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BLACK ROCK MINING LIMITED HIGHLIGHTS ASX ANNOUNCEMENT 26 July 2021 JUNE 2021 QUARTERLY ACTIVITIES REPORT • POSCO completes its US $ 7.5M 15 % equity stake in Black Rock • • • • Black Rock signs Memorandum of Understanding with US clean tech graphite processing company , Urbix Technical and project delivery capability bolstered with the appointment of Mr Daniel Pantany as General Manager Engineering & Technical Project development works commenced and are ongoing including , front - end engineering and final design Discussions continue with Government of Tanzania on Free Carry Interest Agreement • • Positive negotiation is ongoing with POSCO for an Offtake & Prepayment Agreement A $ 11.3M cash at bank as at 30 June 2021 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 30 June 2021 . POSCO Equity Investment Agreement During the quarter , Black Rock confirmed the completion of the Investment Agreement with POSCO Ltd ( POSCO ) for its strategic US $ 7.5M , 15 % equity stake in Black Rock ( ASX Announcements 17 December 2020 and 11 February 2021 ) . This followed resolution of all conditions precedent including the Australian Foreign Investment Review Board , and the Tanzanian Government Fair Competition Commission , ( ASX Announcements 4 March 2021 and 12 May 2021 respectively ) . Black Rock received shareholder approval for the placement of 126,020,001 shares to POSCO at an Extraordinary General Meeting held on 15 April 2021. Subject to POSCO maintaining a minimum of 10 % equity interest in Black Rock , POSCO will have the right to nominate a director to the board of Black Rock . Both parties continue to progress discussions on an Offtake Agreement which includes a prepayment facility of up to US $ 20m . Black Rock will use the funds from the POSCO transaction for the following purposes : • front - end engineering work and final design of the Mahenge Graphite Project ; • . third party technical due diligence ; and • conducting a pilot scale test for further commercial qualification ; project development , site works , early stage construction and general corporate costs associated with the development of the Mahenge Graphite Project . Black Rock Mining Ltd ACN 094 551 336 ASX : BKT Australian Office 45 Ventnor Avenue West Perth , WA 6005 Ph : +61 8 9389 4415 Tanzanian Office Mahenge Resources Ltd Msasani Towers Second floor Wing B Dar es Salaam Directors Richard Crookes - Chairman John de Vries - Managing Director & CEO Gabriel Chiappini - Non - Executive Director / Company Secretary lan Murray - Non - Executive Director E : info@blackrockmining.com.au Ph +255 719 382 631 www.blackrockmining.com.au