Black Rock Mining Secures $10 million Placement to Advance Mahenge Graphite Project

Highlights:

• Black Rock Mining Limited (ASX: BKT) raises A$10 million via an oversubscribed two-tranche placement at AU$0.021 per share.
• Launching a Share Purchase Plan (SPP) in September to raise up to AU$2 million, offering shares on the same terms as the placement.
• Proceeds to fund early works at the Mahenge Graphite Project in Tanzania and provide working capital.

Strong Institutional Support for Placement

Black Rock Mining Limited (ASX: BKT) has successfully secured firm commitments to raise AU$10 million (before costs) through a two-tranche placement to institutional and sophisticated investors. The capital raise, priced at AU$0.021 per share, represents a 23.6% discount to the company’s closing price on August 28, 2025. At the time of writing, Black Rock shares are trading close to the placement price, highlighting strong investor engagement in the offer. The placement will be split into two tranches: AU$4.5 million under the company’s existing capacity and AU$5.5 million subject to shareholder approval at a general meeting scheduled for mid-October.

Share Purchase Plan for Existing Investors

In addition to the placement, Black Rock Mining will launch a Share Purchase Plan (SPP) in mid-September, targeting to raise up to AU$2 million (before costs). Eligible shareholders will be able to apply for up to AU$30,000 worth of shares, offered at the same price as the placement. The company has indicated it may accept oversubscriptions, subject to demand and shareholder approval.

Funding Early Works at Mahenge

Proceeds from both the placement and the SPP will primarily support early works at the Mahenge Graphite Project in Tanzania, including the commencement of construction activities. Funds will also be allocated to corporate purposes and working capital. Subject to approval, participants will also receive options on a one-for-one basis, exercisable at A$0.03 with a two-year expiry.

Management Commentary

Black Rock CEO John de Vries said the raise demonstrates strong investor confidence:

“This funding allows us to commence early works at Mahenge while finalizing the broader project financing strategy. We’re also pleased to extend participation to our existing shareholders through the SPP.”

With strong institutional backing and a pathway for retail investors, Black Rock Mining is positioned to accelerate development of its flagship Tanzanian project.

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