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Black Canyon Ltd ASX:BCA

0 opened or increased1 held0 reduced or exitedlatest position by manager, past 12 months90 days: 0 increased, 0 reduced. 1 managers in total.

Position history by manager 1 managersSelect a point to see the comment

Opened or increasedHeldReduced or exited Start or end of the position not reported

2 Feb 2026 to today

Commentary 1 comments

DateManagerActionSummary

2 Feb 2026Lowell Resources Funds ManagementHeldLowell Resources Funds Management continues to hold Black Canyon Ltd because the fund views the Pilbara-based manganese project as a near-generational discovery, citing the combination of scale, grade and metallurgy as exceptional. Manganese is a key cathode material used in more than half of the world's electric vehicle batteries, particularly high-performance vehicles. The fund also highlights an additional value driver in the form of overlying high-grade haematite iron ore, which it views as underappreciated by the market. Lowell believes Black Canyon's full potential remains unrecognised and retains conviction in the stock as a standout among battery materials developers.

Critical Minerals Iron OreArticle, price recorded $0.38

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First mention by manager

Price recorded at each manager's first comment

Price at first mentionThe share price recorded when each of 1 managers first commented on BCA.

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About Black Canyon Ltd

Materials, Metals and Mining

Black Canyon (ASX:BCA), a Pilbara manganese developer, was a strong performer for Lowell Resources Funds Management. In February 2026, Lowell said Black Canyon was its second-best performer, describing it as a Pilbara-based manganese developer, noting manganese is used alongside nickel and cobalt in battery cathodes as well as in steel production. Black Canyon operates in the Materials sector within the Metals and Mining industry, and Thesis Tracker has captured 1 comment from 1 fund manager, Lowell Resources Funds Management. Established in 2011 and headquartered in Subiaco, Perth, Black Canyon explores and develops manganese projects in the East Pilbara region of Western Australia, including the Flanagan Bore project, with the aim of producing manganese concentrate for steel making and high-purity manganese for battery materials, benefiting from efforts to secure supply chains outside China.

Market cap: $49m
Price to earnings: Loss-making
Return on equity: -1.5%
Dividend yield: 0.0%
Price to book: 2.58x
52-week range: $0.26 to $0.43

Company figures as of 15 Oct 2026. For information only.

Questions

Who is investing in Black Canyon Ltd (ASX:BCA)?

Fund managers including Lowell Resources Funds Management have invested in Black Canyon Ltd (ASX:BCA).

What opportunities or catalysts do fund managers highlight for Black Canyon Ltd?

Lowell highlights strong share price performance and Black Canyon's exposure to manganese demand from batteries and steel.

What are the key risks to the Black Canyon Ltd investment thesis, according to fund managers?

The available commentary does not detail specific risks, though Black Canyon is an early-stage developer that must fund and permit its projects.

What does Black Canyon Ltd (ASX:BCA) do?

Black Canyon Ltd. is an Australian mineral exploration and development company established on May 4, 2011. Headquartered in Subiaco, Australia, the firm focuses on the acquisition and development of high-potential mineral deposits. Its core portfolio includes the Wandanya Project, the Balfour Manganese Field Project, and the Oakover West and Oakover East projects. Black Canyon Ltd. specializes in advancing these assets through systematic exploration programs to identify and capitalize on mineral resources.

General information only. Thesis Tracker reports what named fund managers have published about ASX companies. It does not take into account your objectives, financial situation or needs, and is not financial product advice or a recommendation to buy, sell or hold any security.

11,356 comments from 164 managers on 761 companies, snapshot 15 Oct 2026.

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