Black Rock Mining Limited (Black Rock or the company) advised of the execution of a non-binding Cooperation Framework Agreement with China Railway Seventh Group Co. Ltd. The CFA outlines the key terms under which Black Rock and CSRG plan to progress to execution of a binding Engineering, Procurement and Construction (EPC) contract for Module One process plant and Non-Process Infrastructure of Black Rock's Mahenge Graphite Project in Tanzania. The CFA provides for a coordinated EPC approach between CRSG and Yantai, Black Rock's existing strategic build partner. It also provides for the development of a conventional EPC arrangement containing customary performance warranties and typical risk allocation structures (guarantees, bonding) required by project financiers. Key agreed terms include a staged approach to the development of a final EPC contact price and a deferred, performance-based payment structure. This deferred payment structure results in over 30% of the total EPC contract value being payable only after completion of final plant performance tests to requisite levels. On an indicative basis, these deferred payment terms would result in approximately USD 24 million of the USD 116 million module one development capital estimate in the Mahenge Enhanced DFS (July 2019)2 being deferred and payable only after effective plant completion (and over a trailing 12-month period from that point).