Black Rock Mining (ASX:BKT) has received a vote of confidence from its board members who have recently decided to exercise options in the company.
The company’s focus remains on developing its flagship Mahenge graphite project located in Tanzania.
The option exercise will see 26.9 million shares issued which will raise $1.3 million.
Board members that exercised options included managing director Steven Tambanis and fellow board members Stephen Copulos and Gabriel Chiappini.
Black Rock is currently completing some final optimisation work on its Mahenge pre-feasibility study.
This optimisation work is expected to result in a larger initial production target that optimises the trade-off between low capex, operating expenses and scale.
This larger initial production target is expected to continue to preserve industry leading pre-production capex which remains the focus of the company.
Results from the pre-feasibility study are expected shortly.