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BLACK ROCK MINING LIMITED ASX ANNOUNCEMENT 27 April 2021 MARCH 2021 QUARTERLY ACTIVITIES REPORT HIGHLIGHTS • Investment Agreements were executed with POSCO for its 15 % equity stake in Black Rock , binding upon completion of an internal approval process by POSCO for a final investment decision , and the resolution of two regulatory conditions precedent : О POSCO completed its final internal approval sign off in January ○ ○ the first regulatory process was completed with the Australian Government Foreign Investment Review Board ( FIRB ) approval ; and the remaining approval from the Tanzanian Government Fair Competition Commission ( FCC ) is expected shortly • Positive negotiations continue with POSCO for an Offtake & Prepayment Agreement • The Placement to POSCO Group was approved at a General Meeting held on 15 April 2021 • Discussions continue with Government of Tanzania on Free Carry Interest Agreement • A $ 1.9m cash at bank as at 31 March 2021 with an additional US $ 7.5m from the POSCO Placement expected shortly Tanzanian graphite developer Black Rock Mining Limited ( BKT : ASX ) ( Black Rock or the Company ) is pleased to provide an update on activities at its Mahenge Graphite Mine in Tanzania for the quarter ending 31 March 2021 . POSCO Equity Investment Agreements Black Rock confirmed in February 2021 that following POSCO's final internal approval sign off , it had signed the Subscription Agreement and Umbrella Deed pursuant to the US $ 7.5m term sheet announced on 17 December 2020 Conditions Precedent The transaction is conditional on there being no government agency restraining or prohibiting the deal . The first regulatory approval process was completed with the Australian Government Foreign Investment Review Board ( FIRB ) approval ( ASX Announcement 4 March 2021 ) , and the remaining approval from the Tanzanian Government Fair Competition Commission ( FCC ) is expected shortly . Use of Funds Black Rock will use the funds from the POSCO transaction to develop the Mahenge Graphite Mine , including : • • conducting a commercial scale test for ore processing to produce customer samples for POSCO's supply chain ; providing other customers with commercial scale large flake samples to complete product qualification ; • site works ; and early stage construction . Black Rock continues with positive negotiations with POSCO in relation to the Offtake Agreement including a prepayment facility of up to US $ 20m . Black Rock Mining Ltd ACN 094 551 336 ASX : BKT Australian Office 45 Ventnor Avenue West Perth , WA 6005 Ph : +61 8 9389 4415 E : info@blackrockmining.com.au Tanzanian Office Mahenge Resources Ltd Msasani Towers Second floor Wing B Dar es Salaam Ph +255 719 382 631 Directors Richard Crookes - Chairman John de Vries - Managing Director & CEO Gabriel Chiappini - Non - Executive Director / Company Secretary lan Murray - Non - Executive Director www.blackrockmining.com.au