Black Rock Mining's Debt Funding Confirmation

Black Rock Mining Limited (ASX: $BKT) has confirmed the receipt of key approvals for US$153m in debt facilities required to develop the Mahenge Graphite Project. The company has secured US$113m Term Loan for Mahenge, with US$59.6m from The Development Bank of Southern Africa (DBSA) and US$53.4m from the Industrial Development Corporation of South Africa (IDC). Additionally, Black Rock has obtained approvals for US$40m in debt facilities from Tanzanian lender CRDB Bank, comprising a US$20m working capital facility and a US$20m cost overrun facility.

Executive Commentary on Debt Funding

The Company is pleased to have secured the necessary approvals for the debt facilities, marking a significant milestone in the development of the Mahenge Graphite Project. The completion of the debt funding will play a crucial role in advancing the project towards production. We are also in discussions with several other Tanzanian lenders who have expressed interest in participating in these facilities, further strengthening our financial position. The support from our Strategic Alliance Partner, POSCO International Corporation, for a potential cornerstone equity position in Black Rock is a testament to the confidence in the project's potential. We are targeting first production from Module 1 in 2026, and these developments bring us closer to realizing this goal.

Summary of Debt Funding and Project Outlook

Black Rock Mining Limited has successfully secured the key approvals for US$153m in debt facilities required for the development of the Mahenge Graphite Project. The funding includes a US$113m Term Loan, with contributions from DBSA and IDC, as well as US$40m in debt facilities from CRDB Bank. The Company is also in discussions with other Tanzanian lenders to further strengthen its financial position. The completion of the debt funding is a significant step towards advancing the project, and the support from its Strategic Alliance Partner, POSCO International Corporation, underscores the confidence in the project's potential. With a target for first production from Module 1 in 2026, Black Rock is making substantial progress towards its goals.