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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
▼(-10.00% Downside)
Action:ReiteratedDate:01/09/26
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
A very low debt burden and modest total borrowings materially reduce financial distress risk for a development-stage miner. This capital structure gives flexibility to secure project finance or bridge funding without large interest costs, supporting project execution and longevity.
Strategic graphite asset
Controlling the Mahenge Graphite Project positions the company in the battery and industrial graphite supply chain. Structural growth in electric vehicle and battery markets creates durable demand for graphite, underpinning long-term revenue potential if the project reaches production and secures offtake.
Improving cash burn
A multi-year reduction in cash burn signals stronger cost control and operational discipline during development. Sustained improvement narrows near-term funding requirements, lengthens runway, and demonstrates management can progressively reduce outflows while advancing permitting and engineering work.
Negative Factors
Pre-revenue profile
Being effectively pre-revenue means the business has no operating sales to cover costs and must transition from development to production to realize value. This creates execution risk: delays, cost overruns, or failure to secure offtake or permits would materially impair long-term viability and shareholder returns.
Negative operating cash flow
Persistent negative operating cash flow forces reliance on external capital and increases vulnerability to tightening financing conditions. Ongoing outflows strain resources, can lead to dilution through equity raises, and may delay project milestones if additional funding terms are unfavorable or scarce.
Reliance on external funding
Dependence on project finance and capital markets ties the development timeline to market sentiment and lender appetite. This increases execution uncertainty, raises dilution and cost-of-capital risk, and can postpone construction or ramp-up if conditions deteriorate or counterparties demand stricter terms.

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
Operating fundamentals are weak: the company is effectively pre-revenue with persistent, sizeable losses and consistently negative operating/free cash flow. The balance sheet is a relative strength with very low leverage and substantial equity, but ongoing losses and cash burn remain the dominant financial risk despite some improvement in cash burn in 2025.
Income Statement
8
Very Negative
The company remains pre-revenue/very low revenue, with revenue at 0 in most years and a sharp drop to 0 in 2025 (annual) from a small base in 2024. Losses are persistent and sizeable, with net income around -8.9M to -10.1M in the last two annual periods and operating losses of a similar magnitude. While losses appear slightly narrower in 2025 versus 2024, overall profitability is still firmly negative and the business has not demonstrated a sustained revenue ramp.
Balance Sheet
62
Positive
The balance sheet is a relative strength: leverage is very low (debt-to-equity roughly ~0.8%–1.2% in recent years), and equity remains substantial (~57.7M in 2025). Total debt is modest (about 0.55M in 2025), which reduces financial risk. The key weakness is ongoing negative returns on equity (about -15% in 2025), indicating shareholders’ capital is being consumed by continuing losses, even though the capital structure itself is not highly levered.
Cash Flow
18
Very Negative
Cash generation is weak with consistently negative operating cash flow (about -8.9M in 2025 and -8.0M in 2024), indicating the business is not self-funding. Free cash flow is also negative across the period, though the cash burn improved materially in 2025 (free cash flow around -8.9M) versus 2024 (around -13.9M) and especially 2023 (around -25.6M). The main risk remains sustained cash outflows that likely require continued funding over time if revenues do not scale.
BreakdownJun 2025Jun 2024Jun 2023Jun 2022Jun 2021
Income Statement
Total Revenue0.004.12K0.000.000.00
Gross Profit-334.36K-350.00K-286.00K-48.18K-14.17K
EBITDA-9.17M-10.53M-9.06M-6.03M-2.84M
Net Income-8.93M-10.08M-9.05M-6.08M-2.85M
Balance Sheet
Total Assets59.42M63.11M61.32M57.43M33.63M
Cash, Cash Equivalents and Short-Term Investments2.08M9.10M11.70M26.09M11.30M
Total Debt547.60K477.94K686.35K536.70K0.00
Total Liabilities3.09M3.59M3.82M2.41M468.59K
Stockholders Equity57.73M60.33M57.79M55.02M33.16M
Cash Flow
Free Cash Flow-8.91M-13.87M-25.57M-11.59M-2.86M
Operating Cash Flow-8.90M-8.00M-8.31M-4.13M-2.04M
Investing Cash Flow-2.79M-5.82M-17.35M-7.46M-827.02K
Financing Cash Flow4.55M11.21M10.63M25.97M13.67M

Black Rock Mining Limited Technical Analysis

Technical Analysis Sentiment
Positive
Last Price0.02
Price Trends
50DMA
0.02
Positive
100DMA
0.02
Positive
200DMA
0.02
Negative
Market Momentum
MACD
<0.01
Positive
RSI
52.26
Neutral
STOCH
133.33
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:BKT, the sentiment is Positive. The current price of 0.02 is below 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 Positive momentum. The RSI at 52.26 is Neutral, neither overbought nor oversold. The STOCH value of 133.33 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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$36.51M-2.50-15.13%23.60%
52
Neutral
AU$136.74M-36.05-2.30%12.50%
48
Neutral
AU$33.49M-16.67-12.53%40.00%
47
Neutral
AU$118.32M-3.56-32.57%-100.00%-477.06%
45
Neutral
AU$57.95M-5.37-268.97%
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
-35.71%
AU:GL1
Global Lithium Resources Ltd.
0.52
0.34
186.11%
AU:PHO
PhosCo Ltd
0.12
0.06
91.67%
AU:VRC
Volt Resources Ltd
0.01
0.00
0.00%
AU:LEL
Lithium Energy Ltd.
0.37
0.00
0.00%
AU:WR1
Winsome Resources Limited
0.50
0.19
58.73%

Black Rock Mining Limited Corporate Events

Black Rock Reaffirms Mahenge Graphite Project Assumptions in Investor Presentation
Feb 9, 2026

Black Rock Mining Limited has released an investor presentation outlining its position as a premium graphite developer and providing an update on the Mahenge graphite project in Tanzania via its subsidiary Faru Graphite Corporation. The company reiterates that previously disclosed exploration results, mineral resource and ore reserve estimates, and production targets remain current, with underlying assumptions and technical parameters unchanged.

The presentation emphasizes the Tanzanian government’s 16% free-carried interest in Faru under an existing framework agreement, highlighting a strong partnership with host-country authorities. By confirming the validity of its feasibility and production assumptions, Black Rock seeks to reinforce confidence in the robustness of its development plans and the long-term viability of its graphite operations for investors and stakeholders.

The most recent analyst rating on (AU:BKT) stock is a Hold with a A$0.02 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 awards US$11m bulk earthworks contract for Mahenge graphite project
Feb 4, 2026

Black Rock Mining has awarded a US$11 million bulk earthworks contract for its Mahenge Graphite Project in Tanzania to local firm Taifa Mining and Civils, following a competitive tender process conducted in line with Tanzanian Mining (Local Content) Regulations. The deal, which remains subject to Mining Commission approval, is split into an early works phase of about US$0.9 million to divert the Mdindo stream and set up contractor facilities, and a larger post-final investment decision phase of about US$10.1 million covering major site earthworks including roads, plant areas, tailings preparation and dams. Company management says the pricing matches previous Front End Engineering Design estimates, reinforcing the project’s cost assumptions, while the early works are intended to de-risk the development by providing unrestricted access to the plant site and enabling a rapid ramp-up to full-scale construction once financing is secured and a final investment decision is taken.

The most recent analyst rating on (AU:BKT) stock is a Hold with a A$0.02 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 Advances Mahenge Graphite Project After Groundbreaking and Early Works Progress
Jan 30, 2026

Black Rock Mining has marked a major milestone at its Mahenge Graphite Project in Tanzania with an official groundbreaking ceremony, underscoring strong support from the Tanzanian government and strategic partner POSCO as it advances an Early Works program designed to enable a rapid ramp-up of construction after project financing and a Final Investment Decision are secured. During the December quarter, the company completed resettlement for an access road, began work on a 220kV transmission line that is expected to deliver low-cost, hydro-dominated grid power and underpin regional industrialisation, and strengthened its balance sheet with recent equity raisings, leaving it well funded to continue early works while it pursues project funding amid supportive global conditions for critical minerals.

The most recent analyst rating on (AU:BKT) stock is a Hold with a A$0.02 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 Advances Early Works to Make Mahenge Graphite Project Construction-Ready
Jan 12, 2026

Black Rock Mining has reported solid progress on early works at its Mahenge Graphite Project in Tanzania, designed to ensure a rapid ramp-up of construction once project financing is secured and a Final Investment Decision is made. Key milestones include completing resettlement along the 7.2km access road corridor, clearing the way for road construction, advancing surveys and tower spotting for a new 220kV transmission line that will link Mahenge to low-cost hydro-dominated power, and launching tender processes for long-lead equipment to compress development timelines. The 220kV line, to be built by its 84%-owned subsidiary Faru Graphite Corporation and later transferred to TANESCO with capital costs recouped over the first four years of production, is expected to reduce operating costs, lower the project’s carbon footprint and deliver broader regional infrastructure benefits. With resettlement completed in line with Tanzanian law and IFC performance standards and funding conditions described as supportive for critical minerals across major markets, the company is positioning Mahenge as a construction-ready, environmentally competitive graphite supplier as it continues global funding discussions.

The most recent analyst rating on (AU:BKT) stock is a Hold with a A$0.02 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 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.

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