Offer Summary - Black Rock Mining is undertaking a capital raising of A$12 million through a two-tranche placement targeting A$10 million and a share purchase plan (SPP) targeting up to A$2 million[41] - The offer price is A$0.021 per New Share, representing a 23.6% discount to the last trade price of A$0.0275 on 28 August 2025 and a 24.8% discount to the 5-day VWAP of A$0.0279 as at 28 August 2025[41] - The company intends to offer one new option for every one share subscribed under the Offer, with an exercise price of A$0.03 and expiry 2 years from issue[41] Project Funding and Economics - The Mahenge Graphite Project has a post-tax NPV10 of US$1.4 billion (A$2.1 billion)[26] - US$254 million of funding is in place, subject to conditions, including US$204 million from DBSA, IDC, and CRDB and up to US$50 million from POSCO[26, 31] - Module 1 production is forecast at 89ktpa with a capex of US$231 million, and steady-state production (4 x 1Mtpa) is 347ktpa[61] Company Overview - POSCO Group holds an 8.6% stake in Black Rock Mining[30] - Black Rock has binding offtake agreements in place with POSCO for 100% of the fines production for Mahenge Module 1 and, if and when built, Module 2[47] - POSCO approved construction of its own US$277 million SPG plant in Korea, with first production due in 2027[46]