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An Emerging Developer of High-Grade Manganese and Iron ASX: BCA blackcanyon.com.au February 2026 For personal use only
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Disclaimer Scoping Study Cautionary Statement The Scoping Study referred to in this ASX release has been undertaken for the purpose of evaluating the potential development of the KR1 and KR2 deposits from the Balfour Manganese Field (BMF) Projects, Pilbara region, Western Australia. It is a preliminary technical and economic study of the potential viability of the KR1 and KR2 mineral resources. The Scoping Study outcomes include Production Targets and forecast financial information referred to in the release are based on low level technical and economic assessments that are insufficient to support estimation of Ore Reserves. The Scoping Study is presented to an accuracy level of +/- 35%. While each of the modifying factors was considered and applied, there is no certainty of eventual conversion to Ore Reserves or that the Production Target itself will be realised. Further exploration, evaluation and appropriate studies are required before Black Canyon will be able to estimate Ore Reserves or to provide any assurance of any economic development case. Given the uncertainties involved, investors should not make any investment decisions based solely on the results of the Scoping Study. The Mineral Resources scheduled for extraction as Production Targets over the 16-year mine life are classified as Indicated (72%) and Inferred (28%) with Inferred Mineral Resources considered from year 6 onwards. The first 5 years of mining are based entirely on Indicated Mineral Resources and from year 6 to 16 the forecast Production Targets are dominated by Indicated Mineral Resources with no year relying on greater than 50% of the Production Target generated from Inferred Mineral Resources. There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the estimation of Indicated or Measured Mineral Resources or that the Production Target itself will be realised. Only 15% of the Global Mineral Resource discovered across the BMF have been scheduled for mining in this Scoping Study. The Mineral Resources underpinning the Production Target in the Scoping Study have been prepared by a competent person in accordance with the requirements of the JORC Code (2012). For full details on the Mineral Resource Estimate, please refer to the ASX announcement of 12 December 2023. Black Canyon confirms that it is not aware of any new information or data that materially affects the information included in that release and that all material assumptions and technical parameters underpinning the estimate continue to apply and have not been changed. This Scoping Study is based on the material assumptions outlined in the announcement. These include assumptions about the availability of funding. While Black Canyon considers that all the material assumptions are based on reasonable grounds, there is no certainty that they will prove to be correct or that the range of outcomes indicated by the Scoping Study will be achieved. To achieve the range of outcomes indicated in the Scoping Study, funding in the order of A$84 million will likely be required. Investors should note that that there is no certainty that Black Canyon will be able to raise that amount of funding when needed. It is also possible that such funding may only be available on terms that may be dilutive to or otherwise affect the value of Black Canyon’s existing shares. It is also possible that Black Canyon could pursue other strategies such as project finance, strategic partners, a sale or partial sale of its interest in the KR1 and KR2 projects. Black Canyon has 100% ownership of tenement (E46/1383) that the KR1 and KR2 mineral resources are located within. This announcement contains forward-looking statements. Black Canyon has concluded that it has a reasonable basis for providing these forward-looking statements and believes it has a “reasonable basis” to expect it will be able to fund development of the KR1 and KR2 Projects. However, a number of factors could cause actual results or expectations to differ materially from the results expressed or implied in the forward-looking statements. Given the uncertainties involved, investors should not make any investment decisions based solely of the results of this study. Competent Persons Statement The information in this report that relates to exploration results and exploration targets and results is based upon information reviewed by Mr Brendan Cummins who is a member of the Australian Institute of Geoscientists (AIG). Mr Cummins is the Managing Director of Black Canyon Ltd and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Cummins consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. The information in this presentation that relates to exploration results, Mineral Resource estimates and Scoping Study results is extracted from ASX Announcements on the following dates: 5 Oct 2021,13 Apr 2022, 18 Aug 2022, 24 Nov 2022, 14 Nov 2023, 27 Nov 2023, 12 Dec 2023, 16 Jan 2024, 26 Mar 2024, 1 May 2024, 2 Jul 2024, 21 Aug 2024, 25 Sep 2024, 27 Sep 2024, 8 Oct 2024, 14 Nov 2024, 27 Nov 2024, 4 Dec 2024, 4 Feb 2025, 11 Feb 2025, 1 Apr 2025, 16 Apr 2025, .12 Jun 2025, 30 Jun 2025, 7 Jul 2025, 7 Aug 2025, 27, Aug 2025, 1 Sept 2025, 8 Oct 2025, 22 Oct 2025, 28 Oct 2025 and 10 Nov 2025. The Company does not purport to give financial or investment advice. No account has been taken of the objectives, financial situation or needs of any recipient of this document. The opinions and recommendations in this presentation are not intended to represent recommendations of particular investments to particular persons. This presentation does not constitute financial product advice. To the fullest extent permitted by law, the Company and its associates or any of its directors, agents, officers or employees do not make any representations or warranties, express or implied, as to the accuracy or completeness of any information, statements, opinions, estimates, forecasts or other representations contained in this presentation. No responsibility or liability for any errors or omissions from this presentation arising out of negligence or otherwise is accepted. This document has been prepared as a summary only and does not contain all information about the Company’s assets and liabilities, financial position and prospects and the rights and liabilities attaching to the Company’s securities. This document should be read in conjunction with any other reports and information provided or released by the Company. Some of the statements contained in this presentation are forward-looking statements. Forward looking statements include but are not limited to, statements concerning estimates of expected costs, statements relating to the advancement of the Company’s investments and other statements which are not historical facts. Although the Company believes that its expectations reflected in the forward-looking statements are reasonable, such statements involve risk and uncertainties, and no assurance can be given that actual results will be consistent with these forward-looking statements. Various factors could cause actual results to differ from these forward-looking statements include the potential that the Company’s projects may experience technical, geological, metallurgical and mechanical problems, changes in product prices and other risks not anticipated by the Company or disclosed in the Company’s published material. A S X : B C A | I N V E S T O R P R E S E N T A T I O N 2 For personal use only
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Investment Highlights 3 A S X : B C A | I N V E S T O R P R E S E N T A T I O N Manganese focussed explorer and developer with discovery-led growth and largest contained manganese deposits in WA Active exploration with a boots on ground approach focused on unlocking full potential of Wandanya discovery Expanding team supported by a strong Board with a track- record of discovery and value creation Well-funded, Capital efficient with approx. $10.5 million cash (Dec Qtr 2025) Greenfield Wandanya high-grade Mn & Fe discovery unique style of mineralisation and remains open in multiple directions Tight Capital Structure and highly supportive share register underpinned by resource focussed institutional funds For personal use only
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Corporate Overview A S X : B C A | I N V E S T O R P R E S E N T A T I O N 4 Board and Management Graham Ascough Non-Executive Chairman Brendan Cummins Managing Director Simon Taylor Non-Executive Director Adrian Hill Non-Executive Director Rebecca Broughton Company Secretary and CFO 28% BCA Board & Management Small Cap Inst. & Funds Other Shareholders 63%9% Shareholder Breakdown Research Coverage Institutional Shareholders Share Price Performance and Volume $0.39 Market Cap (as at 12/02/2026) $62.8m Unlisted Options ($0.105-$0.14 strike price 9.9m Shares on Issue 161m Share Price (as at 12/02/2026) Enterprise Value $52.3m Cash (December Qtr 2025) $10.5m - 1.0 2.0 3.0 4.0 5.0 6.0 7.0 $- $0.10 $0.20 $0.30 $0.40 $0.50 $0.60 12-Feb-25 12-Apr-25 12-Jun-25 12-Aug-25 12-Oct-25 12-Dec-25 12-Feb-26 Volume (m) Price (A$/share) For personal use only
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Emerging WA Manganese Developer A S X : B C A | I N V E S T O R P R E S E N T A T I O N 5 ▪ Six manganese discoveries since IPO - May 2021 ▪ Largest contained Mn Mineral Resources in WA ▪ Global MRE totalling 315Mt @ 10.5% Mn for 33.1Mt (~87% Measured & Indicated), 3x beneficiation upgrade and bulk tonnage potential ▪ Positive Scoping Studies completed on Flanagan Bore, KR1 and KR2 deposits ▪ Multiple development options Balfour Manganese Field Wandanya Project ▪ High-grade Mn and Fe, scale potential, shallow to outcropping with positive beneficiation upgrade ▪ Greenfields discovery ▪ High-grade manganese mineralisation similar to nearby operating Woodie Woodie Mine (ConsMin) ▪ Over 3km strike defined to date, open in multiple directions and ongoing exploration to unlock full potential ▪ Located 520km from Port Hedland Quality portfolio built through exploration success For personal use only
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- 1.0 2.0 3.0 4.0 5.0 6.0 7.0 $- $0.10 $0.20 $0.30 $0.40 $0.50 $0.60 Volume (m) Price (A$/share) Delivering Value Through Exploration: Strong Discovery Track Record A S X : B C A | I N V E S T O R P R E S E N T A T I O N 6 Flanagan Bore Scoping Study - August 2022 Global BMF MRE total 314Mt @ 10.5% Mn - Dec 2023 BMF discoveries (KR1, KR2, Balfour East & Damsite) - Sep/Oct 2023 Flanagan Bore MRE Update to 171Mt @ 10.3% Mn - Nov 2022 KR1 & KR2 Scoping Study - July 2024 Wandanya high grade Mn discovery - Oct 2024 Wandanya high grade Fe discovery - Dec 2024 Wandanya Metallurgical Testwork - Feb 2025 Phase 2 & 3 drilling extends Wandanya July - Sep 2025 Flanagan Bore Discovery January 2022 Flanagan Bore Maiden MRE 15Mt @ 11.3% Mn - Oct 2021 Flanagan Bore MRE update to 105 Mt @ 10.5% Mn - Apr 2022 October 2024 discovered high grade stratabound Mn & Fe at Wandanya In 24 months and 3 drill programs BCA discovered the largest Mn Resources in WA across the Balfour Mn Field (BMF) Seven manganese discoveries since May 2021 IPO BCA IPO May 2021 Metallurgical PQ3 drilling Nov 2025 For personal use only
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Manganese Fundamentals: An Essential Mineral below the Radar A S X : B C A | I N V E S T O R P R E S E N T A T I O N 7 ▪ Essential for steel to improve performance with approx. 90% used in the production of steel ▪ Every ton of steel produced contains between 6-15kg Mn ▪ Globally 55Mtpa of ore traded or 20Mt of contained Mn metal on an annual basis making it the 5th largest commodity consumed on the planet Steel Production ▪ Critical for manganese compounds used in EV batteries in the cathodes of NMC and next generation, LFMP , HLM/LMR and Na based chemistries Critical for Clean Energy Transition Silicomanganese Alloy Ferro Manganese Alloy Mn Metals Mn Compounds High Grade >44% Mn Mid Grade 40 - 44% Mn Mid Grade 30 - 40% Mn Low Grade < 30% Mn Mn Ore Utilisation (IMNI) Global Mn production grades (IMNI) South Africa Gabon Australia China Ghana India Ukraine (concentrate) Brazil Rest of World World Manganese Production (2022 USGS) For personal use only
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How much is Manganese worth? Manganese Vs Iron Ore • Current 44% manganese (Mn) price is: ~2.0x value of iron ore per metric tonne • Equivalent to A$325 per ton for 44% Mn • 44% Mn currently trading at ~ US$5.00 DMTU a 10% discount to the long-term average Mn price of USD$5.50 DMTU • In Australia - only 2 high-grade producing mines – Groote Eylandt (S32) and Woodie Woodie (ConsMins) $0 $50 $100 $150 $200 $250 USD per tonne of ore Manganese (44%) Iron - Fines (62%) Prices Source: 1. Manganese Ore – Shanghai Metal Market/McCloskey Ores and alloys. 2. Iron Ore – Singapore TSI Iron ore Value per tonne Comparison (USD/t) A S X : B C A | I N V E S T O R P R E S E N T A T I O N 8 Manganese DMTU price conversion to AU$ per tonne at 44% Mn US$5.0/dmtu x 44% Mn = US$226/t convert to AU$ x 1.44 = AU$325 US$5.00 DMTU US$1.61 DMTU US$100 US$226 For personal use only
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Wandanya Project For personal use only
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A S X : B C A | I N V E S T O R P R E S E N T A T I O N 10 Wandanya Project: Greenfields high-grade Mn and Fe Discovery Shallow, simple flat-dipping stratabound ▪ High-grade Manganese ▪ Mn grades similar to the operating Woodie Woodie Mine ▪ Mapped, sampled and drilled over 3km strike ▪ Exploration potential to the north and south ▪ Iron enrichment outcropping and up-dip to Mn ▪ Mapped along a 5km corridor ▪ Higher grades associated with Mn drilled along 1km strike Key Development Attributes ▪ Predictable continuous mineralised horizon/seam over several kilometres with scale potential ▪ Consistent grades and thickness ▪ Shallow depth amenable to low-cost open pit mining ▪ Simple processing Direct Ship Ore (DSO) for Fe and Mn or Mn beneficiation ▪ Open in multiple directions BCA ASX Announcement 14/11/2023 Multiple high grade Manganese rock chip samples from Wandanya Project, 27/11/2024 – 3km Strike of Outcropping Manganese Confirmed at Wandanya, 4/12/2024 High-Grade Iron Results from Wandanya. For personal use only
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A S X : B C A | I N V E S T O R P R E S E N T A T I O N 11 Wandanya Project: Significant Phase 1,2 and 3 RC Mn Drill Results BCA ASX Announcement 07/08/2025 Shallow, high-grade Manganese continues across Wandanya, ASX announcement 27/08/2025 Thick, high-grade manganese intersects from Wandanya, ASX announcement 08/10/2025 Wandanya Drilling confirms Manganese along 3km strike and ASX announcement 28/10/2025 Continued High-Grade Manganese and Iron Results From Wandanya Mn Mn Width x Grade For personal use only
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9m @ 30.3% Mn from 0m 8m @ 42.2% Mn from 0m including 4m @ 50.4% Mn from 4m 9m @ 34.7% Mn from 1m including 4m @ 46.3% Mn from 5m 9m @ 34.7% Mn from 1m including 4m @ 43.2% Mn Fe from 5m 10m @ 28.5% Mn from 1m including 4m @ 39.3% Mn from 6m 9m @ 25.1% Mn from 8m including 3m @ 39.4% Mn from 14m 5m @ 32.2% Mn from 8m 4m @ 34.1% Mn from 9m 4m @ 36.4% Mn from 7m 4m @ 33.6% Mn from 8m 4m @ 34.1% Mn from 12m 5m @ 26.7% Mn from 19m 5m @ 36% Mn from 1m 4m @ 31.4% Mn from 14m 5m @ 27.9% Mn from 12m Mn Mn Width x Grade 7m @ 24.4% Mn from 1m 8m @ 24.4% Mn from 1m 10m @ 26.1% Mn from 1m including 3m @ 39.1% Mn from 8m 4m @ 33.7% Mn from 10m 8m @ 42.2% Mn from 0m including 4m @ 50.4% Mn from 4m 8m @ 37.4% Mn from 0m including 3m @ 41.9% Mn from 4m 8m @ 35.5% Mn from 0m including 3m @ 48.3% Mn from 5m 4m @ 37.4% Mn from 1m 7m @ 31.3% Mn from 8m including 3m @ 48.4% Mn from 11m 5m @ 38.1% Mn from 13m including 3m @ 44.1% Mn from 15m 4m @ 38.4% Mn from 9m including 2m @ 48.1% Mn from 11m 6m @ 39.3% Mn from 6m including 3m @ 47.3% Mn from 9m8m @ 26.4% Mn from 0m 5m @ 27.9% Mn from 3m 5m @ 34.2% Mn from 5m 10m @ 26% Mn from 1m including 4m @ 41.5% Mn from 7m 10m @ 27.7% Mn from 4m including 3m @ 39.6% Mn Fe from 10m 8m @ 32.3% Mn from 7m including 5m @ 40.1% Mn from 9m 12m @ 31.9% Mn from 5m including 7m @ 39.3% Mn from 9m 6m @ 37.9% Mn from 6m including 3m @ 46.3% Mn from 9m 6m @ 35.6% Mn from 10m including 3m @ 48% Mn from 12m E46/1407 6m @ 35% Mn from 0m including 3m @ 42.1% Mn from 3m Wandanya Project: Significant Phase 1,2 and 3 RC Mn Drill Results For personal use only
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A S X : B C A | I N V E S T O R P R E S E N T A T I O N 13 Wandanya Project: Significant Phase 1,2 and 3 RC Fe Drill Results Mn Fe Width x Grade BCA ASX Announcement 07/08/2025 Shallow, high-grade Manganese continues across Wandanya, ASX announcement 27/08/2025 Thick, high-grade manganese intersects from Wandanya, ASX announcement 08/10/2025 Wandanya Drilling confirms Manganese along 3km strike and ASX announcement 28/10/2025 Continued High-Grade Manganese and Iron Results From Wandanya For personal use only
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A S X : B C A | I N V E S T O R P R E S E N T A T I O N 14 Wandanya Project: Significant Phase 1,2 and 3 RC Fe Drill Results BCA ASX Announcement 07/08/2025 Shallow, high-grade Manganese continues across Wandanya and ASX announcement 27/08/2025 Thick, high-grade manganese intersects from Wandanya 9m @ 53% Fe from 5m 10m @ 56.2% Fe from 0m including 5m @ 59.6% Fe from 3m 12m @ 55.8% Fe from 3m including 5m @ 60.0% Fe from 4m 11m @ 56.1% Fe from 0m including 5m @ 60.1% Fe from 4m 16m @ 58.1% Fe from 2m including 9m @ 60.8% Fe from 2m 13m @ 57.0% Fe from 3m including 6m @ 60.1% Fe from 10m 5m @ 55.7% Fe from 6m 7m @ 54.4% Fe from 0m 6m @ 56.4% Fe from 0m 6m @ 57.3% Fe from 0m 11m @ 56.1% Fe from 0m 12m @ 56% Fe from 0m including 5m @ 59.2% Fe from 3m 17m @ 54.5% Fe from 0m including 5m @ 58.3% Fe from 5m 12m @ 58.7% Fe from 0m including 7m @ 61.0% Fe from 4m 10m @ 56.2% Fe from 2m 12m @ 56.8% Fe from 0m including 6m @ 61.1% Fe from 5m Mn Fe Width x Grade 9m @ 59.2% Fe from 0m including 4m @ 60.6% Fe from 5m 9m @ 60.1% Fe from 0m 11m @ 56.4% Fe from 2m, including 5m @ 60% Fe from 7m 13m @ 59.3% Fe from 1m including 7m @ 62.0% Fe from 7m 12m @ 59.3% Fe from 4m including 7m @ 63.9% Fe from 7m 14m @ 56.4% Fe from 3m including 7m @ 58.8% Fe from 9m 8m @ 58.6% Fe from 0m 10m @ 61.3% Fe from 0m 8m @ 59.6% Fe from 2m E46/1407 10m @ 56.3% Fe from 0m 7m @ 56.9% Fe from 1m For personal use only
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15 I N V E S T O R P R E S E N T A T I O N Wandanya Significant Phase 3 RC Drill Results X-section 7,526,500mN BCA ASX Announcement 07/08/2025 Shallow, high-grade Manganese continues across Wandanya and ASX announcement 27/08/2025 Thick, high-grade manganese intersects from Wandanya For personal use only
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16 I N V E S T O R P R E S E N T A T I O N Wandanya Significant Phase 2 RC Drill Results X-section 7,525,900mN BCA ASX Announcement 07/08/2025 Shallow, high-grade Manganese continues across Wandanya and ASX announcement 27/08/2025 Thick, high-grade manganese intersects from Wandanya 600m For personal use only
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17 I N V E S T O R P R E S E N T A T I O N Wandanya Significant Phase 2 RC Results X-section 7,524,720mN BCA ASX Announcement 07/08/2025 Shallow, high-grade Manganese continues across Wandanya and ASX announcement 27/08/2025 Thick, high-grade manganese intersects from Wandanya 1800m For personal use only
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18 I N V E S T O R P R E S E N T A T I O N Wandanya Significant Phase 1 and 2 RC Results X-section 7,524,000mN BCA ASX Announcement 07/08/2025 Shallow, high-grade Manganese continues across Wandanya and ASX announcement 27/08/2025 Thick, high-grade manganese intersects from Wandanya 2500m 40m 70m For personal use only
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WDRC013 WDRC027 WDRC032 A S X : B C A | I N V E S T O R P R E S E N T A T I O N 19 Wandanya Project: Preliminary Metallurgy (RC chips) Composit e Sample type Head grade feed Mn (%) Size fraction HLS Results Density Mn (%) Conc Mn Stage Rec (%) Mn (%) ave Conc Mn overall Conc rec (%) Combined Mn (%) Conc Combined overall Conc rec (%) WD01LG RC chip composite 21.2 +1.0mm -10mm SG 2.85 39.6 88.6 39.5 77.9 44.8 79.5 -1.0mm +0.045mm 39.3 93.6 WD02HG RC chip composite 41.5 +1.0mm -10mm SG 2.85 49.4 99.0 50.1 81-1.0mm +0.045mm 50.8 99.0 WD01LG RC chip composite 21.2 +1.0mm -10mm SG 3.0 43.9 78.0 45.1 67.3 48.1 75.8 -1.0mm +0.045mm 46.6 65.6 WD02HG RC chip composite 41.5 +1.0mm -10mm SG 3.0 50.8 96.3 51.2 84.4-1.0mm +0.045mm 51.7 90.7 WD01LG RC chip composite 21.2 +1.0mm -10mm SG 3.3 46.6 58.0 47.9 53.1 49.9 67.6 -1.0mm +0.045mm 49.2 57.0 WD02HG RC chip composite 41.5 +1.0mm -10mm SG 3.3 51.6 92.4 52.2 82-1.0mm +0.045mm 52.9 89.4 Composite Size fraction Density Parameter Mn Fe Al Si P (%) (%) (%) (%) (%) WD01MG +1.0mm -10mm SG 2.85 39.6 3.5 1.7 4.7 0.02 -1.0mm +0.045mm 39.3 3.7 1.5 4.2 0.005 WD02HG +1.0mm -10mm SG 2.85 49.4 2.1 1.0 2.5 0.01 -1.0mm +0.045mm 50.8 1.8 0.7 1.7 0.005 Heavy Liquid Separation (HLS) testwork results summary from moderate and high- grade composites HLS Manganese Concentrate Grades – very low deleterious elements BCA Announcement 8 October 2024 - Assays Confirm High-Grade Manganese Discovery at Wandanya. BCA Announcement 16 April 2025 - Higher Manganese Recovery Achieved Chip tray photos from 0-11m from selected holes drilled into the W2 Prospect showing grade zones defined within the manganese horizon 34.5% Mn 7.8% Mn 13.6% Mn 35.2% Mn 50.6% Mn’ 24.6% Mn. 30.8% Mn 35.5% Mn 16.5% Mn 40.5% Mn’ 38.6% Mn. 32.6% Mn 13.6% Mn 22.4% Mn 43.5% Mn’ 53.8% Mn. Moderate Grade - 21.2% Mn High Grade 41.5% Mn Sighter Metallurgical Testwork produced a 44% Mn product with low impurities and high recovery For personal use only
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A S X : B C A | I N V E S T O R P R E S E N T A T I O N 20 Wandanya Project: Core samples for Metallurgical Testwork BCA Announcement 10 October 2025 – Diamond Drilling underway at Wandanya. Downhole direction Drill hole WDDD063 twinning hole WDRC063 that intersected 10m @ 27.7% Mn from 4m including 3m @ 39.6%Mnfrom 10m. Drill hole WDDD056 twinning hole WDRC056 that intersected 13m @ 59.3% Fe from 1m including 7m @ 62.0% Fe from 7m. For personal use only
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A S X : B C A | I N V E S T O R P R E S E N T A T I O N 21 Wandanya Project: Next Steps for 2026 • Feasibility Level Studies: such as transport/logistics, mining, process design, water supply, development corridors and site layouts. • Permitting and Environmental Approvals: Establish baseline environmental studies and develop an approval and permitting • Ongoing Strategic Investor Discussions: Greenfields Exploration Resource and Economic Evaluation • Discovery Drilling: first pass drilling 4.2km to the north. • Discovery Drilling: first pass drilling 1.8km to the south • Infill Drilling: the 3km of mineralisation already defined and extend to the east. • Maiden Mineral Resource Estimate (MRE): delineating manganese of iron. • Metallurgy: Composite manganese and iron samples to undergo crushing/screening, sizing analysis, and beneficiation testwork (DMS) • Scoping Study: potential of a two-commodity potential of a mine development and a preliminary economic valuation De-risking Activities BCA ASX Announcement 14/11/2023 Multiple high grade Manganese rock chip samples from Wandanya Project, 27/11/2024 – 3km Strike of Outcropping Manganese Confirmed at Wandanya, 4/12/2024 High-Grade Iron Results from Wandanya. For personal use only
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A S X : B C A | I N V E S T O R P R E S E N T A T I O N 22 Why Invest? BMF Manganese Bank – 315Mt @ 10.5% Mn discovered by BCA. Active Explorer – drilled 3km of a 9km trend and other tenements. Successful Team - track- record of discovery and value creation. Tight Capital Structure and well-funded with ~$10.5m to continue exploration and pre-development activities at Wandanya Wandanya unique high- grade Mn & Fe discovery – with key development attributes. Highly supportive share register – resources dedicated funds inc. Nero, Lowell, Perennial & Cranport. For personal use only
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A S X : B C A | I N V E S T O R P R E S E N T A T I O N 23 Wandanya Project: Thinking outside the Box Wandanya Discovery Age of the Mn mineralisation at Woodie Woodie between 955-1100 Ma Balfour Manganese Field Woodie Woodie W E Woodie Woodie * = Mn Ore Schematic Wandanya Mineralisation ModelEast Pilbara Stratigraphic ColumnFor personal use only
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Balfour Manganese Field (BMF) For personal use only
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25 A S X : B C A | I N V E S T O R P R E S E N T A T I O N Balfour Manganese Field (BMF): The largest manganese Resource in WA ▪ Six manganese discoveries in 2 years across ~2,200km2 area ▪ Largest contained manganese deposits in Western Australia and the second largest in Australia ▪ Global MRE totalling 315Mt @ 10.5% Mn for 33.1Mt ▪ 87% in Measured & Indicated Categories ▪ Beneficiation testwork can produce a 30 – 33% Mn product ▪ Additional Exploration Targets provide further upside potential Notes (1) Mineral resources reported at a cut-off grade of 7% Mn. (2) Appropriate rounding has been applied. (3) Refer to JORC Table 1, Sections 1 to 3 and Appendix 2 for further details in ASX release 27/11/2023. (4) Deposit under which BCA owns 75% (5) Deposit under which BCA owns 100% BCA ASX Announcement 22 October 2025 –KR2 Mineral Resource Estimate JORC Classification Update For personal use only
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Balfour Manganese Field (BMF): Attractive long-life scoping-level economics 26 A S X : B C A | I N V E S T O R P R E S E N T A T I O N Financial Performance Summary Unit KR1 & KR2 (July 2024) Flanagan Bore (Aug 2022) LOM LOM Initial LOM (years) 16 20 Total LOM Revenue (A$ M, real) 2,781 2,282 Total LOM EBITDA (A$ M, real) 654 420 NPV @ 8% - before tax (A$ M, real) 340 134 IRR - before tax (%, real) 70 67 Project Capital Expenditure (A$ M, real) 84 44 Payback Period - before tax (years) <2 <2 Average Sales Price (LOM) Product (A$/t) 227 231 $US/dmtu 4.60 4.62 EX rate AUD:USD A$ 0.67 0.7 CI Cash Costs (CIF) (A$/t, real) 149 175 $US/dmtu 3.02 3.50 AISC (CIF) (A$/t, real) 166 192 $US/dmtu 3.38 3.84 ▪ Low CAPEX and short payback period ▪ 100% unencumbered offtake for long-term Mn supply ▪ Multiple development options incl. hub and spoke processing ▪ Conventional free dig, truck and shovel mining ▪ Simple Processing method – crush, wash, screen and Dense Media Separation (DMS) ▪ Opportunities for further project enhancements KR1 / KR2 and Flanagan Bore underpin BMF Project value, potential for strong LOM financial returns over a long mine life BCA ASX Announcement 18 August 2022 - Flanagan Bore Scoping Study Results BCA ASX Announcement 2 July 2024 - Positive Results Confirmed From The KR1 & KR2 Scoping Study For personal use only
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Balfour Manganese Field (BMF): KR1 and KR2 Scoping CAPEX/OPEX 27 A S X : B C A | I N V E S T O R P R E S E N T A T I O N BCA ASX Announcement 18 August 2022 - Flanagan Bore Scoping Study Results BCA ASX Announcement 2 July 2024 - Positive Results Confirmed From The KR1 & KR2 Scoping Study Item Description Cost (A$M) Process Plant Crushing 5.9 Processing 34.4 Tailings systems 2.3 Services 0.6 Plant bulk earthworks 2.1 Process infrastructure 0.5 Total Process Plant 45.7 Infrastructure Tails Storage Facility 2.3 Water supply 1.8 Roads 1.3 Accommodation Camp 5.5 Light vehicles & mobile equipment 1.2 Other 1.6 Total Infrastructure 13.6 Indirect Costs Owners and other costs 5.9 EPCM 7.1 Contingency 11.9 Total Indirect cost 24.9 TOTAL CAPEX 84.1 CA Operating Cost C1 A$/t LOM A$/t Mn CONC $US/DMTU Mine to ROM Haulage 5.21 20.45 0.42 Milling Costs 5.82 22.87 0.46 Grade Control and rehandle 1.5 5.89 0.12 G & A 1.51 5.93 0.12 Product haulage 17.46 68.61 1.39 Port and shipping charges 6.36 25 0.51 Total C1 Operating cost 37.9 148.8 3.02 AISC A$/t LOM A$/t Mn CONC US/DMTU C1 Operating cost 37.9 148.8 3.02 Sustaining Cost 0.8 2.9 0.06 Royalty (State & Traditional Owners) 3.7 14.7 0.3 Total AISC 42.4 166.4 3.38 CAPEX LOM OPEX/t (CIF) Mining Rate – 3.0Mtpa Life of Mine – 16 years Annual Concentrate Production – 760,000tpa (LOM 12Mt) LOM Production Targets of 48.2Mt @ 10.9% Mn Mining Method – truck and shovel Simple Processing method – crush, wash, screen and DMS Reagents – water and dense media Transport – 115t and 155t trucks 550km to Port Hedland Key Assumptions For personal use only
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Balfour Manganese Field (BMF): Downstream HPMSM value-add potential 28 A S X : B C A | I N V E S T O R P R E S E N T A T I O N Initial leach tests yielded a 93% extraction rate. Crystallised Manganese Sulphate crystals containing >32% Mn which >99% Mn Sulphate purity. Comparable to the typical 32% Mn content of battery grade HPMSM but further purification required to reduce elemental impurities. Expanded HPMSM Strategy across the Balfour Mn Field. Leach tests yielded up to 99% extraction rate. Completed multistage stage purification to remove Na, Al, and K, then Fe and Al and base metals. Single stage solvent extraction (SX) to selectively target manganese extraction, followed by crystallisation. Achieved battery grade - 32% Mn, >99% Mn Sulphate purity from KR1 feedstock. Sample selection (400kg), processed to feedstock Larger scale samples to refine flowsheet and pilot plant design Evaluate Ore Suitability Battery Grade HPMSM Experimental Flowsheet Upscale Battery Grade HPMSM Flowsheet testwork BCA ASX Announcement 11/10/2022 Successful manganese extraction from initial leaching tests BCA ASX Announcement 05/12/2022 Greater than 99% Purity Manganese Sulphate Achieved BCA ASX Announcement 05/09/2023 Advancing Battery Grade HPMSM Development and BCA ASX Announcement 23/10/2023 Battery Grade Manganese Sulphate Milestone Achieved STAGE 01 STAGE 02 STAGE 03 For personal use only
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Brendan Cummins Managing Director 0400 799 756 brendan.cummins@blackcanyon.com.au For personal use only