Black Canyon (BCA) Investor presentation summary

Investment highlights and corporate overview

• Focus on manganese and iron, with the largest contained manganese deposits in Western Australia and ongoing greenfield discoveries at Wandanya, open in multiple directions.

• Advancing pre-development activities with resource drilling, a maiden resource estimate (MRE) targeted for Q3 2026, and a scoping study in Q4 2026.

• Well-funded with approximately $10.1 million in cash as of March 2026, supported by a tight capital structure and resource-focused institutional funds.

• Board and management have a strong track record in discovery and value creation.

• Shareholder base includes significant institutional support, with a market cap of $61.6 million and an enterprise value of $51.5 million as of April 2026.

Project portfolio and exploration success

• Portfolio includes the Wandanya Project (high-grade Mn and Fe) and the Balfour Manganese Field (BMF), with six manganese discoveries since 2021.

• BMF holds the largest contained manganese mineral resources in WA, totaling 315Mt @ 10.5% Mn, with 87% in Measured & Indicated categories.

• Positive scoping studies completed for Flanagan Bore, KR1, and KR2 deposits, with multiple development options and bulk tonnage potential.

• Exploration at Wandanya has defined over 3km of strike, with mineralization open in multiple directions and ongoing drilling to unlock further potential.

Manganese market fundamentals

• Manganese is essential for steel production (90% of demand) and critical for clean energy transition, especially in EV battery chemistries.

• Current 44% Mn price is about 2x the value of iron ore per tonne, trading at A$316/t, with global supply dominated by a few major producers.