BLACK ROCK MINING LTD (BKT) Strategic Focus Shifts to Highly Prospective Tanzanian Graphite SUMMARY SPECULATIVE 28 April 2015 Share Trading Info ASX Code BKT Sector/Stage Graphite Explor. Current Share Price (cps) 5.0 Trading Low/High (Rolling Year) (cps) 0.1 - 5.9 Ordinary Shares on Issue (m) 196.9 Listed Options (m) 35.0 Unlisted Options (m) 3.9 Performance Rights (m) 6.7 Mkt Capitalisation (undiluted) ($m) 9.8 Cash as at 31 December 2014 ($m) 1.2 Funds Raised from Placement ($m) 3.5 Board of Directors Stephen Copulos Black Rock Mining (‘BKT’ or ‘Company’) is rapidly progressing early exploration at its Mahenge Graphite Project in Tanzania, having completed a maiden drilling program in late February (after initial exploration was completed in December 2014). Non Executive Chairman Steven Tambanis Managing Director Gabriel Chiappini Non Executive Director Major Shareholders Copulos Group (Incl Associated Entities) 25.4% ASAB Resources (T) Ltd 4.0% Gasmere P/L 3.6% BKT, previously Green Rock Energy Ltd (ASX: GRK)), formerly had interests in geothermal and hydrocarbon assets and has changed its focus to graphite in Tanzania. Work is currently underway for an infill drilling program at one of the tenements, the flagship Epanko North Graphite Project expected to commence in June 2015, and with a view to obtaining a JORC resource at Epanko North by the end of 2015. The Company has nine semi-contiguous exploration Licences (four granted and five under option agreements). The Mahenge Graphite project is considered to be highly prospective for graphite mineralisation, given that the licences contain the correct rocktypes that hosts graphite mineralisation and exhibit high-grade graphite mineralisation at surface, with significant depth extent – indicating the potential to host an open-pittable resource. The project area has a similar geological setting and mineralisation style to Kibaran Resources’ (ASX: KNL) Epanko orebody, which extends to the immediate north into BKT’s Mahenge North Graphite Project. KNL’s Epanko project has a JORC resource estimate (22.7Mt at 9.8% Total Graphite Content (TGC) for 2.22Mt contained graphite) and only covers 20% of the project area. The Company is adequately funded to continue development of the project over the next 12-24 months. Favourable Industry Dynamics The graphite market is comprised of natural graphite and synthetic graphite and each has an estimated market size of 1.1Mtpa, with natural graphite consumption expected to grow to 2.5-3.0Mtpa from 2016. Important Disclosure Investors should be aware that Black Rock Mining Ltd is a corporate client of Alpha and that Alpha will receive a consultancy fee from Black Rock Mining Ltd for compiling this research report Also, structural change in the Chinese graphite industry is causing a drop in production. China is estimated to be currently producing 85% of the world’s natural graphite and is a major producer of both flake and amorphous graphite. New stricter rules on graphite mining introduced by the Chinese government, outlining higher requirements for reserve size and to address environmental concerns, has led to a significant number of mine closures. 1. INVESTMENT HIGHLIGHTS 1.1 Targeting Medium-to-Large Flake Graphite BKT is targeting flake graphite, which is a syngenetic flake graphite (i.e. a less common form of natural graphite) classified as medium-to-large flake ranging in size between 1.5mm and 8.5mm, based on metallurgical test work for Kibaran Resources’ Epanko Resource, that also indicated a large-flake type of graphite that contains no detrimental impurities and is of high purity. While not the highest quality of natural graphite, flake graphite still commands a price premium over amorphous graphite, which is the most common type of graphite and typically used for lower-value products such as pencils, brake pads and rubber additives. Also, TGC for flake graphite ranges from 5-12%, with recovery varying from 85-95% after refining. An estimated 50% of world production comes from grades less than 6%. Pricing for graphite products are generally negotiated directly between buyers and sellers who settle through private contracts and vary according to flake size and purity. Larger flake graphite command premium pricing, as it requires less processing to produce a high value product. Jumbo flake size commands the highest premium and can trade up to five to 10 times the price of fine graphite flakes. Table 1: Projected Increase in Graphite Pricing to 2020 by Flake Size Source: Kibaran Resources Presentation, February 2015 1.2 Indicative Quality of Epanko Graphite Metallurgical test work undertaken by KNL highlights that Epanko graphite is large flake and has ‘expandability’ potential (i.e. suitable for further processing into expanded graphite), which are the key attributes that command premium pricing in the graphite market. Process test work conducted by KNL’s offtake partner (a European graphite trader) also showed that washing of the concentrate via a simple one-stage process (hydrofluoric wash) can generate ultra-high purity 99.9% graphite. This makes graphite in the Epanko region amenable to a wide range of uses including graphite foil, an inert sealing material, and for the expanded and spherical battery market. Based on the conventional flotation processing applied by KNL in its case study, graphite from the Epanko region is amenable to standard float recovery processes, achieving >96% recovery. Black Rock Mining Ltd (BKT) Page 2 of 15 1.3 Potential End Markets for Epanko Graphite: EV Battery Market and Building Market The strong demand for flake graphite is underpinned new uses of graphite, especially in lithium ion battery (LiB) industry, particularly for electric vehicles (EV) and home power storage. LiBs for the EV market have the anode electrodes fabricated from a mixture of both synthetic and spherical natural graphite to enhance cell performance; and are now being used in hybrid electric vehicles (HEV), EVs and fuel cell vehicles (FCV) where the batteries are large and hence the potential demand for quality graphite is very significant. An EV car battery can require up to 50kg of graphite. Battery demand for graphite currently represents 23% of global flake graphite demand, and forecast to double in the next six years, while the electric vehicle market is projected to grow 20% annually. Only high quality flake or synthetic graphite which can be upgraded to 99.9% purity can be used to make spherical graphite used as anodes in LiBs. Three battery mega-factories (Tesla, LG Chem, Foxconn Technology) are expected to come online in the next few years. Tesla (US) is commissioning a US$5 billion battery facility (operational in 2016) to develop car battery and home storage battery technology. This is expected to increase Tesla’s electric vehicle production from 35,000 vehicles to around 500,000 vehicles by 2020. The home power storage market has the potential for a larger uptake in graphite consumption in comparison to electric vehicles. Natural large flake graphite is required for the power output in both EV and FCV vehicles and at present there are no substitutes, as spherical graphite within the LiB is the key component required for the ability to transfer the energy. Synthetic graphite contributes to the long cycle life of the battery. In addition, demand for graphite from the thermally efficient building market using expanded graphite foils (a premium-priced product) is potentially larger than the LiB market. The increased demand is driven by new building codes, especially in Europe, that require increased use of thermally-efficient building products. 1.4 Aggressive Development Pathway for Mahenge Graphite Projects The key factors in commercialising a graphite operation are offtake agreements and partnerships, and to this end, the industry has been traditionally small scale, hence there has not been the need for large deposits. The average mine size is only 20-30,000 tonnes per annum (tpa) of graphite concentrate. Significant progress made by other ASX-listed companies with a focus on graphite exploration in securing offtake agreements, as well as favourable project economics from scoping studies (in particular KNL) bodes well for BKT, as the Company progresses development of the Mahenge Graphite Project. The market opportunity for BKT is underpinned by the additional graphite production and processing plants that will be required for the expanding EV battery market, where the value upgrade is in the order 3-4 times more than prices for graphite concentrate. KNL, which is positioning itself to participate in the EV battery market, is developing production scenarios based on the projected growth in this market, and is presently evaluating the feasibility of a battery grade spherical graphite manufacturing facility in Tanzania that can directly supply battery manufactures globally. To this end, the proximity of BKT’s graphite projects (and any future manufacturing facility in the surrounding region) to Dar Es Salaam port strategically positions BKT within reach of key purchasing and processing markets for flake graphite, namely EU, China, South Korea and Japan. Black Rock Mining Ltd (BKT) Page 3 of 15 Figure 1: Planned Development Timeline for Mahenge Graphite Projects Exploration (Current) Completed Tenure Acquisition Community Engagement Commence Exploration Complete maiden drill program Immediate Focus Commence Infill drilling (Jun ‘15) Resource Delineation Maiden Graphite JORC Resource 0-12 Months Development Construction & Production Metallurgical test work Pre-feasibility/scoping study Offtake marketing Plant design, logistic, power, water Environmental studies Government approvals Full feasibility study Project Execution Plan Financing Construction 12-24 Months 24-36 Months Source: Alpha Securities, Company Presentation March 2015 1.5 Tanzania is a Mining-Friendly Country Tanzania is rated in the top four African countries for mining and mineral exploration and has the 3rd largest gold industry in Africa. The Tanzanian Government is committed to mining sector growth, with significant commercial mining activity in place, an extensive infrastructure network (road, rail and ports) and access to a skilled and educated local workforce. Tanzanian graphite is considered high quality, containing the largest flake sizes in East Africa. Previous graphite-producing operations in Tanzania include the Merelani Mine: 8.3% TGC produced large flake, high grade commercial product. Black Rock Mining Ltd (BKT) Page 4 of 15 2. CORPORATE OVERVIEW 2.1 Background The formation of the Company’s current asset base and strategic focus on prospective graphite projects in Tanzania traces back to July/August 2014, when at that time, it entered into two option agreements to acquire the Mahenge North Graphite Project and then the Mahenge Graphite Project. Both of these option agreements were exercised and in October 2014, the Company announced that it entered into two further option agreements over additional prospective graphite permits, one of which remains under option, with the other option subsequently allowed to lapse. The current leases within BKT’s portfolio include: 1. A 100% equity interest in The Mahenge North Graphite Project, which consists of one granted Prospecting Licence (PL 7802/2012) covering an area of 292km2. 2. A 100% equity interest in The Mahenge Graphite Project, which comprises three granted Prospecting Licences, covering an area of 388km2. The largest of these is the Kituti prospect located within the 208km2 Mahenge Southwest tenement (PL 10427/2014). 3. An option over five existing permits covering an area of 860km 2 for which the Company has secured the graphite mineral rights. The option expires around June 2015, with the Company currently undertaking legal and technical due diligence on these permits. In order to implement the above-mentioned transactions, a number of resolutions were approved by shareholders on 15 December 2014 including: i) Changing the nature and scale of the Company’s operations, ii) A 1:20 share consolidation, iii) A capital raising (for which a Prospectus was later issued) and iv) A change of name from Green Rock Energy Ltd to Black Rock Mining Ltd. 2.2 Divestment of Non Core Interests and Projects BKT has relinquished and surrendered (or is in the process of doing so) previously-held assets of the Company, including hydrocarbon interests in the North Perth Basin and geothermal interests in the Perth Basin. The only remaining asset, which the Company is currently seeking to divest, is an interest in a geothermal project (held via a joint venture) in Hungary and an interest in the Ocean Hill oil and gas permit (divestment of the latter is expected to be finalised at the end of June 2015). The sale of a Perth Basin tenement to Eneabba Gas Limited has potential to realise over $2m in shares and cash for BKT by the end of 2015. Black Rock Mining Ltd (BKT) Page 5 of 15 Figure 2: BKT Graphite Tenements in Mahenge Source: BKT 3. OVERVIEW OF MAHENGE PROJECT (BKT: 100%) 3.1 Project Location and Infrastructure The Mahenge Graphite Project is located 245 kilometres SW of the city of Morogoro and 330 kilometres via sealed highway SW of Dar Es Salaam, which is the largest city (population of ~3 million) and most important economic region within Tanzania. From Dar Es Salaam, the project site can be accessed by vehicle along a sealed highway, via Morogoro, then a 122-kilometre track towards the township of Ifakara and eventually, Mahenge village. The projects are located close to the Mahenge township, which has easy access to power, water, communications and hotel-style accommodation facilities. The Mahenge North Graphite Project is situated 70 kilometres by road from the nearest train line (TAZARA Line) at Ifakara, that also extend to Dar Es Salaam. Black Rock Mining Ltd (BKT) Page 6 of 15 3.2 Local Geological Setting The local geology at Mahenge was mapped by the Geological Survey of Tanzania in 1962. Graphite mineralisation is generally found within foliated gneiss, containing variable amounts of biotite and lesser muscovite, often adjacent to clean crystalline units of marble. The district is well known for its jewellery-quality gemstones and apart from quarrying of marble, there are no significant mines for other resources at Mahenge. BKT’s licences are hosted within the Proterozoic Eastern Granulites and centres over the Mahenge Synform, interpreted to be a tightly, polyphase sequence of marble, gneisses and schists of the Eastern Granulites. The potential of the Mahenge region to host large-scale graphite mineralisation is underpinned by a number of stratigraphic horizons totalling 50 kilometres in length that the Company has identified that are highly prospective for graphite schist mineralisation as either outcrop or under shallow cover. Figure 3: Simplified local geological setting for the Mahenge area Source: ARC Resources P/L (Independent Geological Report); Tanzanian Geological Survey Black Rock Mining Ltd (BKT) Page 7 of 15 3.3 Previous Exploration Previous exploration at Mahenge North outlined two significant areas of graphite mineralisation: Ndololo and Epanko North. Historic RC drilling and rock chip sampling confirmed the presence of large flake moderate to high-grade graphite mineralisation with favourable metallurgical properties. Within the Mahenge Graphite Project, three bands of graphite schists have been mapped, with strike lengths of 3,500 metres, 1,500 metre and 900 metres, respectively, and mapped widths ranging from 90 metres to 400 metres. The projects are significantly underexplored for graphite mineralisation, with the only noted early exploration having been conducted in the 1940s at the Ndololo prospect, which reported results of 15.75% graphite and 95.7% recovery. Metallurgical work undertaken recently completed verified these exploration results and confirmed the potential for a premium coarse flake size product. Results from more recent exploration work (rock chip sampling, mapping and RC drilling) undertaken by Kibaran Resources between May 2012 and March 2013 have not been located. However, Kibaran Resources completed a RC drilling program (21 holes, 2,520 metres) at four prospects in the Mahenge North Graphite Project: Kasita, Ndololo Western, Ndololo Central and Ndololo Eastern, and encountered high grade graphite intersects at the Ndololo Eastern prospect, notably 13 metres @ 10.8% TGC and 11 metres @ 11.2% TGC. 3.4 Exploration Undertaken by BKT BKT commenced exploration at Mahenge in July 2014, following the acquisition of the Mahenge North Graphite Project. The initial exploration undertaken by BKT identified four priority zones, with each zone considered to have the potential to host over >10Mt of graphite ore. The intitial four zones identified were: 1. Epanko North, the northern extension of Kibaran Resources’ (ASX: KNL) Epanko orebody, 2. Kututi (Mahenge Southwest), 3. Cascade (Mahenge North) and 4. Ndololo (Mahenge North). By December 2014, BKT had completed mapping, sampling and trenching at Epanko North, mapping and trenching at Ndololo and trenching in the Kituti prospect to test for grade and continuity of mineralisation. Following on from Kibaran Resources encountering high grade intersects at the Ndololo Eastern prospect, rock chip sample taken by BKT confirm the presence of high grade graphite at Ndololo, hence BKT’s earlier focus on the Ndololo prospect. The best trenching results at Epanko North included: Black Rock Mining Ltd (BKT) Page 8 of 15 56 metres @ 11.58% TGC from start (including 22m @ 13.35% from 6m and 20m @ 14.9% TGC from 33m), 25m @ 10.03% TGC from start (including 7m @ 17.12% TGC from 5m) and 9m @ 14.03% TGC from 16m), 74m @ 9.91% TGC from 22m (including 48m @ 11.18% TGC from 30m) and 3.5 98m @ 7.47% TGC from start (including 60m @ 10.71% TGC from start) Completion of Maiden Drilling Program at Mahenge On 10 January 2015, BKT commenced a 16-hole diamond and Reverse Circulation (RC) program at Epanko North, with a total of 2,200 metres of drilling completed at Mahenge by late February. In addition to drilling at Epanko North, two diamond drill hole were drilled at the Kituti prospect. Results from the maiden drilling program, which was conducted as a follow up to the mapping and trenching program completed in December 2014, and scheduled to finish prior to the main annual wet season (March to May), were released to the ASX on 31 March 2015. Drilling at Epanko North confirmed significant zones of graphite mineralisation. In addition, the drilling indicated wider zones of graphite mineralisation (vertical widths exceeding 200 metres for 600 metres of strike) than that indicated from mapping undertaken in December 2014. A total of 1,114 samples have been submitted for assay, with assay results expected in in the current quarter. Figure 4: Diamond drill core (64mm) from DD01 at Epanko North showing coarse flake graphite 0.5mm to 2mm flakes Source: ASX Announcement 31 Mar 2015 Black Rock Mining Ltd (BKT) Page 9 of 15 Figure 5: Epanko North Drill Plan (Source: ASX Announcement 31 Mar 2015) 3.6 Extending Work to Include Kituti and Cascade Prospects In conjunction with the planned infill drilling program, additional trenching work will be undertaken at the Kituti and Cascade prospects, with further planned drilling at Kituti. The Kituti prospect is a new discovery identified and mapped in 2014, interpreted to be 18 kilometres in length, of which a 6km-strike of graphite mineralisation has been rock chip sampled and mapped. The prospect has narrower widths than Epanko, but with visibly coarser flake graphite observed. One rock chip sample returned grade of 12.15% TGC. The Cascade prospect is also a new discovery, containing unusually wide zones of graphite mineralisation (1km strike x 200-400 metre width). One trench excavated to date yielded good graphite. The follow up work currently underway includes detailed mapping of the lode structure in order to determine surface geometry, strike extent and grade. Figure 6: Current Area of Trench Sampling at Kituti Prospect Figure 7: Location of Cascade Prospect Relative to Epanko North Trench Area and Kibaran Resources’ Epanko orebody Source: Company Presentation March 2015 Source: Company Presentation March 2015 Black Rock Mining Ltd (BKT) Page 10 of 15 4. OTHER ASX-LISTED GRAPHITE EXPLORATION COMPANIES IN TANZANIA Aside from Kibaran Resources, there are two other ASX-listed companies that have Tanzanian-based graphite tenements, all of which are further advanced in their exploration activities than BKT (note that BKT has only recently entered the space). These companies are IMX Resources (ASX: IXR) and Magnis Resources (ASX: MNS). As such, the purpose of this section is to highlight the future pathway for BKT as it seeks to progress development of the Mahenge Graphite Project. Subject to obtaining a JORC Resource Estimate, the key areas BKT is likely to focus on are scoping studies and securing offtake agreements, which will benefit project financing and validate the project’s viability. 4.1 Kibaran Resources In August 2014, KNL delivered an updated scoping study based on a modest 420,000t throughput operation producing 40,000tpa of high value graphite flake concentrate and yielded strong project economics with an EBITDA margin of 51%. KNL also has binding off-take agreement and partnership for graphite sales. The offtake agreements in place are for 30,000tpa for 10 years, comprising 20,000tpa Letter of Intent with ThyssenKrupp and a 10,000tpa offtake with a sophisticated European graphite market trader. KNL has also commenced discussions with traders and end-users in different markets (Japan and US) for further graphite offtake agreements and is aiming to fast track development, with a final feasibility study already underway. 4.2 IMX Resources IXR recently released a maiden inferred mineral resource for the Shimba deposit at its Chilalo graphite project. The inferred resource for Shimba stands at 7.4Mt @ 10.7% TGC, for 792,000t of contained graphite. A prefeasibility study at Chilalo is expected to begin this quarter and IXR has also completed a placement in order to advance the project. 4.3 Magnis Resources MNS has secured an offtake agreement for 100% of production through agreements with Chinese state owned industrial conglomerate SINOMA for 80,000tpa over a period of five years and Sinosteel for 100,000tpa over 10 years. Black Rock Mining Ltd (BKT) Page 11 of 15 Table 2: Peer Table for ASX-Listed Graphite Explorers, with JORC Resource Estimates producing flake-type graphite Company Name Mkt Cap ($m) JORC Resource Estimate Size Grade Contained (TGC) Graphite Syrah Resources (SYR) Triton Minerals (TON) Magnis Resources (MNS) Valence Industries (VXL) Talga Resources (TLG) Kibaran Resources (KNL) Lamboo Resources (LMB) Sovereign Metals (SVM) Lincoln Minerals (LML) Archer Exploration (AXE) IMX Resources (IXR) 627.8 139.8 75.3 54.6 48.0 23.4 13.9 12.5 10.7 7.6 7.4 1.15Bt 1.457Bt 156Mt 3.21Mt 7.6Mt 22.7Mt 7.13Mt 86Mt 2.2Mt 8.55Mt 7.4Mt 10.2% 10.7% 5.2% 11.5% 24.4% 9.8% 4.7% 7.1% 15.1% 9.0% 10.7% 117Mt 93Mt 104Mt 1.85Mt 2.22Mt 6.13Mt 0.332Mt 0.77Mt 0.79Mt Project and Location Project Stage Balami, Mozambique Mozambique Nachu, Tanzania Uley, SA Vittangi, Sweden Epanko, Tanzania McIntosh, WA Duwi, Malawi Kookaburra Gully, SA Eyre Peninsula, SA Chilalo, SE Tanzania Feasibility Advanced Exploration Bank Feasibility Feasibility/Early Production Advanced Exploration Advanced Exp/Feasibility Advanced Exploration Advanced Exploration Exploration Exploration Advanced Exp/PFS Source: Alpha Securities, Company Reports *(Market Data as at 27 April 2015) 5. FUNDING AND CAPITAL STRUCTURE 5.1 Funding The cash balance as at 31 December 2014 was $1.22 million, which was subsequently boosted by $3.5 million raised under the Prospectus. The majority of these funds are expected to be used for the exploration program in Tanzania and working capital purposes, with the funding position also supported by the receipt of ~$0.46m in March 2015 from a loan repayment. In addition, BKT has secured firm commitments for a further ~$0.5m from investors whose allocations were scaled back in the prior share placement as a result of the Prospectus closing 25% oversubscribed. As such, the Company has adequate funding to support exploration activities over the next 12-24 months, although BKT may have to raise further funds as work progresses further (for example metallurgical test work, pre-feasibility or scoping studies). BKT has access to further funding after the Company entered into an agreement in October 2014 with ASX-listed company Eneabba Gas Ltd (ASX: ENB) to sell its interest in the Ocean Hill oil and gas permits. The expected proceeds are around $2.1 million, including the sale of BKT’s shareholding of 40 million shares in ENB, currently worth $1.8 million1 and a cash receipt of $330,000 (of which $30,000 has already been received). The sale is expected to be completed by 30 June 2015. 1 Based on ENB’s share price of 4.5 cents at the time of writing. Black Rock Mining Ltd (BKT) Page 12 of 15 5.2 Capital Structure The Company has a total of ~197 million shares on issue following the issue of 70 million shares under the Prospectus, which also included the issue of 35 million listed options (exercisable at 5 cents per share with an expiry date of 20 March 2017). In addition, there are ~3.9 million existing unlisted options under issue, with expiry dates ranging from November 2015 to January 2018. All of the unlisted options are currently out-of-the-money. The additional shares and options issued under the Prospectus are subject to approval at a shareholder meeting to be held in early May 2015. The share registry is tightly held, with the top 20 shareholders accounting for nearly 55% of the total shares on issue. The cornerstone investor is Copulos Group, an entity controlled by Non Executive Director Stephen Copulos, with a 25% shareholding, including associated entities. This underpins a strong alignment of interests between the Board and shareholders, with the directors (including associated entities) collectively holding around 27% of the total shares on issue. The second largest shareholder is ASAB Resources (4%), the previous owners of the Prospective Licences in Tanzania. Table 3: BKT Current Capital Structure Shares/Options on Issue Million Ordinary Shares 196.9 Listed Options (exercisable @ 5c) Unlisted Options (exercisable @ 40c) Unlisted Options (exercisable @ 16c) Unlisted Options (exercisable @ 6c) Unlisted Options (exercisable @ 20c) Performance Rights 35.0 0.095 0.1 0.375 3.3 6.7 Source: Alpha Securities, Company Reports Black Rock Mining Ltd (BKT) Page 13 of 15 Exp. Date 20-Mar-17 15-Nov-15 11-Jun-16 28-Nov-16 19-Jan-18 31-Dec-17 6. BOARD OF DIRECTORS DIRECTOR BACKGROUND Stephen Copulos Non Executive Chairman Mr Copulos was appointed to the Board in January 2015 and is the Company’s major shareholder and major financial supporter. He is an active global investor and has over 30 years’ experience in a variety of businesses and investments, including mining, manufacturing, property development, Fast food and hospitality. Interest in BKT: (Including Associated Entities) ~50.0m ordinary shares Listed options: 15.0m @ 5c exp 20/3/2017 Unlisted options: ~1.3m @ 6c exp 19/1/2018 Performance Rights: 1.675m exp 31/12/2017 Steven Tambanis Managing Director Interest in BKT: 2.0m ordinary shares Listed options: 1.0m @ 5c exp 20/3/2017 Performance Rights: 3.35m exp 31/12/2017 Gabriel Chiappini Non Executive Director Interest in BKT: 750,000 ord shares Listed options: 0.25m @ 5c exp 20/3/2017 Unlisted options: 75,000 @ 6c exp 28/11/2016 Performance Rights: 1.675m exp 31/12/2017 Black Rock Mining Ltd (BKT) Page 14 of 15 Mr Copulos has been the Managing Director of the Copulos group of companies (a private investment group) since 1997 and has over 15 years’ experience as a director of both listed and unlisted companies in Australia, UK and US. He is currently Non Executive Chairman of ASX-listed company Crusader Resources. Mr Tambanis was appointed to the Board in January 2015 after joining Black Rock Mining Ltd as Managing Director. Mr Tambanis is a geologist, with extensive commercial and operational experience gained within small and large exploration companies, corporate banking and broking. He also has significant experience working in ASX-listed mineral companies, including business development roles at WMC Resources and Goldminex Resources Ltd, where he held the position of Executive Director. He is currently on the Board of West African Gold Ltd, an unlisted mineral exploration company and over the past three years, Mr Tambanis has managed all aspects of that company’s exploration activities, operations and administration, including the execution of a significant joint venture with ASX-listed gold miner, Perseus Mining Limited (ASX:PRU). Mr Chiappini has over 20 years’ experience in the commercial sector, and notably, over the last 13 years, he has held directorships and senior executive roles with both public and private companies with operations in Australia, UK and US. Mr Chiappini is currently Non-Executive Chairman of ASX-listed company Dromana Estate Ltd (ASX: DMY) and Company Secretary of numerous ASX listed companies. He has assisted a number of companies list on the ASX and has also provided advice and services on equity raisings exceeding A$300 million, as well as assisting clients with both divestment and acquisition strategies. For the last eight years, Mr Chiappini has managed his own consulting company (Laurus Corporate Services), which provides ASX, Director and Company Secretarial advice to ASX-listed companies. DIRECTORY – ALPHA SECURITIES Corporate George Karantzias [email protected] 0401 670 620 Research Analyst John Haddad [email protected] 0407 219 222 Disclaimer This document has been prepared (in Australia) by Alpha Securities Pty Ltd ABN 94 073 633 664 (“Alpha”), who holds an Australian Financial Services License (License number 330757). Alpha has made every effort to ensure that the information and material contained in this report is accurate and correct and has been obtained from reliable sources. However, Alpha makes no representation and gives no warranties about the accuracy or completeness of the information and material, including any forward looking statements and forecasts made by Black Rock Mining Ltd to Alpha, and it should not be relied upon as a substitute for the exercise of independent judgment. Except to the extent required by law, Alpha does not accept any liability, including negligence, for any loss or damage arising from the use of, or reliance on, the material contained in this report, or as a result of errors or omissions on the part of Alpha or by any of their respective officers, employees or agents. This report is for information purposes only and is not intended as an offer or solicitation with respect to the sale or purchase of any securities. The securities recommended by Alpha carry no guarantee with respect to return of capital or the market value of those securities. There are general risks associated with any investment in securities. Investors should be aware that these risks might result in loss of income and capital invested. Neither Alpha nor any of its associates guarantees the repayment of capital. This report and any communication transmitted with it are confidential and are intended solely for the use of the individual or entity to which they are addressed. If you have received this email in error please notify the sender. If you no longer wish to receive communication from Alpha, please contact Alpha requesting to be unsubscribed from future communications. General Advice Warning This report may contain general securities advice or recommendations, which, while believed to be accurate at the time of publication, are not appropriate for all persons or accounts. This report does not contain specific securities advice and does not take into account particular investment objectives, financial situation and needs of any particular person. You should carefully assess whether such information is appropriate in light of your individual circumstances before acting on it. Disclosure Alpha, its Directors and associates declare that they may have a relevant interest in the securities mentioned herein. This position can change at any time. Alpha also receives fees for advisory services. Alpha does and seeks to do business with companies covered in its research reports and investors should be aware that Alpha received a consultancy fee from Black Rock Mining Ltd for compiling this research report. Black Rock Mining Ltd (BKT) Page 15 of 15
© Copyright 2024