Earnings release
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ASX: BCA 27 October 2026 Capital Structure (ASX: BCA) Shares on Issue 168.0M 14c Options (exp 14/10/2028) 2.0M 10c Options (exp 10/12/2027) 1.9M Top 20 Shareholders 50% Board & Management 9% Funds & Institutions 25% Board of Directors Graham Ascough Non-Executive Chairman Brendan Cummins Managing Director Simon Taylor Non-Executive Director Adrian Hill Non-Executive Director Contact 35 Richardson Street West Perth, WA, 6005 E info@blackcanyon.com.au W www.blackcanyon.com.au September Quarterly Activities Report For the period ending 30 September 2026 Wandanya Manganese and Iron Project • Maiden Global Manganese Mineral Resource estimate - 23.6Mt @ 25.8% Mn (12% Mn cut-off). o Including 16.8Mt @ 30.0% Mn (20% Mn cut-off). o Including potential Direct Ship Ore (DSO) of 3.7Mt @ 38.9% Mn (35% Mn cut-off). o Global Mn Measured and Indicated Resources over 90% (66% Measured, 26% Indicated and 8% Inferred). o Pilot scale dense media separation (DMS) metallurgical testwork using feed composites around 30% Mn demonstrated strong potential to produce high- quality beneficiated products ranging between 38.5% Mn and 41% Mn with high recoveries at approximately 80%. • Maiden Global Iron Mineral Resource estimate of 12.5Mt @ 54.9% Fe (50% Fe cut-off). o Including 5.5Mt @ 57.9% Fe (55% Fe cut-off). o High confidence global Fe resource classification - 100% Measured. o Iron ore drop tower tests produced a 74% lump product, grading 59.7% Fe confirming the potential for Direct Ship Ore (DSO). • Resource definition drilling extended the 3km base case by 400m with a Scoping Study evaluating the 3.4km base case on track for completion in December 2026. • RC drilling to test 9km-long Wandanya mineralisation trend , following on from the successful mineral resource definition and expansion drill programs covering 4.8km of strike , with results expected in early November 2026. Corporate • The Compan ies E xploration and Incentive Scheme (E IS) co-funding request was awarded to advance exploration activities at Wandanya, which include s up to $180,000 for deep Reverse Circulation (RC) drilling and $84,800 for geophysics for a combined total of $264,800. • Significant cash in bank with $6.2m at 30 September 2026 to support the planned Wandanya project development and exploration activities.
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2 Australian manganese developer and explorer, Black Canyon Limited ( Black Canyon or the Company) (ASX: BCA), is pleased to present its quarterly activities report for the three months to 30 September 2026 (September Quarter). Black Canyon’s Managing Director Brendan Cummins said: “The maiden Mineral Resource estimates of 23.6Mt at 25.8% manganese and 12.5Mt at 54.9% iron, delivered in the September Quarter represents a significant milestone for the Company. These large and high-grade resources provide a strong foundation for our upcoming Scoping Study. “Resource and expansion drilling extended the initial 3km base case to 3.4km, demonstrating the continuity of shallow, high- grade mineralisation. Further wide-spaced drilling commenced across the broader 9km mineralised trend, targeting extensions to the north and south. “Pleasingly, pilot -scale dense media separation testwork continued to produce manganese concentrates grading between 38.5% and 41% Mn at recoveries of 80 -82%, reinforcing our confidence in a simple beneficiation pathway to complement the potential for DSO manganese and iron products. “Our focus is now on completing the Scoping Study for December 2026. Alongside this, exploration across the broader trend offers further opportunities to expand the mineralisation footprint as we continue to advance Wandanya towards development.” Wandanya Project (BCA 100%) Maiden Mineral Resource Estimate1 During the quarter, Black Canyon reported a maiden Mineral Resource estimate for the Wandanya Deposit in accordance with the JORC C ode (2012). The Company reported a maiden global manganese Mineral Resource estimate of 23.6Mt @ 25.8% Mn (12% Mn cut-off), comprising 66% Measured, 26% Indicated and 8% Inferred. The maiden global iron Mineral Resource estimate is 12.5Mt @ 54.9% Fe (50% Fe cut-off), all classified as Measured. The Wandanya Mineral Resource estimate sets the platform for the Scoping Study , which is evaluating the 3.4km base case and is anticipated for completion in the December quarter. Table 1 displays the Global Mineral Resource estimate for the Wandanya manganese deposit and Table 2 for the iron deposit. Table 1: Summary of Manganese Mineral Resources for the Wandanya deposit 30 September 2026 Summary of Mineral Resources (1-3) Mineral Resource Material In Situ Mn BD Mn Fe SiO2 Al2O3 P LOI Category (Mt)(2) (Mt) (gcm3) (%) (%) (%) (%) (%) (%) Measured 15.5 4.2 2.92 26.9 5.7 18.9 5.1 0.02 17.5 Indicated 6.3 1.4 2.97 22.9 3.4 15.8 4.3 0.02 25.3 Inferred 1.8 0.5 3.00 26.7 3.0 13.8 3.9 0.02 24.1 Grand Total 23.6 6.1 2.94 25.8 4.9 17.7 4.8 0.02 20.1 Notes to Table 1: (1) Mineral resources reported at a cut-off grade of 12% Mn. (2) Appropriate rounding has been applied. (3) Refer to Appendix 1 JORC T able 1, Sections 1 to 3 and Appendix 2 in the original release for further details. 1 BCA ASX Announcement 30 September 2026 – Wandanya Maiden Mineral Resource Estimate-23.6Mt @ 25.8% Mn
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3 Table 2: Summary of Iron Mineral Resources for the Wandanya deposit 30 September 2026 Summary of Mineral Resources (1-3) Mineral Resource Material In Situ Fe BD Mn Fe SiO2 Al2O3 P LOI Category (Mt)(2) (Mt) (gcm3) (%) (%) (%) (%) (%) (%) Measured 11.6 6.4 3.37 0.7 55.1 13.7 2.4 0.02 3.3 Indicated 0.8 0.4 3.37 0.7 51.5 16.1 2.2 0.03 4.6 Inferred 0.02 0.0 3.37 0.1 51.2 15.7 2.7 0.02 4.8 Grand Total 12.5 6.8 3.37 0.7 54.9 13.8 2.4 0.02 3.4 Notes to Table 2: (1) Mineral resources reported at a cut-off grade of 50% Fe. (2) Appropriate rounding has been applied. (3) Refer to Appendix 1 JORC T able 1, Sections 1 to 3 and Appendix 3 in the original release for further details. Since late 2024 multiple RC drilling campaigns have been completed across the Wandanya Project comprising 6,500m (2024 -2025) and 17,500m (2026) which has delineated manganese mineralisation along approximately 3.4km of strike and iron mineralisation along 1.5km of strike. Drilling has returned widespread shallow, high -grade manganese and iron intersections from near surface, supporting the potential for a shallow open-pit dual commodity mining operation. The manganese and iron resource for Wandanya is hosted in outcropping to sub -cropping manganese and iron oxides on an east-facing dip slope that strikes to the north. The Wandanya MRE was estimated from several RC drilling programs totalling 929 holes for 24,021m. The drilling has been completed on a 50m x 50m and 50m x 100m regular grid spacing. The drill spacing shows the manganese horizon is continuous downhole and across strike, which supports the high percentage of Measured and Indicated Mineral Resource classifications. A potential DSO grade manganese oxide resource has been identified across the deposit forming a coherent target that maybe suitable for selective mining. Table 3 summarises the tonnes and grade of this material that may be mined, crushed and screened for direct ship markets or blended with beneficiated products to improve the overall product specifications. An elevated cut-off of 55% Fe has been used to report a higher-grade iron Mineral Resource (Table 4) that forms a coherent zone of mineralisation closer to 58% Fe content. Table 3: Summary of Manganese oxide DSO Mineral Resources for the Wandanya deposit 30 September 2026 Summary of Mineral Resources (1-3) Mineral Resource Material In Situ Mn BD Mn Fe SiO2 Al2O3 P LOI Category (Mt)(2) (Mt) (gcm3) (%) (%) (%) (%) (%) (%) Measured 3.1 1.2 2.94 39.0 4.0 14.0 4.1 0.01 13.8 Indicated 0.4 0.1 2.95 37.9 2.4 11.4 3.2 0.02 17.7 Inferred 0.3 0.1 2.94 38.1 2.6 11.5 3.1 0.02 17.2 Grand Total 3.7 1.4 2.94 38.9 3.7 13.5 4.0 0.01 14.5 Notes to Table 3: (1) Mineral resources reported at a cut-off grade of 35% Mn. (2) Appropriate rounding has been applied. (3) Refer to Appendix 1 JORC Table 1, Sections 1 to 3 and Appendix 2 in the original release for further details.
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4 Table 4: Summary of Iron DSO Mineral Resources for the Wandanya deposit 30 September 2026 Summary of Mineral Resources (1-3) Mineral Resource Material In Situ Fe BD Mn Fe SiO2 Al2O3 P LOI Category (Mt)(2) (Mt) (gcm3) (%) (%) (%) (%) (%) (%) Measured 5.5 3.2 3.37 0.5 57.9 11.5 2.0 0.02 2.5 Grand Total 5.5 3.2 3.37 0.5 57.9 11.5 2.0 0.02 2.5 Notes to Table 4: (1) Mineral resources reported at a cut-off grade of 55% Fe. (2) Appropriate rounding has been applied. (3) Refer to Appendix 1 JORC Table 1, Sections 1 to 3 and Appendix 3 in the original release for further details. Figure 1: Manganese and Iron Mineral Resource outlines and classifications projected to surface
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5 Figure 2: Wandanya Mn Mineral Resource grade-tonnage curve Wandanya infill and extension drilling Infill a ssay results received during the quarter contributed to the Wandanya Mineral Resource estimate. The manganese and iron assay results confirmed consistent zones of high-grade stratiform mineralisation. Significant manganese assays included2,3: • 10m @ 35.8% Mn from 0m including 5m @ 44% Mn from 5m (WDRC572) • 11m @ 32.5% Mn from 4m including 4m @ 41.9% Mn from 10m (WDRC654) • 9m @ 36.5% Mn from 2m including 4m @ 43.8% Mn from 7m (WDRC573) • 9m @ 36.7% Mn from 0m including 4m @ 45.1% Mn from 4m (WDRC551) • 9m @ 33.5% Mn from 2m including 3m @ 41.1% Mn from 7m (WDRC705) Significant iron assays returned included2,3: • 17m @ 59% Fe from 1m including 8m @ 61.1% Fe from 7m (WDRC646) • 18m @ 56.9% Fe from 1m including 9m @ 62.6% Fe from 6m (WDRC691) • 17m @ 55.4% Fe from 0m including 5m @ 59.9% Fe from 2m (WDRC693) • 16m @ 58.5% Fe from 2m including 8m @ 62.8% Fe from 7m (WDRC645) • 16m @ 58.6% Fe from 1m including 7m @ 63.2% Fe from 6m (WDRC675) Extension drilling 400m to the south yielded the following significant manganese results which was able to be used in the Mineral Resource estimate4: • 5m @ 29.4% Mn from 3m including 2m @ 48.1% Mn from 6m (WDRC912) • 6m @ 26.7% Mn from 2m including 2m @ 41.7% Mn from 6m (WDRC913) • 4m @ 44.8% Mn from 4m including 2m @ 51.2% Mn from 5m (WDRC915) 2 BCA ASX Announcement 7 July 2026 – Wandanya High-Grade Mn and Fe Results Continue to Impress 3 BCA ASX Announcement 3 August 2026 – Wandanya High-Grade Mn and Fe Results 4 BCA ASX Announcement 12 August 2026 – Wandanya Base Case Mn Mineralisation Extended 400m South
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6 Further RC Drilling5 RC drilling recommenced along the 9km Wandanya mineralised trend , following on from the successful mineral resource definition and expansion drill programs covering 4.8km of strike. A total of 4.2km of the Wandanya mineralised trend was tested using wide spaced drill lines. A total of 4800m of RC drilling was completed testing, 1.4km of strike to the south and 2.8km of strike to the north of the Wandanya mineral resources. The assay results will be reported early in the fourth quarter. Figure 3: RC drill rig drilling a hole at Wandanya South Whilst the RC rig was onsite several exploration holes were also completed following up potential gravity highs and lows generated from the detailed ground gravity survey completed in late July. No significant deeper manganese mineralisation was intersected but some of the shallower holes did intersect visual iron enrichment down dip from prominent iron outcrops. A number of the deeper holes did encounter water at depths greater than 100m which are being investigated as a potential process water supply. Detailed Geophysical Survey The technical merits of the Wandanya manganese and iron targets were recognised with the award of up to $264,800 for co -funded geophysics and deep RC drilling under the WA Government Exploration Incentive Scheme (EIS)6. The EIS Co-funded grant has been applied to the detailed gravity survey that confirmed subtle gravity anomalies associated with shallow iron mineralisation and to a lesser extent with the manganese. Some deeper RC holes were completed into positive and negative gravity anomalies in addition to targeting down dip extensions to the mapped iron mineralisation. The deeper holes failed to encounter any visual manganese or iron enrichment. The shallower gravity targets were also drilled 5 BCA ASX Announcement 26 August 2026 – Exploration Drilling Commences at Wandanya. 6 BCA ASX Announcement 1 July 2026 – State Government EIS Funding and Project Update.
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7 and did encounter visual iron and manganese mineralisation which have been submitted for analysis and are expected to be finalised in early November 2026. Beneficiation Testwork7 Stage 4 blended composite pilot scale Dense Media Separation ( DMS) testwork results were reported during the quarter . The pilot scale DMS results followed the initial Stage 1 screen/assay program, Stage 2 sighter level Heavy Liquid Separation (HLS) and Stage 3 blend feed HLS applied to low, medium and high -grade feeds from multiple PQ3 diamond core composites from across the Wandanya Project. The Stage 2 8 and 3 9 sighter level programs and Stage 4 pilot scale DMS testwork demonstrate the amenability of the mineralisation discovered at Wandanya and its potential to produce multiple products including: • DSO between 42% and 44% Mn , which reduce s operating costs and can be used to efficiently upgrade manganese products that don’t achieve specification. • Blended medium and low -grade feeds to produce a 38.5% Mn concentrate or a combined low, medium and high-grade feed to deliver a 41.0% Mn beneficiated concentrate. • An overall product specification with low impurities and high recoveries. • Potential to further improve overall recoveries with additional processing of fines. For the Stage 4 testwork two 100kg blends were prepared combining low, medium and high-grade manganese composites. Blend proportions were informed by recovery, beneficiated manganese grade and the current geometallurgical understanding of the discovery. To meet the DMS sizing criteria, the blends were crushed to 10mm and screened at 1mm to remove fines, which were included in the overall recovery calculation. The DMS results are as follows: • Blend 1: Feed grade of 32.4% Mn upgraded to 41.0% Mn at a 2.8g/cm 3 density • Blend 2: Feed grade of 29.4% Mn upgraded to 38.5% Mn at a 2.8g/cm3 density The completion of this detailed phase of metallurgical testwork has greatly improved the knowledge of the grade-recovery characteristics across multiple grade ranges and blended feedstocks. Table 5. DMS testwork summary of results from the blended MnO composites Blend Composite Sample type Assayed head Mn (%) Size fraction DMS Results Parameter Mn (%) Sinks Mn Recovery (%) Sinks Blend 1 - composite of LG/MG/HG MnO PQ3 diamond core 32.4 +1mm - 10mm SG 2.8 41 82 Blend 2 - composite of LG/MG MnO PQ3 diamond core 29.4 +1mm - 10mm SG 2.8 38.5 80 Table 6. DMS testwork product element analysis from the blended MnO composites Blend Composite Density Parameter Beneficiated Mn Specification Mn (%) Fe (%) Al (%) Si (%) P (%) 7 BCA ASX Announcement 22 July 2026 – Pilot Scale DMS Delivers a HG 41% Mn Product 8 BCA ASX announcement 8 April 2026 - Beneficiation Testwork Delivers Manganese Grades over 40% 9 BCA ASX Announcement 14 May 2026 - Wandanya Beneficiation Delivers HG 40-45% Mn Products
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8 Blend 1 - composite of LG/MG/HG MnO SG 2.8 41.0 6.5 1.6 5.0 0.02 Blend 2 - composite of LG/MG MnO SG 2.8 38.5 7.5 1.9 6.0 0.02 The density based beneficiation testwork programs completed on the Wandanya drill core in combination with the DSO potential identified from the maiden Mineral Resource estimate have been used to inform the current Scoping Study. Further metallurgical testwork is planned to confirm and optimise the preliminary DSO and DMS flow sheet designs suitable for use in more feasibility studies. Figure 4: Compilation of significant iron and manganese drill intersects from the previous and drill programs announced in the quarter.
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9 Carawine JV Activities (BCA 75%) Black Canyon holds 75% in the Carawine JV Project tenements which are subject to a joint venture agreement with Carawine Resources Pty Ltd with both parties contributing to JV expenditure according to their interests. The JV status remains unchanged from p revious quarters and the JV is operating under a minimum tenement expenditure basis to ensure the tenements are maintained in good standing. There are no significant activities to report from the CWX JV tenements during the quarter. Minimum expenditure programs and budgets have been agreed between the JV partners for 2026. Corporate State Government EIS Funding10 Black Canyon was awarded co -funded grants under the Western Australian Exploration Incentive Scheme (EIS). The Wandanya manganese and iron targets were recognised for their technical merit and innovation with the award of up to $264,800 for geophysics and deep RC drilling. The grants have been applied to the detailed gravity survey ($84,800) and follow -up RC drilling ($180,000) of any targets generated from the gravity survey. Cash The Company’s consolidated available cash was $6.2m as of 30 September 2026 with no debt. Summary of Expenditure Expenditure on exploration and evaluation was $1,810k and Admin and Corporate costs totalling $488k. This information is presented in the Quarterly Cashflow Report (Appendix 5B). September Quarter ASX Releases Additional details pertaining to information reported in this Quarterly report, including JORC 2012 reporting tables where applicable, can be found in the following ASX announcements lodged with the ASX during the quarter: 1 July 2026 State Government EIS Funding and Project Update 7 July 2026 Wandanya High-Grade Mn and Fe Results Continue to Impress 22 July 2026 Pilot Scale DMS Delivers a HG 41% Mn Product 3 August 2026 Wandanya High-Grade Mn and Fe Results 12 August 2026 Wandanya Base Case Mn Mineralisation Extended 400m South 30 September 2026 Wandanya Maiden Mineral Resource Estimate-23.6Mt @ 25.8% Mn ASX Additional Information • ASX Listing Rule 5.3.1– Mining exploration activities and investment activity expenditure during the quarter was $ 1,810,000. Full details of the activity during the quarter are set out in this report. 10 BCA ASX Announcement 1 July 2026 – State Government EIS Funding and Project Update
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10 • ASX Listing Rule 5.3.2 – Mining production and development activity expenditure for the quarter was Nil and there were no substantive mining exploration activities for the quarter. • ASX Listing Rule 5.3.3 – Tenement Schedule. Project Tenement Beneficial Interest at start of quarter Beneficial Interest at end of quarter Carawine Joint Venture tenements E46/1116-I 75% 75% E46/1119-I 75% 75% E46/1301 75% 75% MLA46/546 75% 75% E46/1069-I 75% 75% Davis Creek EL46/1382 100% 100% Pickering Creek EL46/1404 100% 100% Davis North EL46/1406 100% 100% Wandanya EL46/1407 100% 100% Warawagine EL45/5954 100% 100% Bee Hill West EL46/1422 100% 100% Balfour South EL46/1396 100% 100% Hurricane EL46/1394 100% 100% Billanooka EL46/1488 100% 100% KR EL46/1383 100% 100% Wandanya South EL46/1571 100% 100% Wandanya North EL46/1572 100% 100% Balfour South EL46/1509 100% 100% KR2 South EL46/1530 100% 100% Black Hill EL46/1554 100% 100% Downes North EL46/1559 100% 100% Bee Hill North ELA46/1666 100% 100% Gregory ELA46/1667 100% 100% Haul Road 1 LA46/225 100% 100% Haul Road 2 LA46/226 100% 100% Haul Road 3 LA46/227 100% 100% Haul Road 4 LA46/228 100% 100% Haul Road 5 LA46/229 100% 100% Haul Road 6 LA46/230 100% 100% Notes: EL – Granted Exploration Licence, ELA – Exploration Licence in application, MLA – Mining Licence in application, LA – Miscellaneous Licence in application ASX Listing Rule 5.4.5 – Payments to related parties of the Company during the quarter and outlined in the Appendix 5B include $ 249,000 for Salaries, Director Fees and Consulting Fees paid to Directors. - ENDS - This announcement has been approved by the Board of Black Canyon Limited.
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11 For further details: For media and broker enquiries: Brendan Cummins Jason Mack Managing Director White Noise Communications M: +61 400 799 756 M: +61 400 643 799 E: brendan.cummins@blackcanyon.com.au E: jason@whitenoisecomms.com Compliance Statements Reporting of Exploration Results and Previously Reported Information The information in this report that relates to Exploration Results is based on, and fairly represents, information and supporting documentation reviewed by Mr Brendan Cummins, Managing Director of Black Canyon Limited. Mr Cummins is a member of the Australian Institute of Geoscientists, and he has sufficient experience which is relevant to the style of mineralisation and type of deposits under consideration and to the activity which has been undertaken to qualify as a Competent Person as defined in the 201 2 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” . Mr Cummins consents to the inclusion in this release of the matters based on the information in the form and context in which they appear. Mr Cummins is a shareholder of Black Canyon Limited. The information in this report that relates to metallurgical testwork results is based on information reviewed by Mr David Pass, who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Pass is an employee of BatteryLimits and consultant to Black Canyon Limited. Mr Pass has sufficient experience relevant to the mineralogy and type of deposit under consideration and the typical beneficiation thereof to qualify as a Competent Person as defined by the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code, 2012 Edition). Mr Pass consents to the inclusion in the report of the matters based on the reviewed information in the form and context in which it appears. For further information, please refer to ASX announcements dated 14 February 2023, 27 March 2023, June 1 2023, June 14 2023, June 17 2023, July 14 2023, 23 August 2023, 5 September 2023, 26 September 2023, 12 October 2023, 27 November 2023, 12 December 202 3, 26 March 2024, and 1 May 2024, 2 July 2024, 21 August 2024, 25 September 2024, 27 September 2024, 8 October 2024, 18 October 2024, 14 November 2024, 27 November 2024, 4 December 2024, 23 December 2024 and 11 February 2025, 1 April 2025, 16 April 2025, 1 May 2025, 30 June 2025 7 July 2025, 7 August 2025, 27 August 2025, 1 September 2025, 8 October 2025, 28 October 2025 ,10 November 2025, 26 November 2025, 10 December 2025, 17 March, 2026, 8 April 2026, 14 April 2026, 14 May 2026, 1 July 2026, 7 July 202, 22 July 2026, 3 August 2026, 12 August 2026 and 30 September which are available from the ASX Announcement web page on the Company’s website. The Company confirms that it is not aware of any new information or data that materially affects the information included in this release that relate to Exploration results and, in the case of mineral resource estimates, that all material assumptions and technical parameters underpinning the estimates in the relevant release continue to apply and have not materially changed.
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12 About Black Canyon Black Canyon has consolidated a significant land holding over 2,000km2 in the underexplored Balfour Manganese Field (BMF) and across the Oakover Basin, in Western Australia. The Wandanya Project represents a new discovery on the eastern margin of the Oakover Basin comprising, stratabound high-grade manganese and high-grade iron with significant scale and grade potential. A Global Mineral Resource 1 (Measured, Indicated & Inferred) of 23.6Mt @ 25.8% Mn (12% Mn cut-off) has been defined at Wandanya with more than 90% of this resource in the Measured and Indicated categories. The Company is focused on bringing Wandanya into production as a dual commodity operation and is completing a Scoping Study to understand the value potential of the asset. The Company also holds several exploration licenses 100% or under joint venture within the BMF . A Global Mineral Resource (Measured, Indicated & Inferred) of 315 Mt @ 10.5% Mn has been defined across the BMF projects with almost 87% of this resource in the Measured and Indicated categories 11. Manganese continues to have attractive long -term fundamentals where it is essential and non - substitutable in the manufacturing of alloys for the steel industry and a critical mineral in the cathodes of Li-ion batteries. Black Canyon’s Project Locations 11 BCA ASX Announcement 22 October 2025 – KR2 Mineral Resource Estimate JORC Classification Upgrade