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[Ferro-Alloys.com] Black Canyon Limited December Quarter Activities Report

 Wandanya Manganese and Iron Project

• Results from the 148-hole Phase 3 Reverse Circulation (RC) drill program confirm consistent thick, shallow and high-grade manganese and iron mineralisation. Significant manganese assay results include: o 8m @ 42.2% Mn from surface inc. 4m @ 50.4% Mn from 4m (WDRC201)

o 7m @ 37.7% Mn from surface inc. 3m @ 42.6% Mn from 4m (WDRC164)

o 8m @ 35.5% Mn from surface inc. 3m @ 48.3% Mn from 5m (WDRC166)

o 7m @ 31.3% Mn from 8m inc. 3m @ 48.4% Mn from 11m (WDRC190)

• The northern most drill sections representing some of the highest grades and thickest intervals encountered with multiple holes averaging above 35% Mn.

• Surface rock chip sampling from the newly acquired Wandanya South tenement returned exceptional manganese and iron grades confirming the potential for a 1.8km southern extension to the mineralised system. o Significant results from a 400m long strike continuation of the manganese rich horizon located directly south of the W2 prospect include: o 59.1% Mn (W10004), 57.4% Mn (W10001) and 56.1% Mn (W10002)

o Further isolated outcrops of high-grade manganese and iron mineralisation have been mapped intermittently over a strike of 1.8km with significant results including: o 58.3% Mn (W10009) and 52.6% Mn (W10015)

o 66.0% Fe (W10008) and 66.3% Fe (W10013)

• PQ3 diamond drill core program completed, delivering ~2,000kg of core sample material for metallurgical testwork which is progressing at ALS Metallurgy.

Balfour Manganese Field

• The KR2 Mineral Resource Estimate (MRE) JORC classification was updated with 90% of the MRE now classified as Indicated.

• The combined KR1 and KR2 MRE totals 104 Mt @ 10.3% Mn containing 10.7 Mt of manganese from within the Balfour Manganese Field (BMF), comprised of: o KR2 - 25 Mt @ 11.5% Mn with 23 Mt @ 11.5% Mn Indicated and 2 Mt @ 11.1% Mn Inferred and

o KR1 - 79 Mt @ 10.0% Mn (all Indicated)

Corporate

• Acquisition of Ndalamo Platinum Pty Ltd (Ndalamo or NDL) added six tenements to the Company’s portfolio significantly expanding Black Canyon’s footprint around the Wandanya project and across the Balfour Manganese Field (BMF) by 229km².

• As at 31 December 2025, the Company’s cash position is $10.46 million.

Australian manganese developer and explorer, Black Canyon Limited (Black Canyon or the Company) (ASX: BCA), is pleased to present its quarterly activities report for the three months to 31 December 2025 (December Quarter).

Black Canyon’s Managing Director, Brendan Cummins, said:

“During the quarter, Black Canyon continued to deliver positive results across both the Wandanya Project and the broader Balfour Manganese Field.

“At Wandanya, the RC drilling results demonstrate the remarkable predictability of the deposit, with consistent, thick and shallow high-grade manganese and iron mineralisation intersected, including some of the highest grades and thickest intervals encountered to date. Multiple holes averaged above 35% Mn from surface, reinforcing Wandanya’s potential as a high-quality, near-surface manganese system.

“Beyond the existing Wandanya discovery, rock chip sampling from the newly acquired Wandanya South tenement has returned exceptional manganese and iron grades further confirming the potential for a 1.8km southern extension to the mineralised system.

“The KR2 Resource update also strengthened the Balfour Manganese Field, with the majority now classified as Indicated, providing greater confidence in the largest manganese resources in Western Australia.

“Looking ahead, we will commence follow up infill and extension drilling at Wandanya as soon as possible after the wet season. We will also complete further heritage surveys on our new tenements south of Wandanya in the March quarter to enable drilling in the June Quarter, as we look to expand the Wandanya discovery and unlock further potential.”

ACTIVITIES REPORT

Black Canyon has consolidated a significant land holding over 2,200km2 in the underexplored Balfour Manganese Field (BMF) and across the Oakover Basin, in Western Australia.

The Wandanya Discovery represents a new exploration model on the eastern margin of the Oakover Basin comprising stratabound high-grade manganese and high-grade iron with significant scale and grade potential. The Company is progressing the exploration and development of Wandanya project through further infill and expansion drilling prior to resource estimation, financial evaluation and permitting/approval activities.

The Company holds several exploration licenses 100% or under joint venture within the BMF. A global Mineral Resource Estimate (Measured, Indicated & Inferred) of 315 Mt @ 10.5% Mn has been outlined across the BMF projects. This MRE comprises 100Mt @ 10.4% Mn (Measured), 173Mt @ 10.2% Mn (Indicated) and 42Mt @ 11.9% Mn (Inferred) – ASX announcement on 22 October 2025. The global MRE does not include an estimate from Wandanya which is undergoing further exploration drilling.

Black Canyon has released a Scoping Studyi for its KR1 and KR2 deposits (BCA 100%), that confirms the potential for strong financial returns over a 16-year mine life, with a pre-tax NPV8 of A$340 million and IRR of 70%, highlighting the quality and potential value of the project.

WANDANYA PROJECT (BCA 100%)

RC DRILLING

The latest RC drilling completed at Wandanya totalled 148 holes for 3,838m of drilling with drill line spacing ranging between 100m, 200m and up to 300m, and hole centres at 40m. Total drill meterage for the Wandanya project since commencement is 6,777m for 284 drill holes with an average drill depth of only 24m.

Drilling to date has consistently encountered shallow stratabound manganese mineralisation over at least a 3km strike. whilst drilling into the iron targets has delineated consistent high-grade iron (hematite dominated) mineralisation over 1km of strike. Both zones remain open.

Phase 3 Manganese Assay Results

The recent assay results confirm the lateral continuity of the stratabound manganese mineralisation with drilled cross-strike widths between 440m and 480m and remaining open to the east on multiple lines

Significant manganese assay results include:

• 8m @ 42.2% Mn from surface inc. 4m @ 50.4% Mn from 4m (WDRC201)

• 7m @ 37.7% Mn from surface inc. 3m @ 42.6% Mn from 4m (WDRC164)

• 8m @ 35.5% Mn from surface inc. 3m @ 48.3% Mn from 5m (WDRC166)

• 7m @ 31.3% Mn from 8m inc. 3m @ 48.4% Mn from 11m (WDRC190)

Phase 3 Iron Assay Results

Iiron mineralisation has been intersected along 1km of strike from drill holes along 6 cross lines indicating mineralisation widths of 160 to 200m and intersects between 2m to 12m thick. Mapping to the north along strike has identified iron mineralisation extending over at least a further 3km from the most northern drill line completed by the Company representing further upside. Significant iron assay results include:

• 16m @ 58.1% Fe from 2m inc. 9m @ 60.8% Fe from 2m (WDRC196)

• 13m @ 57% Fe from 3m inc. 6m @ 60.1% Fe from 10m (WDRC197)

• 17m @ 54.5% Fe from surface inc. 5m @58.3% Fe from 5m (WDRC241)

• 12m @ 58.7% Fe from surface inc. 7m @ 61.0% Fe from 4m (WDRC242)

WANDANYA SOUTH ROCK CHIP SAMPLING

The Wandanya South tenement (E46/1571) is located directly south of E46/1407 that hosts the Wandanya manganese and iron discoveries. The geology and mineralisation mapped and drilled at the W2 prospect on E46/1407 is observed trending to the south onto E46/1571 (Figure 7).

Field mapping has confirmed the manganese rich horizon continues to the south on tenement E46/1571 for up to 400m. Several intermittent iron enriched outcrops associated with manganese have also been mapped on the Wandanya South tenement over 1.8km of strike with similar mineralogy and textures to those identified on E46/1407 to the north.

Field observations show that the geology is dipping shallowly to the east with interpreted northeast striking faults dislocating the target horizon. The manganese and iron horizons are not as well exposed as they are to the north, instead forming isolated lenses, but the stratigraphy is interpreted to be similar with a hanging wall dolomite sequence and calcareous siltstone on the footwall.

DIAMOND DRILL PROGRAM AND PLANNED METALLURGICAL TESTWORK

Following up on the learnings gained from the initial metallurgical testwork, a PQ3 diamond drill program was completed during the quarter, twinning a number of select RC holes across the 3km of manganese and 1km of iron mineralisation. The PQ3 diamond drill program has provided approximately 2,000kg of core material that will be composited for sighter and more detailed metallurgical testwork the March quarter.

The manganese composites will be subjected to the following tests:

1. Crush, screen and sizing analysis

2. Assay of the various sizing fractions

3. Benchtop scale Heavy Liquid Separation (HLS) on selected size fractions

4. Larger scale Dense Media Separation DMS)

The iron composites will be subjected to the following tests:

1. Crush, screen and sizing analysis

2. Assay of the various sizing fractions

3. Drop tower lump and fine test

At the conclusion of the test work program the data will be reviewed and further metallurgical tests maybe recommended

HERITAGE SURVEYS

An archaeological survey was completed within the previously surveyed ethnographic boundaries. The heritage survey was completed over the known 3km long Wandanya mineralised footprint to allow closer spaced infill drilling, and to the east and north for planned step-out extension drilling.

The completed Wandanya heritage survey will enable infill and step-out drilling to commence as soon as possible once the wet season passes.

In addition, Wandanya South heritage surveys are scheduled for the March quarter 2026 to enable drilling in the June quarter 2026.

BALFOUR MANGANESE FIELD (BCA 100%)

A Mineral Resources Estimate (MRE) Classification upgrade for the KR2 deposit was reported during the quarter.

Previously the entire KR2 MRE was classified as Inferred, however the inclusion of infill RC drill information Table 1 displays the updated MRE for the KR2 deposit in addition to the KR1 MRE that was not updated. ii completed in 2024 has enabled approximately 90% of the Resource to be upgraded from Inferred to Indicated.

Table 1: Summary of Mineral Resources for the KR1 and KR2 deposits acrossthe Balfour Manganese Field, 22 October 2025

Notes to Table 1:

1. Mineral resources reported at a cut-off grade of 7% Mn.

(2) Appropriate rounding has been applied.

(3)  Refer to Appendix 1 JORC Table 1, Sections 1 to 3 and Appendix 2 for further details.

The Global MRE now comprises 100Mt @ 10.4% Mn (Measured), 173Mt @ 10.2% Mn (Indicated) and 42Mt @ 11.9% Mn (Inferred) – ASX announcement on 22 October 2025. The global MRE does not include an estimate from Wandanya which is undergoing further exploration drilling.

CARAWINE JV ACTIVITIES (BCA 75%)

Black Canyon holds 75% in the Carawine JV Project tenements which are subject to a joint venture agreement with Carawine Resources Pty Ltd with both parties contributing to JV expenditure according to their interests. The JV status remains unchanged from previous quarters and the JV is operating under a minimum tenement expenditure basis to ensure the tenements are maintained in good standing.

There are no significant activities to report from the CWX JV tenements during the quarter. Minimum expenditure programs and budgets have been agreed between the JV partners for 2026.

CORPORATE

COMPLETION OF NDALAMO TENEMENT ACQUISTION

Black Canyon settled the 100% acquisition of Ndalamo Platinum Pty Ltd (Ndalamo or NDL), which holds key granted tenements EL46/1571 and EL46/1572 located south and north of the Wandanya manganese discovery, in addition to other prospective granted licenses.

CASH

The Company’s consolidated available cash was $10.46m as of 31 December 2025 with no debt.

EXPENDITURE SUMMARY

Expenditure on Exploration and Evaluation was $724k and Admin and Corporate costs totalling $218k. This information is presented in the Quarterly Cashflow Report (Appendix 5B).

• [Editor:tianyawei]