The Mahenge Liandu Graphite Project is a high-grade, long-life, open-pit mining project located in the Morogoro region of Tanzania, about 482 km southwest of Dar es Salaam. It is primarily owned and being developed by Australian-based Black Rock Mining Limited and Armadale Capital Plc. Project Overview

• Location: Ulanga District, Morogoro Region, Tanzania.
• Developers: The project has been associated with both Armadale Capital Plc and Black Rock Mining Limited in separate but nearby developments within the Mahenge region. Black Rock Mining holds 84% ownership of its specific Mahenge project, with the Tanzanian government holding a 16% stake.
• Mine Type: It is an open-pit operation, which is a key factor in its projected low operating costs and low strip ratio.
• Resource: The project boasts one of the world's largest high-grade JORC-compliant flake graphite resources, with Black Rock's estimate at 213 million tonnes at a grade of 7.8% Total Graphitic Carbon (TGC).
• Mine Life: The current mine plan for Black Rock's project forecasts an initial operating life of 26 years.
• Production: The project is planned to be developed in stages, aiming to produce a high-purity graphite concentrate, with potential output reaching up to 340,000 tonnes per annum (tpa) in its final phase. The concentrate purity can reach up to 99.1% TGC.

Current Status and DevelopmentsAs of late 2024 and early 2025, the project has made significant strides towards production:

• Financing: Black Rock Mining has secured substantial financing commitments, including a $179 million boost from African financial institutions, and a separate US$50m funding approval from POSCO, one of the largest ex-China anode producers.
• Permits: All key government agreements and permits, including environmental approvals and a 10-year mining licence, are reportedly in place.
• Timeline: First production is expected approximately 24 months from the Final Investment Decision (FID).

The project is strategically positioned to supply high-quality graphite to the rapidly growing electric vehicle (EV) battery market, offering a source outside of China for Western supply chains