BLACK ROCK MINING LIMITED — Capital/Financing Update 2020

Jun 30, 2020

Market Announcement

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1 July 2020

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Black Rock Mining Limited (ASX: BKT) – Trading Halt (2+2)

Description

The securities of Black Rock Mining Limited (‘BKT’) will be placed in trading halt at the request of BKT, pending it releasing an announcement regarding a capital raising. Unless ASX decides otherwise, the securities will remain in trading halt until the earlier of the commencement of normal trading on Tuesday, 7 July 2020 or when the announcement is released to the market.

Issued by

Sandra Wutete

Senior Adviser, Listings Compliance (Perth)

Market Announcement 1/1 ASX Customer Service Centre 131 279 | asx.com.au

1 July 2020 ASX Limited

ASX ANNOUNCEMENT 1 July 2020

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REQUEST FOR TRADING HALT

Graphite project developer Black Rock Mining Limited (ASX: BKT) ( Black Rock or the Company ) In accordance with ASX Listing Rule 17.1, Black Rock requests a trading halt in the Company’s securities, pending an announcement in relation to the Company finalising a capital raising.

The Company requests that the Company’s securities remain in a trading halt until the earlier of the commencement of normal trading on Tuesday 7 July 2020[1] or an announcement is made to the ASX in relation to the above matter.

The Company is not aware of any reason why the trading halt should not be granted.

1. The Company has requested back to back (2 day + 2 day) trading halt in accordance with the COVID-19 allowance

This ASX release was authorised on behalf of the Black Rock Board by:

Gabriel Chiappini

Non-Executive Director & Company Secretary

About Black Rock Mining

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 (the "Project") located in Tanzania. The Project has a JORC compliant Mineral Resource Estimate of 212m tonnes at 7.8% TGC. It also has Ore Reserves of 70m tonnes at 8.5% TGC. The Ore Reserves support a mine life of up to 350k 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 Resource Estimate.

In October 2018, the Company released a Definitive Feasibility Study (DFS) for the Project, which was based on strong customer demand. This DFS was enhanced in July 2019, and demonstrates 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[**] ).

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

In February 2019, the Company announced receipt of its mining licence for the DFS Project. In May 2019, the Company announced it had substantially allocated planned production with up to 255k tonnes per annum of graphite committed to sale by year three of production, through Pricing Framework Agreements.

The Company is currently progressing financing discussions and detailed engineering with a view to commencing construction of the Project.

JORC Compliant Mineral Resource Estimate and Ore Reserve	JORC Compliant Mineral Resource Estimate and Ore Reserve	JORC Compliant Mineral Resource Estimate and Ore Reserve	JORC Compliant Mineral Resource Estimate and Ore Reserve
Ore Reserves	Tonnes (Mt)	Grade (% TGC)	Contained Graphite (Mt)
- Proven	0	0.0	0.0
- Probable	70	8.5	6.0
Total Ore Reserves	70	8.5	6.0
Mineral Resources
- Measured	25.5	8.6	2.2
- Indicated	88.1	7.9	6.9
Total M&I	113.6	8.1	9.1
- Inferred	98.3	7.6	7.4
Total M, I & I	211.9	7.8	16.6		ia
For further information on Black Rock Minin Ltd lease visitwwwblackrockminincomau
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For further information on Black Rock Mining Ltd, please visit www.blackrockmining.com.au

Black Rock Mining Ltd ACN 094 551 336 ASX:BKT

Issued Capital 628.9m Shares

Australian Registered Office

45 Ventnor Avenue West Perth, WA 6005 Ph: +61 8 9389 4415 E: info@blackrockmining.com.au

Tanzanian Office Mahenge Resources Ltd Msasani Towers Second Floor, Wing B PO BOX 105735 Dar es Salaam Tanzania

Directors

Richard Crookes John de Vries Gabriel Chiappini Ian Murray

www.blackrockmining.com.au