Black Rock Mining's (ASX:BKT) chairman, Stephen Copulos, is the company’s major shareholder and financial supporter.
Copulos has increased his stake to 24.63% from 22.76%, through a series of investments including option conversion and participation in a placement.
The company's Mahenge Graphite Project in Tanzania has a JORC Resource of 203 million tonnes at 7.8% total graphitic carbon.
Optimisation work underway is expected to result in a larger initial production target that optimises the trade-off between low capex, operating expenses and scale.