" Black Rock Mining Limited (BKT or the Company) is raising A$10...

" Black Rock Mining Limited (BKT or the Company) is raising A$10 million by way of a placement of approximately 154 million shares at A$0.065 per share (Placement).

Funds raised will primarily be used for final preparations ahead of FID, including loan and contract documentation, detailed design and equipment specification and for general corporate purposes. "

Just wanted to hammer home what I think are the key items that set this story apart from most in the space. (why I'm buying)

PRODUCT / OFFTAKE CERTAINTY – BKT’s product Is 70% large flake and 30% fines. They have a Offtake agreement with their largest shareholder POSCO for the entirety of Phase1. The company spent several years and $20m qualifying their product to ensure efficacy prior to getting into production. Mahenge’s 69.6mt Reserve makes it the 2nd largest graphite Reserve in the world

COST – The company is targeting AISC of US$518/t with their basket of product currently selling at spot for over US$1,000. This is primarily driven by the ability to access the hydro-dominated cheap grid power, effective rail, airstrip, water and applied tailings disposal (dry stack).

FINANCING – The company has secured US$153m of debt financing across four banks including IDC South Africa and DBSA. Please note that this debt was approved at bottom of the cycle pricing back-drop demonstrating the projects ability to turn a profit at any point. This leaves ~US$150m to fund the project for which POSCO has committed a further US$40m in equity.

There is allot of conjecture around all things graphite given the recent performance of their peers, please note that 70% of the company’s product will be sold into an already established graphite market being sold to one of the largest steel producers in the world.

Secondly BKT is not going down-stream and have chosen to keep their process/product simple. Even still the company has spent an arduous amount of time and money qualifying is product.

Lastly the development of this project is financially driven, this company can make money through the cycle and can compete with the likes of China, they are not beholden to the political nuances of emerging themes and the required impact on pricing to justify the project economics.

So, forget what's happen in the past - its been tortuous, with COVID, Ukraine war, economic warfare, the crash of the "battery metals", and a protracted process to simplify the company's investment credentials for the world's second largest undeveloped (high grade) graphite deposit ... forget "technical analysis" - this company has been through an exacting process, to arrive at this critical juncture - it's ready to fly not fry .... IMHO.