Black Canyon (BCA) Q4 2026 TU earnings summary

Executive summary

• Completed 17,200m of RC drilling across a 3km target, confirming multiple shallow, high-grade manganese and iron intersections and extending mineralisation 300m north.

• Beneficiation trials demonstrated Wandanya ore can be upgraded to premium manganese oxide concentrates (>40% Mn) with high recoveries, supporting a low-complexity path to commercial product.

• Awarded up to $264,800 in WA Government EIS co-funding for geophysics and deep RC drilling, validating technical merit and regional scale.

• Environmental and heritage surveys completed to support ongoing exploration and development.

• Cash balance of $7.8m at 30 June 2026, with no debt, providing strong funding for upcoming activities.

Financial highlights

• Exploration and evaluation expenditure for the quarter was $1.94m; admin and corporate costs totaled $431k.

• No mining production or development expenditure during the quarter.

• Net cash outflow from operating activities was $376k; net cash outflow from investing activities was $1.94m.

• Cash and cash equivalents at quarter end were $7.77m.

• Payments to related parties (directors) totaled $123k for the quarter.

Outlook and guidance

• Maiden Mineral Resource Estimate (MRE) for Wandanya on track for September 2026, with a Scoping Study scheduled for Q4 2026.

• Further RC drilling planned for August to test 1.4km southern and 2.8km northern extensions.

• Environmental baseline data to be submitted to EPA in early 2027 for project assessment.

• Company estimates three quarters of funding available at current expenditure rates.