Mineral Resources and Ore Reserves

The Balfour Manganese Field represents one of the largest and highest-grade undeveloped manganese deposits in Western Australia. The Global Mineral Resource Estimate across the Balfour Manganese Field totals 315 Mt @ 10.5% Mn containing 33.1 Mt of manganese (7% Mn cut-off) classified as Measured (32%) Indicated (55%) and Inferred (13%).

The Balfour Manganese Field confirmed to host multiple large-scale deposits with significant contained manganese, providing a solid platform to establish Ore Reserves through development studies for both High Purity Manganese Sulphate (HPMSM) feedstock and manganese concentrate for the steel industry.

Balfour Manganese Field

Summary of Global Mineral Resources across the Balfour Manganese Field, October 2025

Summary of Mineral Resources(1-3)
Deposit Mineral Resource Category Material (Mt) In Situ Mn (Mt) Mn (%) Fe (%) Si (%) Al (%)
FB34 Measured 52 5.5 10.5 10.4 16.9 4.3
LR14 Measured 47 4.9 10.3 8.4 16.7 4.6
Total Measured 100 10.4 10.4 9.4 16.8 4.4
KR15 Indicated 79 7.8 10.0 7.9 18.0 5.4
KR25 Indicated 23 2.6 11.5 10.7 19.2 5.1
FB34 Indicated 63 6.3 10.0 9.6 16.8 4.4
LR14 Indicated 8 0.9 11.3 9.4 6.9 1.8
Total Indicated 173 17.7 10.2 9.0 17.2 4.8
KR25 Inferred 2 0.3 11.1 11.0 19.4 6.0
Balfour East5 Inferred 32 3.9 11.9 8.5 18.6 4.9
Damsite5 Inferred 7 0.9 12.1 9.6 17.2 4.2
Total Inferred 42 5.0 11.9 8.9 18.4 4.9
Grand Total 315 33.1 10.5 9.1 17.2 4.7

Notes

  1. Mineral resources reported at a cut-off grade of 7% Mn.
  2. Appropriate rounding has been applied.
  3. Refer to JORC Table 1 and Appendices in ASX releases 27 November 2023 and 22 October 2025 below for further details.
  4. Deposit under which BCA owns 75%.
  5. Deposit under which BCA owns 100%.

Related Announcements

  1. Global Balfour Manganese Mineral Resource Estimates Exceed 300 Mt -12 December 2023
  2. KR2 Mineral Resource Classification Update – 22 October 2025

Flanagan Bore Deposit

Summary of Mineral Resources for the FB3 and LR1 deposits at Flanagan Bore, November 2022.

Summary of Mineral Resources(1-3)
Deposit Mineral Resource Category Material (Mt)(2) In Situ Mn (Mt) Mn (%) Fe (%) Si (%) Al (%)
FB3 Measured 52 6 10.5 10.4 16.9 4.3
LR1 Measured 47 5 10.3 8.4 16.7 4.6
Total Measured 100 11 10.4 9.4 16.8 4.4
FB3 Indicated 63 6 10.0 9.6 16.8 4.4
LR1 Indicated 8 1 11.3 9.4 6.9 1.8
Total Indicated 71 7 10.1 9.6 15.7 4.1
Grand Total 171 18 10.3 9.5 16.4 4.3

Notes

  1. Mineral resources reported at a cut-off grade of 11% Mn
  2. Appropriate rounding has been applied
  3. Refer to JORC Table 1, Sections 1 to 3 and Appendix 1-3 for further details.

Related Announcements

  1. Mineral Resource Increase by 64% at Flanagan Bore – 24 November 2022

KR1 and KR2 Deposits

Summary of Mineral Resources for the KR1 and KR2 deposits across the Balfour Manganese Field, October 2025.

Summary of Mineral Resources(1-3)
Deposit Mineral Resource Category Material (Mt)(2) In Situ Mn (Mt) Mn (%) Fe (%) Si (%) Al (%)
KR1 Indicated 79 7.8 10.0 7.9 18.0 5.4
KR2 Indicated 23 2.6 11.5 10.7 19.2 5.1
Total Indicated 102 10.4 10.3 8.5 18.3 5.7
KR2 Inferred 2 0.3 11.1 11.0 19.4 6.0
Total Inferred 2 0.3 10.3 11 19.4 6.0
Grand Total 104 10.7 10.3 8.6 18.3 5.7

Notes

  1. Mineral resources reported at a cut-off grade of 7% Mn.
  2. Appropriate rounding has been applied.
  3. Refer to JORC Table 1 and Appendices in ASX releases 27 November 2023 and 22 October 2025 below for further details.

Related Announcements

  1. KR1 and KRS Mineral Resource Estimate Exceeds 100 Mt – 27 November 2023
  2. KR2 Mineral Resource Classification Update – 22 October 2025

Balfour East and Damsite Deposits

Summary of Mineral Resources for the Balfour East and Damsite deposits (BCA 100%) across the Balfour Manganese Field, December 2023.

Summary of Mineral Resources(1-3)
Deposit Mineral Resource Category Material (Mt)(2) In Situ Mn (Mt) Mn (%) Fe (%) Si (%) Al (%)
Balfour East Inferred 32 3.9 11.9 8.5 18.6 4.9
Damsite Inferred 7 0.9 12.1 9.6 17.2 4.2
Grand Total 40 4.7 11.9 8.7 18.4 4.8

Notes

  1. Mineral resources reported at a cut-off grade of 7% Mn.
  2. Appropriate rounding has been applied.
  3. Refer to Appendix 1 JORC Table 1, Sections 1 to 3 and Appendix 2 for further details.

Related Announcements

  1. Global Balfour Manganese Mineral Resource Estimates Exceed 300 Mt – 12 December 2023

Competent Person’s Statement

Reporting of Exploration Results and Previously Reported Information The information in this report that relates to Exploration Results is based on, and fairly represents, information and supporting documentation reviewed by Mr Brendan Cummins, Executive Director of Black Canyon Limited. Mr Cummins is a member of the Australian Institute of Geoscientists, and he has sufficient experience which is relevant to the style of mineralisation and type of deposits under consideration and to the activity which has been undertaken to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Cummins consents to the inclusion in this release of the matters based on the information in the form and context in which they appear. Mr Cummins is a shareholder of Black Canyon Limited.

The information in this report that relates to Mineral Resources is based on, and fairly represents, information and supporting documentation prepared by Mr Greg Jones, (Consultant to Black Canyon and Geological Services Manager for IHC Mining). Mr Jones is a Fellow of the Australasian Institute of Mining and Metallurgy and has sufficient experience of relevance to the style of mineralisation and type of deposit under consideration, and to the activities undertaken to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Jones consents to the inclusion in this report of the matters based on the information in the form and context in which they appear.