BLACK ROCK MINING LIMITED — AGM Information 2010

Nov 15, 2010

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Annual General Meeting 16[th] November 2010 Shareholder Update

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Major Achievements in 2010

• ▌ Restructured to focus on commercialising our resources. New non-exec Chairman brings highly credible energy business development experience.

• ▌ Partnership with Cygnet Capital brings capital raising and strategic support - $2.6m raised through placements and rights issue, on top of $1.6m SPP in May.

• ▌ Agreements for $7m Commonwealth funding signed and $5.4m WA funding being finalised for UWA Project. Agreement with Leighton for QEII Project.

• ▌ Alkimos and North Perth Basin – Inferred Geothermal Resource reports confirm major potential

• ▌ Worsley / Collie Area – initial survey completed; forward program being reviewed with BHPB Worsley Alumina

• ▌ North Perth Basin - discussions progressing with potential JV partners.

• ▌ Hungary JV well data acquisition completed and evaluation continuing, with target of first revenue in 2012

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Critical Steps to Commercialisation

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• ▌ Proving up the Resource

• ▌ Resource understanding

• ▌ Resource reporting

• ▌ Identifying drilling targets

• ▌ Bringing in JV Partners (funding, capabilities)

• ▌ Working with Governments

• ▌ Geothermal regulation

• ▌ Government funding for projects

• ▌ Government support (RECs, Feed-In Tariffs etc)

• ▌ Capability to develop projects through to production

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Perth Metropolitan Area

• ▌ $7m Commonwealth Government funding secured for UWA Project

• ▌ Agreement for $5.4 m WA LEED funding being finalised

• Need to secure Renewable

• ▌ Energy Certificates for direct use geothermal replacing electricity

• ▌ Need to bring in JV partner to share costs

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North Perth Basin

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• Permits are held 100% and cover

• ▌ 2600km[2]

• ▌ Substantial MW potential close to rapidly growing Mid-West markets and infrastructure

• ▌ Inferred Geothermal Resource report indicates huge potential

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• ▌ Promoting case for Government funding

• ▌ Bring in JV partner(s) to share costs / access power development capability

• ▌ Define drilling target by mid-2011

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Hungary

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• First commercial

• ▌ project identified

• ▌ Well data acquisition completed and evaluation continuing

• ▌ Target first electricity production in 2012

• Need to secure

• ▌ concession(s) in most prospective areas

• ▌ Government funding support possible for first project

• ▌ Seek funding from European investors from 2011

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Other Projects

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• ▌ Worsley / Collie Area (with BHP Billiton Worsley Alumina)

• ▌ Initial data collection completed

• ▌ Further definition of resource and market potential underway

• ▌ South Australia

• ▌ Activity at a sufficient level to maintain our Geothermal Exploration Licences in good standing

• ▌ Unlikely to be any significant progress until there are positive results from other geothermal companies’ drilling activities

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Priorities for 2011 - Corporate

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▌ By mid-2011 select up to 2 projects to aggressively develop; hold or drop others

▌ Secure alternative sources of funding for Hungary

▌ Rationalise exploration budget to focus on key commercial targets

▌ Review new non-geothermal projects which:

▌ Use GRK director experience and expertise

• ▌ Add investor appeal to GRK

▌ Share price recovery based on project and corporate achievements

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