David Frances

Managing Director and Chief Executive Officer of Black Horse Mining Limited (ASX: BHL). An international executive of over 30 years with a track record of transacting, discovering, funding, developing and operating assets in Australia and Africa. A key figure in the transformation of several companies including Mawson West (TSX: MWE), which he led from a micro-cap Western Australian ASX gold company through delisting from the ASX and relisting on the Toronto Stock Exchange after completing the world's largest base metals capital raise and IPO for 2010. Was also instrumental in the development of the high-grade Challenger gold deposit in South Australia, which the company notes has analogies to its Mt Egerton Gold Project. Has served as Chairman (both Executive and Non-Executive), President, Managing Director and Non-Executive Director for a variety of ASX and TSX listed and private companies, with experience across gold, copper and other base metals, lithium, nickel and uranium. Currently a Non-Executive Director of ASX-listed Fortuna Metals Ltd and Southern Hemisphere Mining Ltd. Sources: blackhorsemining.com/about/ and BHL's FY2026 annual report directors' report.