Black Rock Mining (BKT) H2 2025 earnings summary

Executive summary

• Achieved key de-risking milestones for the Mahenge Graphite Project, including major funding agreements and government approvals.

• Secured binding agreements for USD 254m in project funding, with all key permits in place and development readiness achieved, pending final funding.

• Signed significant agreements with POSCO and Tanzanian authorities for power infrastructure and offtake, supporting project economics and ESG profile.

• Mahenge positioned as a first quartile, low-carbon graphite producer, with a 26-year mine life and robust project economics.

Financial highlights

• Consolidated net loss after tax for FY25 was AUD 9.5m, an improvement from AUD 10.6m in FY24.

• Net assets at year-end were AUD 56.3m (FY24: AUD 59.5m); cash at year-end was AUD 1.88m (FY24: AUD 8.9m).

• Total income for FY25 was AUD 58k, with continued investment in exploration and evaluation assets (AUD 2.7m added in FY25).

• No dividends declared or paid.

Outlook and guidance

• Focus remains on securing the final tranche of project equity to enable a Final Investment Decision and commence development.

• Anticipates a major recovery in graphite prices over the next 12–18 months, with strong long-term demand driven by battery and clean energy sectors.

• Plans to transition from developer to producer, leveraging Mahenge’s competitive cost and ESG advantages.