Black Canyon's Quarterly Activities Report for March 2024

Australian manganese developer and explorer, Black Canyon Limited (Black Canyon or the Company) (ASX: $BCA), has released its quarterly activities report for the three months to 31 March 2024. The Company focused on advancing metallurgical testwork from the 100% owned KR1 & KR2 deposits and completing a JORC 2012 Exploration Target Estimate (ETE) demonstrating substantial upside potential across the Balfour Manganese Field (BMF). Black Canyon controls the largest manganese Mineral Resources in Western Australia's Pilbara region, totaling 314 Mt @ 10.5% Mn classified as Measured (32%), Indicated (48%) and Inferred (20%) for 33.1 Mt of contained Manganese. The Company's projects comprise more than 2,100km 2 of prospective tenure in the premier mining jurisdiction of the East Pilbara, close to the operating Woodie Woodie and Butcherbird manganese deposits.

Executive Commentary on Exploration and Testwork Results

The potential tonnage, grade, and quantity of the Exploration Target is conceptual in nature. It is uncertain if further exploration will result in the estimation of a Mineral Resource. The Company's projects have the potential for further discoveries and can produce manganese concentrate for the steel industry and high purity manganese sulphate monohydrate (HPMSM) for cathodes of batteries used by electric vehicles. The positive metallurgical testwork results, including Heavy Liquid Separation (HLS) and Dense Media Separation trials, indicate the potential to achieve higher than target grade product between 35% Mn and 37% Mn from the coarser fraction, exceeding previous results. The Company is also evaluating sites for a downstream processing location in Australia, focusing on existing industrial precincts with established infrastructure, complementary industries, access to consumables/reagents, and renewable energy sources.

Summary of Quarterly Report and Outlook

Black Canyon's quarterly activities report highlights the substantial upside potential at the Balfour Manganese Field and positive metallurgical testwork results. The Company's focus on advancing metallurgical testwork and completing the JORC 2012 Exploration Target Estimate demonstrates its commitment to exploring and developing its manganese projects in Western Australia. With the largest manganese Mineral Resources in the Pilbara region, Black Canyon aims to produce manganese concentrate for the steel industry and high purity manganese sulphate monohydrate (HPMSM) for electric vehicle batteries. The positive metallurgical testwork results indicate the potential to achieve higher than target grade product, and the evaluation of downstream processing sites in Australia aligns with the Company's strategy to develop critical minerals projects. The Company's planned activities for the June 2024 quarter include continuing manganese concentrate scoping study updates, up scaled hydrometallurgical testwork, environmental studies, and engagement for third parties interested in offtake or involvement in producing HPMSM and manganese concentrate products.