Earnings release
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BLACK ROCK MINING LIMITED ASX ANNOUNCEMENT 27 October 2021 SEPTEMBER 2021 QUARTERLY ACTIVITIES REPORT HIGHLIGHTS • • Binding offtake term sheets executed for large flake concentrate MOU signed with URBIX , Inc - US based clean tech graphite processing company • • • Positive discussions continue with POSCO regarding binding Term Sheet for Offtake & Prepayment Discussions progress with Tanzanian Government with respect to the Free Carried Interest agreement Project development activities ongoing across engineering , customer qualification work , resettlement , costs assessment , and partner integration • A $ 9.3M cash at bank as at 30 September 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 September 2021 . Binding Offtake Agreements Black Rock , through its 100 % owned Tanzanian subsidiary Mahenge Resources Limited , signed binding Term Sheets for Offtake ( refer ASX Announcement 13 August 2021 ) with two of its existing Offtake customers , Taihe Soar ( Dalian ) Supply Chain Management ( Taihe Soar ) and Qingdao Yujinxi New Material Co Ltd ( New Materials ) . Previously , these commitments for allocated product were agreed in the form of Pricing and Volume Agreements ( see ASX Announcements 7 January 2019 and 8 May 2019 ) . The binding Term Sheets revise product allocation to separately reserve 100 % of fines ( estimated at 25 ktpa - 30 ktpa ) for POSCO Ltd ( POSCO ) . Key Terms Contract Type / Status Concentrate Quantity ( tpa ) Buyer optional extra uncontracted quantity ( tpa ) Term Buyer optional term extension Pricing Trading currency Prepay Governing Law Shipping terms Resale Offtake Customer Tahie Soar New Materials Binding Binding 20,000 10,000 10,000 5,000 3 Years 3 Years 2 years 2 years Index RefWin & ICC Sino Index RefWin & ICC Sino US $ US $ 3.0m Singapore FCA China Only US $ US $ 2.0m Singapore FCA China Only 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