POSCO International is a minority shareholder in Black Rock Mining Ltd., holding approximately a 5.9% equity stake, and has entered into an offtake agreement as part of a strategic partnership. However, POSCO International is not the operator of the Mahenge Graphite Project and is not involved in the day-to-day management or operational decisions of the project. The project is operated by Black Rock Mining and its project entity in accordance with applicable Tanzanian laws and regulations. POSCO International recognizes the importance of responsible business conduct and respect for human rights in line with internationally recognized standards. We take concerns raised by civil society regarding potential impacts on local communities seriously.

According to the project operator, the Mahenge project has conducted consultations with local stakeholders, including village representatives and community leaders, in relation to resettlement planning and community development programs. The operator has stated that resettlement activities are being carried out in accordance with Tanzanian legal requirements and aligned with relevant international frameworks, including the International Finance Corporation (IFC) Environmental and Social Performance Standards.

The operator also stated that mining activities at the Mahenge project have not yet commenced, and that current activities remain limited to early-stage site preparation and infrastructure-related works. POSCO International expects the project operator to conduct its activities responsibly, including engagement with local communities and the appropriate management of environmental and social impacts. We will continue to monitor developments through our engagement with the operator.

For your reference, Black Rock Mining, the operator of the Mahenge project, will provide its official statement to you directly in due course.

A full statement from POSCO International is attached