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[Ferro-Alloys.com] Black Canyon Limited：Resource Definition and Expansion Drilling Commences at Wandanya

Highlights

• 15,000m Reverse Circulation (RC) drilling program has commenced at the Wandanya Project for resource definition and expansion, continuing from the successful 2025 drill campaigns.

• Resource definition drilling to target the central 3km long “Base Case” manganese and iron mineralisation with cross strike widths up to 800m.

• Immediate upside potential to the north with expansion drilling to test 1.7km from the most northern drill line completed in 2025 that encountered high grade intersections including: o 5m @ 34.2% Mn from 5m (WDRC186)

o 10m @ 26% Mn from 1m inc. 4m @ 41.5% Mn from 7m (WDRC187)

o 6m @ 39.3% Mn from 6m inc. 3m @ 47.3% Mn from 9m (WDRC188)

o 3m @ 36.5% Mn from 9m (WDRC189)

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

• Further expansion drilling will target potential extensions up to 500m to the east on multiple planned drill lines.

• Additional exploration drilling to test the entire 9km long Wandanya mineralised system over the next 3-6 months, evaluating 1.8km strike south and up to 2.5km north.

• The 1.8km of strike south of Wandanya is a key target where manganese and iron outcrops have been mapped intermittently with rock chip results including 58.3% Mn, 52.6% Mn, 66.0% Fe and 66.3% Fe. Within the 1.8km and directly south of W2 mapping and rock chip sampling confirmed 400m strike continuation with rock chip results including 59.1% Mn, 57.4% Mn and 56% Mn.

• First assays from the resource definition and expansion RC program are expected in May 2026.

Australian manganese explorer and developer, Black Canyon Limited (Black Canyon or the Company) is pleased to announce that RC drilling has commenced on the Wandanya Project (BCA 100%). The 15,000m RC drill program will comprise both resource definition and expansion drilling to significantly improve understanding of grade distribution and geological knowledge on the 3km long “Base Case” target area and provide immediate potential upside to the north (1.7km) and east (500m). First assays are expected in the next 4 to 6 weeks with regular assay updates to follow.

Black Canyon’s Managing Director Brendan Cummins said:

“The Company is delighted to be drilling again as we achieve a significant project milestone with the resource drill out commencing along the 3km Wandanya Base Case target. We are also keen to test the immediate upside potential with a further 1.7km of strike to be drilled to the north and extensions to the east as well. Once these drill programs are finalised, we will progress to the next significant milestone - estimating a maiden mineral resource for both iron and manganese.

“Last year’s drill programs demonstrated the remarkable geological continuity of this high-grade discovery that we believe has high development potential for both manganese and iron. There are very few discoveries that have so many key developmental criteria and at Wandanya we are pleased that the discovery is at or near surface, high-grade, and has scale with potential for DSO iron and manganese in addition to beneficiation upgrades from the lower and moderate grade manganese.

“Our planned exploration programs are scheduled to follow on from the resource and expansion drilling that will answer key questions on just how big the mineral system is.

“We are entering an exciting phase in the Wandanya project evolution, where we have a robust base case asset, and still have significant upside potential to grow the discovery and continue to add value. Pleasingly, interest in our potential product suite has increased to match the Wandanya project’s development attributes, which supports our confidence that we are on the right potential track to become a reliable, long-term supplier of premium Manganese.

“We look forward to announcing the RC assay results as they become available over the coming weeks and months.”

Resource Definition and Expansion Drilling

The RC drill resource definition program currently underway on the 3km long base case Wandanya manganese and iron discovery will infill the current 100-200m line spacing with 40m drill hole centres to 50-100m lines spacing with 50m drill hole centres. The objective of the close spaced drilling is to gather more detailed information on the manganese or iron grade continuity and geological domains in preparation for a maiden Mineral Resource Estimation (MRE) (Figure 2).

The expansion drilling program will be spaced at 100m line spacing with 50m drill hole centres to evaluate potential extensions 1.7km to the north and up to 500m down dip to the east. If successful, the manganese mineralisation footprint will be extended up to 4.7km long.

A total of 15,000m of RC drilling is proposed for both the resource definition and expansion programs.

Exploration Drilling

The exploration drill programs are designed to test 1.8km of strike to the south of Wandanya on E46/1571 (Figure 2 & Figure 3). 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 outcrops, but the stratigraphy is interpreted to be similar with a hanging wall dolomite sequence and calcareous siltstone on the footwall.

The Wandanya South targets will be drilled using 50, 100 or 200m line spacing and 50m drill hole centres.

To the north of the current definition and expansion drilling there is up to 2.5km of strike that has not been drill tested (Figure 2). The target has been mapped and rock chip sampled with a prominent iron enriched ridge located to the west and several isolated manganese outcrops. The typical manganese seam is interpreted to exist down dip of the iron horizon. This northern target will be drilled using first pass wide-spaced lines with 50m drill hole centres.

An archaeological heritage survey will assess the drill targets for these planned exploration programs with the successful completion of the earlier ethnographic heritage survey in March 2026. Outcomes of these archaeological surveys may affect the final drill line and hole spacing.

Next Steps

The RC drill programs are anticipated to be completed over the next 3-6 months with the first batch of assays expected in May, 4 to 6 weeks after submission to the laboratory. The Company expects regular assay updates to follow over Q2 and Q3 2026.

Upon completion of the resource and expansion drill programs the information will be used to undertake geological and grade interpretations in readiness for a maiden MRE anticipated for late Q3 2026, which will be used to inform the planned Wandanya Scoping Study.

Other upcoming site activities planned include further heritage and environmental surveys.

• [Editor:tianyawei]