Black Canyon Limited has addressed recent market activity following a notable price increase and surge in trading volume. The company’s securities moved from a low of 6.1 cents at the close of trading on 2 June 2025 to a high of 7.9 cents at the close on 3 June 2025. In its response to the Australia Securities Exchange, Black Canyon Limited confirmed that it was not in possession of any undisclosed information that might have influenced this price movement. Instead, the company attributed the trading activity to its planned commencement of the second phase RC drilling at the Wandanya high-grade manganese discovery—a development previously detailed in the March Quarterly announcement and updated on 1 May 2025. The correspondence detailed the company’s full compliance with continuous disclosure obligations and the relevant listing rules, emphasizing that its responses had been properly authorized by its Board or an officer with delegated authority. Black Canyon Limited reaffirmed that the recent increase in trading activity is solely connected to the anticipated drilling program, dismissing any suggestion that market-moving confidential information was involved. From a bullish perspective, the initiation of a significant drilling program at a high-grade manganese discovery suggests a positive step for Black Canyon Limited’s exploration and resource development efforts. If the upcoming drilling phase yields promising results, it could enhance the company’s valuation and generate investor enthusiasm over future growth. Conversely, a bearish view may arise from the fact that the price and volume surges were driven solely by project milestone announcements without additional operational or financial updates. Such reliance on exploration outcomes injects a degree of uncertainty, and investors may remain cautious if forthcoming drilling results do not meet market expectations. Investors, especially those new to trading, should keep an eye on subsequent disclosures from Black Canyon Limited as it progresses with its drilling program, which will be critical in determining the longer-term impact on share performance.