Black Canyon Ltd Manganese Results Exceed 50% at Wandanya

Black Canyon Limited Delivers Exceptional Manganese Results at Wandanya Project

Black Canyon Limited has released its December Quarter 2025 report, showcasing outstanding drilling results from its flagship Wandanya Manganese and Iron Project. The Black Canyon Ltd manganese results reveal some of the highest manganese grades encountered to date, with multiple holes returning exceptional shallow, high-grade intersections that reinforce the project's potential as a significant near-surface manganese system.

The quarter's achievements demonstrate remarkable consistency in the mineralisation system, with 148-hole Phase 3 RC drilling confirming thick, shallow deposits across the northern sections of the project. Furthermore, promising rock chip sampling from newly acquired tenements has positioned Black Canyon to potentially expand the Wandanya discovery by 1.8km to the south.

Outstanding Drilling Results Confirm High-Grade Consistency

The December Quarter's 148-hole Phase 3 Reverse Circulation (RC) drilling program delivered exceptional results across 3,838 metres of drilling, with standout manganese intersections that continue to validate the project's commercial potential.

Top Manganese Results:

• 8m @ 42.2% Mn from surface including 4m @ 50.4% Mn from 4m (WDRC201)
• 7m @ 37.7% Mn from surface including 3m @ 42.6% Mn from 4m (WDRC164)
• 8m @ 35.5% Mn from surface including 3m @ 48.3% Mn from 5m (WDRC166)
• 7m @ 31.3% Mn from 8m including 3m @ 48.4% Mn from 11m (WDRC190)

Exceptional Iron Results:

• 16m @ 58.1% Fe from 2m including 9m @ 60.8% Fe from 2m (WDRC196)
• 12m @ 58.7% Fe from surface including 7m @ 61.0% Fe from 4m (WDRC242)
• 10m @ 61.3% Fe from surface (WDRC158)
• 8m @ 59.6% Fe from 2m (WDRC159)

According to the quarterly report, the northern drill sections delivered some of the highest grades and thickest intervals encountered, with multiple holes averaging above 35% Mn. This consistency reportedly reinforces the predictability of the deposit and validates the Company's exploration model.

Game-Changing Discovery: Potential 1.8km Southern Extension

Black Canyon's rock chip sampling program on the newly acquired Wandanya South tenement has returned exceptional results that could significantly expand the mineralised footprint. The Black Canyon Ltd manganese results from this sampling identified high-grade mineralisation over a 400m continuous strike directly south of the existing W2 prospect.

Southern Extension Highlights:

• 59.1% Mn (W10004)
• 57.4% Mn (W10001)
• 56.1% Mn (W10002)

Additional isolated outcrops mapped over 1.8km of strike returned:

• 58.3% Mn (W10009) and 52.6% Mn (W10015)
• 66.0% Fe (W10008) and 66.3% Fe (W10013)

Managing Director's Insight:

"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." – Brendan Cummins

This southern extension potential represents a significant value catalyst, potentially tripling the known mineralised strike length from 3km to over 9km.

Understanding Manganese: Critical Mineral Fundamentals

What Makes Manganese Essential?

Manganese serves as a critical mineral in two primary applications that drive global demand. In steel production, manganese functions as an essential deoxidising and desulphurising agent, with approximately 90% of global manganese consumption tied to steel manufacturing.

The element cannot be substituted in this application, making it indispensable to the steel industry. In addition, the remaining 10% of manganese demand comes from emerging battery applications, particularly in lithium-ion battery cathodes where manganese-rich chemistries offer improved safety and cost advantages.

Grade Quality and Commercial Viability

Manganese percentage (% Mn) represents the concentration of manganese metal within the rock sample. For commercial context:

• Commercial manganese ore typically grades between 35-48% Mn
• High-grade deposits contain 40%+ Mn
• Battery-grade manganese requires 44%+ Mn content

Why Wandanya's Grades Stand Out

The Black Canyon Ltd manganese results show multiple intersections exceeding 42% Mn, with some individual samples reaching 50.4% Mn. According to the company's reports, these grades place Wandanya among the highest-grade manganese discoveries globally.

This is particularly significant given the shallow, near-surface nature of the mineralisation. The stratabound nature of the deposit means the high-grade mineralisation occurs in predictable, horizontal layers, which the company suggests is ideal for potential low-cost, open-pit mining operations.

Resource Base Strengthened Across Portfolio

Beyond Wandanya's exploration success, Black Canyon strengthened its broader resource foundation during the quarter. The report indicates that the KR2 Mineral Resource Estimate received a significant classification upgrade, with 90% of the resource now classified as Indicated (higher confidence category).

Combined KR1 and KR2 Resource Summary:

According to the quarterly report, the broader Balfour Manganese Field contains a global resource of 315 Mt @ 10.5% Mn, representing one of Western Australia's largest manganese resources. Importantly, this global resource does not include Wandanya, which remains under active exploration.

Strategic Positioning and Near-Term Catalysts

Black Canyon has systematically positioned itself as a dominant player in Western Australian manganese, consolidating 2,200km² across the Balfour Manganese Field and Oakover Basin. The December Quarter's acquisition of six additional tenements through the Ndalamo Platinum deal expanded the Company's footprint by 229km² in strategic locations around Wandanya.

Upcoming Catalysts Include:

1. March Quarter 2026:

   • Metallurgical testwork results from 2,000kg of diamond drill core
   • Heritage surveys on Wandanya South tenements
   • Exploration camp establishment

2. June Quarter 2026:

   • 15,000m drilling program (10,000m infill, 5,000m extension)
   • Wandanya South drilling commencement
   • Resource estimation activities

3. Beyond 2026:

   • Scoping Study for Wandanya
   • Permitting and approvals strategy
   • Development pathway definition

With $10.46 million cash at 31 December 2025, and minimal quarterly expenditure of $942k (including $724k exploration), Black Canyon maintains what appears to be a strong financial position to execute its exploration strategy.

Investment Positioning and Market Context

Black Canyon has emerged as one of Australia's most prominent manganese development stories, combining exceptional resource quality with strategic market positioning. Several factors make this company particularly relevant for investors seeking exposure to critical minerals.

Investment Characteristics:

The predictable, stratabound nature of Wandanya's mineralisation may reduce geological risk while enabling systematic resource expansion. With established mining infrastructure in the Pilbara and growing global demand for manganese, Black Canyon has positioned itself at the intersection of resource quality and market opportunity.

Financial Strength and Execution Capability

According to the quarterly report, the Company's strong cash position of $10.46 million, combined with disciplined capital allocation (spending $942k in the December Quarter), demonstrates management's approach to advancing multiple exploration programs simultaneously.

The systematic approach to exploration, from initial discovery through resource definition to metallurgical testing, positions Black Canyon for potential development decisions within the next 12-18 months.

Market Context and Supply Dynamics

Manganese remains essential and non-substitutable in steel production (90% of global demand) while emerging as a critical component in lithium-ion battery cathodes. With China controlling significant portions of global manganese supply, Australian deposits like Wandanya may offer strategic value.

This positioning becomes increasingly relevant to both domestic steel producers and international battery manufacturers seeking supply chain diversification.

Key Investment Consideration:

Black Canyon has established itself as Western Australia's premier manganese development company, with exceptional high-grade deposits, systematic exploration success, and strong financial backing. With potential resource expansion from 3km to 9km strike length and multiple development pathways emerging, the company represents exposure to one of Australia's highest-quality manganese development projects.

The convergence of outstanding drill results, resource base expansion, and strategic market positioning makes Black Canyon a notable player in the critical minerals sector. With significant exploration catalysts scheduled throughout 2026 and a clear pathway toward development studies, the Company offers investors exposure to one of Australia's highest-quality manganese development projects.

However, the Black Canyon Ltd manganese results ultimately demonstrate the company's systematic approach to building a world-class manganese resource in one of Australia's most prospective mining regions. Consequently, the combination of exceptional grades, expanding resource base, and strategic market timing positions Black Canyon as a compelling critical minerals investment opportunity.

Could Black Canyon Be Your Next Critical Minerals Investment?

Black Canyon's exceptional drilling results at Wandanya, with grades reaching over 50% manganese and the potential for a massive 1.8km southern extension, position the company as a standout opportunity in the critical minerals space. With a strong cash position of $10.46 million and systematic exploration success across Western Australia's premier manganese province, Black Canyon offers investors exposure to one of Australia's highest-quality manganese development projects. To explore the full investment opportunity and stay updated on Black Canyon's exploration progress and upcoming catalysts, visit the investors dashboard today.