
ACN 094 551 336	Level 1, 1 Walker Ave	Mahenge Resources Ltd	Richard Crookes	Chairman
ASX: BKT	West Perth WA 6005	Msasani Towers	John de Vries	Managing Director & CEO
		Ph: [phone]	Second floor Wing B	Gabriel Chiappini	Non-Executive Director/Company Secretary
		E: [e-mail]	Dar es Salaam	Ian Murray	Non-Executive Director
			Ph [phone]

www.blackrockmining.com.au

[e-mail]

[phone]

Black Rock Mining

Chief Executive Officer

John de Vries

ForASX release was authorised on behalf of the Black Rock Board by: John de Vries, Managing Director & CEO or more information:

Inferred

TOTAL

98.3

211.9

Indicated

88.1

Measured

25.5

Tonnes (Mt) Grade (%TGC)

Category

eDFS July 2019

Updated JORC Compliant Mineral Resource Estimate and Ore Reserve

Table 1 - Comparison between the eDFS July 2019 and February 2022

As part of the Investment Framework Agreement signed with the Government of Tanzania on the 13th of December 2021, the combined Mineral Resource and Ore Reserve of ML611/2019 (Ulanzi) and ML619/2019 (Cascades) will be merged into a single Special Mining Licence to be issued as part of the process. We look forward to working with Government of Tanzania in developing the world class Mahenge project"

It is pleasing to see that as a result of the increased confidence in Ulanzi, and an outcome of this campaign, Mahenge now has the largest Measured Mineral Resource of any graphite developer or operation globally. This directly translates to reduced investment risk for debt and equity investors, with the first 10 years of production (Ulanzi Module 1 and 2) now underpinned entirely by Measured Mineral Resource.

"As part of our ramp of activities associated with completing engineering design for Mahenge Module 1 we have completed assays on metallurgical drill core and bulk samples specifically taken to support final qualification of the project. Processing of these samples is an outcome of POSCO's equity investment of 15% of the Company.

Commenting on the Mineral Resource update, Black Rock MD and CEO, John de Vries said: usepersonal

(iii) Test work supported by real world data through commercial scale processing of over 600 tonnes of graphite ore through three pilot plant and customer qualification programs; and (iv) End-productvalidation. Independent testing by the Company's offtake partners confirmed that battery grade spherical graphite and high quality expandable graphite can be made

from Mahenge concentrates for commercial sale.

(i) Delivering the highest grade zones to date and further increasing mineral resource category quality;

(ii) Metallurgical test work indicates that 99% TGC concentrates can be processed through a relatively simple flotation process for a low energy, and low risk operation;

[e-mail]

Investor Relations

7.2

16.6

6.6

2.7

Graphite (Mt)

Contained

Update February 2022

[phone]

IRX Advisors

Elvis Jurcevic

7.4

7.8

7.8

8.6

Tonnes (Mt) Grade (%TGC)

[e-mail]

[phone]

Black Rock Mining

GM Corporate Development

Steuart McIntyre

7.6

7.8

7.4

16.6

96.7

213.1

7.9

6.9

84.6

31.8

8.6

2.2

Graphite (Mt)

Contained

only

ASX ANNOUNCEMENT 3 FEBRUARY 2022

• Project de-risking achieved by:

Black Rock Mining Ltd	Australian Office	Tanzanian Office	Directors
ACN 094 551 336	Level 1, 1 Walker Ave	Mahenge Resources Ltd	Richard Crookes	Chairman
ASX: BKT	West Perth WA 6005	Msasani Towers	John de Vries	Managing Director & CEO
	Ph: [phone]	Second floor Wing B	Gabriel Chiappini	Non-Executive Director/Company Secretary
	E: [e-mail]	Dar es Salaam	Ian Murray	Non-Executive Director
		Ph [phone]

www.blackrockmining.com.au

ASX ANNOUNCEMENT 3 FEBRUARY 2022

About Black Rock

Black Rock Mining Limited is an Australian based company listed on the Australian Securities Exchange (ASX:BKT). The Company has a 100% interest in the Mahenge Graphite Project (Project) located in Tanzania. The Project has a JORC compliant Mineral Resource Estimate of 213m tonnes at 7.8% TGC. It also has Ore Reserves of 70.5m tonnes at 8.5% onlyTGC. The Ore Reserves support a mine life of up to 340k tonnes of graphite per annum for a reserve life of 16 years. Since the release of the Mineral Resource Estimate, the Company confirms that it is not aware of any new information

or data that materially affects the mineral resources estimate.

On 25 July 2019, the Company released an enhanced Definitive Feasibility Study (eDFS) for the Project. The eDFS for the Mahenge Graphite Mine envisages a four phase operation, ultimately producing 340,000 tpa of high-grade graphite, with exceptional financial metrics including:

• Low Capex: Lowest peak capital expenditure of US$116M for phase one*;
• High Margin: AISC margin of 63.1%;
• Low Technical Risk: Substantial pilot plant operations run of 110 tonnes; and
• Superior Economics: IRR of 44.8% with NPV10 of US$1.16bn (A$1.65bn**)

useBlack Rock has obtained all Environmental approvals, Mining Licences and its Resettlement Action Plan with clear title to the eDFS project area. An FCI Agreement was signed with the Government of Tanzania in December 2021.

In June 2020, the Company announced a Strategic Alliance with POSCO Group for the development of the Mahenge Graphite Mine. This included an equity investment of US$7.5M, signed in February 2021. In December 2021, a Term Sheet was agreed with POSCO for a US$10M prepay and life of mine fines offtake for Module 1. Black Rock has also llocated planned production through Pricing Framework Agreements (ASX release 8 May 2019) with five other offtake customers.

Following release of the enhanced DFS (eDFS) in July 2019, the Company confirms that it is not aware of any new data or information that materially affects the results of the eDFS and that all material assumptions and, in the case of estimates of Mineral Resources or Ore Reserves, technical parameters underpinning the estimates in the relevant market announcements continue to apply and have not materially changed.

The estimated Ore Reserves and Mineral Resources underpinning the production target has been prepared by competent persons in accordance with the requirements in Appendix 5A (JORC Code).

The Company is construction-ready subject to financing.

personal	JORC Compliant Mineral Resource Estimate and Ore Reserve***
Ore Reserves	Tonnes (Mt)	Grade (% TGC)	Contained Graphite (Mt)
- Proven	-	-	-
For	- Probable	70.5	8.5	6.0
Total Ore Reserves	70.5	8.5	6.0
Mineral Resources
- Measured	31.8	8.6	2.7
- Indicated	84.6	7.8	6.6
Total M&I	116.4	8.0	9.3
- Inferred	96.7	7.4	7.2
	Total M, I&I	213.1	7.8	16.6		Location of Black Rock's Mahenge Graphite Project in Tanzania

For further information on Black Rock Mining Ltd, please visit www.blackrockmining.com.au

• Forecast Capex has been classified as a Class 3 estimate with accuracy of ±10% as defined by AACE ** AU$/US$ 0.70

*** Resource and Ore Reserve Estimates as released to ASX on 3 February 2022.

Black Rock Mining Ltd	Australian Office	Tanzanian Office	Directors
ACN 094 551 336	Level 1, 1 Walker Ave	Mahenge Resources Ltd	Richard Crookes	Chairman
ASX: BKT	West Perth WA 6005	Msasani Towers	John de Vries	Managing Director & CEO
	Ph: [phone]	Second floor Wing B	Gabriel Chiappini	Non-Executive Director/Company Secretary
	E: [e-mail]	Dar es Salaam	Ian Murray	Non-Executive Director
		Ph [phone]

www.blackrockmining.com.au

ASX ANNOUNCEMENT 3 FEBRUARY 2022

The Mahenge Project JORC Mineral Resource

The Mineral Resource Estimate was completed by Trepanier Pty Ltd, an independent geological consultancy. The summary tables below display the Measured, Indicated and Inferred Mineral Resources for the combined Mahenge Project and individually by each prospect.

For personal use only

Table 1. Mahenge Global Mineral Resource summary table

	Category		Tonnes	TGC	Contained TGC
		(Millions)	(%)	(Million tonnes)
	Measured	31.8	8.6	2.7
	Indicated	84.6	7.8	6.6
	Inferred	96.7	7.4	7.2
	TOTAL	213.1	7.8	16.6

Table 2. Mahenge Mineral Resource breakdown by prospect

		Tonnes	TGC	Contained TGC
Prospect	Category	(Millions)	(%)	(Million tonnes)
Ulanzi	Measured	19.6	8.8	1.7
	Indicated	46.2	8.2	3.8
	Inferred	48.7	7.8	3.8
	Sub-total	114.5	8.1	9.3
Cascades	Measured	12.1	8.3	1.0
	Indicated	20.8	8.3	1.7
	Inferred	27.3	7.9	2.2
	Sub-total	60.2	8.1	4.9
Epanko	Measured
	Indicated	17.6	6.4	1.1
	Inferred	20.8	5.9	1.2
	Sub-total	38.4	6.1	2.4
COMBINED	MEASURED	31.8	8.6	2.7
	INDICATED	84.6	7.8	6.6
	INFERRED	96.7	7.4	7.2
	TOTAL	213.1	7.8	16.6

Note: Appropriate rounding applied

BLACKROCKMINING.COM.AU

ASX ANNOUNCEMENT 3 FEBRUARY 2022

Mahenge Project global Mineral Resource Estimate breakdown by cut-off grades

Table 3 and Figure 1 below show the Mahenge global resource at varying cut-off grades and the corresponding grade-tonnage curve, respectively. Of note is that a significant high-grade resource is contained within the global 213.1Mt @ 7.8% TGC resource. At a 9% cut-off, a high-grade portion of 43.8Mt

• 10.8% TGC is available or at a 10% cut-off, a 24.9Mt portion of the Mineral Resource Estimate exists at 11.8% TGC.

Table 3. Mahenge Global Mineral Resource by grade cut-off

only	Cut-off TGC	Million tonnes	TGC (%)
	0	213.1	7.8
	1	213.1	7.8
use	2	213.0	7.8
3	212.7	7.8
4	211.4	7.8
5	202.9	7.9
6	176.1	8.3
7	133.5	8.9
8	84.3	9.7
	9	43.8	10.8
	10	24.9	11.8
	11	14.3	12.8
	12	7.8	13.9
personalFor	13	5.2	14.6
Graph Graph 1. Global Mahenge TGC% grade-tonnage curve

BLACKROCKMINING.COM.AU