Black Canyon Limited announced the results of recent reverse circulation (RC) drilling at the FB3 deposit during May and June 2022. The results continue to deliver even thicker zones of higher grade manganese enriched shale that have the potential to expand the FB3 Mineral Resource Estimate (MRE) and grow the global mineral resources at Flanagan Bore beyond the current 104Mt @ 10.5% Mn (Indicated) containing 11Mt of manganese. Located 120km north-east of Newman, Flanagan Bore is part of the Company's Carawine JV and is subject to a farm-in and joint venture agreement with Carawine Resources Ltd. Having earned a 51% interest, Black Canyon is now earning up to 75% in the Carawine Project tenements by sole-funding an additional $2.5m of exploration expenditure.

As a result of the recently completed RC drill program (181 holes for 7,534m), the overall drill spacing at FB3 and LR1 has been reduced from 200m spaced lines and 100m centred holes to 100m spaced lines and 100m centred holes. Significantly, the doubling of the drill density should enable the current Indicated classified Mineral Resources to be upgraded to Measured, which is suitable for detailed feasibility and associated mining and processing studies. To date, the Company has received and compiled the assay results from the LR1 and FB3 deposit area only, with further results due from the westerly extension of FB3 along the L1 to TF1 trend, which are expected in late September.

A summary of the significant results from FB3 is provided below and collar details for the drill program completed at Flanagan Bore are presented in Appendix 1. FB3 Infill Mineral Resource Assay Results Manganese enriched shale has now been delineated from surface at the FB3 deposit extending over an area of 1200m x 1000m. The assays received from the May/June 2022 RC drill program completed at FB3 have confirmed the folded nature of the shales and manganese mineralisation that is plunging shallowly to the southwest. Deeper drilling completed as part this infill phase have yielded much thicker intervals of mineralisation than previously encountered, which has the potential to expand the FB3 Mineral Resource Estimate and grow the global mineral resources at Flanagan Bore.