BLACK ROCK MINING LIMITED — AGM Information 2016

Nov 29, 2016

Developing the World Class Mahenge Graphite Mine

AGM PRESENTATION 30 NOVEMBER 2016

BLACK ROCK MINING – INDUSTRY LEADING LOW CAPEX, HIGH MARGIN, PUREST GRAPHITE GLOBALLY, MULTI GENERATIONAL MINE

www.blackrockmining.com.au

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Disclaimer

The release, publication or distribution of this presentation in certain jurisdictions may be restricted by law and therefore persons in such jurisdictions into which this presentation is released, published or distributed should inform themselves about and observe such restrictions.

DISCLAIMER

This presentation is for informational purposes only and does not constitute an offer to sell, or solicitation to purchase, any securities. Such Offer can be made only through proper subscription documentation and only to investors meeting strict suitability requirements. Any failure to comply with these restrictions may constitute a violation of applicable securities laws. In providing this presentation Black Rock has not considered the financial position or needs of the recipient. Persons needing advice should consult their stockbroker, bank manager, solicitor, attorney, accountant or other independent financial and legal advisors.

FORWARD LOOKING STATEMENTS

Various statements in this presentation constitute statements relating to intentions, future acts and events. Such statements are generally classified as “forward looking statements” and involve known and unknown risks, uncertainties and other important factors that could cause those future acts, events and circumstances to differ materially from what is presented or implicitly portrayed herein. Words such as “anticipates”, “expects”, “intends”, “plans”, “believes”, “seeks”, “estimates” and similar expressions are intended to identify forward-looking statements. Black Rock caution shareholders and prospective shareholders not to place undue reliance on these forward-looking statements, which reflect the view of Black Rock only as of the date of this presentation. The forward-looking statements made in this presentation relate only to events as of the date on which the statements are made.

COMPETENT PERSONS

The information in this report that relates to Exploration Results and Mineral Resource Statements is based on information compiled by Steven Tambanis, who is a member of the AusIMM. He is an employee of Black Rock Mining Limited. Steven Tambanis has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 and 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’.

The information that relates to Mineral Resources is based on and fairly represents information compiled by Mr Lauritz Barnes, (Consultant with Trepanier Pty Ltd) and Mr Aidan Platel (Consultant with Platel Consulting Pty Ltd). Mr Barnes and Mr Platel are members of the Australian Institute of Mining and Metallurgy and have sufficient experience of relevance to the styles of mineralisation and types of deposits under consideration, and to the activities undertaken to qualify as Competent Persons as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Barnes, Mr Platel and Mr Tambanis consent to the inclusion in this report of the matters based on their information in the form and context in which they appear.

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Table of Contents

1. Overview

2. Corporate Summary

3. The Opportunity

4. The Project

5. Why Black Rock Mining?

6. 2016 – Laying the PlaYorm

7. 2017 – Execu\on

8. Summary

Appendices

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1. Overview

• Black Rock Mining is developing its World Class Mahenge Graphite Project in Tanzania

• resource and very simple metallurgy, allowing long term low cost opera\on and downstream margin enhancement op\ons.

• Its compe\ve advantages can be summarised as:

• Ø Industry leading low pre produc3on capex;

• Ø Low opex, high margin;

• Ø Excellent graphite product a;ributes, sector leading purity, quality;

• Ø Small environmental footprint; and

• Ø Mul3 genera3onal mine

• 2016 established a posi\ve growth plaYorm by the Company. A World Class resource was announced,a compelling scoping study released and detailed product tes\ng demonstra\ng excellent characteris\cs for baberies and high end applica\ons.

• 2017 will see the focus shic from explora\on ac\vi\es to development: building inCountry construc\on and opera\onal capabili\es, commencing detailed engineering and preparing for construc\on of a low cost graphite mine.

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2. Corporate Summary

Capital Structure Share Price A$0.15 Shares on Issue 323m Quoted Op3ons on Issue 75m Market Capitalisa3on A$48M Cash in Bank Nov16 A$3.5M Op3ons expiring 25Mar17 A$2.0M Directors Holding 29%

Board and Management

Stephen Copulos (Chairman)

• Ø +30 years experience across a wide range of industries including mining, manufacturing, property, fast food and hospitality.

• Ø Chairman of Crusader Resources Limited (ASX:CAS), Consolidated Zinc Limited (ASX:CZL) and Non-Executive Director of Restaurant Brands, NZ

Steve Tambanis (Managing Director)

6 Month Price Performance

• Ø Geologist with extensive commercial and operational experience in the resources industry including business development at WMC Resources.

Gabriel Chiappini (Director & Company Secretary)

• Ø Chartered Accountant and member of Australian Institute of Company Directors with extensive experience as Director and Company Secretary to ASX listed companies.

• Ø Director of Fastbrick Robotics Ltd (ASX:FBR), Sunbird Energy Ltd (ASX:SNY), Scotgold Resources Limited (ASX:SGZ) and Global Geoscience Ltd (ASX:GSC)

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3. The Opportunity

Current global graphite market size is around 3m tonnes per annum with 40% natural flakes and 60% synthetic graphite.

Battery anode market accounted for 100k tonnes in 2015.

Many commentators expect this market to grow at over 20% per annum through to at least 2025 (refer Canaccord Genuity estimate of 23% CAGR in November 2016).

The current battery anode market of 50% natural and 50% synthetic is expected to change in favour of natural graphite due to advantageous cost, quality and improved consistency.

Source: Canaccord Genuity, 20 November 2016

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4. The Project

The Mahenge Project is located in Tanzania with close proximity to rail infrastructure through to port

Ulanzi

60km from Ifakara railhead to the Port of Dar es Salaam

Mains power to site – discussions underway for powerline upgrade

Image showing project loca\on in Tanzania

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Cascades
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Image showing Ulanzi and Cascades locali\es. Cascades drilling is complete with the announcement of a resource expected in December 2016

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4. The Project – orebodies

Ulanzi was the subject of the Company´s current Scoping Study.

JORC Resource of 162.5m tonnes at 7.8% TGC including a high grade core of 38.7m tonnes at 9.9% TGC*.

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Ulanzi
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A project Scoping Study completed in March 2016 provided high level capital costs of US$60m for a 50,000 tpa operation and cash costs circa $500/t.

Detailed testing of Ulanzi mineralisation has returned consistent 98-99% TGC concentrate purities.

Cascades is likely to be a stand-alone Mineral Resource given coarser flake size and expected higher grades than Ulanzi

Cascades Mineral Resource is expected in early December.

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Cascades
Image showing Ulanzi and Cascades locali\es
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*ASX Company announcement 6 October 2016

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4. The Projects – Mahenge Video

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5. Why Black Rock Mining?

Industry Leading Low Capex and Opex	• Pre production capex of around US$60m for initial production of 50,000 tonnes per annum • Low capex and opex driven by relatively high grades, low strip ratios, simple metallurgy, nearby infrastructure and substantial Resource
Superior Product Attributes	• 99% + concentrates achieved from simple flotation circuit processing lead to higher quality end products with lower purification costs • Higher spheronising yields than current Chinese production • Higher flake density due to thick flake has potential for longer life cells • Thermal processing has returned up to 99.9999% purity – superior to synthetic graphite
Small Environmental Footprint	• Relatively high grade and low strip ratio means less ore is moved • Energy required to process is substantially lower than alternates given ore attributes
Multi Generational Mine Life	• Targeting a mine life of 25 years for PFS at a starting rate of 50,000tpa which is expected to incraese during the first 5 years of production. Mineral Resources can support >100 year minelife

Scanning Electron microscope Image showing Mahenge spherical Graphite 10

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5. Why Black Rock Mining?

Green credentials matter for graphite for batteries

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High purity 99%
concentrates result in
lower purifica\on cost
purifica(on cost
1000
500 “Green”
0
convenonal BKT
Graphite
High grades, low
strip ra\o minimise
carbon footprint
Tonnes moved
Low environmental impact
100 through the mining, purification
50 0 and spheronising process
convenonal BKT provides a compelling and
sustainable competitive
advantage
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Access to Hydroelectric power provides zero emission processing

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Processing CO2
150
100
50
0
convenonal BKT
High spheronising
yields result in less
processing waste
spheronising yield
100%
50%
0%
China BKT
----- End of picture text -----*

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6. 2016 – Establishing the PlaYorm

• Ø Delivered a World Class discovery. JORC Resource of 162.5m tonnes at 7.8% TGC with a high grade core of 38.7m tonnes at 9.9% TGC

• Ø Delivered a compelling Scoping Study focussed on Ulanzi completed, showing industry leading low capex driven by grade, strip ratios, nearby power and rail infrastructure and a massive resource.

• Ø Drilling at Cascades completed with JORC Resource estimate on track for release in December 2016

• Ø Bulk sampling and metallurgical testwork is demonstrating sector leading graphite attributes:

• 98-99.3% concentrates with 50-60% coarse flake – uniform purity through size range

• Excellent spherical and expandable graphite

• Thermal purification delivered the World’s purest flake graphite up to 99.99994%

• Ø Samples in the hands of graphite end users and processors – generating excellent feedback

• Ø Pre Feasibility Study programme – no surprises and nearing completion with Cascades inclusion

• Ø Commencement of recruitment – building the development and operations team

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7. 2017 – Execu\on

• Ø Completion of Pre-feasiblity Study focussed initially on Cascades ore given higher grade and likely reduction in pre production capex and operating costs

• Ø Completion of DFS, detailed engineering and construction drawings to enable mine construction

• Ø Completion of Scoping Study for bolt-on spherical graphite and coating plant to demonstrate substantial margin enhancement opportunities flowing from downstream opportunities given the highly advantaged product attributes

• Ø Development of in-Country construction and operational capability.

• Ø Recruitment.

• Ø Continued focus on social licence to operate and demonstration of real commitment to the local communities

• Ø Completion of licence application process

• Ø Continued focus on product testing to ensure that optimal routes to market are established

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8. Summary

• Black Rock Mining is developing its World Class Mahenge Graphite Project in Tanzania

• resource and very simple metallurgy, allowing long term low cost opera\on and downstream margin enhancement op\ons.

• Its compe\ve advantages can be summarised as:

• Ø Industry leading low pre produc3on capex;

• Ø Low opex, high margin;

• Ø Excellent graphite product a;ributes;

• Ø Small environmental footprint; and

• Ø Mul3 genera3onal mine

• 2016 established a posi\ve growth plaYorm by the Company. A World Class resource was announced,a compelling scoping study released and detailed product tes\ng demonstra\ng excellent characteris\cs for baberies and high end applica\ons.

• 2017 will see the focus shic from explora\on ac\vi\es to development: building inCountry construc\on and opera\onal capabili\es, commencing detailed engineering and preparing for construc\on of a low cost graphite mine.

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Further Informa\on

Mr. Steven Tambanis Managing Director Office: +61 8 9320 7550 st@blackrockmining.com.au

Mr. Gabriel Chiappini Director

Office: +61 8 9320 7550 gabriel@blackrockmining.com.au

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A. Babery Grade Spherical Graphite

Manufactured by independent facilities in Europe, Japan and USA

• Ø 99.98% TGC spherical graphite made from conventional processing and acid purification

• Ø Sector leading >99.999 purities for thermal purification

Ø High concentrate and spherical densities – Potential for longer cell cycle life

Ø Expectation of significant reduction in purification cost and improvement in spherical product quality.

Ø Up to 83% spherical yields achieved, c o m p a r e d t o 3 0 - 4 0 % f o r conventional rotary mill processing. This is the driver for price premiums

Scanning Electron microscope Images showing Mahenge spherical Graphite

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B. Excellent Expandable Graphite

• Ø Conducted by independent European graphite laboratories and end users

• Ø Mahenge graphite is highly suitable for expandable graphite applications

Ø Up to 580 times expansion ratio for coarse flake, which is superior to current expandable graphites in marketplace

Ø Expandable graphite is used for thermal insulation and heat dissipation for electronics, graphite foils for gaskets, insulation and fire proofing

Scanning Electron microscope Image showing expanded graphite “worm” produced from a single Mahenge graphite flake.

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C. Black Rock Graphite Advantages

What is different about our graphite?

• Ø Mineralisation quality – purer precursor flake

• Ø Excellent purities 99% TGC from simple flotation alone across size fractions and across all mineralisation types. This is a premium graphite product. Higher proportion of coarse and jumbo flake compared to Mozambique and low vanadium. Concentrate is high density

• Ø Largest and highest grade JORC resource in Tanzania. 162Mt@ 7.8% TGC with high grade portion of 38.7Mt @9.9% . Highest grade compared to Tanzania Peer group provides leverage for lower costs of production. Cascades offers higher grades potential*

• Ø High purity of Mahenge graphite tested to date indicate that it can be applied to the premium battery market. Cost, performance and environmental advantages by minimising acid/thermal processing

• Large Resource • StraighYorward Metallurgy (larg purity)

• •

• Hi h Grade ore Sim le minin with low stri ra\o g p g p

• Ability to make premium spherical and expandable graphite.

• Lower environmental foot rint at mine and subse uent rocessin p q p g

JORC Resource announced to ASX on 29 February 2016 18 *Scoping Study announced to ASX on 22 March 2016

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D.

Coa3ng Proprietary process. Typically Japan, Korea and China

Spheronising 98% Chinese dominance of this sector. Can buy this technology off-the-shelf

Flake concentrate

80% Chinese dominance of this sector @90-97% TGC. We have higher quality graphite

BKT Spherical poten3al

Chinese Spherical

US$7-12,000/t Coated Spherical Coated spherical Graphite Coa\ng Thermal treatment

Poten3al to make spherical graphite with a lower overall environmental footprint than the rest of World

Poten3al to manufacture outside of China

US$3-5,000/t Spherical Poten3al to manufacture Graphite outside of China spherical Acid Es\mated to Seeking to Purifica\on be US$600/t avoid/minimise HF/HCL to $900/t this toxic process Milling/sizing Yields Spheronising typically higher yields Sizing 30-40% expected US$650-1,500/t >99% purity. For flake input Flake Graphite Premium pricing 93-97%

BKT has poten3al to achieve price premiums 19 for high purity flake concentrates

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