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Black Rock Mining Limited (AU:BKT)
ASX:BKT
Australian Market

Black Rock Mining Limited (BKT) AI Stock Analysis

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AU:BKT

Black Rock Mining Limited

(Sydney:BKT)

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Neutral 52 (OpenAI - 5.2)
Rating:52Neutral
Price Target:
AU$0.02
▲(5.00% Upside)
The score is held back primarily by weak financial performance (pre-revenue profile, ongoing losses, and negative operating/free cash flow), partially offset by a low-debt balance sheet. Technicals are moderately supportive with the price above key moving averages and a slightly positive MACD, while valuation remains unfavorable due to the negative P/E and no indicated dividend yield.
Positive Factors
Low leverage / strong capital base
A very low debt stockpile and substantial equity provide durable financial flexibility for a development-stage miner. This reduces refinancing risk during project development and gives management scope to pursue project milestones without heavy interest burdens that could strain cash flow.
Improving cash burn trajectory
A consistent reduction in negative free cash flow suggests management is containing development costs and raising operational efficiency. If sustained, lower cash burn extends runway, reduces near-term financing needs, and improves odds of reaching construction or financing milestones for the Mahenge project.
Strategic graphite asset exposure
Owning a large graphite development targeting battery and industrial end-markets aligns the company with durable demand drivers from electrification and industrial applications. A successful project could capture structural growth in battery supply chains over the coming years.
Negative Factors
Pre-revenue operational profile
Being pre-revenue means the business lacks operating cash generation, making long-term viability dependent on development success. Persistent operating losses erode equity and require continued capital support until commercial production and sustained sales are established.
Dependence on external financing
Reliance on project finance and equity markets creates execution risk: adverse market conditions or funding delays can stall development. Long-term project delivery hinges on securing sizeable third-party capital under acceptable terms, which is uncertain for junior developers.
Negative return on equity
A materially negative ROE shows the company is destroying shareholder value while in development. Unless operational performance reverses with revenue generation, continued negative returns threaten dilution or repeated capital raises that weaken existing investors' stakes over time.

Black Rock Mining Limited (BKT) vs. iShares MSCI Australia ETF (EWA)

Black Rock Mining Limited Business Overview & Revenue Model

Company DescriptionBlack Rock Mining Limited engages in the exploration and development of graphite projects in Tanzania. It holds a 100% interest in the Mahenge graphite project covering an area of 324 square kilometres and located in Tanzania. The company was formerly known as Green Rock Energy Limited and changed its name to Black Rock Mining Limited in March 2015. Black Rock Mining Limited was incorporated in 2000 and is based in West Perth, Australia.
How the Company Makes MoneyBlack Rock Mining Limited makes money through the extraction and sale of graphite from its Mahenge Project. The revenue model is primarily based on mining, processing, and exporting graphite to various industrial sectors, including the battery manufacturing and technology industries. The company plans to generate income through long-term offtake agreements with key buyers, ensuring a steady revenue stream. Strategic partnerships with international firms for technological collaboration and market expansion also play a significant role in its earnings. Additionally, Black Rock Mining might engage in joint ventures or secure financing deals to support its project development and operational expansion.

Black Rock Mining Limited Financial Statement Overview

Summary
Black Rock Mining Limited faces significant financial headwinds across its financial statements. The income statement shows negative margins and persistent losses, indicating operational inefficiencies. Despite a strong equity base and low leverage reflected in the balance sheet, negative cash flows from operations highlight liquidity challenges and a reliance on financing activities.
Income Statement
Black Rock Mining Limited shows a challenging financial position in its income statement. While there is a small revenue generation in the most recent year, the company has experienced consistent losses with negative net income and EBIT margins. The EBIT and EBITDA margins are significantly negative, indicating operational inefficiencies. The revenue growth is notable from zero to a small amount, but the overall profitability remains a significant concern.
Balance Sheet
The balance sheet of Black Rock Mining Limited presents a moderate financial structure. The company maintains a strong equity base with a low debt-to-equity ratio, indicating limited leverage and potential stability. However, the return on equity is negative due to ongoing net losses. The equity ratio is high, reflecting a solid proportional equity funding of assets, but profitability issues are a concern.
Cash Flow
Cash flow analysis reveals ongoing challenges for Black Rock Mining Limited. The company consistently exhibits negative operating and free cash flows, indicating insufficient cash generation from core operations. Financing activities are the primary source of cash inflow, which might not be sustainable in the long term. The free cash flow to net income ratio is not favorable, further highlighting liquidity issues.
BreakdownTTMDec 2025Dec 2024Dec 2023Dec 2022Dec 2021
Income Statement
Total Revenue8.17K0.004.12K0.000.000.00
Gross Profit-334.76K-334.36K-350.00K-286.00K-48.18K-14.17K
EBITDA-9.26M-9.17M-10.53M-9.06M-6.03M-2.84M
Net Income-8.93M-8.93M-10.08M-9.05M-6.08M-2.85M
Balance Sheet
Total Assets59.42M59.42M63.11M61.32M57.43M33.63M
Cash, Cash Equivalents and Short-Term Investments2.08M2.08M9.10M11.70M26.09M11.30M
Total Debt547.60K547.60K477.94K686.35K536.70K0.00
Total Liabilities3.09M3.09M3.59M3.82M2.41M468.59K
Stockholders Equity57.73M57.73M60.33M57.79M55.02M33.16M
Cash Flow
Free Cash Flow-10.94M-8.91M-13.87M-25.57M-11.59M-2.86M
Operating Cash Flow-8.90M-8.90M-8.00M-8.31M-4.13M-2.04M
Investing Cash Flow-2.79M-2.79M-5.82M-17.35M-7.46M-827.02K
Financing Cash Flow4.55M4.55M11.21M10.63M25.97M13.67M

Black Rock Mining Limited Technical Analysis

Technical Analysis Sentiment
Neutral
Last Price0.02
Price Trends
50DMA
0.02
Positive
100DMA
0.02
Negative
200DMA
0.02
Negative
Market Momentum
MACD
<0.01
Negative
RSI
52.26
Neutral
STOCH
87.50
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:BKT, the sentiment is Neutral. The current price of 0.02 is above the 20-day moving average (MA) of 0.02, above the 50-day MA of 0.02, and below the 200-day MA of 0.02, indicating a neutral trend. The MACD of <0.01 indicates Negative momentum. The RSI at 52.26 is Neutral, neither overbought nor oversold. The STOCH value of 87.50 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for AU:BKT.

Black Rock Mining Limited Peers Comparison

Overall Rating
UnderperformOutperform
Sector (61)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
61
Neutral
$10.43B7.12-0.05%2.87%2.86%-36.73%
52
Neutral
AU$42.95M-3.09-15.13%23.60%
52
Neutral
AU$160.97M-41.16-2.30%12.50%
52
Neutral
AU$124.42M-4.13-32.57%-100.00%-477.06%
49
Neutral
AU$70.03M-7.01-268.97%
48
Neutral
AU$51.53M-18.33-12.53%40.00%
43
Neutral
AU$41.44M-6.89-13.86%-12.34%
* Basic Materials Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
AU:BKT
Black Rock Mining Limited
0.02
-0.01
-40.00%
AU:GL1
Global Lithium Resources Ltd.
0.61
0.43
236.11%
AU:PHO
PhosCo Ltd
0.15
0.09
150.00%
AU:VRC
Volt Resources Ltd
0.01
<0.01
10.00%
AU:LEL
Lithium Energy Ltd.
0.37
0.00
0.00%
AU:WR1
Winsome Resources Limited
0.55
0.13
29.41%

Black Rock Mining Limited Corporate Events

Black Rock Mining Appoints New Company Secretary
Dec 15, 2025

Black Rock Mining Limited has announced the appointment of Mr. Harry Miller as the new Company Secretary, effective December 15, 2025. Mr. Miller brings extensive experience from his previous roles with ASX-listed and private companies, particularly in the natural resources, technology, and industrial sectors. This change follows the resignation of Mr. James Doyle, with the company expressing gratitude for his contributions. Mr. Miller will also be responsible for communications with the ASX, potentially impacting the company’s operational efficiency and stakeholder engagement.

The most recent analyst rating on (AU:BKT) stock is a Buy with a A$0.11 price target. To see the full list of analyst forecasts on Black Rock Mining Limited stock, see the AU:BKT Stock Forecast page.

Black Rock Mining Limited Announces Director’s Securities Acquisition
Dec 12, 2025

Black Rock Mining Limited announced a change in the director’s interest in securities, with John de Vries acquiring additional performance rights under the Employee Securities Incentive Plan. This move, approved by shareholders, reflects the company’s strategy to align its leadership’s interests with its growth objectives, potentially impacting its market positioning and stakeholder confidence.

The most recent analyst rating on (AU:BKT) stock is a Buy with a A$0.11 price target. To see the full list of analyst forecasts on Black Rock Mining Limited stock, see the AU:BKT Stock Forecast page.

Black Rock Mining Limited Announces Quotation of New Securities
Nov 26, 2025

Black Rock Mining Limited has announced the quotation of 186,283 fully paid ordinary securities on the Australian Securities Exchange (ASX) as of November 26, 2025. This move is part of the company’s strategy to enhance its capital structure and potentially improve its market positioning, which could have implications for its stakeholders by increasing liquidity and investor interest.

The most recent analyst rating on (AU:BKT) stock is a Buy with a A$0.11 price target. To see the full list of analyst forecasts on Black Rock Mining Limited stock, see the AU:BKT Stock Forecast page.

Black Rock Mining Highlights Strategic Developments at Noosa Conference
Nov 13, 2025

Black Rock Mining Limited presented at the Noosa Mining Conference, highlighting its ongoing projects and strategic developments. The company reaffirmed its production targets and financial forecasts, emphasizing the stability of its assumptions and technical parameters. This presentation underscores Black Rock’s commitment to advancing its graphite projects, potentially strengthening its position in the graphite market and impacting stakeholders, including the Tanzanian government.

The most recent analyst rating on (AU:BKT) stock is a Buy with a A$0.11 price target. To see the full list of analyst forecasts on Black Rock Mining Limited stock, see the AU:BKT Stock Forecast page.

Black Rock Mining Issues Performance Rights to Employees
Nov 12, 2025

Black Rock Mining Limited announced the issuance of 27,017,980 performance rights under an employee incentive scheme, which are not intended to be quoted on the ASX. This move is part of the company’s strategy to incentivize employees and align their interests with the company’s growth objectives, potentially impacting its operational efficiency and market positioning.

The most recent analyst rating on (AU:BKT) stock is a Buy with a A$0.11 price target. To see the full list of analyst forecasts on Black Rock Mining Limited stock, see the AU:BKT Stock Forecast page.

Black Rock Mining Limited: Director’s Interest Update
Oct 30, 2025

Black Rock Mining Limited announced a change in the director’s interest, specifically regarding John de Vries. The director acquired additional shares and listed options through a shareholder-approved securities purchase plan, increasing his indirect holdings. This acquisition reflects confidence in the company’s future prospects and could positively impact stakeholder perceptions of the company’s stability and growth potential.

The most recent analyst rating on (AU:BKT) stock is a Buy with a A$0.11 price target. To see the full list of analyst forecasts on Black Rock Mining Limited stock, see the AU:BKT Stock Forecast page.

Black Rock Mining Limited Announces Option Holdings Breakdown
Oct 28, 2025

Black Rock Mining Limited has announced a detailed breakdown of its listed options expiring on October 24, 2027, priced at $0.03 per unit. The report highlights that the majority of the issued capital, 99%, is held by 379 holders, with significant stakes held by entities such as JB Turner Mud Guards Pty Ltd and Citicorp Nominees Pty Limited. This distribution of options indicates a concentrated ownership structure, which could impact the company’s market dynamics and stakeholder influence.

The most recent analyst rating on (AU:BKT) stock is a Buy with a A$0.11 price target. To see the full list of analyst forecasts on Black Rock Mining Limited stock, see the AU:BKT Stock Forecast page.

Black Rock Mining Advances Mahenge Graphite Project with Early Works Program
Oct 27, 2025

Black Rock Mining Limited announced the commencement of its Early Works Program at the Mahenge Graphite Project, following a successful A$10 million placement and oversubscribed share purchase plan. The groundbreaking ceremony, attended by key stakeholders including the Tanzanian Minister of Minerals and representatives from POSCO, marks a significant step towards the project’s development. The project is expected to create over 400 full-time jobs initially, with plans to expand further, and includes the development of a high voltage power line to enhance regional industrialization.

The most recent analyst rating on (AU:BKT) stock is a Buy with a A$0.11 price target. To see the full list of analyst forecasts on Black Rock Mining Limited stock, see the AU:BKT Stock Forecast page.

Black Rock Mining Limited Announces Annual General Meeting
Oct 24, 2025

Black Rock Mining Limited has announced its Annual General Meeting scheduled for November 24, 2025, in West Perth, Australia. Shareholders are encouraged to participate in the meeting, with voting to occur by poll. The company will not send hard copies of the meeting notice, urging shareholders to access documents online. This meeting is a significant event for stakeholders to engage with the company’s strategic direction and governance.

The most recent analyst rating on (AU:BKT) stock is a Buy with a A$0.11 price target. To see the full list of analyst forecasts on Black Rock Mining Limited stock, see the AU:BKT Stock Forecast page.

Black Rock Mining Limited Announces Annual General Meeting
Oct 24, 2025

Black Rock Mining Limited has announced its Annual General Meeting, scheduled for November 24, 2025, at The Park Business Centre in West Perth. The meeting will address the company’s financial reports for the year ending June 30, 2025, and include a non-binding resolution to adopt the Remuneration Report. Shareholders are encouraged to review the Explanatory Memorandum for details on voting implications, with specific voting restrictions outlined for key management personnel and their related parties.

The most recent analyst rating on (AU:BKT) stock is a Buy with a A$0.11 price target. To see the full list of analyst forecasts on Black Rock Mining Limited stock, see the AU:BKT Stock Forecast page.

Black Rock Mining Limited Announces Quotation of New Securities
Oct 24, 2025

Black Rock Mining Limited has announced the application for the quotation of 666,666,510 new securities, specifically options expiring on October 24, 2027. This move is part of previously announced transactions and reflects the company’s strategic efforts to enhance its financial flexibility and support its ongoing projects, potentially impacting its market positioning and stakeholder interests.

The most recent analyst rating on (AU:BKT) stock is a Buy with a A$0.11 price target. To see the full list of analyst forecasts on Black Rock Mining Limited stock, see the AU:BKT Stock Forecast page.

Black Rock Mining Limited Announces Quotation of New Securities on ASX
Oct 24, 2025

Black Rock Mining Limited has announced the quotation of 263,198,038 ordinary fully paid securities on the Australian Securities Exchange (ASX) as of October 24, 2025. This move is part of previously announced transactions and is expected to enhance the company’s market presence and provide additional liquidity for stakeholders.

The most recent analyst rating on (AU:BKT) stock is a Buy with a A$0.11 price target. To see the full list of analyst forecasts on Black Rock Mining Limited stock, see the AU:BKT Stock Forecast page.

Black Rock Mining Limited Announces Quotation of New Securities on ASX
Oct 24, 2025

Black Rock Mining Limited has announced the quotation of 190,476,033 fully paid ordinary securities on the Australian Securities Exchange (ASX). This move is part of a previously announced transaction, indicating the company’s ongoing efforts to enhance its financial standing and market presence. The issuance of these securities is expected to impact the company’s operations by providing additional capital, potentially improving its industry positioning and offering implications for stakeholders regarding future growth and investment opportunities.

The most recent analyst rating on (AU:BKT) stock is a Buy with a A$0.11 price target. To see the full list of analyst forecasts on Black Rock Mining Limited stock, see the AU:BKT Stock Forecast page.

Black Rock Mining Secures A$4 Million to Boost Mahenge Graphite Project
Oct 23, 2025

Black Rock Mining Limited successfully raised A$4 million through an oversubscribed Share Purchase Plan, exceeding its initial target of A$2 million. This funding will accelerate the Early Works Program at the Mahenge Graphite Project, reflecting strong shareholder confidence in the project’s potential. The capital raised will support construction activities and plant site earthworks as the company finalizes project financing, enhancing its position in the graphite industry.

The most recent analyst rating on (AU:BKT) stock is a Buy with a A$0.11 price target. To see the full list of analyst forecasts on Black Rock Mining Limited stock, see the AU:BKT Stock Forecast page.

Black Rock Mining Highlights Graphite Development Progress
Oct 20, 2025

Black Rock Mining Limited has released an investor presentation detailing updates on its graphite development projects, particularly through its subsidiary, Faru Graphite Corporation Limited. The presentation emphasizes the company’s commitment to maintaining its production targets and financial forecasts, highlighting the ongoing collaboration with the Tanzanian government. This announcement underscores Black Rock’s strategic positioning in the graphite market and its potential implications for stakeholders, reinforcing its role as a key player in the industry.

The most recent analyst rating on (AU:BKT) stock is a Buy with a A$0.11 price target. To see the full list of analyst forecasts on Black Rock Mining Limited stock, see the AU:BKT Stock Forecast page.

Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.Date of analysis: Jan 09, 2026