ANNUAL FINANCIAL REPORT
FOR THE YEAR ENDED 30 JUNE 2020

CORPORATE DIRECTORY
DIRECTORS
Richard Crookes
Non-Executive Chairman
John de Vries
Chief Executive Officer, Managing Director
Ian Murray
Non- Executive Director
Gabriel Chiappini
Non-Executive Director
COMPANY 
SECRETARY
Gabriel Chiappini
PRINCIPAL  
PLACE OF 
BUSINESS AND 
REGISTERED 
OFFICE
45 Ventnor Avenue,  
West Perth Western Australia, 6005
T: +61 (0)8 9389 4415
F: +61 (0)8 9389 4400
www.blackrockmining.com.au
AUDITOR
Deloitte Touche Tohmatsu
Tower 2, Brookfield Place 
123 St Georges Terrace 
Perth Western Australia, 6000
T: +61 (0)8 9365 7000
F: +61 (0)8 9365 7001
SHARE  
REGISTRY
Computershare Investor Services Pty Ltd
Level 11, 172 St Georges Terrace 
Perth Western Australia, 6000
T: 1300 787 272
F: +61 (0)8 9323 2033
E: web.queries@computershare.com.au
STOCK  
EXCHANGE 
LISTING
The Company’s shares are quoted on the 
Australian Securities Exchange (ASX).
The Home Exchange is Perth.
ASX CODE
BKT – ordinary shares
BLACK ROCK MINING LIMITED
ABN: 59 094 551 336
02
CHIEF EXECUTIVE OFFICER’S REPORT
05
DIRECTORS’ REPORT
17
AUDITOR’S INDEPENDENCE DECLARATION
18
CONSOLIDATED STATEMENT OF PROFIT OR LOSS  
AND OTHER COMPREHENSIVE INCOME
19
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
20
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
21
CONSOLIDATED STATEMENT OF CASH FLOWS
22
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
44
DIRECTORS’ DECLARATION
45
INDEPENDENT AUDITOR’S REPORT
49
ADDITIONAL ASX INFORMATION

A SNAPSHOT 
OF THE
MAHENGE 
GRAPHITE 
PROJECT
SIMPLE OPEN PIT 
MINE DEVELOPMENT 
WITH OUTSTANDING 
FORECAST RETURNS
US$1.2B
Post-tax, ungeared 
real NPV10
US$116M
Phase 1  
development capex
US$494/t
LOM All-In-Sustaining-Cost
45%
Post-tax, ungeared,  
real IRR
US$1,301/t
Basket graphite price 
(net FOB)
83ktpa
Phase 1 output 
 (1Mtpa ROM)
95 - 99%+ TGC purity
59% +80 mesh, 41% -80
Concentrate product
350ktpa
Phase 4 output 
 (4Mtpa ROM)
26 years
Initial operating life
Following release of the Enhanced Definitive Feasibility Study 
(DFS) on the Mahenge Graphite Project in July 2019 (see Black 
Rock ASX release dated 25 July 2019, Mahenge Enhanced DFS  
with Executive Summary), Black Rock confirms that it is not aware 
of any new data or information that materially affects the results 
of the Enhanced DFS. All material assumptions and technical 
parameters, including in the estimation of Mineral Resources  
or Ore Reserves, underpinning the estimates in the Enhanced  
DFS continue to apply and have not materially changed.  
The estimated Ore Reserves and Mineral Resources underpinning 
the production and financial forecasts in the Enhanced DFS 
were prepared by Competent Persons in accordance with the 
requirements in Appendix 5A (JORC Code).
BLACK ROCK MINING LIMITED
2020 ANNUAL REPORT
01

Black Rock has built a solid 
foundation that has distinguished and 
validated its “Crawl, Walk, Run, Sprint” 
development strategy. At its core, the 
geology and geographical advantages 
at Mahenge provide for a very unique 
opportunity of a high-grade large 
flake graphite deposit, supported 
by rail access to deep water ports 
and access to grid power. Continued 
focus on de-risking the project and 
aligning partner supply chain has 
proved pivotal in differentiating the 
operating model for Mahenge. 
Early in the year, the Company 
released an enhanced Definitive 
Feasibility Study (eDFS), effectively 
an optimized version of the original 
Definitive Feasibility Study (DFS) 
now including a fourth production 
module. This enhancement was done 
in response to customer demand 
for a more aggressive ramp up. 
The development sequence was 
also compressed for modules to be 
commissioned annually after first 
production, subject to funding and 
confirmed demand, targeted steady 
state annual production was to 
increase from 250,000 to 340,000 
tonnes. This delivered a revised 
set of financial metrics which saw 
a forecasted increase of 30% to 
NPV10 rising to US$1.16Bn, IRR of 
44.8% (after tax and Free Carried 
Interest), with no material change to 
capex for module one of US$116m1. 
Importantly, the scale and significance 
of the Mahenge Graphite project was 
evident with the eDFS forecasting a 
stable state EBITDA (after year 5) of 
US$306M per annum at our basket 
price of $1,301 per tonne for 97.5% 
concentrate. The Company continues 
to believe that Mahenge is the best 
undeveloped graphite project globally.
During the year, Black Rock has 
focused heavily on development and 
validation, with a particular view on 
channel development. This required 
the Company to put material in 
the hands of customers to try it. In 
August 2019, Black Rock announced 
that its battery anode pre-cursor 
production trial delivered industry 
leading results, with spheronising 
yields of up to 53% and final purity 
of 99.98% Total Graphitic Carbon as 
reported by Loss on Ignition (LOI). 
This significantly exceeded industry 
standard for battery anode materials 
of 35-45% and 99.95% respectively. 
This achievement was critically 
important as it demonstrated that 
the flow sheet developed preserved 
the integrity of the flake (does not 
impair spheronising performance), 
and secondly, it talked to the 
alignment with our partner value 
chain as it demonstrated to offtake 
partners that they could achieve 
industry leading performance using 
Mahenge Graphite flake in their 
existing commercial facilities.
By January 2020, Black Rock entered 
into a non-binding Cooperation 
Framework Agreement (CFA) with 
state-owned enterprise (SOE),  
China Railway Seventh Group Co. Ltd 
(CRSG), a wholly owned subsidiary 
of China Railway Group Limited, 
one of the largest construction 
companies globally. This delivered a 
proven EPC partner with substantial 
African (including Tanzanian) build 
experience, along with a significant 
reduction of upfront capital  
and overall build execution risk.  
In combination with our equipment 
supplier Yantai Jinyuan, total 
deferred payment terms are 
approximately US$35M of the 
1	
Refer ASX 24th July 2019 Mahenge DFS Enhanced with Addition of Fourth Module – Forecast 
capex has been estimated as a Class 3 estimate with accuracy of ± 10% as defined by AACE
CHIEF 
EXECUTIVE 
OFFICER’S 
REPORT
Black Rock Mining Limited (ASX: BKT) continued to 
advance the development of the Mahenge Graphite 
project in Tanzania, delivering on a number of 
key milestones during the year. Heading into a 
transformative year the company is well positioned 
to capitalize on the foundation for success put in 
place over the last three years.
BLACK ROCK MINING LIMITED
2020 ANNUAL REPORT
02

2	
Following release of the Enhanced DFS in July 2019, the Company confirms that it is not aware of any new data or information that materially affects 
the results of the Enhanced DFS and that all material assumptions and technical parameters underpinning the estimates in the relevant market 
announcements continue to apply and have not materially changed
3	
Refer ASX release 24th July 2019 – Mahenge DFS Enhanced with Addition of Fourth Module
US$116M module one development 
capital estimate in the eDFS2.  
This approach delivers around 30% 
of the net capital cost for Module 
1 being deferred and payable only 
after effective plant completion  
(and over a trailing 12-month period 
from that point).
Turning to Tanzania, over recent 
years, Black Rock has adopted a 
deliberate whole of government 
approach to create a positive 
platform for engagement.  
This culminated in April 2020,  
with formal advice from the 
Government of the United Republic 
of Tanzania inviting Black Rock  
to commence formal negotiations  
on the structure and nature of  
their 16% Free Carried Interest  
(FCI) in the Mahenge Graphite 
project. Formal negotiations on  
FCI continue post year end with  
a Draft Framework Agreement 
 (DFA) received from the  
Government of Tanzania.
As a further sign of the deep 
engagement forged in Tanzania, 
Black Rock completed field activities 
associated with the Mahenge 
Resettlement Action Plan (RAP),  
with the resettlement and 
compensation process agreed with 
>98% of Project Affected Persons 
(PAP’s). A total of 148 meetings were 
held in the Mahenge community 
since December 2019, with work 
overseen by Government Officials 
to ensure accuracy and compliance 
with legislation. Being able to secure 
a 98% acceptance rate should be 
considered as community  
validation of our project’s social 
licence to operate.
The Company partnered with the 
community in Ulanga District to 
support school children by providing 
6.5 tons of maize and 1.1 tons of 
beans to primary and secondary 
schools in the District. 
The Company also teamed up  
with the villages in the project area to 
construct three village offices.  
This has strengthened the relationship 
with the project hosts with the mission 
being, "we build our future together". 
We have supported the National 
Torch Relay for the third year running 
by proving tracksuits to local school 
children participating in the parade.
Black Rock Mining has enjoyed 
a proud history in delivering 
on Environmental, Social and 
Governance (ESG) initiatives through 
the Company’s Corporate Social 
Responsibility (CSR) program in 
Mahenge. Our social licence to 
operate is fundamental to delivering 
benefits to all stakeholders.  
The Mahenge Graphite project  
will see the creation of 970 jobs  
over the project life, along with  
many downstream benefits to  
local communities. This is a legacy 
the Company is eager to deliver.  
A successful RAP further 
differentiates Mahenge’s brand 
of clean graphite, to now include 
socially responsible graphite.
With Black Rock’s presence in 
Tanzania validated, the Company 
was pleased to announce market 
validation by entering into a 
Strategic Alliance & Development 
Memorandum of Understanding 
(MOU) with the POSCO Group  
for the development of the  
Mahenge Graphite Project.  
POSCO is one of the world’s  
largest producers of anode 
feedstock and a major participant  
in the global Lithium-ion Battery  
(LiB) industry.
The MOU with POSCO outlines the 
key terms under which Black Rock 
and POSCO plan to progress to a 
binding Investment Agreement.  
The Investment Agreement 
anticipates an initial investment of up 
to US$10m by way of a subscription 
for shares and/or convertible notes 
in Black Rock, and was subject to a 
90-day due diligence period, later 
extended to 20th November 2020. 
The MOU also allows for POSCO 
to obtain the right to a long-term 
offtake arrangement for up to 100% 
of fines (sub #100 mesh). This is 
expected to be up to 40,000 tonnes 
per annum3 at full production rates 
for module one. 
The proposed alliance with POSCO 
is potentially a major de-risk 
event for the project, considering 
POSCO’s financial capacity and 
global significance in the LiB market. 
The partnership also provides for 
geographic diversity, and validates 
Black Rock’s approach to upstream 
assets as opposed to competing 
with downstream partners such as 
POSCO. The other point here, is that 
Black Rock is the first junior miner to 
put their product into the hands of  
a battery major. 
Black Rock continues to be pleased 
with the level of interest and 
engagement with potential financiers. 
In June 2020, TIB Development Bank 
Limited (formerly known as Tanzania 
Investment Bank) initiated due 
diligence on the project.  
BLACK ROCK MINING LIMITED
2020 ANNUAL REPORT
03

Our position in developing the 
Mahenge Graphite Project is that  
for this project to be successful,  
we need local Tanzanian businesses 
to participate with Black Rock in 
developing the project. 
Having a number of conditions 
precedent activities in the advanced 
stage, such as the POSCO alliance, 
Government of Tanzania FCI and 
RAP, has meant that the Company is 
able to pursue real and meaningful 
discussions with respect to securing 
the least dilutive, risk adjusted option 
for our Shareholders. 
Like many companies, Black Rock 
experienced our own challenges 
associated with the Covid-19 
pandemic. The impact to date on 
Black Rock’s normal operations  
was limited to capital markets and 
the ability for Company executives  
to travel to Tanzania and Asia.  
More recently, we have seen this 
impact extend to due diligence  
work with POSCO related to travel 
to site and logistics associated 
with the movement of material for 
testwork. Tanzania has not adopted 
a lock down strategy, although it has 
limited some public gatherings.  
Black Rock turned the market 
uncertainty into an opportunity to 
modify our approach interacting 
with investors, shareholders and 
stakeholders from presenting 
at meetings and investment 
conferences, to instead leverage 
our digital capabilities and present 
directly to you, wherever you are. 
The Company launched BKT-TV, 
our first foray into developing 
and managing our own media 
broadcasts. This has been hugely 
successful, which we intend to 
continue to develop to amplify our 
communication on the development 
of the Mahenge Graphite project.
We continue to believe that Mahenge 
is the best natural flake graphite 
in the world. We have proven this 
through our extensive test work and 
in having it validated by potential 
customers and the market.
During the year, Black Rock Mining 
raised capital totalling A$3 million 
through a placement taken up 
by the Board, Institutional and 
Sophisticated Investors. We would 
like to recognize and thank new and 
existing shareholders who supported 
Black Rock throughout the year. 
I would also like to personally thank 
the Board of Directors for their 
support over the past year and thank 
our staff and management for their 
contributions during what was a 
challenging but critical year.
I look forward to the outcome of our 
financing discussions and moving 
into construction for our Mahenge 
project in 2020.
John de Vries
CHIEF EXECUTIVE OFFICER
BLACK ROCK MINING LIMITED
2020 ANNUAL REPORT
04

The Directors of Black Rock Mining Limited (“Company” or “Black Rock Mining”) submit herewith the annual 
report of the Company and its subsidiary entities (“Consolidated Entity”) for the financial year ended 30 June 
2020. In order to comply with the provisions of the Corporations Act 2001, the directors report as follows:
INFORMATION ABOUT THE DIRECTORS
The names and details of the Directors of Black Rock Mining during the financial year are:
NAME
PARTICULARS
Richard Crookes
Non-Executive 
Chairman
Mr Crookes has over 30 years’ experience in the resources and investments industries.  
He is a geologist by training having worked in the industry most recently as the Chief Geologist 
and Mining Manager of Ernest Henry Mining in Australia (now Glencore). Mr Crookes was most 
recently an Investment Director at EMR Capital and prior to that he was an Executive Director 
in Macquarie Bank’s Metals Energy Capital (MEC) division where he managed all aspects of 
the Bank’s principal investments in mining and metals companies as well as the origination of 
numerous project finance transactions. Mr Crookes has extensive experience in deal origination, 
evaluation, structuring, and completing investment entry and exits for both private and 
public resource companies in Australia and overseas, as well as execution of Project Finance 
transactions in Africa. 
Mr Crookes is a member of both the Audit and Remuneration Committees.
Mr Crookes held directorships with the following listed companies in the 3 years immediately 
prior to the date of this report.
NAME
DATE APPOINTED
DATE RESIGNED
Highfield Resources Limited
April 2013
Current
Lithium Power International Limited
November 2018
Current
Ian Murray
Non-Executive 
Director
Mr Murray is a Non-Executive Director of Black Rock Mining. Mr Murray graduated with a 
Bachelor of Commerce (BCom) in 1987 from the University of Cape Town, a member of both the 
South African Institute of Chartered Accountants and the Institute of Chartered Accountants of 
Australia and New Zealand, and is a member of the Australian Institute of Company Directors. 
He has held senior management positions for companies such as KPMG, Price Waterhouse, 
Bioclones, DRDGold Limited, and Gold Road Resources Limited (ASX:GOR). More recently,  
as Chief Executive Officer and Managing Director, he successfully delivered Gold Road Resources 
Limited’s Gruyere Project, and has significant African experience through DRDGold.
Mr Murray is a member of the Audit Committee and Chair of the Remuneration Committee.
Mr Murray held directorships with the following listed companies in the 3 years immediately 
prior to the date of this report.
NAME
DATE APPOINTED
DATE RESIGNED
Gold Road Resources Limited
October 2007
January 2019
Gascoyne Resources Limited
October 2018
October 2018
Matador Mining Limited
May 2020
Current
Geopacific Resources Limited
September 2019
Current
Todd River Resources Limited
September 2020
Current
John de Vries
Managing Director
CEO
Mr de Vries has over 30 years’ experience in the mining industry. He started his career in 1984 
working for WMC Resources and held operational roles such as Underground Manager, Senior 
Mining Engineer and Manager Mining. In 1998, he moved to AMC Consultants to become a 
Principal Mining Engineer responsible for Mine Optimisation. In 2003, he joined Orica Mining 
Services as Global Business Manager, Advanced Mining Solutions, before moving to BHP Billiton 
in 2007 as the Manager Strategic Mine Planning. 
Most recently from 2011 to 2015, he was General Manager Technical Services for St Barbara 
Limited. After his success with St Barbara Limited, Mr de Vries took an 18-month sabbatical 
before joining Black Rock Mining.
Mr de Vries holds a Bachelor of Engineering, Mining, a Master of Science in Mineral Economics, 
a Graduate Diploma in Economic Geology, a Graduate Diploma in Financial Markets and 
is Advisory Committee Member-Mining of MRIWA. Mr de Vries holds a WA First Class Mine 
Managers Certificate of Competency. He is a member of the AusIMM, a fellow of FINSIA and a 
member of SME.
Mr de Vries does not currently hold any other directorships, nor has he in the past 3 years.
BLACK ROCK MINING LIMITED
2020 ANNUAL REPORT
05
DIRECTORS’ 
REPORT

NAME
PARTICULARS
Gabriel Chiappini
Non-Executive 
Director and 
Company Secretary
Mr Chiappini is an experienced ASX director and has been active in the capital markets for  
18 years. Mr Chiappini has assisted in raising in excess of AUD $400m in funding and has 
provided investment and divestment guidance to a number of companies. Mr Chiappini 
specialises in start-up companies and assists companies with their growth and strategic 
direction. Mr Chiappini is a member of the Australian Institute of Company Directors and 
Chartered Accountants Australia & New Zealand. 
Mr Chiappini is Chair of the Audit Committee and a member of the Remuneration Committee.
Mr Chiappini held directorships with the following listed companies in the 3 year immediately 
prior to the date of this report.
NAME
DATE APPOINTED
DATE RESIGNED
Invictus Energy Limited
August 2015
Current
Eneabba Gas Limited
September 2016
Current
Fastbrick Robotics Limited:
 - Non-Executive Director
December 2011
August 2018
 - Non-Executive Chairman
March 2012
November 2015
The above-named directors held office during the whole of the financial year and since the end of the financial year 
INFORMATION ABOUT COMPANY SECRETARY
Gabriel Chiappini
Refer above for an overview of Mr Chiappini’s experience and expertise.
PRINCIPAL ACTIVITIES
Black Rock Mining is an Australian-based company listed on the Australian Securities Exchange. The Company owns 
graphite tenure in the Mahenge region of Tanzania.
The Company reports a JORC compliant Mineral Resource Estimate of 211.9m tonnes at 7.8% TGC for 16.6m tonnes of 
contained Graphite, making this one of the largest JORC compliant flake graphite Mineral Resource Estimates globally.
Over 50% of the Mineral Resource is in the Measured and Indicated categories. In October 2017, Black Rock Mining 
announced results of a Definitive Feasibility Study (PFS). The study confirms Mahenge’s potential as a long-life, low 
capex, high margin operation.
The Company has proceeded with permitting and was granted Environmental Impact Assessment Certificate, Reg No. 
EC/EIA/2018/0352 in August 2018. Mining licenses ML 611/2019 and ML612/2019 were granted in February 2019.
The Definitive Feasibility Study estimated a post-tax, unlevered, internal rate of return (“IRR”) for the Project of 42.8%; 
and a net present value (NPV) using a discount rate of 10% (NPV10) of US$895m. Black Rock Mining confirms, the key 
assumptions used in the DFS have not materially changed and that the material assumptions continue to apply for the 
optimised study released in August 2019.
Black Rock Mining confirms that it’s DFS has allowed for the proposed Tanzanian legislative changes relating to  
16% free carry position of the Tanzanian Government and the royalty rate increasing to 4.3%. Black Rock Mining has 
commenced a structured financing process to identify and deploy funds for development the Mahenge Graphite 
Project. Black Rock Mining has executed a non-binding Memorandum of Understanding (MOU) with Korean industrial 
group, POSCO, to potentially form a Strategic Alliance & Development Relationship for the development of the  
Mahenge Graphite Project.
For further information on the Company’s development pathway, please refer to the Company’s website at the 
following link: http://www.blackrockmining.com.au
INFORMATION ABOUT THE DIRECTORS (CONTINUED)
BLACK ROCK MINING LIMITED
2020 ANNUAL REPORT
06
DIRECTORS’ 
REPORT

REVIEW AND RESULTS OF OPERATIONS AND ACTIVITIES
Results of Operations
The consolidated loss after tax for the year ended 30 June 2020 was $3,387,285 (2019: $2,864,024). 
Principal activities during the year included:
•	 Completed a large-scale spheronising and purification trial using 400kg of sub-80 mesh concentrate that was 
generated during the March 2019 Pilot Plant run.
•	 Completed an equity placement to raise A$3 million via the issuance of 42,857,143 new shares at an issue price of 
A$0.07 per share.
•	 Released its Mahenge Graphite Project Enhanced DFS (eDFS), building on the original DFS released in October 
2018. The DFS was enhanced to include a fourth production module, a compressed development schedule and an 
increased schedule contingency.
•	 Received written formal advice from the Government of the United Republic of Tanzania (Government) confirming 
preparations to commence formal negotiations on the structure and nature of their 16% Free Carried Interest (FCI) 
in Black Rock Mining’s Mahenge Graphite Project. 
•	 Entered into a non-binding Cooperation Framework Agreement (CFA) with a Chinese state-owned enterprise (SOE), 
China Railway Seventh Group Co. Ltd (CRSG), a wholly owned subsidiary of China Railway Group Limited.
•	 Successfully commenced and completed a Resettlement Action Plan.
•	 Executed a non-binding Memorandum of Understanding (MOU) with Korean industrial group, POSCO, to potentially 
form a Strategic Alliance & Development Relationship for the development of the Mahenge Graphite Project.
•	 TIB Development Bank Limited (TIB) (formerly known as Tanzania Investment Bank) commenced due diligence on 
the Company’s Mahenge Graphite Project.
Corporate and Financial Position
Consolidated net assets at year-end were $22,718,912 against $22,406,840 at the close of the prior year.  
Total cash held at year-end was $722,097 (2019: $1,907,467).
DIVIDENDS
No dividend has been paid since the end of the previous financial year and no dividend is recommended for the current year.
CHANGES IN THE STATE OF AFFAIRS
There have not been any significant changes in the State of Affairs of the Company. Black Rock Mining remains focused 
on developing its Graphite Mahenge Project in Tanzania (the Project). The Company is progressing towards the 
development phase, finalising negotiations with the Government of Tanzania on the Free Carried Interest and securing 
financing for the Project.
SUBSEQUENT EVENTS
Other than the below, the Directors are not aware of any matter or circumstance that has significant or may 
significantly affect the operation of the Company or the results of those operations, or the state of affairs of the 
Company in subsequent financial years.
-	 On 31 July 2020 Black Rock Mining announced, that further to the announcement on 29 April 2020, that it had 
progressed formal negotiations to resolve the structure and nature of the Free Carried Interest (FCI) with the 
Government of the United Republic of Tanzania (Tanzanian Government). On 8 September 2020 Black Rock Mining 
announced that its potential Strategic Alliance and Development partner, POSCO Limited (POSCO), is making 
meaningful progress on due diligence activities, including battery manufacture and extended battery performance 
testing and had extended the due diligence process to 20 November 2020.
-	 On 11 August 2020 Black Rock Mining announced, that the fully underwritten non-renounceable Entitlement Offer 
to raise approximately $1.65 million as announced by the Company on 3 July 2020, settled with all the securities 
under the offer allotted. Under the terms of the Entitlement Offer Eligible Shareholders were entitled to apply for 
one (1) New Share at an issue price of $0.042 (4.2 cents) for every sixteen (16) shares held on the Record Date.  
Each New Share issued under the terms of the Entitlement Offer receive one (1) free attaching New Option 
exercisable at $0.084 (8.4 cents), expiring three (3) years after the issue date. Under the Entitlement Offer the 
Company offered a maximum of 39,308,982 new shares to raise approximately $1.65 million.
BLACK ROCK MINING LIMITED
2020 ANNUAL REPORT
07

SUBSEQUENT EVENTS (CONTINUED)
-	 On 8 September 2020 Black Rock Mining announced that its potential Strategic Alliance and Development partner,  
POSCO Limited (POSCO), is making meaningful progress on due diligence activities, including battery manufacture  
and extended battery performance testing and had extended the due diligence process to 20 November 2020.
-	 On 15 September 2020 Black Rock Mining announced that the Government of Tanzania had officially published 
regulations concerning graphite concentrate exports, having issued Government Notice 687 of 2020 “The Mining 
(Value Addition) Regulations, 2020”. The updated regulation continues the policy of maintaining a minimum graphite 
concentration of 65% total graphitic carbon and payment of royalties as conditions of export. The 2020 regulations 
revoke the 2019 “The Mining (Mineral Value Addition) Guidelines of 2019. Black Rock Mining has demonstrated in 
two independent pilot plant operations that Mahenge can produce graphite concentrate at grades of up to 98% 
Carbon by LOI thereby confirming Black Rock Mining’s Definitive Feasibility Study view that Mahenge graphite 
concentrate is suitable for export.
-	 During March 2020 and up until the date of this report, Australia and much of the World has been impacted by  
the spread of the COVID-19 virus. COVID-19, announced as a global pandemic by the World Health Organization on 
11 March 2020, is a non- adjusting subsequent event which has the potential to significantly impact business activity 
and economic conditions worldwide after reporting date. While the exact economic impact on the business cannot 
be estimated, the Group has taken action to continue to pursue its projects. To date, there has been no significant 
impact on the current operations of the business or the financial position as at 30 June 2020. 
FUTURE DEVELOPMENTS
Black Rock Mining remains focused on developing its Graphite Mahenge Project in Tanzania. The Company is now 
moving into its development phase and looks forward to executing on its strategy to develop and bring Mahenge into 
production and in parallel, penetrate the battery materials supply chain. 
ENVIRONMENTAL REGULATION AND PERFORMANCE
The exploration activities of entities in the Consolidated Entity are subject to environmental regulations imposed 
by various regulatory authorities, particularly those relating to ground disturbance and the protection of rare and 
endangered flora and fauna.
Entities in the Consolidated Entity have complied with all environmental requirements up to the date of this report.
SHARE OPTIONS
Share options granted to directors 
During the year 9,200,000 million share options were granted to the directors of the Company. Refer to table on page 14.
Share options on issue
The details of the options as at the date of this report are as follows:
ISSUING ENTITY
NUMBER OF SHARES 
UNDER OPTION
CLASS OF  
SHARES
EXERCISE PRICE  
OF OPTION
EXPIRY DATE  
OF OPTIONS
Black Rock Mining Limited
13,000,000
Ordinary
$0.10
7 November 2021
Black Rock Mining Limited
5,000,000
Ordinary
$0.07
9 July 2021
Black Rock Mining Limited
5,000,000
Ordinary
$0.20
14 March 2021
Black Rock Mining Limited
3,000,000
Ordinary
$0.10
18 December 2021
Black Rock Mining Limited
1,000,000
Ordinary
$0.10
31 October 2021
Black Rock Mining Limited
3,000,000
Ordinary
$0.15
18 November 2022
Black Rock Mining Limited
9,200,000
Ordinary
$0.15
28 October 2022
Option holders do not have any right by virtue of the option to participate in any share issue of the Company or any 
related body corporate.
BLACK ROCK MINING LIMITED
2020 ANNUAL REPORT
08
DIRECTORS’ 
REPORT

PERFORMANCE RIGHTS
Performance rights granted to directors
During and since the end of the financial year, no new performance rights were granted to directors of the Company. 
Performance rights on issue
As at the date of this report, no performance rights are on issue.
INFORMATION ABOUT THE DIRECTORS
The following table sets out each Director’s relevant interest in shares or options over shares of the Company as at the 
date of this report:
DIRECTOR
NUMBER
GRANT DATE
EXPIRY DATE
EXERCISE PRICE
Richard Crookes
- Ordinary shares
2,705,357
- Unlisted Options
2,500,000
7-Nov-18
7-Nov-21
$0.10
- Unlisted Options
2,400,000
29-Oct-19
28-Oct-22
$0.15
John de Vries
- Ordinary shares
4,033,928
- Unlisted Options
5,000,000
7-Nov-18
7-Nov-21
$0.10
- Unlisted Options
3,600,000
28-Oct-19
28-Oct-22
$0.15
Ian Murray
- Ordinary shares
5,794,420
- Unlisted Options
3,000,000
18-Nov-19
18-Nov-22
$0.15
- Unlisted Options
1,600,000
28-Oct-19
28-Oct-22
$0.15
Gabriel Chiappini
- Ordinary shares
6,892,857
- Unlisted Options
2,500,000
7-Nov-18
7-Nov-21
$0.10
- Unlisted Options
1,600,000
28-Oct-19
28-Oct-22
$0.15
INDEMNIFICATION OF OFFICERS AND AUDITOR
The Company gave indemnity and held the following liability cover in place during the course of the financial year:
1.	 Agreements to indemnify Mr Richard Crookes (Non-Executive Chairman), Mr John de Vries (Managing Director),  
Mr Gabriel Chiappini (Non-Executive Director) and Mr Ian Murray (Non-Executive Director), in respect of any 
liabilities incurred by them while acting in the normal course of business as a director of the entity and to insure 
them against certain risks they are exposed to as directors of the Company.
2.	 Pursuant to the above, the Company has paid premiums to insure the directors and executive management  
against liabilities incurred in the conduct of the business of the Company and has provided right of access to the 
Company records.
3.	 In accordance with common commercial practice, the insurance policy prohibits disclosure of the premium and the 
nature of the liability insured against.
The Company has not provided any insurance for an auditor of the Company.
BLACK ROCK MINING LIMITED
2020 ANNUAL REPORT
09

DIRECTORS’ MEETINGS
The following table sets out the number of Directors’ meetings (including meetings of committees of directors)  
held during the financial year and the number of meetings attended by each Director (while they were director  
or committee member). During the financial year seven (7) Board meetings were held:
DIRECTOR
NUMBER ELIGIBLE TO ATTEND
NUMBER ATTENDED
Richard Crookes
7
7
Ian Murray
7
7
John de Vries
7
7
Gabriel Chiappini
7
7
NON-AUDIT SERVICES
During the year no non- audit services were provided by the Auditor (or by another person or firm on the Auditors behalf).
AUDITOR’S INDEPENDENCE DECLARATION
The auditor’s independence declaration is included after this report.
PROCEEDINGS ON BEHALF OF THE COMPANY
No person has applied for leave of Court to bring proceedings on behalf of the Company or intervene in any 
proceedings to which the Company is a party for the purpose of taking responsibility on behalf of the Company  
for all or any part of those proceedings. The Company was not party to any such proceedings during the year.
BLACK ROCK MINING LIMITED
2020 ANNUAL REPORT
10
DIRECTORS’ 
REPORT

REMUNERATION REPORT (audited)
This remuneration report, which forms part of the Directors’ Report, sets out information about the  
remuneration of Black Rock Mining’s key management personnel for the financial year ended 30 June 2020.  
The term ‘key management personnel’ refers to those persons having authority and responsibility for planning, 
directing and controlling the activities of the Consolidated Entity, directly or indirectly, including any director  
(whether executive or otherwise) of the Consolidated Entity. The prescribed details for each person covered  
by this report are detailed below under the following headings: 
•	 key management personnel
•	 remuneration policy
•	 relationship between the remuneration policy and Company performance
•	 remuneration of key management personnel
•	 key terms of employment contracts
•	 other information
Key management personnel 
The key management personnel of the Consolidated Entity during or since the end of the financial year were:
Richard Crookes
Non-Executive Chairman
Appointed 16 October 2017
Ian Murray
Non-Executive Director
Appointed 2 May 2019
John de Vries
Chief Executive Officer & Managing Director
Appointed 16 March 2017
Gabriel Chiappini
Non-Executive Director
Appointed 21 March 2012
& Company Secretary
Appointed 12 July 2013
Remuneration policy 
The Board of Directors is responsible for determining and reviewing compensation arrangements for directors  
and the executive team. The Board assesses the appropriateness of the nature of the amount of remuneration of  
such officers on a periodic basis by reference to relevant employment market conditions with the overall objective  
of ensuring maximum stakeholder benefit from the retention of a high-quality Board and Executive team and that  
each staff member’s remuneration package properly reflects that person’s duties and responsibilities.
The Board may, however, exercise its discretion in relation to approving incentive bonuses, options and  
performance rights.
Elements of director and executive remuneration
Remuneration packages contain the following key elements:
•	 Short term benefits – salaries / fees
•	 Annual leave benefits
•	 Post-employment benefits – superannuation
•	 Share based payments
BLACK ROCK MINING LIMITED
2020 ANNUAL REPORT
11

REMUNERATION REPORT (audited) (CONTINUED)
Elements of director and executive remuneration (CONTINUED)
No non-monetary short-term benefits, prescribed retirement benefits or other post-employment benefits were paid. 
The following table discloses the remuneration of the Directors and executives of the Company:
2020
SHORT TERM 
EMPLOYEE 
BENEFITS - 
SALARY AND FEES
OTHER (i)
BONUS
POST 
EMPLOYMENT 
BENEFITS - 
SUPERANNUATION
SHARE BASED 
PAYMENT 
(OPTIONS AND 
RIGHTS)
TOTAL
% LINKED TO 
PERFORMANCE
$
$
$
$
Richard Crookes
100,000
-
-
9,500
56,303
165,803
-
Ian Murray 
66,000
-
-
6,270
68,828
141,098
-
John de Vries
303,500
27,375
-
25,000
84,130
440,005
-
Gabriel Chiappini
72,270
-
-
-
56,084
128,354
-
541,770
27,375
-
40,770
265,345
875,260
(i)	 Other relates to annual leave benefits earnt during the year
During the June 2020 financial year, in response to the COVID pandemic, the Directors of Black Rock Mining agreed 
to defer a portion of their fees. Refer to the section titled “Amounts owing to Directors” below for a summary of the 
amounts owing to each Director at the end of financial year.
2019
SHORT TERM 
EMPLOYEE 
BENEFITS - 
SALARY AND FEES
OTHER (iii)
BONUS (iv)
POST 
EMPLOYMENT 
BENEFITS - 
SUPERANNUATION
SHARE BASED 
PAYMENT (OPTIONS 
AND RIGHTS)
TOTAL
% LINKED TO 
PERFORMANCE
$
$
$
$
Richard Crookes
108,333
-
-
 10,292 
 50,808 
 169,433 
-
Ian Murray (i)
11,000 
-
-
 1,045 
 8,647 
 20,692 
-
John de Vries
302,645 
23,088
75,000
25,000
 86,383 
512,116
-
Stephen Copulos (ii)
20,833 
-
-
 -
 32,350 
 53,183 
-
Gabriel Chiappini
49,000 
-
-
 -
 59,366 
 108,366 
-
491,811 
23,088
75,000
36,337
 237,554 
863,790
(i)	 Appointed 2 May 2019
(ii)	 Resigned 7 November 2018
(iii)	Other relates to accrual of annual leave benefits
(iv)	 On 10 September 2019 the Company announced that the Board had agreed to award John de Vries a $75,000 short term incentive for his 
performance during the 2019 financial year to be paid 50% cash and 50% in Black Rock Mining ordinary shares (shares subject to shareholder 
approval). At the date of this report no bonus had been awarded for the 30 June 2020 financial year.
BLACK ROCK MINING LIMITED
2020 ANNUAL REPORT
12
DIRECTORS’ 
REPORT

REMUNERATION REPORT (audited) (CONTINUED)
Amounts owing to Directors
During the June 2020 financial hear, in response to the COVID pandemic, the Directors of Black Rock Mining agreed 
to defer a portion of their fees. Below is a summary of the amounts owing at the end of the financial year.
2020
2019
$
$
Richard Crookes
36,500
-
Ian Murray
24,090
-
John de Vries
105,192
-
Gabriel Chiappini
30,815
-
196,597
-
Key Terms of Employment Contracts
The Directors and executive are employed under contracts, which have no fixed term.
The contract binding the Managing Director may be terminated by the individual or the Board by giving three months’ 
notice in writing to terminate the Employment Agreement under which his services are contracted.
The Non-Executive Directors are bound by letter of appointments. The contract of the Non-Executive Director may be 
terminated at any time by him by notice in writing or by shareholders acting by majority vote.
Managing Director and Chief Executive Officer Employment Contract
Effective 10 September 2019, Mr John de Vries was promoted to the position of the Managing Director and  
Chief Executive Officer and was employed under an Executive Services Agreement with the material terms and 
conditions being:
Status
Full time
Term
Rolling contract
Notice period
6 months’ notice by either party, notice period extends to 12 months under certain circumstances
Salary
$300,000 per annum plus superannuation (same as current salary)
Superannuation
Statutory Rate
Leave
20 days annual leave
Short Term 
Incentive (STI)
Ability to earn up to 50% of base salary as an STI per annum. For the FY19 period the board has 
agreed to award John de Vries a $75,000 STI for his performance during FY19 to be paid 50% cash 
and 50% in BKT ordinary shares (shares subject to shareholder approval).
Long Term 
Incentives (LTI)
Ability to earn up to 50% of base salary as an LTI. For the FY20 year, 3,600,000 unlisted options 
issued at nil consideration that will vest in three equal tranches over 12, 18 & 24 months and be 
exercisable at $0.15 each and expire three years from date of grant. These options are subject to 
shareholder approval. LTI to be reviewed annually.
Other Benefits
Indemnity & Access Deed D&O Insurance
BLACK ROCK MINING LIMITED
2020 ANNUAL REPORT
13

REMUNERATION REPORT (audited) (CONTINUED)
Share based payment arrangements
Options
As approved at the 2019 Annual General Meeting, the following options were granted during the year, affecting key 
management personnel remuneration:
NUMBER OF  
SHARE OPTIONS (i)
Richard Crookes
2,400,000
Ian Murray
1,600,000
John de Vries
3,600,000
Gabriel Chiappini
1,600,000
9,200,000
(i)	 Expiry: 28 October 2022, Exercise price: $0.15, Vesting conditions: 33.3% on 28 October 2020, 33.3% on 28 October 2021 and 33.4% on  
28 October 2022 subject to remaining as a director, executive or consultant of the Company. Fair value per share option was $0.0268 computed 
using a Black & Scholes model.
The options above (9.2 million) pertain only to those issued to key management personnel during the year and 
represent only a portion of the total options issued during the year which are disclosed above.
Details of unissued shares or interests under option held by key management personnel at the date of this report, 
excluding those subject to shareholder approval, are:
ISSUING ENTITY
NUMBER OF SHARES 
UNDER OPTION
CLASS OF SHARES
EXERCISE PRICE  
OF OPTION
EXPIRY DATE  
OF OPTIONS
Black Rock Mining Limited
10,000,000
Ordinary
$0.10
7 November 2021
Black Rock Mining Limited
9,200,000
Ordinary
$0.15
28 October 2022
Black Rock Mining Limited
3,000,000
Ordinary
$0.15
18 November 2022
The holders of these options do not have the right, by virtue of the option, to participate in any share issue or interest 
issue of the Company.
Performance rights
No new performance rights were issued during the reporting period.
Other information
FINANCIAL TRANSACTIONS WITH KEY MANAGEMENT PERSONNEL
During the financial year the following amounts were paid to Key Management Personnel for services. These payments 
have been disclosed in the remuneration table above:
VALUE $
DESCRIPTION
Gabriel Chiappini
72,270
Amounts to Laurus Corporate Services, a Company Mr Chiappini 
is a shareholder and director of, for the provision of Company 
Secretarial and Non-executive Director services.
BLACK ROCK MINING LIMITED
2020 ANNUAL REPORT
14
DIRECTORS’ 
REPORT

REMUNERATION REPORT (audited) (CONTINUED)
Relationship Between Company Performance and Remuneration Policy
Remunerations levels are not dependent upon any performance criteria as the nature of the Consolidated Entity’s 
operations is exploration and they are not generating profit.
The table below sets out summary information about the Company’s earnings and movements in shareholder wealth 
for the 5 years to 30 June 2020:
2020
2019
2018
2017
2016
Revenue ($’s)
2,870
7,939
24,183
187,548
11,602
Net loss before tax ($’s)
(3,387,285)
(2,864,024)
(2,053,080)
(2,590,371)
(1,349,305)
Net loss after tax ($’s)
(3,387,285)
(2,864,024)
(2,053,080)
(2,590,371)
(1,349,305)
Share Price at start of year
$0.084
$0.037
$0.066
$0.066
$0.028
Share Price at year end
$0.048
$0.084
$0.037
$0.066
$0.066
Loss per share 
$0.00545
$0.00539
$0.00547
$0.1176
$0.005
Movement in shares
The aggregate number of shares of the Company held directly, indirectly or beneficially by Directors and other  
Key Management Personnel of the Company or their personally related entities are as follows:
1 JULY 2019
PURCHASES
OTHER CHANGES 
30 JUNE 2020
Richard Crookes 
2,062,500
642,857
-
2,705,357
Ian Murray
1,508,706
4,285,714
-
5,794,420
John de Vries
3,212,500
285,714
535,714 (i)
4,033,928
Gabriel Chiappini
6,250,000
642,857
-
6,892,857
(i)	 On 10 September 2019 the Company announced that the board had agreed to award John de Vries a $75,000 short term incentive for his 
performance during the 2019 financial year to be paid 50% cash and 50% in Black Rock Mining’s ordinary shares (shares subject to shareholder 
approval) at a deemed price of $0.07 per share
Movement in unlisted options
The aggregate numbers of unlisted options of the Company held directly, indirectly or beneficially by specified Directors 
and other Key Management Personnel of the Company or their personally related entities are as follows:
1 JULY 2019
OPTIONS 
GRANTED FREE 
ATTACHING
OPTIONS 
GRANTED AS 
REMUNERATION
OPTIONS LAPSED
OTHER CHANGES
30 JUNE 2020
VESTED AND 
EXERCISABLE 
AT 30 JUNE 2020
VESTED DURING 
THE YEAR
Richard Crookes
7,500,000
-
2,400,000
-
-
9,900,000
8,300,000
2,500,000
Ian Murray
-
-
1,600,000
-
3,000,000 (i)
4,600,000
2,033,333
1,500,000
John de Vries
10,000,000
-
3,600,000
-
-
13,600,000
11,200,000
5,000,000
Gabriel Chiappini
7,500,000
-
1,600,000
-
-
9,100,000
8,033,333
2,500,000
(i)	 Ian Murray was granted options in the June 2019 financial year with the corresponding expense recognised in that period, however the issue of these 
options was subject to shareholder approval which was obtained at the AGM held on the 28 October 2019
BLACK ROCK MINING LIMITED
2020 ANNUAL REPORT
15

REMUNERATION REPORT (audited) (CONTINUED)
Movement in listed options
There were no movements in listed options of the Company held directly, indirectly or beneficially by specified 
Directors and other Key Management Personnel of the Company or their personally related entities during the  
financial year.
Movement in performance rights
There were no movements in performance rights of the Company held directly, indirectly or beneficially by specified 
Directors and other Key Management Personnel of the Company or their personally related entities during the  
financial year.
END OF REMUNERATION REPORT 
The director’s report is signed in accordance with a resolution of directors made pursuant to s. 298(2) of the 
Corporations Act 2001. 
On behalf of the Directors.
Richard Crookes
CHAIRMAN
Perth, 29 September 2020
BLACK ROCK MINING LIMITED
2020 ANNUAL REPORT
16
DIRECTORS’ 
REPORT

Deloitte Touche Tohmatsu 
ABN 74 490 121 060 
 
Tower 2, Brookfield Place 
123 St Georges Terrace 
Perth WA 6000 
GPO Box A46 
Perth WA 6837 Australia 
 
Tel:  +61 8 9365 7000 
Fax:  +61 8 9365 7001 
www.deloitte.com.au 
 
 
29 September 2020
 
 
Dear Board Members 
 
Auditor’s Independence Declaration to Black Rock Mining Limited 
 
In accordance with section 307C of the Corporations Act 2001, I am pleased to provide the 
following declaration of independence to the directors of Black Rock Mining Limited. 
 
As lead audit partner for the audit of the financial report of Black Rock Mining Limited for 
the year ended 30 June 2020, I declare that to the best of my knowledge and belief, there 
have been no contraventions of: 
 
(i)
the auditor independence requirements of the Corporations Act 2001 in relation 
to the audit; and 
(ii) any applicable code of professional conduct in relation to the audit.   
 
 
 
 
Yours faithfully 
 
 
 
 
DELOITTE TOUCHE TOHMATSU 
 
 
 
Ian Skelton 
Partner  
Chartered Accountants 
The Board of Directors 
Black Rock Mining Limited 
45 Ventnor Avenue  
West Perth, WA 6005 
Liability limited by a scheme approved under Professional Standards Legislation. 
Member of Deloitte Asia Pacific Limited and the Deloitte Network. 
BLACK ROCK MINING LIMITED
2020 ANNUAL REPORT
17
AUDITOR’S  
INDEPENDENCE  
DECLARATION

FOR THE  
YEAR ENDED 
30/06/2020
FOR THE  
YEAR ENDED 
30/06/2019
NOTE
$
$
Interest income
2,870
7,939
Other revenue
-
-
Administrative expenses
(286,725)
(317,152)
Employee benefit expense
(1,111,253)
(707,158)
Share based payment expense
(374,246)
(431,311)
Consulting expense
(1,165,297)
(1,014,579)
Depreciation and amortisation expense
(18,630)
(10,675)
Net foreign currency exchange differences
(4,641)
(5,071)
Other expenses from ordinary activities
(315,131)
(368,949)
Impairment of investments
-
(17,068)
Loss on disposal of investment
(114,232)
-
Loss before tax
(3,387,285)
(2,864,024)
Income tax benefit
6
-
-
LOSS FOR THE YEAR
(3,387,285)
(2,864,024)
Other comprehensive income, net of income tax
Items that may be reclassified subsequently to profit or loss:
Foreign currency translation differences for foreign operations
480,079
912,109
Items not reclassified through profit or loss
-
26,807
TOTAL COMPREHENSIVE LOSS FOR THE YEAR ATTRIBUTABLE TO 
MEMBERS OF BLACK ROCK MINING LIMITED
(2,907,206)
(1,925,108)
Loss for the year attributable to owners of the Company
(3,387,285)
(2,864,024)
Total comprehensive loss attributable to the owners of the Company
(2,907,206)
(1,925,108)
Loss per share
Basic and diluted loss per share
19
(0.00545)
(0.00539)
The above consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the 
accompanying notes.
BLACK ROCK MINING LIMITED
2020 ANNUAL REPORT
18
CONSOLIDATED STATEMENT  
OF PROFIT OR LOSS AND  
OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2020

AS AT  
30/06/2020
AS AT 
30/06/2019
NOTE
$
$
Assets
Current assets
Cash and bank balances
7
722,097
1,907,467
Other receivables
93,368
170,361
Total current assets
815,465
2,077,828
Non-current assets
Exploration & evaluation asset
9
22,770,344
20,978,368
Property, plant and equipment
31,941
43,379
Total non-current assets
22,802,285
21,021,747
Total assets
23,617,750
23,099,575
Liabilities
Current liabilities
Trade and other payables
10
839,026
658,011
Provisions
59,812
34,724
Total current liabilities
898,838
692,735
Total liabilities
898,838
692,735
Net assets
22,718,912
22,406,840
Equity
Issued capital
11
60,989,789
58,086,890
Foreign currency translation reserve
12
1,256,565
796,853
Share based payment reserve
12
1,132,872
796,126
Accumulated losses
13
(40,660,314)
(37,273,029)
Total equity
22,718,912
22,406,840
The above consolidated statement of financial position should be read in conjunction with the accompanying notes.
CONSOLIDATED STATEMENT  
OF FINANCIAL POSITION
AS AT 30 JUNE 2020
BLACK ROCK MINING LIMITED
2020 ANNUAL REPORT
19

ISSUED 
CAPITAL
ACCUMULATED 
LOSSES
ASSET 
REVALUATION 
RESERVE
SHARE BASED 
PAYMENT 
RESERVE
FOREIGN 
CURRENCY 
RESERVE
TOTAL 
EQUITY
NOTE
$
$
$
$
$
$
Balance at 1 July 2018
11, 12, 13
52,371,878
(36,461,185)
87,714
2,400,333
(115,255)
18,283,485
Loss for the year
-
(2,864,024)
-
-
-
(2,864,024)
Other comprehensive income for the year, 
net of tax
-
-
-
-
912,109
912,109
Fair value movement
-
-
26,807
-
-
26,807
Total comprehensive income  
for the year
-
(2,864,024)
26,807
-
912,109
(1,925,108)
Issue of ordinary shares
5,999,500
-
-
-
-
5,999,500
Cost of share capital issued
(382,348)
-
-
-
-
(382,348)
Costs of share based payments
66,660
-
-
364,651
-
431,311
Performance rights converted  
to ordinary shares
31,200
-
-
(31,200)
-
-
Options expired not vested  
during the period
-
1,737,809
-
(1,737,809)
-
-
Performance rights expired not  
vested during the period
-
199,850
-
(199,850)
-
-
Asset revaluation reserve attributable 
to investments disposed of
-
114,521
(114,521)
-
-
-
Balance at 30 June 2019
11, 12, 13
58,086,890
(37,273,029)
-
796,126
796,853
22,406,840
Loss for the year
-
(3,387,285)
-
-
-
(3,387,285)
Other comprehensive income for the year, 
net of tax
-
-
-
-
480,079
480,079
De-recognition of subsidiary
-
-
-
-
(20,367)
(20,367)
Total comprehensive income  
for the year
-
(3,387,285)
-
-
459,712
(2,927,573)
Issue of ordinary shares
2,590,000
-
-
-
-
2,590,000
Bonus shares issued to John de Vries
37,500
-
-
-
-
37,500
Placement shares issued to directors
410,000
-
-
-
-
410,000
Cost of share capital issued
(134,601)
-
-
-
-
(134,601)
Costs of share based payments
-
-
-
336,746
-
336,746
Total distributions to owners of  
Company recognised directly in equity
2,902,899 
-
-
336,746
-
3,239,645
Balance at 30 June 2020
11, 12, 13
60,989,789
(40,660,314)
-
1,132,872
1,256,565
22,718,912
The above consolidated statement of changes in equity should be read in conjunction with accompanying notes.
BLACK ROCK MINING LIMITED
2020 ANNUAL REPORT
20
CONSOLIDATED STATEMENT  
OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2020

FOR THE  
YEAR ENDED 
30/06/2020
FOR THE 
YEAR ENDED 
30/06/2019
NOTE
$
$
Cash flow from operating activities
Payments to suppliers and employees
(2,516,341)
(2,272,737)
Net cash flows used in operating activities
7
(2,516,341)
(2,272,737)
Cash flow from investing activities
Capitalised exploration expenditure
(1,529,353)
(3,487,680)
Interest received
2,870 
 7,939 
Payments for property, plant and equipment
 (3,679)
 (34,425)
Proceeds on disposal of investment
 - 
 294,810 
Government grants received
 - 
 - 
Payments for security deposits
-
 (6,620)
Net cash flows used in investing activities
(1,530,162)
(3,225,976)
Cash flows from financing activities
Proceeds from issue of shares and options
3,000,000
5,999,500
Payment of share issue costs
(134,601)
(382,348)
Net cash flows provided by financing activities
2,865,399
5,617,152
Net (decrease)/increase in cash held
(1,181,104)
118,439
Cash at the beginning of the financial year
1,907,467
1,788,150
Effect of exchange movement on cash balances
(4,266)
878
Cash and cash equivalents at the end of the year
7
722,097
1,907,467
The above consolidated statement of cash flows should be read in conjunction with the accompanying notes.
BLACK ROCK MINING LIMITED
2020 ANNUAL REPORT
21
CONSOLIDATED STATEMENT  
OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2020

1	
GENERAL INFORMATION
	
Statement of compliance
These financial statements are general purpose financial statements, which have been prepared in accordance with 
the Corporations Act 2001, Accounting Standards and Interpretations, and comply with other requirements of the law.
The financial statements comprise the consolidated financial statements of the Group. For the purposes of preparing 
the consolidated financial statements, the Company is a for-profit entity.
Accounting Standards include Australian Accounting Standards. Compliance with Australian Accounting Standards 
ensures that the financial statements and notes of the Company and the Group comply with International Financial 
Reporting Standards (‘IFRS’).
The financial statements were authorised for issue by the directors on 29 September 2020.
	
Going Concern
The financial report has been prepared on the going concern basis, which assumes continuity of normal business 
activities and the realisation of assets and settlement of liabilities in the ordinary course of business. 
The Group has incurred net losses of $3,387,285 (30 June 2019: $2,864,024) and experienced net cash outflows 
from operating activities of $2,516,341 (30 June 2019: $2,272,737) and net cash outflows from investing activities of 
$1,530,162 (30 June 2019: $3,225,976) for the year ended 30 June 2020.
During the financial year the Group deployed its working capital into its graphite prospects in Mahenge, Tanzania in 
order continue its Front End Engineering Design work and complete its Spherical Purified Graphite Production Trial. 
The Group has also completed its Resettlement Action Plan, which is key in its progression towards the development  
of the project. The Directors have prepared a cash flow forecast reflecting the Group’s key objectives, which indicates 
the Group needs to raise additional capital to invest in the Company’s stated strategic objectives.These additional 
funds may be raised from the negotiation of an Investment Agreement with POSCO, with whom Black Rock Mining have 
entered a Strategic Alliance & Development Memorandum of Understanding. The Investment Agreement anticipates 
an investment of up to US$10m by way of subscription for shares and/or convertible notes in Black Rock Mining.  
Funds may also be raised through equity raisings. 
In August 2019 the Company completed a placement of 37,000,001 ordinary shares at $0.07 per share to raise  
$2.590 million with a further 5,857,142 shares issued in October 2019 to directors and management that were subject 
to shareholder approval which raised a further $410,000. Subsequent to year end in August 2020, the Company 
completed an additional placement of 39,308,982 ordinary shares at $0.042 per share to raise $1.65 million.
The cash flow forecast for the period ending 30 September 2021 indicates that the Group is required to raise 
additional capital. Management intend on completing a raising of at least $1.1 million by March 2021 in order to 
continue its planned preparation for the construction on its graphite prospects in Tanzania and to fund working capital. 
This assumes no slowing down or deferment of costs.
Based on the Company’s history of raising capital and subject to the general market conditions, the Directors are 
confident of the Company’s ability to raise additional capital as required. Based on this and on the cash flow forecasts, 
the Directors believe that the going concern basis of preparation is appropriate. 
Should the Group be unable to obtain funding through capital raising or alternative sources, or otherwise reduce its 
operational spending in line with available cash resources, there is a material uncertainty that may cast significant 
doubt as to whether the Group will be able to continue as a going concern and therefore, whether it will realise its 
assets and extinguish its liabilities as and when they fall due.
The financial statements do not include any adjustments relating to the recoverability and classification of recorded 
asset amounts, or to the amounts and classification of liabilities that might be necessary should the Group not 
continue as a going concern. 
BLACK ROCK MINING LIMITED
2020 ANNUAL REPORT
22
NOTES TO  
THE CONSOLIDATED  
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020

2	
APPLICATION OF NEW AND REVISED ACCOUNTING STANDARDS
2.1 
Amendments to Accounting Standards that are mandatorily effective for the current reporting period
In the current year, the Group has adopted all of the new and revised Standards and Interpretations issued by the 
AASB that are relevant to its operations and effective for the current annual reporting period.
New and revised standards and amendments thereof and interpretations effective for the current reporting period 
that are relevant to the Group include:
•	 AASB 16 Leases
•	 Interpretation 23 Uncertainty over Income Tax Treatments
•	 AASB 2017-7 Amendments – Long-term Interests in Associates and Joint Venture Amendments to IAS 28 and 
Illustrative Example – Long-term Interests in Associates and Joint Ventures
•	 AASB 2018-1 Amendments – Annual Improvements 2015-2017 Cycle
•	 AASB 2018-2 Amendments – Plan Amendment, Curtailment or Settlement (AASB 119)
The adoption of the aforementioned standards have resulted in an immaterial impact on financial statements of the 
Group as at 30 June 2020. A discussion on the impact of the adoption of AASB 16 is included below.
	
AASB 16 Leases
AASB 16 Leases has replaced the previous accounting requirements for leases under AASB 117 Leases. Under the 
previous requirements, leases were classified based on their nature as either finance leases, which were recognised on 
the Statement of Financial Position, or operating leases, which were not recognised on the Statement of Financial Position.
Under AASB 16 Leases, the Group’s accounting for operating leases as a lessee will result in the recognition of a  
right-of-use (ROU) asset and an associated lease liability on the Statement of Financial Position. The lease liability 
represents the present value of future lease payments, with the exception of short-term and low value leases.  
An interest expense will be recognised on the lease liabilities and a depreciation charge will be recognised for the  
ROU assets. There will also be additional disclosure requirements under the new standard.
The Group’s adoption of AASB 16 has resulted in no impact to the financial statements of the Group due to the fact 
that the Group has not entered into any transactions or arrangements that would be accounted for as a lease under 
the new standard.
3	
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
3.1 	
Basis of preparation
The consolidated financial statements have been prepared on the basis of historical cost, except for certain properties 
and financial instruments that are measured at revalued amounts or fair values at the end of each reporting period,  
as explained in the accounting policies below. 
Historical cost is generally based on the fair values of the consideration given in exchange for goods and services.  
All amounts are presented in Australian dollars, unless otherwise noted. 
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction 
between market participants at the measurement date, regardless of whether that price is directly observable or 
estimated using another valuation technique. In estimating the fair value of an asset or a liability, the Group takes into 
account the characteristics of the asset or liability if market participants would take those characteristics into account 
when pricing the asset or liability at the measurement date. Fair value for measurement and/or disclosure purposes in 
these consolidated financial statements is determined on such a basis, except for share-based payment transactions 
that are within the scope of AASB 2, leasing transactions that are within the scope of AASB 117, and measurements 
that have some similarities to fair value but are not fair value, such as net realisable value in AASB 102 ‘Inventories’ or 
value in use in AASB 136 ‘Impairment of Assets’. 
In addition, for financial reporting purposes, fair value measurements are categorized into Level 1, 2 or 3 based on the 
degree to which the inputs to the fair value measurements are observable and the significance of the inputs to the fair 
value measurement in its entirety, which are described as follows:
•	 Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can 
access at the measurement date;
•	 Level 2 inputs are inputs, other than quoted prices included in Level 1, that are observable for the asset or liability, 
either directly or indirectly; and
•	 Level 3 inputs are unobservable inputs for the asset or liability.
The principal accounting policies are set out below.
BLACK ROCK MINING LIMITED
2020 ANNUAL REPORT
23

3	
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
3.2	
Basis of consolidation 
The consolidated financial statements incorporate the financial statements of the Company and entities (including 
structured entities) controlled by the Company and its subsidiaries. Control is achieved when the Company:
•	 has power over the investee;
•	 is exposed, or has rights, to variable returns from its involvement with the investee; and
•	 has the ability to use its power to affect its returns.
The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there are 
changes to one or more of the three elements of control listed above.
Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ceases when the 
Company loses control of the subsidiary. Specifically, income and expenses of a subsidiary acquired or disposed of 
during the year are included in the consolidated statement of profit or loss and other comprehensive income from the 
date the Company gains control until the date when the Company ceases to control the subsidiary.
Profit or loss and each component of other comprehensive income are attributed to the owners of the Company and to 
the non-controlling interests. Total comprehensive income of subsidiaries is attributed to the owners of the Company 
and to the non-controlling interests even if this results in the non-controlling interests having a deficit balance.
When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies 
into line with the Group’s accounting policies.
All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between members 
of the Group are eliminated in full on consolidation.
3.3	
Revenue Recognition
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company  
and the revenue can be reliably measured. The following specific recognition criteria must also be met before  
revenue is recognised:
3.3.1	
Interest income
Interest income from a financial asset is recognised when it is probable that the economic benefits will flow to the 
Group and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference 
to the principal outstanding and at the effective interest rate applicable, which is the rate that exactly discounts 
estimated future cash receipts through the expected life of the financial asset to that asset’s net carrying amount on 
initial recognition.
3.4	
Foreign currencies
The individual financial statements of each group entity are presented in the currency of the primary economic 
environment in which the entity operates (its functional currency). For the purpose of the consolidated financial 
statements, the results and financial position of each group entity are expressed in Australian dollars (‘$’), which is the 
functional currency of the Company and the presentation currency for the consolidated financial statements.
In preparing the financial statements of each individual group entity, transactions in currencies other than the 
entity’s functional currency (foreign currencies) are recognised at the rates of exchange prevailing at the dates of the 
transactions. At the end of each reporting period, monetary items denominated in foreign currencies are retranslated 
at the rates prevailing at that date. Non- monetary items carried at fair value that are denominated in foreign 
currencies are retranslated at the rates prevailing at the date when the fair value was determined. Non-monetary items 
that are measured in terms of historical cost in a foreign currency are not retranslated.
Exchange differences on monetary items are recognised in profit or loss in the period in which they arise except for:
•	 exchange differences on foreign currency borrowings relating to assets under construction for future productive 
use, which are included in the cost of those assets when they are regarded as an adjustment to interest costs on 
those foreign currency borrowings;
•	 exchange differences on transactions entered into in order to hedge certain foreign currency risks; and
•	 exchange differences on monetary items receivable from or payable to a foreign operation for which settlement is 
neither planned nor likely to occur (therefore forming part of the net investment in the foreign operation), which are 
recognised initially in other comprehensive income and reclassified from equity to profit or loss on repayment of the 
monetary items.
BLACK ROCK MINING LIMITED
2020 ANNUAL REPORT
24
NOTES TO  
THE CONSOLIDATED  
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020

3	
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
3.4	
Foreign currencies (CONTINUED)
For the purpose of presenting these consolidated financial statements, the assets and liabilities of the Group’s foreign 
operations are translated into Australian dollars using exchange rates prevailing at the end of the reporting period. 
Income and expense items are translated at the average exchange rates for the period, unless exchange rates 
fluctuated significantly during that period, in which case the exchange rates at the dates of the transactions are used. 
Exchange differences arising, if any, are recognised in other comprehensive income and accumulated in equity  
(and attributed to non-controlling interests as appropriate).
On the disposal of a foreign operation (i.e. a disposal of the Group’s entire interest in a foreign operation, or a disposal 
involving loss of control over a subsidiary that includes a foreign operation, or a partial disposal of an interest in a 
joint arrangement or an associate that includes a foreign operation of which the retained interest becomes a financial 
asset), all of the exchange differences accumulated in equity in respect of that operation attributable to the owners of 
the Company are reclassified to profit or loss.
In addition, in relation to a partial disposal of a subsidiary that includes a foreign operation that does not result  
in the Group losing control over the subsidiary, the proportionate share of accumulated exchange differences are  
re-attributed to non-controlling interests and are not recognised in profit or loss. For all other partial disposals  
(i.e. partial disposals of associates or joint arrangements that do not result in the Group losing significant influence  
or joint control), the proportionate share of the accumulated exchange differences is reclassified to profit or loss.
Goodwill and fair value adjustments to identifiable assets acquired and liabilities assumed through acquisition  
of a foreign operation are treated as assets and liabilities of the foreign operation and translated at the rate of  
exchange prevailing at the end of each reporting period. Exchange differences arising are recognised in other 
comprehensive income.
3.5 
Employee benefits
A liability is recognised for benefits accruing to employees in respect of wages and salaries, annual leave and long 
service leave in the period the related service is rendered.
Liabilities recognised in respect of short-term employee benefits, are measured at their nominal values using the 
remuneration rate expected to apply at the time of the settlement.
Liabilities recognised in respect of long term benefits are measured as the present value of the estimated future cash 
outflows to be made by the Group in respect of services provided by employees up to reporting date.
3.6	
Share-based payment transactions
The Company provides benefits to employees and others (i.e. consultants) of the Company in the form of share-based 
payment transactions, whereby employees and others render services in exchange for shares or rights over shares 
(“Equity–settled transactions”).
There is currently one plan in place to provide these benefits being an Employee Share Option Plan (“ESOP”),  
which provides benefits to Directors, senior executives and staff. The cost of these equity-settled transactions is 
measured by reference to fair value at the date at which they are granted.
In valuing equity-settled transactions, no account is taken of any performance conditions, other than conditions linked 
to the price of the shares of Black Rock Mining (“market conditions”).
The cost of equity settled securities is recognised, together with a corresponding increase in equity, over the period 
in which the performance conditions are fulfilled, ending on the date on which the relevant employees become fully 
entitled to the award (“vesting date”).
3.7	
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax. 
3.7.1	
Current tax 
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit before tax as reported 
in the consolidated statement of profit or loss and other comprehensive income because of items of income or expense 
that are taxable or deductible in other years and items that are never taxable or deductible. The Group’s current tax is 
calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. 
BLACK ROCK MINING LIMITED
2020 ANNUAL REPORT
25

3	
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
3.7	
Taxation (CONTINUED)
3.7.2	
Deferred Tax
Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in the 
consolidated financial statements and the corresponding tax bases used in the computation of taxable profit. 
Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally 
recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available 
against which those deductible temporary differences can be utilised. Such deferred tax assets and liabilities are 
not recognised if the temporary difference arises from the initial recognition (other than in a business combination) 
of assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. In addition, 
deferred tax liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill. 
Deferred tax liabilities are recognised for taxable temporary differences associated with investments in subsidiaries 
and associates, and interests in joint ventures, except where the Group is able to control the reversal of the temporary 
difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred 
tax assets arising from deductible temporary differences associated with such investments and interests are only 
recognised to the extent that it is probable that there will be sufficient taxable profits against which to utilise the 
benefits of the temporary differences and they are expected to reverse in the foreseeable future. 
The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent 
that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which 
the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively 
enacted by the end of the reporting period. The measurement of deferred tax liabilities and assets reflects the tax 
consequences that would follow from the manner in which the Group expects, at the end of the reporting period, to 
recover or settle the carrying amount of its assets and liabilities. 
Deferred tax liabilities and assets are offset when there is a legally enforceable right to set off current tax assets against 
current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends 
to settle its current tax assets and liabilities on a net basis. 
3.7.3	
Current and deferred tax for the year
Current and deferred tax are recognised in profit or loss, except when they relate to items that are recognised in other 
comprehensive income or directly in equity, in which case the current and deferred tax are also recognised in other 
comprehensive income or directly in equity, respectively. Where current tax or deferred tax arises from the initial 
accounting for a business combination, the tax effect is included in the accounting for the business combination. 
Black Rock Mining implemented the tax consolidation legislation.
The head entity, Black Rock Mining, and any controlled entities in the tax-consolidation group account for their own 
current and deferred tax amounts. These tax amounts are measured as if each entity in the tax-consolidation group 
continues to be a stand-alone entity in its own right.
In addition to its own current and deferred tax amounts, Black Rock Mining also recognises the current tax liabilities  
(or assets) and the deferred tax assets arising from unused tax losses and unused tax credits assumed from controlled 
entities in the tax-consolidation group.
3.8	
Property, Plant and Equipment
Each class of plant and equipment is carried at cost or fair value less, where applicable, any accumulated depreciation 
and impairment losses.
	
Plant and equipment
Plant and equipment is stated at cost less accumulated depreciation and any impairment in value.
The carrying values of plant and equipment are reviewed for impairment when events or changes in circumstances 
indicate the carrying value may not be recoverable. For an asset that does not generate largely independent cash 
inflows, the recoverable amount is determined for the cash-generating unit to which the asset belongs. If any such 
indication exists where the carrying values exceed the estimated recoverable amount, the assets or cash generating 
units are written down to their recoverable amount.
	
Depreciation
Depreciable non-current assets are depreciated over their expected economic life using the straight-line method. 
Profits and losses on disposal of non-current assets are taken into account in determining the operating loss for the 
year. The depreciation rate used for each class of assets is as follows:
Plant and equipment:	
7.5% - 67%
BLACK ROCK MINING LIMITED
2020 ANNUAL REPORT
26
NOTES TO  
THE CONSOLIDATED  
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020

3	
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
3.9	
Exploration Expenditure
Exploration, evaluation and development expenditure incurred is accumulated in respect of each identifiable area 
of interest. These costs are only carried forward to the extent that they are expected to be recouped through 
the successful development of the area or where activities in the area have not yet reached a stage that permits 
reasonable assessment of the existence of economically recoverable reserves, otherwise costs are expensed.
Accumulated costs in relation to an abandoned area are written off in full against profit in the year in which the 
decision to abandon the area is made.
Where a decision is made to proceed with development, accumulated expenditure is tested for impairment and 
transferred to development properties, and then amortized over the life of the reserves associated with the area of 
interest once mining operations have commenced. 
When production commences, the accumulated costs for the relevant area of interest are amortised over the life of the 
area according to the rate of depletion of the economically recoverable reserves.
A regular review is undertaken of each area of interest to determine the appropriateness of continuing to carry forward 
costs in relation to that area of interest.
Costs of site restoration are provided over the life of the facility from when exploration commences and are included  
in the costs of that stage. Site restoration costs include the dismantling and removal of mining plant, equipment  
and building structures, waste removal, and rehabilitation of the site in accordance with clauses of the permits.  
Such costs have been determined using estimates of future costs, current legal requirements and technology on  
a discounted basis.
Any changes in the estimates for the costs are accounted on a prospective basis. In determining the costs of site 
restoration, there is uncertainty regarding the nature and extent of the restoration due to community expectations 
and future legislation. Accordingly, the costs have been determined on the basis that the restoration will be completed 
within one year of abandoning the site.
3.10	
Impairment of tangible and intangible assets other than goodwill
At the end of each reporting period, the Group reviews the carrying amounts of its tangible and intangible assets to 
determine whether there is any indication that those assets have suffered an impairment loss. If any such indication 
exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss 
(if any). When it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the 
recoverable amount of the cash-generating unit to which the asset belongs. When a reasonable and consistent basis 
of allocation can be identified, corporate assets are also allocated to individual cash-generating units, or otherwise they 
are allocated to the smallest group of cash-generating units for which a reasonable and consistent allocation basis can 
be identified.
Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment at 
least annually, and whenever there is an indication that the asset may be impaired.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use,  
the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects  
current market assessments of the time value of money and the risks specific to the asset for which the estimates  
of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the 
carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is 
recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the 
impairment loss is treated as a revaluation decrease.
When an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is 
increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not 
exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset 
(or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, 
unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated 
as a revaluation increase.
BLACK ROCK MINING LIMITED
2020 ANNUAL REPORT
27

3	
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
3.11	
Financial Instruments
	
Trade and Other Receivables
Trade and other receivables are recognized initially at fair value and subsequently measured at amortised cost using 
the effective interest rate method, less provision for impairment.
If collection of amounts is expected in one year or less, they are classified as current assets. If not, they are presented 
as non-current assets. As the majority of trade and other receivables are short term in nature, their carrying value 
is assumed to be the same as their fair value. Financial assets at fair value through other comprehensive income 
(FVOCI) comprise equity securities which are not held for trading and which the Group has irrevocably elected at initial 
recognition is this category. 
At each reporting date, the group assess whether there is objective evidence that a financial instrument has been 
impaired. If there is objective evidence of impairment, the cumulative loss is measured as the difference between the 
acquisition cost and the current fair value, less any impairment loss on that financial asset previously not recognized in 
the profit or loss which is removed from equity and recognized in profit and loss. 
	
Cash and Cash Equivalent 
Cash and cash equivalents includes cash on hand and deposits held at call which are subject to insignificant risk of 
changes in value.
	
Trade and Other Payables
Trade and other payables represent liabilities for goods and services provided to the Group prior to the end of financial 
year which are unpaid. The amounts are unsecured and are usually paid within 30 days of recognition. Trade and other 
payables are presented as current liabilities unless payment is not due within 12 months from the reporting date.
3.12	
Goods and Services Tax
Revenues, expenses and assets are recognised net of the amount of goods and services tax (“GST”), except:
i.	 where the amount of GST incurred is not recoverable from the taxation authority, it is recognised as part of the cost 
of acquisition of the asset or as part of an item of the expense.
ii.	 for receivables and payables which are recognised inclusive of GST.
The net amount of GST recoverable from, or payable to, the taxation authority is included as part of receivables  
or payables.
Cash flows are included in the cash flow statement on a gross basis. The GST component of cash flows arising from 
investing and financing activities, which is recoverable from, or payable to, the taxation authority is classified within 
operating cash flows.
4	
CRITICAL ACCOUNTING JUDGEMENTS IN APPLYING ACCOUNTING POLICIES
In the application of the Group’s accounting policies, which are described in note 3, the directors of the Company 
are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities 
that are not readily apparent from other sources. The estimates and associated assumptions are based on historical 
experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are 
recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the 
revision and future periods if the revision affects both current and future periods.
4.1	
Critical judgements in applying accounting policies
The following are the critical judgements, apart from those involving estimations, that the directors have made in 
the process of applying the Group’s accounting policies and that have the most significant effect on the amounts 
recognised in the consolidated financial statements.
BLACK ROCK MINING LIMITED
2020 ANNUAL REPORT
28
NOTES TO  
THE CONSOLIDATED  
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020

4	
CRITICAL ACCOUNTING JUDGEMENTS IN APPLYING ACCOUNTING POLICIES 
(CONTINUED)
4.2	
Key sources of estimation uncertainty
The following are the key assumptions concerning the future, and other key sources of estimation uncertainty at the 
end of the reporting period that have a significant risk of causing a material adjustment to the carrying amounts of 
assets and liabilities within the next financial year.
4.2.1	
Impairment
The consolidated entities assess impairment at each reporting date by evaluating conditions specific to the 
consolidated entities that may lead to impairment of assets. Where an impairment trigger exists, the recoverable 
amount of the asset is determined. The Group’s policy on the capitalisation of exploration and evaluation expenditure 
is detailed in note 3.9 and Impairment at note 3.10. 
4.2.2	
Share based payments
The Consolidated Entities measure the cost of equity settled transactions with employees by reference to the fair value 
of the equity instruments at the date at which they are granted. The fair value is determined using an appropriate 
model. One of the inputs into the option valuation model is volatility of the underlying share price, which is estimated 
on the one-year history of the share price and has been estimated as approximately 109%.
5	
SEGMENT REPORTING
Information reported to the chief operating decision maker (CODM) for the purpose of resource allocation and 
assessment of segment performance focuses on the geographical location of resources being explored for and 
evaluated. The Group’s principal activity and focus is that of Graphite in Tanzania.
5.1	
Segment revenues and results
2020
GRAPHITE
CORPORATE
CONSOLIDATED 
Interest
-
2,870
2,870
Total revenue
-
2,870
2,870
Loss before tax
(723,507)
(2,663,778)
(3,387,285)
Fixed asset additions
-
3,679
3,679
Depreciation
(9,923)
(8,707)
(18,630)
2020
GRAPHITE
CORPORATE
CONSOLIDATED
Total segment assets
22,787,191
830,559
 23,617,750 
Total segment liabilities
(408,675)
(490,163)
(898,838)
2019
GRAPHITE
CORPORATE
CONSOLIDATED 
Interest
-
7,939
7,939
Total revenue
-
7,939
7,939
Loss before tax
(214,771)
(2,649,253)
(2,864,024)
Fixed asset additions
17,835
16,589
34,424
Depreciation
4,445
6,230
10,675
2019
GRAPHITE
CORPORATE
CONSOLIDATED
Total segment assets
 14,590,461 
 8,509,114 
 23,099,575 
Total segment liabilities
78,714
614,021
692,735
BLACK ROCK MINING LIMITED
2020 ANNUAL REPORT
29

6	
INCOME TAXES
FOR THE  
YEAR ENDED 
30/06/2020
FOR THE  
YEAR ENDED 
30/06/2019
$
$
(a)
Income tax (benefit)/expense
Current tax
-
-
Deferred tax
-
-
-
-
(b)
Numerical reconciliation of income tax expense to  
prima facie tax payable
Loss for the year
(3,387,285)
(2,864,024)
Loss from operations
(3,387,285)
(2,864,024)
Prima facia tax benefit at 27.5% (20189: 27.5%)
(931,504)
(787,607)
Share based payments
83,283
100,279
Non-deductible expenditure
199,295
69,566
Capital loss - Loan forgiveness
555,441
-
Movement in unrecognised temporary differences
(52,681)
(59,127)
Unused tax losses for which no deferred tax asset has been recognised
146,166
676,889
Income tax benefit
-
-
(c)
Recognised deferred tax assets and liabilities
Recognised deferred tax assets comprise:
Other temporary differences
165,642
184,450
Tax losses available for offset against future taxable income
1,749,602
1,586,989
1,915,244
1,771,439
Recognised deferred tax liabilities comprise:
Exploration and evaluation
1,916,303
1,769,357
Unrealised foreign exchange movements
(1,059)
2,082
Other financial assets
-
-
1,915,244
1,771,439
	
Unrecognised deferred tax assets
Unused tax losses for which no deferred tax asset has been recognised are $18,455,947 (2019: $16,622,065)  
all of which originate within Australia. Potential tax benefit is $5,075,386 (2019: $4,571,068).
Unused tax losses for which no deferred tax asset has been recognised are US$8,877,401 (2019: US$6,942,844)  
all of which originate within Tanzania. Potential tax benefit is US$2,663,220 (2019: US$1,371,320).
(d)	
Franking credits
The Company has no franking credits available as at 30 June 2020 (2019: Nil).
(e)	
Tax Consolidation
The Company and any wholly owned Australian resident entities have formed a tax-consolidated group with effect from 
1 July 2004 and are therefore taxed as a single entity from that date. The head company of the consolidated group is 
Black Rock Mining.
BLACK ROCK MINING LIMITED
2020 ANNUAL REPORT
30
NOTES TO  
THE CONSOLIDATED  
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020

7	
CASH AND CASH EQUIVALENTS
For the purposes of the consolidated statement of cash flows, cash and cash equivalents include cash on hand and 
in banks, net of outstanding bank overdrafts. Cash and cash equivalents at the end of the reporting period as shown 
in the consolidated statement of cash flows can be reconciled to the related items in the consolidated statement of 
financial position as follows:
FOR THE  
YEAR ENDED 
30/06/2020
FOR THE 
YEAR ENDED 
30/06/2019
$
$
Cash and bank balances
722,097
1,907,467
722,097
1,907,467
7.1 
Reconciliation of loss for the year to net cash flows from operating activities
FOR THE  
YEAR ENDED 
30/06/2020
FOR THE 
YEAR ENDED 
30/06/2019
$
$
Loss after income tax
(3,387,285)
(2,864,024)
Depreciation and amortisation of non-current assets
18,630
10,675
Share based payments to key management personnel
374,246
431,311
Net foreign exchange loss
4,641
5,071
Loss on disposal of investment
114,232
-
Impairment of investments
-
17,068
Interest revenue transferred to investing activity
(2,870)
(7,939)
(2,878,406)
(2,407,838)
Movements in working capital:
Decrease/(increase) in trade and other receivables
76,993
(22,682)
Increase in trade and other payables
259,984
144,613
Increase in employee entitlements provision
25,088
13,170
Net cash used in operating activities
(2,516,341)
(2,272,737)
7.2	
Non Cash transactions 
FOR THE  
YEAR ENDED 
30/06/2020
FOR THE 
YEAR ENDED 
30/06/2019
$
$
Operating Activity
Options vested during the year in relation to services rendered by  
employees and consultants
336,746
-
Payment for services rendered by employees through the issue of shares
37,500
-
Financing activity
Performance rights exercised into shares
-
31,200
BLACK ROCK MINING LIMITED
2020 ANNUAL REPORT
31

8	
SUBSIDIARIES
Details of the Group’s material subsidiaries at the end of the reporting period are as follows:
NAME OF SUBSIDIARY
PLACE OF INCORPORATION 
AND OPERATION
PROPORTION OF OWNERSHIP INTEREST 
AND VOTING POWER HELD BY THE GROUP
FOR THE  
YEAR ENDED 
30/06/2020
FOR THE  
YEAR ENDED 
30/06/2019
Mahenge Resources Limited 
Tanzania
100%
100%
Green Rock Energy International Pty Ltd
Australia
-
100%
Green Rock (Vulcan) Energy Kft
Hungary
-
100%
9	
EXPLORATION AND EVALUATION ASSET
	
In the exploration phase
FOR THE  
YEAR ENDED 
30/06/2020
FOR THE  
YEAR ENDED 
30/06/2018
$
$
Balance at beginning of year
20,978,368
16,574,559
Expenditure incurred during the year (at cost)
1,529,353
3,487,680
Foreign exchange effect
262,623
916,128
Balance at end of year
22,770,344
20,978,368
	
Reconciliation of Expenditure incurred during the year (at cost):
FOR THE  
YEAR ENDED 
30/06/2020
FOR THE  
YEAR ENDED 
30/06/2019
$
$
Cash paid for exploration and evaluation 
1,458,591
 3,686,379 
Accruals in prior year
 (36,563)
 (235,262)
Accruals in current year
107,325 
 36,563 
Research and development offset received
-
-
Total expenditure incurred during the year (at cost)
1,529,353
3,487,680
The ultimate recoupment of capitalised exploration expenditure is dependent upon the successful development  
and/or commercial exploitation or, alternatively through the sale of the respective underlying licenses. 
The balance of $22,770,344 (2019: $20,978,368) at reporting date represents the carrying value of its Graphite  
assets in Tanzania.
10	
TRADE AND OTHER PAYABLES
FOR THE  
YEAR ENDED 
30/06/2020
FOR THE  
YEAR ENDED 
30/06/2019
$
$
Trade creditors
295,795
 284,159 
Accruals
523,605
 310,650 
Other liabilities
19,626
 63,202 
839,026
658,011 
Included in trade creditors and accruals is an amount of $107,325 (2019: $36,563) relating to exploration expenditure.
BLACK ROCK MINING LIMITED
2020 ANNUAL REPORT
32
NOTES TO  
THE CONSOLIDATED  
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020

11	
ISSUED CAPITAL
FOR THE  
YEAR ENDED 
30/06/2020
FOR THE 
YEAR ENDED 
30/06/2019
$
$
628,943,708 ordinary shares issued and fully paid (30 June 2019: 585,550,851)
60,989,789
58,086,890
60,989,789
58,086,890
11.1	
Fully paid ordinary shares
 NUMBER OF 
SHARES 
 SHARE 
CAPITAL 
$
Balance at 30 June 2018
443,734,701
52,371,878
Shares issued 6 September 2018 ($0.032 per share) – Cash
 78,125,000 
 2,500,000 
Shares issued 5 November 2018 ($0.033 per share) – Non-cash
 220,000 
 7,260 
Shares issued 22 November 2018 ($0.032 per share) – Cash
 15,625,000 
 500,000 
Shares issued 14 December 2018 ($0.039 per share) – Non-cash
 800,000 
 31,200 
Shares issued 18 March 2018 ($0.065 per share) – Cash
 46,146,150 
 2,999,500 
Shares issued 18 March 2018 ($0.066 per share) – Non-cash
 900,000 
 59,400 
Less: capital raising costs
-
 (382,348)
Balance at 30 June 2019
585,550,851
58,086,890
Shares issued under Placement 22 August 2019 ($0.07 per share) – Cash
37,000,001
 2,590,000 
Shares issued to Directors – 28 October 2019 ($0.07 per share) – Cash
 5,857,142 
410,000 
Shares issued to Director – 31 December 2019 ($0.07 per share) – Non-cash
 535,714 
37,500 
Less: capital raising costs
-
 (134,601)
Balance at 30 June 2020
628,943,708
60,989,789
11.2	
Options
UNLISTED OPTIONS
OPENING 
BALANCE
 EXERCISED  
IN YEAR 
 GRANTED  
IN YEAR 
 EXPIRED 
IN YEAR 
 CLOSING 
BALANCE 
NO.
NO.
NO.
NO.
NO.
Expiring 12 April 2020 at $0.20
5,000,000
-
-
(5,000,000)
-
Expiring 31 August 2020 at $0.10
6,250,000
-
-
-
 6,250,000 
Expiring 31 August 2020 at $0.10
6,250,000
-
-
-
 6,250,000 
Expiring 31 August 2020 at $0.10
6,250,000
-
-
-
 6,250,000 
Expiring 31 August 2020 at $0.10
6,250,000
-
-
-
 6,250,000 
Expiring 7 Nov 2021 at $0.10
13,000,000 
-
-
-
 13,000,000 
Expiring 18 Dec 2021 at $0.10
 3,000,000 
-
-
-
 3,000,000 
Expiring 14 Mar 2021 at $0.20
 5,000,000 
-
-
-
 5,000,000 
Expiring 9 Jul 2021 at $0.07
 5,000,000 
-
-
-
 5,000,000 
Expiring 31 Oct 2021 at $0.10
1,000,000
-
-
1,000,000
Expiring 2 May 2022 at $0.10
 3,000,000 
-
-
-
 3,000,000 
Expiring 28 October 2022 at $0.15
-
-
9,200,000
-
9,200,000
60,000,000
-
9,200,000
(5,000,000)
64,200,000
The weighted average exercise price of options at 30 June 2020 is $0.11.
The weighted average remaining contractual life of options as at 30 June 2020 is 369 days (2019: 634 days).
BLACK ROCK MINING LIMITED
2020 ANNUAL REPORT
33

12	
RESERVES (NET OF INCOME TAX)
FOR THE  
YEAR ENDED 
30/06/2020
FOR THE  
YEAR ENDED 
30/06/2019
$
$
Reserves
Share based payments reserve (i)
1,132,872
 796,126 
Foreign currency translation reserve (ii)
1,256,565
 796,854 
2,389,437
1,592,980
(i)	 Share Based Payments Reserve
	
The share based payments reserve comprises any equity settled share based payment transactions and other 
options transactions. The reserve will be reversed against share capital when the underlying rights are exercised. 
FOR THE  
YEAR ENDED 
30/06/2020
FOR THE  
YEAR ENDED 
30/06/2019
$
$
Balance at the beginning of the year
796,126
2,400,333
Add: Share based payments to consultants
-
13,224
Add: Amounts expensed in the current year
336,746
351,427
Less: Options expired in the current year
-
(1,737,809)
Less: Options vested during the period
-
-
Less: Performance rights expired not vested during the year
-
(199,850)
Less: Performance rights vested and exercised
-
(31,200)
1,132,872
796,126
(ii)	Foreign Currency Translation Reserve
	
The foreign currency translation reserve arises on the consolidation of the Group’s overseas subsidiary,  
Mahenge Resources Limited.
13	
ACCUMULATED LOSSES
FOR THE  
YEAR ENDED 
30/06/2020
FOR THE  
YEAR ENDED 
30/06/2019
$
$
Balance at beginning of the year
37,273,029
 36,461,185 
Net loss attributable to members
3,387,285
2,864,024 
Transfer from share option reserve
-
 (1,937,659)
Transfer from asset revaluation reserve
-
 (114,521)
Balance at end of year
40,660,314
37,273,029
BLACK ROCK MINING LIMITED
2020 ANNUAL REPORT
34
NOTES TO  
THE CONSOLIDATED  
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020

14	
SHARE BASED PAYMENTS
(a)	
Employee Share Incentive Scheme
The establishment of the Black Rock Mining Employee Share Incentive Option Plan (“the Plan”) was initially approved 
by special resolution at a General Meeting of shareholders of the Company held on 21 November 2006 and approval 
renewed by shareholders on 18 November 2009 and 28 November 2013. All eligible Directors, executive officers and 
employees of Black Rock Mining are eligible to participate in the Plan.
The Plan allows the Company to issue options to eligible persons. The options can be granted free of charge and are 
exercisable at a fixed price calculated in accordance with the Plan.
The fair value of the equity-settled share options granted is estimated as at the date of grant using a Black & Scholes 
model taking into account the terms and conditions upon which the options were granted.
The share based payment arrangements that were in existence during current and prior-reporting periods is detailed 
in note 14 (i). During the year, the shared based payment expense recognised in the consolidated statement of profit 
and loss totaled $374,246 (2019: $431,311).
	
Share based payment arrangements relating to Directors and employees:
GRANT  
DATE
EXPIRY  
DATE
EXERCISE 
PRICE
NUMBER OF 
OPTIONS AT  
THE BEGINNING  
OF THE YEAR
OPTIONS 
GRANTED 
THIS YEAR
OPTIONS EXERCISED 
THIS YEAR
OPTIONS LAPSED, 
EXPIRED THIS YEAR
NUMBER OF 
OPTIONS AT THE 
END OF THE YEAR
OPTIONS 
EXERCISABLE  
AT THE END  
OF THE YEAR
FAIR VALUE AT 
GRANT DATE
17-10-17
31-08-20
$0.10 
1,250,000 
-
-
-
1,250,000
1,250,000
$0.0259
17-10-17
31-08-20
$0.10 
1,250,000 
-
-
-
1,250,000
1,250,000
$0.0259
17-10-17
31-08-20
$0.10 
1,250,000 
-
-
-
1,250,000
1,250,000
$0.0259
17-10-17
31-08-20
$0.10 
1,250,000 
-
-
-
1,250,000
1,250,000
$0.0259
28-10-17
31-08-20
$0.10 
3,750,000 
-
-
-
3,750,000 
3,750,000 
$0.0122
28-11-17
31-08-20
$0.10 
3,750,000 
-
-
-
3,750,000 
3,750,000 
$0.0140
28-11-17
31-08-20
$0.10 
3,750,000 
-
-
-
3,750,000 
3,750,000 
$0.0193
28-11-17
31-08-20
$0.10 
3,750,000 
-
-
-
3,750,000 
3,750,000 
$0.0259
08-11-18
31-10-21
$0.10 
1,000,000 
-
-
-
1,000,000 
1,000,000 
$0.0094
07-11-18
07-11-21
$0.10 
10,000,000 
-
-
-
10,000,000 
10,000,000 
$0.0132
02-05-19
02-05-22
$0.15 
1,500,000 
-
-
-
1,500,000 
1,500,000 
$0.0408
02-05-19
02-05-22
$0.15 
1,500,000 
-
-
-
1,500,000 
1,500,000 
$0.0271
28-10-19
28-10-22
$0.15
-
9,200,000
-
-
9,200,000
9,200,000
$0.0268
	
Mr Crookes
TRANCHE
TRANCHE A
TRANCHE B
TRANCHE C
Grant date
28-Oct-19
28-Oct-19
28-Oct-19
Number of options
800,000
800,000
800,000
Method
Black & Scholes
Black & Scholes
Black & Scholes
Grant date share price (cents)
5.6
5.6
5.6
Exercise price (cents)
15
15
15
Expected volatility
109%
109%
109%
Option life (years)
3.00 years
3.00 years
3.00 years
Dividend yield
Nil
Nil
Nil
Risk-free interest rate
0.74%
0.74%
0.74%
BLACK ROCK MINING LIMITED
2020 ANNUAL REPORT
35

14	
SHARE BASED PAYMENTS (CONTINUED)
(a)	
Employee Share Incentive Scheme (CONTINUED)
	
Mr de Vries
TRANCHE
TRANCHE A
TRANCHE B
TRANCHE C
Grant date
28-Oct-19
28-Oct-19
28-Oct-19
Number of options
1,200,000
1,200,000
1,200,000
Method
Black & Scholes
Black & Scholes
Black & Scholes
Grant date share price (cents)
5.6
5.6
5.6
Exercise price (cents)
15
15
15
Expected volatility
109%
109%
109%
Option life (years)
3.00 years
3.00 years
3.00 years
Dividend yield
Nil
Nil
Nil
Risk-free interest rate
0.74%
0.74%
0.74%
	
Mr Chiappini
TRANCHE
TRANCHE A
TRANCHE B
TRANCHE C
Grant date
28-Oct-19
28-Oct-19
28-Oct-19
Number of options
533,333
533,333
533,333
Method
Black & Scholes
Black & Scholes
Black & Scholes
Grant date share price (cents)
5.6
5.6
5.6
Exercise price (cents)
15
15
15
Expected volatility
109%
109%
109%
Option life (years)
3.00 years
3.00 years
3.00 years
Dividend yield
Nil
Nil
Nil
Risk-free interest rate
0.74%
0.74%
0.74%
	
Mr Murray
TRANCHE
TRANCHE A
TRANCHE B
TRANCHE C
Grant date
28-Oct-19
28-Oct-19
28-Oct-19
Number of options
533,333
533,333
533,333
Method
Black & Scholes
Black & Scholes
Black & Scholes
Grant date share price (cents)
5.6
5.6
5.6
Exercise price (cents)
15
15
15
Expected volatility
109%
109%
109%
Option life (years)
3.00 years
3.00 years
3.00 years
Dividend yield
Nil
Nil
Nil
Risk-free interest rate
0.74%
0.74%
0.74%
BLACK ROCK MINING LIMITED
2020 ANNUAL REPORT
36
NOTES TO  
THE CONSOLIDATED  
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020

14	
SHARE BASED PAYMENTS (CONTINUED)
(a)	
Employee Share Incentive Scheme (CONTINUED)
The following reconciles the outstanding share options granted under the Plan at the beginning and end of the 
financial year.
2020
2019
NUMBER OF 
OPTIONS
WEIGHTED 
AVERAGE 
EXERCISE PRICE
NUMBER OF 
OPTIONS
WEIGHTED 
AVERAGE  
EXERCISE PRICE
(CENTS)
(CENTS)
Balance at the beginning of  
the financial year
34,000,000
10.44
20,000,000
10.00
Granted during the financial year:
 - Directors
9,200,000
15.00
13,000,000
11.15
 - Employees
-
-
1,000,000
10.00
Forfeited/Expired 
-
-
-
-
Exercised
-
-
-
-
Balance at the end of the financial year
43,200,000
11.41
34,000,000
10.44
Vested and Exercisable at  
the end of the year
43,200,000
11.41
20,000,000
10.00
Expected volatility is based on the movement of the underlying share price around its average price over the expected 
term of the option.	
	
Balance at end of the financial year
The share options vested and exercisable at the end of the financial year under the Plan had a weighted  
average exercise price of $0.1141 (2019: $0.1000) and a weighted average remaining contractual life of 396 days  
(2019: 428 days).
15	
KEY MANAGEMENT PERSONNEL COMPENSATION
The key management personnel of Black Rock Mining during the year were:
Richard Crookes
Non-Executive Chairman
Appointed – 16 October 2017
Ian Murray
Non-Executive Director
Appointed – 2 May 2019
John de Vries
Chief Executive Officer & Managing Director
Appointed – 16 March 2017
Gabriel Chiappini
Non-Executive Director Company Secretary
Appointed – 21 March 2012
Details of the remuneration of key management personnel are set out as follows:
FOR THE  
YEAR ENDED  
30 JUNE 2020
FOR THE 
YEAR ENDED  
30 JUNE 2019
$
$
Short-term employee benefit
569,145
491,811
Post-employment benefits
40,770
36,337
Share-based payments
265,345
237,554
Bonus
-
75,000
Other
-
23,088
875,260
863,790
BLACK ROCK MINING LIMITED
2020 ANNUAL REPORT
37

16	
REMUNERATION OF AUDITORS
	
Auditor of the parent entity
During the year the following fees were paid or were payable for services provided by the auditor of the Company,  
its network firms and non-related audit firms:
FOR THE  
YEAR ENDED 
30/06/2020
FOR THE  
YEAR ENDED 
30/06/2019
$
$
Audit or review of the financial statements (Parent auditor)
37,275
28,605
Audit or review of the financial statements (Other group entities auditor)
11,153
10,512
48,428
39,117
The auditor of Black Rock Mining is Deloitte Touche Tohmatsu.
17	
RELATED PARTY TRANSACTIONS 
Remuneration details for Directors and Executives are included in the Remuneration Report and have been audited.
Balances and transactions between the Company and its subsidiaries, which are related parties of the Company,  
have been eliminated on consolidation and are not disclosed in this note. 
During the reporting period the following costs were incurred to Key Management Personnel for services in addition  
to those shown elsewhere in this note:
DIRECTOR
VALUE $
DESCRIPTION
Gabriel Chiappini
72,270
Amounts to Laurus Corporate Services, a Company Mr Chiappini 
is a shareholder and director of, for the provision of Company 
Secretarial and Non-executive Director services.
18	
EXPENDITURE COMMITMENTS
a.	
Exploration
As part of the Company’s license conditions with the Tanzanian Energy and Minerals Department, the Company is 
obliged to pay the below amounts per square kilometer to keep its tenements in good standing.
The license costs per annum are as follows:
PROJECT NAME
LICENSE TYPE
LICENSE NUMBER
AREA KM²
RATE PER KM²
TOTAL
Mahenge North
Mining License
ML 611/2019
9.94
USD 2,000
USD 19,880
Mahenge North 
Mining License
ML 612/2019
9.79
USD 2,000
USD 19,580
Mahenge North 
Prospecting License
PL 13752/2019
118.37
USD 100
USD 11,837
Makonde
Prospecting License
PL 10111/2014
12.55
USD 150
USD 1,883
Mahenge East
Prospecting License
PL 10426/2014
77.46
USD 150
USD 11,619
Mahenge Southwest
Prospecting License
PL 10427/2014
111.6
USD 150
USD 16,740
As part of the original conditions to acquire the exploration licences there were minimum exploration expenditure 
commitments. These have all been met by 30 June 2020.
BLACK ROCK MINING LIMITED
2020 ANNUAL REPORT
38
NOTES TO  
THE CONSOLIDATED  
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020

18	
EXPENDITURE COMMITMENTS (CONTINUED)
a.	
Exploration (CONTINUED)
As part of the contract to acquire the graphite exploration licences, under certain milestone conditions the Company 
will be obliged to make additional payments. These payments are subject to the following conditions: 
Exploration licence PL10111/2014, PL10426/2014 and PL10427/2014
•	 $250,000 cash or equivalent number of fully paid Black Rock Mining shares (at the election of the vendor) upon 
announcement of a JORC compliant resource of greater than 250,000 tonnes of contained graphite at >9% TGC  
is announced. Issue price of shares to be calculated based on the preceding seven (7) day VWAP; and
•	 $375,000 cash and the equivalent value ($375,000) in Black Rock Mining Shares to be paid when a JORC compliant 
Resource with greater than 1,000,000 tonnes of contained graphite at >9% total graphite content at any of the 
Projects is announced by Black Rock Mining on the ASX. The issue price of Black Rock Mining Shares is to be 
calculated based on the VWAP of Black Rock Mining Shares in the 5 days prior to the release of the announcement.
	
Exploration Program
There are no commitments to exploration as at the date of this report.
b.	
Capital Commitments
The Group has no capital commitments (2019: Nil).
c.	
Operating Lease Commitments
On 1 June 2020 the Company extended the license agreement for its service office at 45 Ventnor Avenue,  
West Perth with the following applicable terms and conditions:
Commencement date:
1 June 2020
Expiry date:
31 May 2021
Monthly License fee:
$4,200 ex. GST
Notice period:
from 1 June 2020 either party may terminate the license by providing 60 days notice.
The Group has assessed its operating lease and determined that it does not fulfil the requirements of AASB 16. 
At 30 June 2020 the Company had a commitment under the license of $48,855 ex GST all of which is due and payable 
within 12 months. The Company was granted rent relief for two months reducing its commitment by $3,780 (ex GST).
d.	
Contractual Commitments
As at 30 June 2020, the Group had no contractual expenditure commitments in place. (June 2019: Nil)
19	
LOSS PER SHARE
The following reflects the profit/ (loss) and share details used in the calculation of basic and diluted profit/ (loss)  
per share:
FOR THE  
YEAR ENDED 
30/06/2020
FOR THE 
YEAR ENDED 
30/06/2019
$
$
Profit/(Loss) used in calculating basic and diluted loss per share
(3,387,285)
(2,864,024)
Weighted average number of ordinary shares used in calculating basic and 
diluted profit/(loss) per share:
621,227,172
530,943,396
Basic and diluted profit/(loss) per share
($0.00545)
($0.00539)
The consolidated entity’s options potentially dilute basic earnings per share in the future. However, they have been 
excluded from the calculations of diluted earnings per share because they are anti-dilutive and out of the money for 
the years presented. 
BLACK ROCK MINING LIMITED
2020 ANNUAL REPORT
39

20	
FINANCIAL INSTRUMENTS
The Group manages its capital to ensure that entities in the Group will be able to continue as going concerns while 
maximizing the return to stakeholders through the optimization of the debt and equity balances. The Group’s overall 
strategy remains unchanged from 2019. 
The Group holds the following financial instruments, all of which the fair value is equal to the carrying value:
FOR THE  
YEAR ENDED
30/06/2020
FOR THE  
YEAR ENDED
30/06/2019
Financial assets
Cash and cash equivalents
 722,097
 1,907,467
Other receivables
93,368
170,361
Total financial assets
815,465
2,077,828
Financial liabilities
Trade and other payables
(839,026)
(658,011)
Provisions
(59,812)
(34,724)
Total financial liabilities
(898,838)
(692,735)
Net financial instruments
(83,373)
1,385,093
The capital structure of the Group consists of net debt (current liabilities offset by cash and bank balances as detailed 
in note 7) and equity of the Group (comprising issued capital, reserves and accumulated losses as detailed in notes 
11,12 and 13).
a.	
Capital Management
The main focus of the Group’s capital management policy is to ensure adequate working capital to fund the  
exploration and development activities of its various geothermal projects. This is done through the close monitoring  
of cash flow projections.
The Group’s working capital as at balance date was:
FOR THE  
YEAR ENDED 
30/06/2020
FOR THE  
YEAR ENDED 
30/06/2019
$
$
Cash and bank balances 
722,097
1,907,467
Other receivables
93,368
170,361
Trade and other payables
(839,026)
(658,011)
(23,561)
1,419,817
Refer to Going Concern assumption disclosure for further details on working capital management. 
	
Financial risk management
The Group’s activities expose it to a variety of financial risks: market risk (including currency risk and interest rate), 
credit risk and liquidity risk. The Group’s overall risk management program focuses on the unpredictability of financial 
markets and seeks to minimise potential adverse effects on the financial performance of the Group. The Group does 
not use derivative financial instruments.
Risk management is the responsibility of the Board of Directors.
BLACK ROCK MINING LIMITED
2020 ANNUAL REPORT
40
NOTES TO  
THE CONSOLIDATED  
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020

20	
FINANCIAL INSTRUMENTS (CONTINUED)
	
Market risk
	
Foreign exchange risk
The Group transacts in US Dollars in relation to its Tanzanian operations is exposed to foreign exchange currency 
movements arising from various currency exposures, primarily with respect to the US Dollar and the Tanzanian Shilling.
Foreign exchange risk arises from recognised assets and liabilities denominated in a currency that is not the entity’s 
functional currency and net investments in foreign operations.
The Group’s exposure to foreign currency risk at the reporting date was as follows:
	
Group sensitivity
The parent entity advances funds to the Tanzanian subsidiary in US Dollars. The foreign exchange is recognised in the 
parent entity.
The consolidated entity’s pre-tax loss for the year would have been $72,293 higher/lower (2019: $19,811 higher/ lower) 
had the Australian dollar strengthened/weakened by 10% against the US Dollar.
	
Cash flow and fair value interest rate risk
The Group is exposed to interest rate risk through cash and cash equivalents $722,097 (2019: $1,907,467).
At 30 June 2020, if the interest rates had weakened/strengthened by 100 basis points from the year-end rates with 
all other variables held constant, post-tax profit for the year would have been $287 lower/higher (2019: $794 lower/
higher) mainly as a result of interest income deceases/increases.
	
Credit risk
Credit risk is managed on a group basis. Credit risk arises from cash and cash equivalents as well as credit exposures 
to customers, including outstanding receivables and committed transactions.
Cash and cash equivalents are held with recognisable banking and financial institutions. The maximum exposure to 
credit risk for cash and cash equivalents is the carrying value.
Other receivables are due from third parties considered credit worthy. The maximum exposure to credit risk for other 
receivables at the reporting date is the carrying amount. The ageing analysis of receivables is as follows:
DEBTOR
< 30 DAYS
Other receivables
$20,704
Restricted Cash
$45,000
The credit quality of financial assets that are neither past due nor impaired can be assessed by reference to external 
credit ratings (if available) or to historical information about counterparty default rates.
	
Liquidity risk
Prudent liquidity risk management implies maintaining sufficient cash to ensure that the Group’s liabilities can be 
settled as and when they become due.
	
Maturities of financial liabilities
The tables below analyses the Group’s financial liabilities into relevant maturity groupings based on the remaining 
period at the reporting date to the contractual maturity date. The amounts disclosed in the table are the contractual 
undiscounted cash flows.
CREDITOR
<1 MONTH
Trade payables
$295,795
	
Fair value estimation
The fair value of financial assets and financial liabilities must be estimated for recognition and measurement or for 
disclosure purposes. The carrying values less impairment provision of trade receivables and payables are assumed to 
approximate their fair values due to their short-term nature.
BLACK ROCK MINING LIMITED
2020 ANNUAL REPORT
41

21	
CONTINGENT LIABILITIES
There were no material contingent liabilities as at 30 June 2020. (2019: Nil)
22	
EVENTS AFTER THE REPORTING DATE
Other than the below, the Directors are not aware of any matter or circumstance that has significant or may 
significantly affect the operation of the Company or the results of those operations, or the state of affairs of the 
Company in subsequent financial years.
-	 On 31 July 2020 Black Rock Mining announced, that further to the announcement on 29 April 2020, that it had 
progressed formal negotiations to resolve the structure and nature of the Free Carried Interest (FCI) with the 
Government of the United Republic of Tanzania (Tanzanian Government). On 8 September 2020 Black Rock Mining 
announced that its potential Strategic Alliance and Development partner, POSCO Limited (POSCO), is making 
meaningful progress on due diligence activities, including battery manufacture and extended battery performance 
testing and had extended the due diligence process to 20 November 2020.
-	 On 11 August 2020 Black Rock Mining announced, that the fully underwritten non-renounceable Entitlement Offer 
to raise approximately $1.65 million as announced by the Company on 3 July 2020, settled with all the securities 
under the offer allotted. Under the terms of the Entitlement Offer Eligible Shareholders were entitled to apply for 
one (1) New Share at an issue price of $0.042 (4.2 cents) for every sixteen (16) shares held on the Record Date.  
Each New Share issued under the terms of the Entitlement Offer receive one (1) free attaching New Option 
exercisable at $0.084 (8.4 cents), expiring three (3) years after the issue date. Under the Entitlement Offer the 
Company offered a maximum of 39,308,982 new shares to raise approximately $1.65 million.
-	 On 8 September 2020 Black Rock Mining announced that its potential Strategic Alliance and Development partner, 
POSCO Limited (POSCO), is making meaningful progress on due diligence activities, including battery manufacture 
and extended battery performance testing and had extended the due diligence process to 20 November 2020.
-	 On 15 September 2020 Black Rock Mining announced that the Government of Tanzania had officially published 
regulations concerning graphite concentrate exports, having issued Government Notice 687 of 2020 “The Mining 
(Value Addition) Regulations, 2020”. The updated regulation continues the policy of maintaining a minimum graphite 
concentration of 65% total graphitic carbon and payment of royalties as conditions of export. The 2020 regulations 
revoke the 2019 “The Mining (Mineral Value Addition) Guidelines of 2019. Black Rock Mining has demonstrated in 
two independent pilot plant operations that Mahenge can produce graphite concentrate at grades of up to 98% 
Carbon by LOI thereby confirming Black Rock Mining’s Definitive Feasibility Study view that Mahenge graphite 
concentrate is suitable for export.
-	 During March 2020 and up until the date of this report, Australia and much of the World has been impacted by  
the spread of the COVID-19 virus. COVID-19, announced as a global pandemic by the World Health Organization on 
11 March 2020, is a non- adjusting subsequent event which has the potential to significantly impact business activity 
and economic conditions worldwide after reporting date. While the exact economic impact on the business cannot 
be estimated, the Group has taken action to continue to pursue its projects. To date, there has been no significant 
impact on the current operations of the business or the financial position as at 30 June 2020.
BLACK ROCK MINING LIMITED
2020 ANNUAL REPORT
42
NOTES TO  
THE CONSOLIDATED  
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020

23	
PARENT ENTITY INFORMATION 
The accounting policies of the parent entity, which have been applied in determining the financial information shown 
below, are the same as those applied in the consolidated financial statements. Refer to note 3 for a summary of 
significant account policies.
	
Financial Position
FOR THE  
YEAR ENDED 
30/06/2020
FOR THE 
YEAR ENDED 
30/06/2019
$
$
Assets
Current assets
814,881
2,049,141
Non-current assets
7,000,315
6,454,731
Total assets
7,815,196
8,503,872
Liabilities
Current liabilities
490,164
614,019
Non-current liabilities
-
-
Total liabilities
490,164
614,019
Equity
Issued capital
60,989,790
 58,086,890 
Retained earnings
(54,797,630)
(50,993,163)
Reserves
1,132,872
796,126 
Total equity
7,325,032
 7,889,853 
	
Financial performance
FOR THE  
YEAR ENDED 
30/06/2020
FOR THE 
YEAR ENDED 
30/06/2019
$
Loss for the year
3,804,467
18,868,356
Other comprehensive income
-
-
Total comprehensive loss
3,804,467
18,868,356
Commitments and contingent liabilities are consistent with Note 21. 
BLACK ROCK MINING LIMITED
2020 ANNUAL REPORT
43

The directors declare that:
(a)	 in the directors’ opinion, there are reasonable grounds to believe that the Company will be able to pay its debts  
as and when they become due and payable;
(b)	 in the directors’ opinion, the attached financial statements are in compliance with International Financial Reporting 
Standards, as stated in note 1 to the financial statements;
(c)	 in the directors’ opinion, the attached financial statements and notes thereto are in accordance with the 
Corporations Act 2001, including compliance with accounting standards and giving a true and fair view of the 
financial position and performance of the Consolidated Entity; and
(d)	 the directors have been given the declarations required by s.295A of the Corporations Act 2001. 
Signed in accordance with a resolution of the directors made pursuant to s. 295(5) of the Corporations Act 2001.
On behalf of the Directors
Richard Crookes
CHAIRMAN
Perth, 29 September 2020
BLACK ROCK MINING LIMITED
2020 ANNUAL REPORT
44
DIRECTORS’  
DECLARATION

Liability limited by a scheme approved under Professional Standards Legislation. 
Member of Deloitte Asia Pacific Limited and the Deloitte Network. 
Independent Auditor’s Report to the 
members of Black Rock Mining Limited 
Report on the Audit of the Financial Report 
 
Opinion  
 
We have audited the financial report of  Black Rock Mining Limited (the “Company”) and its 
subsidiaries (the “Group”) which comprises the consolidated statement of financial position as at 30 
June 2020, the consolidated statement of profit or loss and other comprehensive income, the 
consolidated statement of changes in equity and the consolidated statement of cash flows for the 
year then ended, and notes to the financial statements, including a summary of significant 
accounting policies and other explanatory information, and the directors’ declaration.
 
In our opinion, the accompanying financial report of the Group is in accordance with the Corporations 
Act 2001, including:  
 
(i)  
giving a true and fair view of the Group’s financial position as at 30 June 2020 and of its 
financial performance for the year then ended; and   
(ii)  
complying with Australian Accounting Standards and the Corporations Regulations 2001. 
 
Basis for Opinion 
 
 
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under 
those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial 
Report section of our report. We are independent of the Group in accordance with the auditor 
independence requirements of the Corporations Act 2001 and the ethical requirements of the 
Accounting Professional & Ethical Standards Board’s APES 110 Code of Ethics for Professional 
Accountants (including Independence Standards) (the Code) that are relevant to our audit of the 
financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance 
with the Code.  
 
We confirm that the independence declaration required by the Corporations Act 2001, which has 
been given to the directors of the Company, would be in the same terms if given to the directors as 
at the time of this auditor’s report. 
 
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis 
for our opinion. 
 
Material Uncertainty Related to Going Concern  
  
We draw attention to Note 1 in the financial report which indicates that the Group incurred net losses 
of $3,387,285, experienced net cash outflows from operating activities of $2,516,341 and net cash 
outflows from investing activities of $1,530,162 for the year ended 30 June 2020. As stated in Note 
1, these events or conditions, along with other matters as set forth in Note 1, indicate that a material 
uncertainty exists that may cast significant doubt on the Group’s ability to continue as a going 
concern. Our opinion is not modified in respect of this matter. 
Deloitte Touche Tohmatsu 
ABN 74 490 121 060 
 
Tower 2, Brookfield Place 
123 St Georges Terrace 
Perth WA 6000 
GPO Box A46 
Perth WA 6837 Australia 
 
Tel:  +61 8 9365 7000 
Fax:  +61 8 9365 7001 
www.deloitte.com.au 
BLACK ROCK MINING LIMITED
2020 ANNUAL REPORT
45
INDEPENDENT  
AUDITOR’S REPORT

Our procedures in relation to going concern included, but were not limited to: 
• 
Inquiring of management and the directors in relation to events and conditions that may 
impact the assessment on the Group’s ability to pay its debts as and when they fall due; 
• 
Challenging the assumptions reflected in management’s cash flow forecast, including the 
timing of expected cash flows, including the uncertainty in relation to the impact of 
COVID-19 on the Group  
• 
Assessing the impact of events occurring after balance date on the financial statements; 
and 
• 
Assessing the adequacy of the disclosure related to going concern in Note 1 to the 
financial statements. 
 
 
Key Audit Matters  
 
Key audit matters are those matters that, in our professional judgement, were of most significance 
in our audit of the financial report of the current period. These matters were addressed in the context 
of our audit of the financial report as a whole, and in forming our opinion thereon, and we do not 
provide a separate opinion on these matters. In addition to the matter described in the Material 
Uncertainty Related to Going Concern section, we have determined the matter described below to 
be the key audit matters to be communicated in our report. 
 
 
Key Audit Matter 
How the scope of our audit responded to the 
Key Audit Matter 
Carrying 
value 
of 
Exploration 
and 
Evaluation Assets 
As at 30 June 2020, the carrying value of 
exploration and evaluation assets amounts 
to 
$22,770,344 
including 
additions 
of 
$1,791,976 as disclosed in Note 10.  
 
Significant 
judgement 
is 
applied 
in 
determining the treatment of exploration 
and evaluation expenditure including: 
• 
whether 
the 
conditions 
for 
capitalisation are satisfied; 
• 
which elements of exploration and 
evaluation expenditure qualify for 
capitalisation; 
• 
the Group’s intentions and ability to 
proceed 
with 
a 
future 
work 
programme; 
• 
the likelihood of licence renewal or 
extension; and  
• 
the expected or actual success of 
resource evaluation and analysis. 
 
 
 
Our procedures associated with exploration and 
evaluation expenditure incurred during the year 
included, but were not limited to: 
 
• 
obtaining an understanding of the key 
controls associated with the capitalisation 
or expensing of exploration and evaluation 
expenditure; and 
 
• 
testing on a sample basis, exploration and 
evaluation expenditure to confirm the 
nature of the costs incurred, and the 
appropriateness 
of 
the 
classification 
between asset and expense.  
 
Our procedures associated with the carrying value 
of exploration and evaluation assets included, but 
were not limited to: 
 
• 
obtaining an understanding of the key 
controls associated with the identification 
of indicators of impairment; 
 
• 
evaluating 
management’s 
impairment 
indicator 
assessment, 
including 
consideration as to whether any of the 
following events exist at the reporting date 
which may indicate that exploration and 
evaluation assets may not be recoverable: 
o 
obtaining a schedule of the areas 
of interest held by the Group and 
confirming whether the rights to 
tenure of those areas of interest 
remained current at balance date; 
o 
holding 
discussions 
with 
management as to the status of 
BLACK ROCK MINING LIMITED
2020 ANNUAL REPORT
46
INDEPENDENT  
AUDITOR’S REPORT

ongoing exploration programmes 
in the respective areas of interest; 
and 
o 
assessing whether any facts or 
circumstances existed to suggest 
impairment testing was required. 
 
We also assessed the appropriateness of the 
disclosures in Note 10 to the financial statements. 
 
Other Information  
 
The directors are responsible for the other information. The other information comprises the 
information included in the Group’s annual report for the year ended 30 June 2020, but does not 
include the financial report and our auditor’s report thereon.  
 
Our opinion on the financial report does not cover the other information and we do not express any 
form of assurance conclusion thereon.  
 
In connection with our audit of the financial report, our responsibility is to read the other information 
and, in doing so, consider whether the other information is materially inconsistent with the financial 
report or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, 
based on the work we have performed, we conclude that there is a material misstatement of this 
other information, we are required to report that fact. We have nothing to report in this regard.  
  
Responsibilities of the Directors for the Financial Report 
 
The directors of the Company are responsible for the preparation of the financial report that gives a 
true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 
and for such internal control as the directors determine is necessary to enable the preparation of 
the financial report that gives a true and fair view and is free from material misstatement, whether 
due to fraud or error.  
 
In preparing the financial report, the directors are responsible for assessing the ability of the Group 
to continue as a going concern, disclosing, as applicable, matters related to going concern and using 
the going concern basis of accounting unless the directors either intend to liquidate the Group or to 
cease operations, or have no realistic alternative but to do so.  
 
Auditor’s Responsibilities for the Audit of the Financial Report 
 
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is 
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that 
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that 
an audit conducted in accordance with the Australian Auditing Standards will always detect a material 
misstatement when it exists. Misstatements can arise from fraud or error and are considered 
material if, individually or in the aggregate, they could reasonably be expected to influence the 
economic decisions of users taken on the basis of this financial report. 
 
As part of an audit in accordance with the Australian Auditing Standards, we exercise professional 
judgement and maintain professional scepticism throughout the audit. We also:   
 
• 
Identify and assess the risks of material misstatement of the financial report, whether due 
to fraud or error, design and perform audit procedures responsive to those risks, and obtain 
audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk 
of not detecting a material misstatement resulting from fraud is higher than for one resulting 
from 
error, 
as 
fraud 
may 
involve 
collusion, 
forgery, 
intentional 
omissions, 
misrepresentations, or the override of internal control.  
 
• 
Obtain an understanding of internal control relevant to the audit in order to design audit 
procedures that are appropriate in the circumstances, but not for the purpose of expressing 
an opinion on the effectiveness of the Group’s internal control.  
 
BLACK ROCK MINING LIMITED
2020 ANNUAL REPORT
47

•
Evaluate the appropriateness of accounting policies used and the reasonableness of 
accounting estimates and related disclosures made by the directors.  
 
•
Conclude on the appropriateness of the directors’ use of the going concern basis of 
accounting and, based on the audit evidence obtained, whether a material uncertainty exists 
related to events or conditions that may cast significant doubt on the Group’s ability to 
continue as a going concern. If we conclude that a material uncertainty exists, we are 
required to draw attention in our auditor’s report to the related disclosures in the financial 
report or, if such disclosures are inadequate, to modify our opinion. Our conclusions are 
based on the audit evidence obtained up to the date of our auditor’s report. However, future 
events or conditions may cause the Group to cease to continue as a going concern.  
 
•
Evaluate the overall presentation, structure and content of the financial report, including the 
disclosures, and whether the financial report represents the underlying transactions and 
events in a manner that achieves fair presentation.  
 
•
Obtain sufficient appropriate audit evidence regarding the financial information of the 
entities or business activities within the Group to express an opinion on the financial report. 
We are responsible for the direction, supervision and performance of the Group’s audit. We 
remain solely responsible for our audit opinion. 
 
We communicate with the directors regarding, among other matters, the planned scope and timing 
of the audit and significant audit findings, including any significant deficiencies in internal control 
that we identify during our audit.  
 
We also provide the directors with a statement that we have complied with relevant ethical 
requirements regarding independence, and to communicate with them all relationships and other 
matters that may reasonably be thought to bear on our independence, and where applicable, actions 
taken to eliminate threats or safeguards applied.  
 
From the matters communicated with the directors, we determine those matters that were of most 
significance in the audit of the financial report of the current period and are therefore the key audit 
matters. We describe these matters in our auditor’s report unless law or regulation precludes public 
disclosure about the matter or when, in extremely rare circumstances, we determine that a matter 
should not be communicated in our report because the adverse consequences of doing so would 
reasonably be expected to outweigh the public interest benefits of such communication. 
 
Report on the Remuneration Report 
 
Opinion on the Remuneration Report 
 
We have audited the Remuneration Report included in pages 11 to 16 of the Directors’ Report for 
the year ended 30 June 2020.
 
In our opinion, the Remuneration Report of Black Rock Mining Limited, for the year ended 30 June 
2020, complies with section 300A of the Corporations Act 2001.  
 
Responsibilities  
 
The directors of the Company are responsible for the preparation and presentation of the 
Remuneration Report in accordance with section 300A of the Corporations Act 2001. Our 
responsibility is to express an opinion on the Remuneration Report, based on our audit conducted in 
accordance with Australian Auditing Standards.  
 
 
 
DELOITTE TOUCHE TOHMATSU 
 
 
Ian Skelton
Partner
Chartered Accountants 
Perth, 29 September 2020
BLACK ROCK MINING LIMITED
2020 ANNUAL REPORT
48
INDEPENDENT  
AUDITOR’S REPORT

ORDINARY FULLY PAID SHARES
Range of units as at 22 September 2020
RANGE
TOTAL HOLDERS
UNITS
% UNITS
1 - 1,000
142
50,271
0.01
1,001 - 5,000
158
467,407
0.07
5,001 - 10,000
172
1,392,723
0.21
10,001 - 100,000
890
37,149,562
5.56
100,001 Over
528
629,192,726
94.15
Rounding
0.00
Total
1,890
668,252,689
100.00
Unmarketable parcels
MINIMUM PARCEL SIZE
HOLDERS
UNITS
Minimum $ 500.00 parcel at $ 0.0560 per unit
8,929
403
1,230,838
Top 20 Shareholders as at 22 September 2020
RANK
NAME
UNITS
% UNITS
1
EYEON INVESTMENTS PTY LTD <EYEON INVESTMENTS FAMILY A/C>
57,590,637
8.62
2
COPULOS SUPERANNUATION PTY LTD <COPULOS PROVIDENT FUND A/C>
42,700,395
6.39
3
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED <ST A/C>
18,152,455
2.72
4
DANIEL TURNER CAPITAL PTY LTD <DANIEL TURNER FAMILY A/C> 
,572,917
2.63
5
CITICORP NOMINEES PTY LIMITED
14,760,339
2.21
6
JAWAF ENTERPRISES PTY LTD <HALL FAMILY A/C>
14,651,875
2.19
7
WESTPARK OPERATIONS PTY LTD <WESTPARK OPERATIONS UNIT A/C>
13,561,674
2.03
8
GASMERE PTY LTD
13,153,383
1.97
9
E & E HALL PTY LTD <E & E HALL P/L S/F A/C>
12,506,142
1.87
10
SPACETIME PTY LTD <COPULOS EXEC S/FUND NO 1 A/C>
11,687,500
1.75
11
MR CHIN YONG CHONG
11,011,307
1.65
12
MR WARREN WILLIAM BROWN + MRS MARILYN HELENA BROWN
10,250,000
1.53
13
DANIEL TURNER HOLDINGS PTY LTD <DANIEL TURNER SUPERFUND A/C>
8,957,396
1.34
14
RETZOS EXECUTIVE PTY LTD <RETZOS EXECUTIVE S/FUND A/C>
8,811,363
1.32
15
CHRIKIM PTY LTD <GEOFFREY WRIGHT INCOME A/C>
8,101,060
1.21
16
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED
7,808,959
1.17
17
TISDELL FAMILY SUPER PTY LTD <TISDELL FAMILY SUPER A/C>
7,800,000
1.17
18
BNP PARIBAS NOMINEES PTY LTD <IB AU NOMS RETAILCLIENT DRP>
7,627,489
1.14
19
CITYWEST CORP PTY LTD <COPULOS SUNSHINE UNIT A/C>
6,356,027
0.95
20
BASSCOTT PTY LTD <THE A ABRAHAMS FAMILY A/C>
5,980,128
0.89
Totals: Top 20 holders of ORDINARY FULLY PAID SHARES (Total)
299,041,046
44.75
Total Remaining Holders Balance
369,211,643
55.25
Substantial holders
NAME
UNITS
% UNITS
Copulos Group
131,657,021
19.7
BLACK ROCK MINING LIMITED
2020 ANNUAL REPORT
49
ADDITIONAL  
ASX INFORMATION

Black Rock Mining Limited is an Australian based company listed on the 
Australian Securities Exchange (ASX:BKT). The Company has a 100% interest 
in the Mahenge Graphite Project (the “Project”) located in Tanzania. The 
Project has a JORC compliant Mineral Resource Estimate of 212m tonnes 
at 7.8% TGC. It also has Ore Reserves of 70m tonnes at 8.5% TGC. The Ore 
Reserves support a mine life of up to 350k tonnes of graphite per annum for 
a reserve life of 16 years. Since the release of the Mineral Resource Estimate, 
the Company confirms that it is not aware of any new information or data that 
materially affects the Mineral Resource Estimate.
In October 2018, the Company released a Definitive Feasibility Study (DFS) 
for the Project, which was based on strong customer demand. This DFS was 
enhanced in July 2019, and demonstrates exceptional financial metrics including:
•	 Low Capex: Lowest peak capital expenditure of US$116M for phase one*
•	 High Margin: AISC margin of 63.1%; 
•	 Low Technical Risk: Substantial pilot plant operations run of 110 tonnes; 
and 
•	 Superior Economics: IRR of 44.8% with NPV10 of US$1.16bn (A$1.65bn**)
Following release of the Enhanced DFS in July 2019, the Company confirms 
that it is not aware of any new data or information that materially affects 
the results of the Enhanced DFS and that all material assumptions and 
technical parameters underpinning the estimates in the relevant market 
announcements continue to apply and have not materially changed.
In February 2019, the Company announced receipt of its mining licence for 
the DFS project. In May 2019, the Company announced it had substantially 
allocated planned production with up to 255k tonnes per annum of graphite 
committed to sale by year three of production, through Pricing Framework 
Agreements. The Company is progressing these agreements into binding 
offtake commitments. 
The Company is currently advancing financing discussions and detailed 
engineering with a view to commencing construction of the mine.
JORC Compliant Mineral Resource Estimate and Ore Reserve
TONNES
GRADE 
CONTAINED 
GRAPHITE
(MT)
(% TGC)
(MT)
Ore Reserves
- Proven
0.0
0.0
0.0
- Probable
70.0
8.5
6.0
Total Ore Reserves
70.0
8.5
6.0
Mineral Resources
- Measured
25.5
8.6
2.2
- Indicated
88.1
7.9
6.9
Total Measured & Indicated
113.6
8.1
9.1
- Inferred
98.3
7.6
7.4
Total Measured, Indicated  
& Inferred 
211.9
7.8
16.6
*	
Forecast Capex has been classified as a Class 3 estimate with accuracy of ±10%  
as defined by AACE
**	 $AUD/USD 0.70
Mahenge Graphite Project
Competent Person(s) Statement
The information in this report that 
relates to Exploration Results and 
Mineral Resource Statements is 
based on information compiled by 
John de Vries, who is a member of 
the AusIMM. He is an employee of 
Black Rock Mining. John de Vries 
has sufficient experience which is 
relevant to the style of mineralisation 
and type of deposit under 
consideration and to the activity 
which he is undertaking to qualify 
as a Competent Person as defined 
in the 2004 and 2012 Edition of the 
‘Australasian Code for Reporting 
of Exploration Results, Mineral 
Resources and Ore Reserves’.
The information that relates to 
Mineral Resources is based on 
and fairly represents information 
compiled by Mr Lauritz Barnes, 
(Consultant with Trepanier Pty Ltd) 
and Mr Aidan Patel (Consultant  
with Patel Consulting Pty Ltd).  
Mr Barnes and Mr Patel are 
members of the Australian Institute 
of Mining and Metallurgy and have 
sufficient experience of relevance to 
the styles of mineralisation and types 
of deposits under consideration, 
and to the activities undertaken to 
qualify as Competent Persons 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 Barnes, Mr Patel and Mr de Vries 
consent to the inclusion in this  
report of the matters based on  
their information in the form and 
context in which they appear.
The Ore Reserves have been 
compiled by Black Rock Mining, under 
the direction of Mr John de Vries, 
who is a Member and Chartered 
Professional of the Australasian 
Institute of Mining and Metallurgy. 
Mr de Vries is a full-time employee 
of Black Rock Mining and holds 
performance rights in the company 
as part of his total remuneration 
package. Mr de Vries has sufficient 
experience in Ore Reserve 
estimation relevant to the style of 
mineralisation and type of deposit 
under consideration to qualify as 
a Competent Person as defined in 
the 2012 Edition of the “Australasian 
Code for Reporting of Mineral 
Resources and Ore Reserves”.
BLACK ROCK MINING LIMITED
2020 ANNUAL REPORT
50
ADDITIONAL 
ASX INFORMATION

www.blackrockmining.com.au