Black Rock Mining (BKT) H2 2024 earnings summary

Executive summary

• Advanced financing for Mahenge Graphite Project, securing over USD200m in development funding, including a USD40m equity investment and USD10m prepay agreement with POSCO, and a USD179m debt facility with DBSA, IDC, and CRDB Bank, all subject to final conditions.

• Signed key offtake agreements for large flake graphite and finalized a mining services contract, positioning the project for construction upon Final Investment Decision.

• Strengthened balance sheet with AUD10m placement and ended the year with AUD8.9m in cash.

Financial highlights

• Net loss after tax for FY24 was AUD10.6m, compared to AUD9.3m in FY23.

• Total income was AUD104,845, with administration, employee, and consulting expenses as major cost drivers.

• Cash and cash equivalents at year-end were AUD8.9m, down from AUD11.5m the previous year.

• Net assets increased to AUD59.5m from AUD57.5m year-over-year.

Outlook and guidance

• Focus remains on completing financing and commencing development of Mahenge Graphite Project, with the aim to transition from developer to producer.

• Anticipates strong graphite demand growth, especially for battery applications, and expects to benefit from low-cost, low-carbon production.