Black Rock Mining Limited announced that as a result of completing assays from the 2019 infill metallurgical drilling and bulk sampling
program the JORC Compliant Mineral Resource Estimate and Ore Reserve, has been updated, posting a 25% increase in Measured Mineral Resource. Mahenge Graphite Mineral Resource Update: As part of the Company's ramp up on Project execution activities, Black Rock has completed an update of its Mahenge Mineral Resource designed to provide high confidence to customers and financiers on the planned
production output over the first 10 years of operation from the Ulanzi open pit. The 25% increase in Measured Mineral Resource effectively confirms that 100% of the likely loan life is now underpinned by Measured Resource. Drilling and bulk sampling was completed on the Ulanzi orebody in 2019 but held in storage for final customer qualification. This material was only recently assayed and used as an ore feed and processed in China and Canada as part of Black Rock's 500 tonne qualification processing plant campaign, refer ASX announcement 6th
December 2021. Summary of the Mahenge Project JORC Mineral Resource update: The global Mineral Resource Estimate for the Mahenge Graphite Project is 213.1M tonnes at 7.8% TGC (Previously 211.9 Mt @ 7.8% TGC). This makes it the fourth largest JORC Mineral Resource globally and it is still open along strike; Mineral Resource in the Measured category is now 31.8Mt and Indicated at 84.6Mt, combined representing 55% of the total Mineral Resource; 25% increase in the measured Mineral Resource at Mahenge is the largest Measured Mineral Resource of any graphite developer globally; Within this Mineral Resource is a higher grade portion of 43.8Mt @ 10.8% TGC; Project de-risking achieved by: Delivering the highest grade zones to date and further increasing mineral resource category quality; Metallurgical test work indicates that 99% TGC concentrates can be processed through a relatively simple flotation process for a low energy, and low risk operation; Test work supported by real world data through commercial scale processing of over 600 tonnes of graphite ore through three pilot plant and customer qualification programs; and End-product validation. Independent testing by the Company's offtake partners confirmed that battery grade spherical graphite and high quality expandable graphite can be made from Mahenge concentrates for commercial sale.