• Black Rock Mining executes Memorandum of Understanding (“MOU”) with Yingkou Botian Material Technology Limited Company (“Botian”), a Chinese spherical graphite manufacturing and marketing company with manufacturing capability in Liaoning Province, China.
• Botian has significant experience in marketing and manufacturing spherical graphite and has expressed interest in purchasing 50,000 tonnes per annum of graphite concentrates from the Mahenge Graphite Project, contingent upon demonstrating acceptable concentrate quality for battery grade spherical graphite.
• Botian currently purchases 25,000 tonnes per annum for its spherical operations alone, an amount that is expected to significantly increase over the next three years.
• MOU establishes a framework for Black Rock and Botian to evaluate the commercial viability of a long-term commercial arrangement for the sale of graphite concentrates to Botian, the production and marketing of spherical graphite, as well as working together on research and development.
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