By Electronic Lodgement By Electronic Lodgment         3rd March, 2010           Company Announcements Office           ASX Limited                 2 The Esplanade Perth WA 6000                  

INVESTOR UPDATE PRESENTATION – 3rd MARCH, 2010  

Please find attached a Company Investor Update Presentation. This presentation includes  a  summary  of  the  company  profile  and  capital  structure  along with overviews of the Karibib Lithium Project and Mystique Gold JV Project.   SIMON RIGBY         Managing Director  

             

  

 SIMON RIGBY         Managing Director 

ASX ANNOUNCEMENT

ASX: BFE, BFEO SHARE INFORMATION

Issued Shares: 109.5m

Listed 20c Options: 30.8m

Unlisted Options: 12.5m

BOARD OF D IRECTORS

MD: S. Rigby

Non-Exec: M. Chester

Non-Exec: M. Sheldrick

PRINCIPAL CONTACT Simon Rigby – MD

Phone: +61 (8) 9272 4353

F URTHER INF ORMAT ION

b lackf i reminer a ls .com.au

REGIST ERED OFFICE Level 1, 33 Ord Street West Perth, Western Australia

Phone: +61 (8) 9420 9300

Fax: +61 (8) 9481 2690

E: info@blackfireminerals.com.au

REGIST RY ENQUIRIE S

Computershare Investor Services

Level 2, 45 St Georges Tce Perth

Phone: +61 (8) 9323 2000

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BLACK FIRE MINERALS LIMITEDInvestor Update

3rd March 2010

This presentation contains only a brief overview of Black Fire Minerals Limited and its associatedentities (“Black Fire") and their respective activities. The contents of this presentation, includingmatters relating to the geology of the projects, may rely on various assumptions and subjectiveinterpretations which it is not possible to detail in this presentation and which have not beensubject to any independent verification.

This presentation contains a number of forward-looking statements. Known and unknown risksand uncertainties, and factors outside of Black Fire’s control, may cause the actual results,performance and achievements of Black Fire to differ materially from those expressed or implied inthis presentation.

To the maximum extent permitted by law, Black Fire does not warrant the accuracy, currency orcompleteness of the information in this presentation, nor the future performance of Black Fire, andwill not be responsible for any loss or damage arising from the use of the information.

The information contained in this presentation is not a substitute for detailed investigation oranalysis of any particular issue. Current and potential investors and shareholders should seekindependent advice before making any investment decision in regard to Black Fire or its activities.

DisclaimerBLACK FIRE

The information in this presentation that relates to Exploration Results is based on informationcompiled by Mr. S. Rigby, who is a Member of the Australian Institute of Geoscientists and has hadsufficient experience which is relevant to the style of mineralization and type of deposit underconsideration and to the activity which he is undertaking to qualify as a Competent Person asdefined in the 2004 Edition of the 'Australasian Code for Reporting of Exploration Results, MineralResources and Ore Reserves‘. Mr. Rigby is an employee of Black Fire Minerals and consents to theinclusion in the presentation of the matters based on his information in the form and context inwhich it appears.

Competent Person Statement

2

Overview Of Presentation

Highlights & Background

Section  2

Section  5

Directors & Management

Section  7

Current Projects

Investments

Section  3

Vision & Strategy  

Section  4

Capital Structure 

BLACK FIRE

Section  1

Section  8 Summary

3

Section  6 Project Generation

Highlights & BackgroundBLACK FIRE

• RTO in September 2009 with the introduction of a new Board, management team and investor group.

• Diversified mineral exploration and mining focus. 

• Two projects joint ventured/acquired to date in gold (Mystique) and lithium (Karibib), both with previously defined mineralisation.  

• Encouraging recent lithium/tantalum rock chip geochemistry at Karibib with follow up drilling program underway.

• Soil geochemistry program to commence at Mystique in April 2010 with drilling expected to commence in May.

• Actively assessing further resources JV/acquisition opportunities.

• Current cash on hand of A$5.7m.4

Vision & Strategy

THE VISION

► Build a highly regarded, dynamic mid‐cap “mining house” that createssubstantial stakeholder value. Our primary commodity focus is goldand copper, however the company will explore/invest in othercommodities where the specific business case indicates the potentialfor superior returns.

THE STRATEGY

► Directly acquire or earn equity in projects and build value throughexploration expenditure and project management leading to capitalgrowth and the development of profitable mining operations withsubsequent cash flow generation.

► Directly acquire equity in mining operations and build value throughexploration upside and operational improvements leading to capitalgrowth and cash flow generation.

►Make strategic investments in unlisted companies (seed capital) togain early exposure to key mineral properties, provinces or countriesand strong management teams. Value creation can be through capitalgrowth, participation in IPO’s or subsequent full acquisition by BlackFire.

BLACK FIRE

5

Capital StructureBLACK FIRE

Name # Shares %HSBC Custody Nominees 9,981,921 9.12

Ascent Capital & related parties 5,616,250 5.13

Cleland Projects Pty Ltd  5,000,000 4.57

HSBC Custody Nominees – GSCO ECA 4,870,850 4.45

JP Morgan Nominees 4,454,956 4.07

Substantial Shareholders – January 2010

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ASX Codes: BFE,BFEO

Shares on issue: 109.50m

Options – 20c (listed) 30.75m

Options (Unlisted) 12.50m

Share Price (2/03/10) 13.5c

Range (12 month) 4 – 20c

Market Cap (2/03/10) $14.8m

Cash on hand ~$5.7m

Enterprise Value ~$9.1mDirectors & Management Hold 4.29% Of Issued Capital

12 Month Chart

Directors & ManagementMr Simon Rigby (B.App Sc, BSc (Hons), MAIG) Managing DirectorSimon has 22 years experience in mineral exploration and business developmentpredominantly with major mining companies including Newmont Australia, NewcrestMining, Homestake Gold of Australia and most recently Barrick Gold Corporation where,until July 2007, he held the position of Exploration Manager - Australia and PNG. Simonhas broad geological experience with a strong knowledge of gold and base metalmineralised systems and has been involved in the discovery and resource definition ofsuch systems.

Mr Mike Chester (B.Com, ACA) Non-Executive DirectorMike possesses over 25 years experience in investment banking, mining companyresearch and analysis and funds management. He was a senior mining analyst for manyyears at major stockbrokers/investment banks prior to moving into corporateadvisory/investment banking roles. Mike has extensive experience in IPOs, corporateadvisory and equity placements across the industrial and mining sectors for both listedand unlisted entities.

Mr Matthew Sheldrick (B.Com) Non-Executive Director & Company SecretaryMatthew is a Chartered Accountant and spent 10 years in the securities industry,advising domestic and international institutional clients on Australian resource equities.He has previously been CEO of ASX listed Gawler Resources Ltd and Eureka Energy Ltd.

BLACK FIRE

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Current Project Locations

Mystique Gold Project (JV)

Karibib Lithium Project

Parrott Hill Petroleum Project

BLACK FIRE

8

Karibib Lithium Project ‐ Location

9

BLACK FIRE

Namibia

Windhoek

KARIBIB

Karibib Project – Introduction To Namibia

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• Former German colony ‐ independence from South Africa in 1990.

• Governed by SWAPO since 1990 ‐ stable.

• Population: 2,100,000.

• Mining accounts for 8% of the US$13.53b GDP, but provides  more than 50% of foreign exchange earnings.

• Currently produces significant diamonds and uranium and minor copper, lead, zinc, tin, silver.

• Widely considered one of the lower risk countries in Africa.

BLACK FIRE

Namibian Capital - Windhoek

Bushman Rock Art - Usakos

Karibib Project – Acquisition Rationale• Over the last 5 years the global demand for lithium has grown at 5‐7%pa*.  

Consensus pricing suggests continued growth at ~6% out to 2020^

• Over the past 4‐5 years the growth in consumption has been driven by the high growth in demand (15‐25%pa) for lithium batteries for laptops, mobile phones, hand held electric tools and most recently increasing demand by the hybrid and electric vehicle sector.

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BLACK FIRE

Karibib Project – Introduction

• Purchased 100% equity in the project in Nov’09 for 3.5m ordinary shares.

• Two granted Exclusive Prospecting Licences for 765km2 including the historic Helikon and Rubicon lithium (+ beryllium,  tantalum & cesium) mines. 

• Project has suffered from the lack of any real exploration – basically only small scale gouging operations to date .

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BLACK FIRE

Karibib Project – Simplified Geology

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BLACK FIRE

Simplified Geology After Namibian Geological Survey

Karibib Project – Historic Lithium Production

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BLACK FIRE

• Project covers the historic small scale OP&UG Rubicon and Helikon lithium –tantalum – beryl  mines which operated intermittently between 1930 and 1994.

• Poor records of production – but Rubicon reportedly produced at least 14,700t of petalite, 2,000t of lepidolite and 880t of amblygonite concentrate between 1980 and 1994.

• Reported mining head grades varied between 1.7% and 3.75% LiO2. The specific concentrate grades are unknown. 

Rubicon I Pit – Dec’09

Helikon I Pit – Dec’09

Karibib Project – Rubicon Prospect

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BLACK FIRE

• Since discovery Rubicon has been intermittently selectively mined for lithium minerals, beryl, quartz, pollucite & tantalite.

• Within the Rubicon 1 pit lithium mineralised pegmatite has been exposed over 320m of strike and 25‐35m of width.

RUBICON 1

RUBICON 3

RUBICON 2

BLACK FIRE

N

50m16

Karibib Project – Rubicon I Geology

A

A

A’

A’

1260

1240

1280

Quartz-perthite-albite-pegmatite

Beryl-lepidolite-cleavelandite-zone

Petalite-lepidolite zone

Lepidolite zone

Perthite-quartz-albite zone

Quartz “core”

OPEN PIT PLAN

X - SECTION

Simplified Geology After Diehl & Schneider (1990)

Karibib Project – Rubicon Mineralisation

Massive petalite crystals (Li2O.Al2O3.8SiO4) weathering to pinkish hectorite (Na0.3(Mg,Li)3Si4O10(OH)2) 17

BLACK FIRE

Rubicon 1 pit looking southeast showing main petalite zone dipping shallowly northeast.

Massive lepidolite zone (K(Li,Al)3(SiAl)4O10(OH,F)2)

Karibib Project – Helikon 1 Prospect

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BLACK FIRE

• Since discovery Helikon 1 has been intermittently selectively mined for lithium minerals, beryl, quartz, pollucite & tantalite.

• Within the Helikon 1 pit lithium mineralised pegmatite has been exposed over 296m of strike and up to 66m of width.

Karibib Project – Helikon 2 Prospect

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BLACK FIRE

• Intermittently mined since 1951 as part of the Helikon Group.

• The Helikon 2 pegmatite is 1,600m long and 9‐15m wide and has been partly mined in four small pits – East, Central, West and Far West.

HELIKON EAST

HELIKON CENTRALHELIKON WEST & FAR WEST

Karibib Project – Helikon Mineralisation

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BLACK FIRE

Marble

Marble

Hectorite(Petalite)

Helikon 2 East Pit ~6m wide lepidolite (K(Li,Al)3(SiAl)4O10(OH,F)2) & petalite (Li2O.Al2O3.8SiO4) (weathering to hectorite (Na0.3(Mg,Li)3Si4O10(OH)2)) dyke hosted in marble.

Helikon 1 lepidolite zone (K(Li,Al)3(SiAl)4O10(OH,F)2)

Helikon 2 columbite – tantalite zone ((Fe, Mn)(Nb, Ta )2O6)

Karibib Project – Rock Chip Geochemistry

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BLACK FIRE

• A total of 51 samples from Rubicon and 36 samples from Helikon were collected from the historic open pits, stockpiles and waste dumps in late December 2009 with the aim of establishing the tenor of the lithium, tantalum, rubidium, beryllium and cesium mineralisation within the various portions of the extensively zoned pegmatite bodies.

• The average lithium assay for the 87 samples was 1.88% Li2O with 57 (65%) of the samples returning assays above 1.00% Li2O. The highest lithium assay returned was 7.18% Li2O from a sample taken at Helikon.

• The average tantalum assay for the 86 samples, excluding the highest grade sample that returned 14.55% Ta, was 415ppm Ta with 36 (41%) of the samples returning assays above 100ppm Ta. The next highest tantalum assay returned was 1.83% Ta.

• The assay results for rubidium, cesium, niobium and beryllium are also considered of interest with peaks of 1.83% Rb, 0.74% Cs, 26.87% Nb and 3.98% Be.

Karibib Project – Rubicon Diamond Drilling

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BLACK FIRE

• Diamond drill testing of Rubicon has commenced with the aim of broadly defining the geometry, thickness and mineralogical zoning within the “host” pegmatite dyke, down‐dip from the historic lithium mining areas. 

• 11 holes initially planned after which the drill rig will move to Helikon to undertake a similar program.

Karibib Project – June HY 2010 Program & News FlowBLACK FIRE

• Encouraging rock chip results reported  8th February 2010.

• Commencement of diamond drilling at Rubicon announced 3rd March 2010.

• First drilling assay results for Rubicon are expected mid to late April 2010 

• Depending on visual observations and the assay results for the first  6 diamond holes at Rubicon, a follow‐up RC drilling program may commence in late May. 

• Upon completion of the diamond drilling program at Rubicon, the drill rig will move to Helikon to commence a 4‐5 hole program.

• Regional reconnaissance exploration activities following‐up  the 2008 Hymapper survey will commence in the 2nd quarter 2010.

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Mystique Gold JV ‐ LocationBLACK FIRE

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Western Australia

Perth

Kalgoorlie MYSTIQUE JV

Broome

Mystique Gold JV ‐ Introduction• JV with PacMag Metals Ltd.

• Two granted Exploration Licences for 433km2.

• Located within the highly prospective Albany‐Fraser Belt 240km ESE of Kalgoorlie.

• Black Fire can earn up to 75% equity in the project by spending A$2.5m on exploration over 5 years. Minimum expenditure of A$0.25m before withdrawal.

• Walk up drill target at Torquata Prospect. 25

BLACK FIRE

Mystique Gold JV ‐ Geology• Albany‐Fraser Belt is a Proterozoic 

“collision” zone between the Archaean Yilgarn and Gawler Cratons.

• Prospective geology is highly deformed and metamorphosed sediments, volcanics and intrusives.

• The Belt was largely unexplored for gold until ~8 years ago.

• Anglogold’s Tropicana discovery (+5moz Au) is largest to date, but numerous other prospects known eg Beachcomber, Corvette.

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BLACK FIRE

Mystique JV – Torquata ProspectMystique Gold JV – Torquata Prospect

• Large, descrete & coherent  gold calcrete soil anomaly defined by Geographe/Homestake JV in late 90’s before the discovery of Tropicana.

• Bedrock source yet to be discovered.

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BLACK FIRE

Imaged Gold Soil Geochemistry

(ppb)

5km

TORQUATA

TORQUATA SOUTH

E28/1915

Mystique JV – Torquata ProspectMystique Gold JV – Torquata Prospect• Coherent gold in calcrete 

“soil” anomaly 4km x 2.2km @ +10ppb. Peak result 600ppb Au (Tropicana defined by +6ppb anomaly).

• Homestake and Sipa –vertical AC on 200m  x 100m with some infill. Only 3 RC hole follow‐up.

• Totally covered by Tertiary sediments which thicken eastwards.

• Primary source interpreted to be in the southeast –untested.

Best drilling intersections include: 3m @ 2.92g/t Au, 1m @ 0.62g/t Au, 6m @ 0.2g/t Au, 1m @ 0.84g/t Au 28

BLACK FIRE

Mystique Gold JV – Torquata Prospect

Pedogenic Calcrete

Tertiary Sediments

Proterozoic Basement

Lignite Beds

“Transported” Gold Anomaly“Primary” Gold Anomaly

Au

Au

AuAu AuAu

1-4m

10-80m

Au

Mineralisation

• Majority of historic drilling has been “testing” the transported anomaly –Highly anomalous results from the lignites but limited bedrock success.

• Limited drilling completed to date in the potential “source” areas.

Schematic X‐Section

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BLACK FIRE

Mystique JV – June HY 2010 Program & News FlowBLACK FIRE

• Exploration Licences granted February 2010.

• Heritage survey currently planned for late March 2010.

• Soil geochemical survey to be undertaken on the whole of the northern tenement and infilling parts of the southern tenement (south of Torquata) during early April with results by early May 2010.

• Aircore drilling programme planned for May 2010 to test selected targets at Torquata and potential new anomalies generated by soil geochemistry.

• RC drilling program planned as a deeper test of historic gold intersections at Torquata during May‐June 2010.

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Black Fire – Project Generation• Using industry contacts a number of potential projects have been 

identified.

• These projects:• Are at various pipeline stages;

• Can be secured through vendor agreements, acquisitions or joint ventures;

• Can be advanced rapidly; they include walk up drill targets, resources and scoping studies in first 12 months;

• Have available equity ranges from 49 – 100%;

• Have different levels of “risk” eg commodity, country, permitting, environmental etc.

• The key is quality not quantity.

• Technical due diligence is currently progressing on a number of projects.

• The aim is to acquire a further 2‐3 quality projects in the next 12 months, at least one of which will be an advanced project. 31

BLACK FIRE

Black Fire – InvestmentsBLACK FIRE

• As part of the business strategy, Black Fire intends to make strategic investments in unlisted companies (seed capital) to gain early exposure to key mineral properties, provinces or countries and strong management teams.

• Value creation can be through capital growth, participation in IPO’s or subsequent full acquisition by Black Fire.

• A number of opportunities are currently being assessed.

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Summary

• A team with a proven track record and the drive to build a value accretive diversified resources company.

• Strong alignment of management and shareholder interests.

• A business model that will allow Black Fire and its shareholders to capture maximum value from current and future opportunities.

• Two quality projects acquired in first two months, both with walk up drill targets. On‐ground exploration has commenced at Karibib with encouraging rock chip assay results already reported . Follow‐up drilling has commenced.

• Several other farm‐in, acquisition and investment targets identified and currently progressing through due diligence.

• Current strong cash position.

BLACK FIRE

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Further InformationBLACK FIRE

Simon RigbyManaging DirectorBlack Fire Minerals LtdP: +61 8 9272 4353E: simon.rigby@blackfireminerals.com.au

For Further Information Please Contact:

www.blackfireminerals.com.au

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