BLACK ROCK MINING LIMITED — Investor Presentation 2021

Jun 1, 2021

Black Rock Mining Mahenge Graphite Mine Investor Update Battery Minerals Conference 2 June 2021

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Important notices

This presentation has been prepared by Black Rock Mining Limited ( Black Rock or the Company ).

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.

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.

Competent Person(s) Statement

The information in this report that relates to Exploration Results and Mineral Resource Statements is based on information compiled by John de Vries, who is a member of the AusIMM. He is an employee of Black Rock. John de Vries 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 Patel (Consultant with Patel Consulting Pty Ltd). Mr Barnes and Mr Patel 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 Patel and Mr de Vries consent to the inclusion in this report of the matters based on their information in the form and context in which they appear.

The Ore Reserves have been compiled by Black Rock, under the direction of Mr John de Vries, who is a Member and Chartered Professional of the Australasian Institute of Mining and Metallurgy. Mr de Vries is a full-time employee of Black Rock and holds performance rights in the company as part of his total remuneration package. Mr de Vries has sufficient experience in Ore Reserve estimation relevant to the style of mineralisation and type of deposit under consideration to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Mineral Resources and Ore Reserves”.

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 cautions 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.

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Black Rock and the Mahenge Graphite Mine Table of Contents

§ §	Corporate: Black Rock at a glance Snapshot of the Mahenge Graphite Mine	4 6
§ § §	Graphite Use Graphite Market Dynamics Why Black Rock ?	7 8 9
§	Graphite Playbook	11
§	Foundation	12
§	Near-term catalysts	13
§	Operating Drivers	14
§	Market Entry Model	15
§	POSCO Strategic Alliance	16
§	Sensible Price Discovery	17
§	Financing Mahenge	18
§	Investment Highlights	19

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Black Rock at a glance Premium graphite player

Australian-listed company (ASX: BKT ) 100% owner of Mahenge Graphite Mine Located in Tanzania

Mineral Resource of 212Mt at 7.8% TGC[1] Ore Reserve of 70Mt at 8.5% TGC[1]

Long-life mine producing high-purity, coarse distribution graphite concentrate

Qualified path to market through established Strategic partnerships

Outstanding forecast economics

Construction-ready subject to financing and confirmation of Tanzanian Government Free Carried Interest Agreement

Capital structure

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ASX ticker BKT
Share price (1 June 2021) $0. 18
Shares on issue 842.2 M
Options and performance rights 92.4 M
Market capitalisation (undiluted) (@$0.19c) A$160.0 M
Cash (31 March 2021) A$1.9 M
Debt (31 March 2021) Nil
Major shareholders
Copulos Group 19.0 %
POSCO Group 15.0 %
$14,000,000 $0.20
$0.18
$12,000,000
$0.16
$10,000,000 $0.14
$0.12
$8,000,000
$0.10
$6,000,000
$0.08
$4,000,000 $0.06
$0.04
$2,000,000
$0.02
$0 $0.00
Volume Price
2-Jan-20 9-Jan-20 16-Jan-20 23-Jan-20 30-Jan-20 6-Feb-20 13-Feb-20 20-Feb-20 27-Feb-20 5-Mar-20 12-Mar-20 19-Mar-20 26-Mar-20 2-Apr-20 9-Apr-20 16-Apr-20 23-Apr-20 30-Apr-20 7-May-20 14-May-20 21-May-20 28-May-20 4-Jun-20 11-Jun-20 18-Jun-20 25-Jun-20 2-Jul-20 9-Jul-20 16-Jul-20 23-Jul-20 30-Jul-20 6-Aug-20 13-Aug-20 20-Aug-20 27-Aug-20 3-Sep-20 10-Sep-20 17-Sep-20 24-Sep-20 1-Oct-20 8-Oct-20 15-Oct-20 22-Oct-20 29-Oct-20 5-Nov-20 12-Nov-20 19-Nov-20 26-Nov-20 3-Dec-20 10-Dec-20 17-Dec-20 24-Dec-20 31-Dec-20 7-Jan-21 14-Jan-21 21-Jan-21 28-Jan-21 4-Feb-21 11-Feb-21 18-Feb-21 25-Feb-21 4-Mar-21 11-Mar-21 18-Mar-21 25-Mar-21 1-Apr-21 8-Apr-21 15-Apr-21 22-Apr-21 29-Apr-21 6-May-21 13-May-21 20-May-21 27-May-21
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1 For further detail on Mineral Resource and Ore Reserve estimates refer to Appendix slides.

Board

The leaders to deliver

Proven mine development, project finance and African operating experience

John de Vries, Managing Director and CEO

• § Mining Engineer with over 35 years’ experience in mine development and operations; professional experience spans Africa, the Pacific, the Former Soviet Union, North and South America and Australia

• § Previously General Manager Technical Services with St Barbara, integral in the 2014 turnaround; earlier operational management roles at BHP Nickel West and Orica Mining Services

Richard Crookes, Non-Executive Chairman

• § Geologist with over 30 years’ executive experience in the resources and finance industries; raised capital and financed a number of projects globally, including across Africa

• § Prior roles include Investment Director at Mining PE Fund EMR Capital, Executive Director in Macquarie’s Metals & Energy Capital and Chief Geologist / Mining Manager at Ernest Henry Mining

Ian Murray, Non-Executive Director

• § Finance Executive with over 20 years’ corporate experience in the publicly listed resources sector; led highly successful project developments, major acquisitions, company restructures and stock exchange listings

• § Previous roles include CEO of Gold Road Resources, CEO and CFO of DRDGold Ltd, Director of Rand Refinery Ltd and GoldMoney.com, and senior positions at KPMG, PwC and Bioclones

Gabriel Chiappini, Non-Executive Director & Company Secretary

• § Chartered Accountant with over 20 years’ experience in the commercial sector; assisted a number of companies to list on the ASX and involved with total equity and debt raised of over A$400M

• § Over the last 15 years has held positions of Director, Company Secretary and Chief Financial Officer in both public and private companies with operations in Australia, the UK and the US

Executive management

Raymond Hekima, Vice President – Corporate (Tanzania)

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• § Qualifications in Environmental Sciences and Management with over 13 years’ experience in the government and corporate sectors, including significant specific permitting expertise

• § Responsible for overall business and operations in Tanzania and key relationships and interactions with national government, local government, NGO’s and community relations

A snapshot of the Mahenge Graphite Mine Simple open pit mine development with outstanding forecast returns

US$1.2B Post-tax, ungeared, real NPV10

45% Post-tax, ungeared, real IRR

83ktpa Phase 1 output (1Mtpa ROM)

US$116M 350ktpa Phase 1 development capex Phase 4 output (4Mtpa ROM) US$1,301/t US$494/t Basket graphite price (net FOB) LOM All-In-Sustaining-Cost

US$1,301/t Basket graphite price (net FOB)

95 – 99%+ TGC purity 59% +80 mesh, 41% -80 Concentrate product

26 years Initial operating life

Following release of the Enhanced Definitive Feasibility Study (DFS) on the Mahenge Graphite Project in July 2019 (see Black Rock ASX release dated 25 July 2019, Mahenge Enhanced DFS with Executive Summary ), Black Rock confirms that it is not aware of any new data or information that materially affects the results of the Enhanced DFS. All material assumptions and technical parameters, including in the estimation of Mineral Resources or Ore Reserves, underpinning the estimates in the Enhanced DFS continue to apply and have not materially changed. The estimated Ore Reserves and Mineral Resources underpinning the production and financial forecasts in the Enhanced DFS were prepared by Competent Persons in accordance with the requirements in Appendix 5A (JORC Code).

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Graphite Uses[1]

Black Rock has a diversified product mix with 60% exposure to the high margin large flake market

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Graphite Shapes
2%
Other
Recarburising
9%
4%
Lubricants
5%
Friction Products
6% Refractories
46%
Foundries
14%
Batteries
14%
LARGE FLAKE JUMBO FLAKE
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SMALL FLAKE (FINES)

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Lithium-Ion Batteries
Paint & Coatings
Lubricants
Pencils
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Flame Retardants Flame Retardants Refractories Gaskets & Seals Aviation Expandable Graphite Lithium-Ion Batteries Fuel Cells

1 Global natural graphite consumption in 2018 by application (RoSkill 2019)

Graphite market dynamics

EV-driven intensification of graphite demand to have profound impact

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§ Electrification of transport to accelerate graphite demand

‒ EV battery pack price per kwh has dropped from US$295 in 2016 to US$137 in 2020; projected to fall to US$94 by 2024 and US$62 by 2030[1]

‒ Sub US$100 delivers electric vehicles at cost parity with gasoline cars § Global graphite demand forecast to exceed supply by 2023

Graphite Supply and Demand Forecast[2]

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4.0 $450
Necessary Unplanned Supply
3.5 $400
Sythetic supply for anode use
$350
3.0
Electric Cars
2.5 Battery Cost $300 Possible additional tonnes
Tipping Point
$250
2.0 Probable additional tonnes
$200
1.5
$150 Highly probable additional tonnes
1.0
$100
Operational Supply
0.5 $50
0.0 $0 Battery Pack Price p/kwh
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
Millions (tonnes)
Lithium-Ion Battery Pack Price (per kilowatt-hour)
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1 Bloomberg NEF

2 Benchmark Mineral Intelligence Q4 2018

3 Bloomberg NEF Forecast to 2030

Why Black Rock ?

Unique competitive advantages driven by Geology and Geography

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GEOLOGY

GEOGRAPHY

• ★ Mahenge’s 212mt resource makes it the 4th largest graphite resource in the world

• ★ Access to key infrastructure, Grid Power, Rail, Airstrip, Water and Tailings disposal (dry stack)

• ★ Low deleterious impurities and favourable metallurgy means that Mahenge is able to produce up to 99% TGC concentrate purity, solely with conventional flotation processing

• ★ Logistics advantages with processing through Dar es Salaam high volume container port

Low Technical Risk

High Margin

Superior Economics

Low Capex

• ★ NPV10 of US$1.16Bn

• ★ Substantial pilot plant operations of 110 tonnes

• ★ AISC margin of 63.1%

• ★ Lowest peak capital ★ expenditure per annual ★ IRR 44.8% tonne of production of ★ 63.1% Margin

• any development stage global graphite project

• ★ Mine can produce three

• ★ Direct access to rail, grid grades of product which power, water allows for provides the capacity to sustained lower cost switch to higher quality operation product to achieve pricing premiums

• ★ Modular operating model

• ★ Production underwritten by strategic partnership ★ Mahenge has a very low with POSCO and off-take life of mine strip of 0.8:1 agreements

Customer Markets

Why Black Rock ?

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• § Higher grade concentrate reduces manufacturing and energy consumption

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A new greener source of Graphite

Hydro Electric Power

• § Low carbon power supply, and transport footprint

• § Reduced community vehicle interaction

Mahenge Graphite Deposit

• § High-grade Graphite

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• § Low deleterious elements

• § Low strip ratio

Simple Processing

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• § Three stage polishing § No wet screen

• § Low energy

Diversity

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• § Meaningful increase in supply chain diversity

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Dry Tailings

• § Dry stack tailing § Do not compete with local communities for water

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MAJORITY OF PRE-CONSTRUCTION INVESTMENT

Graphite Playbook

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QUALIFICATION
PILOT PLANT
CUSTOMERS &
OFF-TAKES
Playbook
GOVERNMENT
Sequential EPC
development that is
customer driven
DRILLING
SOCIAL
LICENCE
STUDY WORK
FINANCING
MINING LICENCE &
APROVALS
Rapid
transition
through to
CONSTRUCTION construction
post resolution
of FCI
PRODUCTION
TODAY
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The Foundation A sector-leading approach to managing project and market risks

§ Largest pilot plant operations of any graphite development project globally

§ Highest TGC[*] purity achieved at commercial scale through simple flotation

§ Diverse portfolio of credible offtake partners

§ Detailed offtake pricing framework agreed

§ Right-sized market entry profile and modularised scalability

§ Enhanced DFS level of project definition

§ Sector-first EPC framework agreement with SOE China Railway Seventh

§ Environmental approval, MLs granted, and Resettlement Action Plan

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Optimised Ultra high purity Yantai strategic First and second MLs granted Offtake pricing EPC framework RAP Mine
PFS (+99% TGC) at agreement offtake February 2019 framework and agreement with Completed and POSCO Equity financing
August 2017 scale September 2018 agreements fourth & fifth CRSG/Yantai Approved Investment
offtakes
May 2018 October 2018 January 2020 Sept 2020 May 2021
May 2019
PFS 90t pilot Environmental DFS Third offtake 18t pilot plant Enhanced POSCO Strategic TZ Gov TZ Gov Construction
April 2017 plant testing approval October 2018 agreement testing DFS Alliance Export Regs fiscal commences
April 2018 September 2018 January 2019 April 2019 July 2019 MOU Sept 2020 agreement CY2021
June 2020 Target 1H
CY2021
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• Total Graphitic Carbon as defined by Loss on Ignition

Near-term catalysts

§ Continued focus on customer markets and supply chain

§ Sure up contracts

§ In country works

Focus on runway to construction

§ Mine optimisation

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Large scale Transition off- Front end load Tanzanian Update Transition to Front end load
qualification takes to binding marketing Government FCI engineering – gross max price RAP
term sheets DFS contracts implementation
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Operating Drivers

Key lessons learned that drive project value

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§ Graphite is a customer driven market

• Geology drives Margin curve drives Graphite is not Base ESG applies to whole basket price project value Metals of value chain

• ★ Enough flake to add ★ Semi-bulk logistics ★ Customers need ★ Increasingly value large volumes of important can account for up

• ★ Enough fines to to 40% of cost material to qualify differentiator attract cornerstone ★ Cost is a function of ★ Pilot plant results ★ Clean natural flake investor are different to lab has advantages strip ratio grade and

• ★ There are no coprocess complexity ★ Bulk samples need ★ Chain of custody is product credits, only ★ Scale matters but to reflect mining important deliterious elements should not exceed plan capacity of market to absorb product

		MAHENGE	MAHENGE
★70% Flake	★Rail to port		★2 pilot plants for 110	★Dry stack
★30% Fines	★Hydro power on grid		tonne	★Green power
	★Crawl / walk / run /		★POSCO as	★No acid interference
★$1300/t @ 97.5%	sprint strategy		cornerstone
			★Targeting mix of
			Chinese and
			Western customers

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Market Entry Model

Credible and Qualified path to customer markets

• § Sensible Module 1 entry size (~85ktpa): limited enough to allow product market integration but significant enough to deliver meaningful returns

• § Coarse distribution of Mahenge enables an effective dual project:

• Approx. 60% coarse flake (+80 mesh; +180 microns) for premium large flake markets of limited competition and demanding product

• Approx. 40% medium and fine flake (-80 mesh; -180 microns) for traditional graphite markets and EV battery usage

• § Module 1 output represents less than 7% of global production

1.2m tonnes Global Graphite Production

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Black Rock Mining Strategic Partners – POSCO Battery Supply Chain Market
UPSTREAM DOWNSTREAM
Natural Graphite Concentrate Product Mix Anode Precursor Anode Production Battery Cell Manufacturing Application (end uses)
40k tonnes Lithium-Ion Batteries
35% Fine
Medium Paint & Coatings
65% Large Lubricants
Jumbo
Pencils
Application (end uses)
Flame Retardants
45k tonnes Refractories
Aviation
Gaskets & Seals
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POSCO Strategic Alliance

• § The partnership with POSCO validates the credibility of Black Rock’s Mahenge Graphite deposit. It’s real.

• § POSCO has a clear view on EV/Battery demand with a significant growth ambition of 20% global share of the battery materials sector

• § This is aligned to Black Rock’s modular growth strategy

• § The deal will enable the ability to secure a best-in-class financing package

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Sensible price discovery Visible sources to index

China share ~85% of global supply. Price benchmark must be China sourced.

• § www.refwin.com

• § www.asianmetal.com

• § www.fastmarkets.com

• § www.baiinfo.com

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BAIINFO FASTMARKETS ASIANMETAL REFWIN

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BLACK ROCK DFS PRICE ASSUMPTIONS

BLACK ROCK DFS PRICE ASSUMPTIONS	BLACK ROCK DFS PRICE ASSUMPTIONS
Enhanced DFS segments (Mesh #) Segment pricing (US$/t) Basket weight (%) Shipping (US$/t) Channel & agent (US$/t) Contract discounts (US$/t) Basket FOB (US$/t) +32 1,579 5 1.65 1.97 1.97 73 +50 1,449 18 5.96 6.52 6.52 242 +80 1,444 36 11.89 12.98 12.97 481 +100 1,378 9 3.06 3.19 3.19 118 100 1314 32 102 1044 1044 386
- , .5 .	. 35.10 1,301
1,404 100 33.08 35.10
Prices based on average concentrate purity of 98% graphite by LOI

Financing Mahenge

Risk-adjusted finance process focused on securing the right funding mix

§ Targeting a blended project financing model

§ Matching risks to participants best placed to manage them

§ Key potential finance stakeholders include EPC vendor, offtake counterparties and Tanzanian government

§ POSCO/EPCM de-risks the funding package

Negotiation in progress for POSCO to acquire between 20,000 to 40,000 tonnes per annum of minus 195 flake graphite for the life of mine production from Module 1. Targetting completion by 31 March 2021.

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US$20M
Offtake Pre-Payment [3]
CAPEX [1]
Module One US$116M
US$35M US$61M
Deferred EPCM Capital [2] Debt / Equity
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Upfront EPC capital costs deferred through combination of China Railway Seventh Group Co and Yantai Jinyuan. EPC contract value payable only after completion of final plant performance tests.

1 Enhanced Definitive Feasibility Study ASX release 25 July 2019

2 refer to ASX release 22 January 2020

3 refer to ASX release 17 December 2020

02

03

04

05

Black Rock: The premier graphite exposure A world-class deposit with a superior development strategy

01

Upstream focus with highly economic mine project Deep evaluation work at real commercial scale Leading product purity and residual chemistry Sensible market entry and growth strategy Realistic and transparent graphite price views

06 Premier location and logistics options 07 Fit-for-purpose project execution plan 08 Responsibly sourced, sustainable graphite 09 Blended, risk-adjusted finance process 10 Superior stakeholder engagement

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blackrockmining

John de Vries Managing Director and CEO

T: +61 438 356 590

E: jdv@blackrockmining.com.au

A: 45 Ventnor Avenue West Perth WA 6005

www.blackrockmining.com.au

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@BlackRockMining

Richard Crookes

Chairman

T: +61 438 356 590

E: richard.crookes@blackrockmining.com.au

Elvis Jurcevic

Investor Relations

T: +61 408 268 271

E: ej@blackrockmining.com.au