Black Rock Mining (ASX: BKT) has received firm commitments to raise AUD 10 million to fund early works at its Mahenge Graphite Project in Tanzania.
This will enable the company to commence construction activities and support general corporate and working capital.
The raise is secured through a two-tranche Placement to new and existing institutional and sophisticated investors, with the first tranche to be issued under its existing capacity and the second tranche subject to shareholder approval.
The Placement will comprise the issue of 476,190,477 new shares at AUD 0.021 per share, representing a 23.6% discount to the closing price on 28 August 2025 and a 24.8% discount to the five-day volume weighted average price to the same date.
Tranche One of 212,992,439 shares, raising AUD 4.5 million, will be issued immediately under ASX Listing Rule 7.1, while Tranche Two of 263,198,038 shares, raising AUD 5.5 million, is planned to be issued following shareholder approval at a general meeting scheduled on or around 17 October 2025.
The company also intends to offer a non-underwritten Share Purchase Plan (SSP) targeting up to AUD 2 million, with the ability to accept oversubscriptions, allowing eligible shareholders in Australia and New Zealand to participate at the same price per share as the Placement.
Subject to shareholder approval, participants in the Placement and SPP will also be offered one option for every new share subscribed, with an exercise price of AUD 0.03 and an expiry two years from issue.
Commenting on the Offer, Black Rock CEO, John de Vries, said: “We are pleased with the support for the Placement, that allows us to commence early works on the Mahenge Graphite Project. The funds to be raised will allow us to continue to advance the Project whilst completing the funding strategy for the remaining build cost.”
The Mahenge Graphite Project
The Mahenge Graphite Project, located in Ulanga District, Morogoro Region, in south-east Tanzania, is one of the country’s largest graphite development projects, designed to produce high-purity graphite for international markets, and is currently at the stage of early works and construction commencement.
Black Rock Mining owns 84% of the project. The remaining 16% is owned by the government of Tanzania as a free-carried interest.
The project is expected to produce up to 340,000 tonnes of graphite concentrate annually over 24 years, positioning Tanzania as a key player in the global graphite market.
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