Quarterly Report – March 2015

HIGHLIGHTS

• Results from recently completed Mobile Metal Ion (“MMI”) have yield significantly anomalous multi-element soil results

• Several coincident vanadium, titanium, and iron anomalies situated on trends untested by previous drilling by Black Ridge Mining NL

• Highlights potential to yield further V, Ti, Fe mineralisation as well as gold and base metal mineralisation

• Exclusive agreement signed for Seismoelectric technology rights

Unaly Hill Vanadium Nickel Copper Project (E57/420) 100% BRD

During the quarter, BRD received the results from a 303 sample Mobile Metal Ion (“MMI”) sampling program carried out during the previous quarter at the Unaly Hill Project (BRD ASX Announcement 10/03/2015). The sample results yielded significant anomalies of gold and base metals as well as coincident vanadium, titanium, and iron which were recognized in areas distal from the previously announced Indicated Mineral Resource. (BRD ASX Announcement 21/11/2011) The aim of the soils program was to test for anomalous base metals, precious metals and vanadium/titanium/iron within the AIC, a layered mafic/ultramafic intrusion. MMI geochemistry was used for its sensitivity over other conventional geochemical methods in environments dominated by a transported regolith. Historic surveys in this area have included broad conventional soil sampling and RAB drilling. These programs have largely focused on gold mineralisation, given the close proximity to the Youanmi Fault, its associated secondary structures and the endowment of gold deposits in the local region from Sandstone to Youanmi Gold Mine.

Historic RAB drilling within the survey area was assayed for gold only, however examination of down-hole geological logs revealed several intersections of ultramafic lithologies and minerals assemblages identified from rock-chips, and later verified in the field at old drill sites. A number of pyroxenitic units within the AIC were therefore interpreted to occur and were targeted as host units for nickel sulphide mineralisation.

Black Ridge Mining NL ASX Code: BRD ACN: 083 274 024 Registered Office c/ Ground Floor 63 Hay Street Subiaco WA 6008 t: +61 (8) 9 574 6255

www.blackridgemining.com

Capital Structure 854,561,658 ordinary shares (30 April 2015) Board Members Peter Elliott Non-Executive Chairman Thomas Gilfillan Non-Executive Director Vladimir Nikolaenko Non-Executive Director Graeme Smith Company Secretary

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MMI Soil Sampling at Unaly Hill Project, December 2014

The soil survey was also used to test for further vanadium, titanium, and iron occurrences outside the known Inferred Mineral Resource delineated from reverse circulation drilling by BRD and previous explorers. Precious metals were also included in the suite of elements analysed as the project is considered to have significant potential for gold mineralisation.

The MMI survey involved the collection of 303 samples from a total of 11 east-west traverses with an equidistant spacing of 500m. Samples taken along the traverses were spaced at 75m. Strict adherence to SGS MMI sampling protocols was observed. Approximately 250g to 300g of the -5mm fraction was collected from a depth of 15cm to 25cm.

The MMI soil sampling and analytical method has been commercially developed to detect buried mineralisation beneath regolith and/or transported cover. Results are given in parts per billion (ppb) range with the lower (25th) quartile used as the statistical background and element anomalies calculated as a response ratio (RR) relative to the background. Samples were sent to SGS laboratories in Perth for analysis of a suite of 19 elements which included Ag, Al, As, Au, Cd, Co, Cr, Cu, Fe, Mg, Mn, Ni, Pb, Pd, Pt, S, Ti, V, and Zn.

MMI Results

Nickel In the north eastern area within the survey is a significant nickel soil anomaly defined by the MMI sampling with peak anomalies up to a response ration of 44.5 times the background. Cobalt correlated strongly, along with cadmium, magnesium and chromium. This is also coincident with several ultramafic units recorded in historic drill logs and represents a significant target warranting further investigation. Anomalism is interpreted to extend for over 1km of strike and up to 300m at its widest point. The anomaly is also open to the north.

Further to the west and south are numerous moderate to weak anomalies with strong correlations to cadmium, cobalt, and magnesium. These are interpreted to represent several pyroxenite units with the exception of a single point anomaly which recorded at 6855500mN and 688375mE (MGA94 zone 50) where magnesium peaked at a

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RR of 48.7, sulphur at 27.3 RR, cadmium at 28.0 RR, cobalt at 11.2 RR and nickel at 10.8 RR. This anomaly possibly overlies a higher magnesium unit where cumulate textures may have formed and peridotite lithologies may occur.

Gold The MMI survey delineated a well attenuated gold anomaly in an area adjacent to the nickel anomaly in the north east corner of the sample grid. A peak gold response ratio of 43 was recorded and coincident with a sulphur response ratio of 27.3. The gold anomaly is robust and significant occurring with a north east strike length in excess of 1km and a core over 300m in width. The gold is also spatially correlated with magnesium, silver, and cadmium, as well as weaker copper anomalism. This anomaly is in close proximity to the Youanmi Fault structure and the strike direction of the anomaly may represent a mineralised secondary structural splay.

This anomaly has not been effectively tested by historic RAB drill traverses and represents a significant target which will be investigated further. The anomaly, similar to the nickel anomaly, is open to the north, north-east.

Vanadium, Titanium, and Iron From the MMI sampling it was evident that several other vanadiferous titanomagnetite units occur in areas untested by the RC drilling that defined the Inferred Mineral Resource. There was a very strong correlation between vanadium, titanium, and iron in several localities away from the most prominent magnetic high where the known mineralisation occurs. This indicates there are a number of prospective targets within the southern portion of E57/420 delineated by MMI sampling that are likely to yield further vanadium, titanium, and iron mineralised drilling intersections which may potentially add further volume to the existing resource.

Further Work Planned

BRD is presently in the process of designing further sampling programs to follow up these encouraging results. Proposals for further exploration activities at the Unaly Hill Project are likely to include infill MMI geochemical sampling coupled with first pass geophysical surveying to test for sub surface electric and/or electromagnetic conductivity. The MMI sampling was the first of its nature at the tenement and adjacent areas covering the Atley Igneous Intrusion remain untested. It is therefore envisaged that a follow up soils program is planned to be both infill and extensional to the recently completed program.

Seismoelectric Technology Agreement Signed

Black Ridge has entered into an Exclusive Agreement to acquire and operate advanced oil and gas exploration equipment using Seismoelectric technology for the regions of Australia, Indonesia, Thailand, Malaysia, Myanmar and Cambodia.

This newly developed cutting edge new generation Seismoelectric (Patent Pending Pub. No: US2014/0111207 A1) technology is designed specifically for detecting resistive liquids (oil, gas and water) to a depth of up to 3,000 meters.

Money-saving exploration techniques will be critical for oil and gas companies requiring to explore for energy resources within their permits. This technology identifies whether or not it’s even reasonable to drill oil and gas targets and does so at substantial cost savings to traditional seismic survey exploration methods.

Unlike the traditional seismic surveys this technology and equipment does not require large areas of cleared areas for oil and gas exploration surveys. The portable operating unit is robust and extremely mobile and is able to be operated in rugged and difficult terrain and environmentally sensitive areas.

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Traditionally, oil and gas exploration companies deploying seismic surveys utilizing Seismic Reflection Technology. There are a number of options available for a controlled seismic source in a land survey and particularly common choices are Vibroseis and explosive methods.

Initial informal discussions with a number of local oil and gas companies has drawn considerable interest in utilising this technology. This new generation Seismoelectric technology presents significant opportunities to the Company. Through the application of this technology with oil and gas companies, it will enable Black Ridge Mining NL to participate in various forms of Joint Ventures and Royalty streams and similarly provide substantial financial and technical advantages for oil and gas exploration companies.

APPENDIX 1 MMI Geochemistry Results Plots

Nickel

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Gold

Iron, Vanadium, Titanium

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SCHEDULE OF TENEMENTS

Project Tenement Details Interest

Western Australia Unaly Hill

E57/420 100%

Competent Persons Statement

Information in this report relating to exploration results is based on information compiled by consultant geologist, Mr Martin Dormer, who is a member of the Australian Institute of Mining and Metallurgy. Mr Dormer has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person under the 2004 Edition of the ‘Australasian Code for reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Dormer operates as Martin Matthew Bruce Dormer and Pennelope Anne Dormer as trustees for the Dormer Family Trust trading as “Unearthed Elements”. Mr Dormer consents to the inclusion of such information in this report and the context in which it appears.

For further information:

Vladimir Nikolaenko

+61 8 9574 6255

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Appendix 5B Mining exploration entity quarterly report

Rule 5.3

Appendix 5B

Mining exploration entity quarterly report Introduced 01/07/96 Origin Appendix 8 Amended 01/07/97, 01/07/98, 30/09/01, 01/06/10, 17/12/10

Name of entity

BLACK RIDGE MINING NL ABN Quarter ended (“current quarter”)

48 083 274 024 31 March 2015 Consolidated statement of cash flows

Cash flows related to operating activities

Current quarter $A’000

Year to date (9 months)

$A’000 1.1 Receipts from product sales and related

debtors

1.2 Payments for (a) exploration & evaluation (b) development (c) production (d) administration

(38) -

(34)

(50) -

(45) 1.3 Dividends received - - 1.4 Interest and other items of a similar nature

received - -

1.5 Interest and other costs of finance paid - - 1.6 Income taxes paid - - 1.7 Other (provide details if material) - -

Net Operating Cash Flows

(72)

(95)

Cash flows related to investing activities

1.8 Payment for purchases of: (a) prospects (b) equity investments (c) other fixed assets

- - -

- - -

1.9 Proceeds from sale of: (a) prospects (b) equity investments (c) other fixed assets

- - -

- - -

1.10 Loans to other entities - - 1.11 Loans repaid by other entities - - 1.12 Other (provide details if material) - -

Net investing cash flows -

-

1.13 Total operating and investing cash flows (carried forward)

(72)

(95)

+ See chapter 19 for defined terms. 17/12/2010 Appendix 5B Page 1

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Appendix 5B Mining exploration entity quarterly report

1.13 Total operating and investing cash flows

(brought forward)

(72)

(95)

Cash flows related to financing activities

1.14 Proceeds from issues of shares, options, etc. - 50 1.15 Proceeds from sale of forfeited shares - - 1.16 Proceeds from borrowings 30 39 1.17 Repayment of borrowings - - 1.18 Dividends paid - - 1.19 Other (Placement fees) - - Net financing cash flows 30 89

Net increase (decrease) in cash held

(42)

(6)

1.20 Cash at beginning of quarter/year to date 44 8 1.21 Exchange rate adjustments to item 1.20 - -

1.22 Cash at end of quarter 2 2

Payments to directors of the entity and associates of the directors Payments to related entities of the entity and associates of the related entities Current quarter

$A'000 1.23

Aggregate amount of payments to the parties included in item 1.2

-

1.24

Aggregate amount of loans to the parties included in item 1.10

-

1.25

Explanation necessary for an understanding of the transactions

Non-cash financing and investing activities 2.1 Details of financing and investing transactions which have had a material effect on

consolidated assets and liabilities but did not involve cash flows

2.2 Details of outlays made by other entities to establish or increase their share in projects in

which the reporting entity has an interest

+ See chapter 19 for defined terms. Appendix 5B Page 2 17/12/2010

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Appendix 5B Mining exploration entity quarterly report

Financing facilities available Add notes as necessary for an understanding of the position.

Amount available $A’000

Amount used $A’000

3.1 Loan facilities 100 100

3.2 Credit standby arrangements - -

Estimated cash outflows for next quarter

$A’000 4.1 Exploration and evaluation

10

4.2 Development -

4.3 Production -

4.4 Administration 2

Total

12

Reconciliation of cash Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows.

Current quarter $A’000

Previous quarter $A’000

5.1 Cash on hand and at bank 2 14

5.2 Deposits at call - 30

5.3 Bank overdraft - -

5.4 Other (provide details) - -

Total: cash at end of quarter (item 1.22) 2 44

Changes in interests in mining tenements Tenement

reference Nature of interest

(note (2)) Interest at beginning of quarter

Interest at end of quarter

6.1 Interests in mining tenements relinquished, reduced or lapsed

6.2 Interests in mining tenements acquired or increased

+ See chapter 19 for defined terms. 17/12/2010 Appendix 5B Page 3

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Appendix 5B Mining exploration entity quarterly report

Issued and quoted securities at end of current quarter Description includes rate of interest and any redemption or conversion rights together with prices and dates. Total number Number quoted Issue price per

security (see note 3) (cents)

Amount paid up per security (see note 3) (cents)

7.1 Preference +securities (description)

7.2 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy-backs, redemptions

7.3 +Ordinary securities

804,561,658 804,561,658

7.4 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy-backs

7.5 +Convertible debt securities (description)

7.6 Changes during quarter (a) Increases through issues (b) Decreases through securities matured, converted

7.7 Options (description and conversion factor)

7.8 Issued during quarter 7.9 Exercised during quarter 7.10 Expired during quarter Exercise price

Expiry date

7.11 Debentures (totals only)

7.12 Unsecured notes (totals only)

+ See chapter 19 for defined terms. Appendix 5B Page 4 17/12/2010

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Appendix 5B Mining exploration entity quarterly report

Compliance statement 1 This statement has been prepared under accounting policies which comply with

accounting standards as defined in the Corporations Act or other standards acceptable to ASX (see note 5).

2 This statement does give a true and fair view of the matters disclosed.

Sign here: ............................................................ Date: 30 April 2015

Company Secretary Print name: Graeme Smith

Notes 1 The quarterly report provides a basis for informing the market how the entity’s

activities have been financed for the past quarter and the effect on its cash position. An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report.

2 The “Nature of interest” (items 6.1 and 6.2) includes options in respect of

interests in mining tenements acquired, exercised or lapsed during the reporting period. If the entity is involved in a joint venture agreement and there are conditions precedent which will change its percentage interest in a mining tenement, it should disclose the change of percentage interest and conditions precedent in the list required for items 6.1 and 6.2.

3 Issued and quoted securities The issue price and amount paid up is not

required in items 7.1 and 7.3 for fully paid securities. 4 The definitions in, and provisions of, AASB 6: Exploration for and Evaluation of

Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. 5 Accounting Standards ASX will accept, for example, the use of International

Financial Reporting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with.

== == == == ==

+ See chapter 19 for defined terms. 17/12/2010 Appendix 5B Page 5

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