Black Canyon Limited announced the results of recent RC drilling at the LR1 deposit during May and June 2022. The results continue to deliver thick zones of manganese enriched shale that have the potential to expand the LR1 Mineral Resource Estimate 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 $2.5 million 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 deposit area only, with further results due from FB3 and the discovery drilling completed between the LR1 and FB3 deposits expected in late September 2022.

LR1 Infill Mineral Resource Assay Results: A 1200m x 800m zone of manganese enriched shale has now been delineated from surface at the LR1 deposit. The assays received from the May/June 2022 RC drill program completed at LR1 have closed off mineralisation to the east where it appears to have been offset to the NE by a north trending fault, however the deposit remains open to the west. Deeper drilling completed by as part of this infill phase has yielded thicker intervals of mineralisation than previously encountered, which has the potential to expand the LR1 Mineral Resource Estimate and grow the global mineral resources at Flanagan Bore.

46m @ 11.9% Mn & 9.2% Fe from 1m including (FBRC199) - 13m @ 14.8% Mn & 11.7% Fe from 13m. 44m @ 11.1% Mn & 8.5% Fe from surface including (FBRC188) - 9m @ 15.9% Mn & 10.5% Fe from 8m. o 34m @ 13.1% Mn & 8.7% Fe from 2m including (FBRC170) - 19m @ 14.9% Mn and 9.5% Fe from 7m; 29m @ 14.8% Mn & 9% Fe from surface (FBRC197); 20m @ 15.4% Mn & 9.5% Fe from 15m (FBRC200); 17m @ 15.1% Mn & 10.1% Fe from 0m (FBRC196) and 30m @ 12.7% Mn & 9.2% Fe from 0m until EOH (FBRC208).