The Conversation (0)
Arizona Sonoran Copper Company Inc. (TSX:ASCU) (“ASCU” or the “Company”), releases its Mineral Resource Update (“MRE”) for the combined Cactus, Stockpile and Parks/Salyer deposits, together the “Cactus Project”, located 45 miles south of Phoenix, Arizona (see FIGURES 1-7). The upgraded MRE is expected to form the basis for the ASCU Pre-Feasibility Study (“PFS”), targeting a 45-50 ktpa copper cathode heap leach and SXEW operation, and is on track for release in Q1 2024. The brownfields project is wholly-owned and located on private land in Arizona with ~$30 million of infrastructure onsite, an advanced permitting stage, approved water rights and access to water.
Highlights:
- 445,700 ktons at a Grade of 0.58% CuT for 5.17 Billion Pounds of Copper (M&I), a 221% conversion of pounds from the Inferred category
- 357,600 ktons leachable at a Grade of 0.62% Cu TSol for 4.43 Billion Pounds of Copper (M&I), a 316% conversion of pounds from the inferred category
- Cactus strengthens its position within the top 10 copper development assets in the USA (sourced from S&P copper projects in the USA, August 2023)
The Company will host a webinar tomorrow, Tuesday October 17, at 10:00 am ET by President and CEO, George Ogilvie and Resource Geologist, Anthony Bottrill. Please register to join here.
Table 1: The Cactus Project Mineral Resource Estimate, as of August 31, 2023.
NOTES:
1. Leachable copper grades are reported using sequential assaying to calculate the soluble copper grade. Primary copper grades are reported as total copper, Total category grades reported as weighted average copper grades of soluble copper grades for leachable material and total copper grades for primary material. Tons are reported as short tons.
2. Stockpile resource estimates have an effective date of 1st March, 2022, Cactus resource estimates have an effective date of 29th April, 2022, Parks/Salyer resource estimates have an effective date of 19th May, 2023. All resources use a copper price of US$3.75/lb.
3. Technical and economic parameters defining resource pit shell: mining cost US$2.43/t; G&A US$0.55/t, 10% dilution, and 44°-46° pit slope angle.
4. Technical and economic parameters defining underground resource: mining cost US$27.62/t, G&A US$0.55/t, and 5% dilution,
5. Technical and economic parameters defining processing: Oxide heap leach (HL) processing cost of US$2.24/t assuming 86.3% recoveries, enriched HL processing cost of US$2.13/t assuming 90.5% recoveries, Primary mill processing cost of US$8.50/t assuming 92% recoveries. HL selling cost of US$0.27/lb; Mill selling cost of US$0.62/lb.
6. Royalties of 3.18% and 2.5% apply to the ASCU properties and stateland respectively. No royalties apply to the MainSpring (Parks/Salyer South) property.
7. For Cactus: Variable cutoff grades were reported depending on material type, potential mining method, and potential processing method. Oxide material within resource pit shell = 0.099% TSol; enriched material within resource pit shell = 0.092% TSol; primary material within resource pit shell = 0.226% CuT; oxide underground material outside resource pit shell = 0.549% TSol; enriched underground material outside resource pit shell = 0.522% TSol; primary underground material outside resource pit shell = 0.691% CuT.
8. For Parks/Salyer: Variable cut-off grades were reported depending on material type, associated potential processing method, and applicable royalties. For ASCU properties - Oxide underground material = 0.549% TSol; enriched underground material = 0.522% TSol; primary underground material = 0.691% CuT. For stateland property - Oxide underground material = 0.545% TSol; enriched underground material = 0.518% TSol; primary underground material = 0.686% CuT. For MainSpring (Parks/Salyer South) properties - Oxide underground material = 0.532% TSol; enriched underground material = 0.505% TSol; primary underground material = 0.669% CuT.
9. Mineral resources, which are not mineral reserves, do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, sociopolitical, marketing, or other relevant factors.
10. The quantity and grade of reported inferred mineral resources in this estimation are uncertain in nature and there is insufficient exploration to define these inferred mineral resources as an indicated or measured mineral resource; it is uncertain if further exploration will result in upgrading them to an indicated or measured classification.
11. Totals may not add up due to rounding.
Highlights:
- 221% increase of total Measured and Indicated (“M&I”) resources (including primary resources), and a 9% increase of grade, resulting in a 55% decrease of Inferred resources due to upgrading of material
- MRE including Primary Resource Opportunity
- M&I 445.7 Mt @ 0.58% Cu for 5.17 billion pounds of copper
- Inferred 233.8 Mt @ 0.47% Cu for 2.21 billion pounds of copper
- Leachable (Oxide and Enriched) Mineral Resource
- M&I category increases by 316%: 357.6 million tons (“Mt”) at 0.62% Soluble Copper (“Cu TSol”) for 4.43 billion lbs of copper
- Inferred Category decreases by 64%: 107.7 Mt at 0.61% Cu TSol for 1.31 billion lbs of copper due to upgrading of material
- Low discovery cost - $0.005 / lb per pound
- +1.0% Soluble Copper Grades – specifically, Parks/Salyer contains 130Mt @ 1.028% Cu Tsol and Cactus East contains 41.2Mt @ 1.057% Cu TSol within M&I resources reporting to underground resource cutoff grades.
- Continuity confirmed – total drill database includes 526,000 ft (160,420 m) of drilling in 900 holes, resulting in demonstrated consistency of mineralization overall and a significant upgrade of the Parks/Salyer Deposit from the last MRE
- High Quality – first declaration of Measured mineral resources and significant conversion of Inferred mineral resources to the Indicated category which have the potential to be used to declare first reserves in the pending Pre-Feasibility Study expected in Q1 2024
- Location Advantages – set within Casa Grande’s industrial park and connected to nationwide transportation (highway and railroad), a streamlined permitting process, access to Arizona Public Service power, and access to water
- Growth – ongoing drilling will focus on Parks/Salyer southern extensions (Parks/Salyer South property); exposure to a 4 km mine trend with pockets of mineralization known south of Parks/Sayler, in the Gap Zone and NE of Cactus East
- Next Steps – Continue decreasing drill spacings to 125 ft (38 m) for future studies; begin drilling at the MainSpring (Parks/Salyer South) property
George Ogilvie, Arizona Sonoran Copper Company commented, “Our team has completed yet another key milestone in the process of reactivating the Cactus Mine. Driven through textbook infill drilling programs at Parks/Salyer and Cactus, our team readies an already significant copper asset in Arizona, USA for the next step in technical reporting; 3.6 billion pounds of Copper were added and converted to the M&I category for a new M&I mineral resource of 5.2 billion pounds. The leachable Copper M&I category now stands at 4.4 billion pounds of Copper and will act as the foundation for our upcoming PFS. The PFS remains on track and on budget for Q1 2024. I look forward to our team continuing to deliver on key objectives over the next year.”
Drilling programs
The updated MRE is supported by systematic drilling programs targeting the NE end of the 11 km (~7 mi) by 1.6 km (~1 mi) Santa Cruz porphyry copper system, of which ASCU has access to 5.5 km (~3.5 mi). In ground mineral resources were calculated in the Measured category using drill data of 125 ft (38 m) drill spacing, indicated at 250 ft (76 m) and inferred at 500 ft (~152 m). The mineral resource was calculated using 80,715 ft (~24,600 m) of new drilling into the Cactus deposits since May 2021, and new Parks/Salyer drilling totals 57,250 ft (~17,500 m) from July 2022 to March 2023. The 3D models in FIGURE 4 illustrate the exploration success since the initial Cactus MRE was issued in 2021, and reflects the tightly drilled nature of the deposits. Resulting from upgrading the Parks/Salyer resource into the Indicated category, ASCU continues to target a 45-50 ktpa copper cathode operation heap leach and SX/EW operation. A comparison of each deposit is listed below in TABLES 2-5.
Drilling conducted after April 2023 will form the basis of a further mineral resource update in 2024 with the goal of converting indicated resources from early in the mine plan into the measured resource classification for a Feasibility Study expected in Q4 2024. Exploration drill data received from the planned MainSpring (Parks/Salyer South) drilling program is intended for inclusion to the update of mineral resources in 2024.
Geology
The known resource areas within the Cactus Project area are variably sized fragments of the structurally dismembered larger Santa Cruz Porphyry System that has been faulted and displaced by Tertiary extension. The mineralized horst blocks, which can start from surface (e.g. at the discovery outcrop) may be overlain by up to 1,500 ft (460 m) of post-mineral Tertiary conglomerates and a thin veneer of alluvium. Major host rocks at Cactus are Precambrian Oracle granite and Laramide monzonite porphyry. The porphyries intruded older rocks to form mixed and monolithic breccias that occur as large masses, poorly defined dike-like masses, and thin well-defined dikes. The mineralization is structurally complex with intense fracturing, faulting, and both pre-mineral and post-mineral brecciation. The continuity of lithology and alteration/mineralization styles throughout the Project area suggests that the resource areas were once connected. These identifiable trends aid in the exploration for extensions of known resources and the modelling of the resources themselves. All resource areas are terminated at depth by the basement fault, a low angle structure that underlies the project area. All resource areas contain both oxide and enriched (secondary sulphide) copper mineralization, with primary sulphide underlying the secondary, as is typical of these systems.
Cactus Project Resource Modelling
The geological modelling, statistical analysis, and resource estimation were prepared by the ASCU resource team and by Allan Schappert – CPG #11758, who is a qualified person as defined by National Instrument 43-101– Standards of Disclosure for Mineral Projects.
The Cactus Project resource updates are based upon updated drilling data and interpretations. The Cactus Mineral Resource model was developed in Vulcan. The database used to generate the Mineral Resources comprised 305 drill holes, 309,418.5 ft (94,310.8 m) for Cactus; 77 drillholes, 172,166.3 ft (52,476.3 m) for Parks/Salyer; 518 drillholes, 44,728.2 ft (13,633.2 m) for the stockpile. Drilling data is supported by industry standard quality assurance and quality control programs, with quality control sampling comprising preparation blanks, certified reference materials, and field and pulp duplicate analyses. Review of the QA/QC data indicates it is of a quality suitable for use in resource estimation.
The mineralized domains are consistent with domaining for porphyry copper systems. Mineralized domains represent combinations of rock type and copper mineral zonation associated with secondary copper enrichment weathering processes. The main mineral zones being leached, oxide, enriched, and primary. Mineral zones are determined by logging and the assay attributes of sequential copper analyses.
Physical density measurements have been undertaken across the deposits, both historically by ASARCO, and more recently by ASCU. Density measurements on insitu deposits use the wet / dry weight method and comprise 3,372 samples for Cactus and 147 samples for Parks/Salyer. Due to the unconsolidated nature of the stockpile material, physical bulk density measurements were attained by weight and volume calculations. Four test holes were excavated from which the material removed was dried and weight and the volume of each hole calculated.
Copper grades were estimated using Ordinary Kriging, using 10 ft (3 m) composites and top cutting determined by log normal probability plots on a per domain basis. Grade estimates were validated using visual and statistical methods including statistical distribution comparisons, visual comparison against the drilling data on sections, swath plots comparing block grades trends against de-clustered composites, and by smoothing checks using change of support.
TABLE 2: Parks/Salyer Deposit
NOTES: refer to TABLE 1
*Denotes Cu TSol, generated using a sequential assaying technique to calculate the grade of the soluble copper.
Parks/Salyer’s new total leachable Indicated mineral resource totals 2,677 Mlbs vs an Inferred mineral resource in the 2022 PEA of 2,461Mlbs. The increase to the total Indicated mineral resources are attributed to successful infill drilling performing better than the initial wide spaced Inferred drilling, inclusion of mineral resources under the new 2.5 acre Mineral Exploration Permit (“MEP”) obtained on October 3, 2024, and a minimal natural extension of mineralization onto the MainSpring (Parks/Salyer South) property. As previously stated, the MEP and MainSpring (Parks/Salyer South) properties minimize sterilization of the deposit, due to boundaries.
TABLE 3: Cactus East, Underground Resource outside of Cactus Open Pit Resource
NOTES: refer to TABLE 1
*Denotes Cu TSol, generated using a sequential assaying technique to calculate the grade of the soluble copper.
Measured and Indicated drilling programs at the Cactus Deposits (TABLES 3 and 4) were focused on upgrading Inferred mineral resources from the PEA mine plan to support the PFS. The total M&I leachable resources reported for the Cactus deposits of 156.3Mt @ 0.491% Cu TSol are located within the combined open pit and underground mineral resources. Of this material, Cactus East contains 41.2Mt @ 1.057% Cu TSol of leachable M&I mineral resources when reporting above underground cutoff grades. Reductions of the underground inferred resources reflect additional material incorporated into the open pit indicated resources.
TABLE 4: Cactus Open Pit, inclusive of Cactus West and Cactus East
NOTES: refer to TABLE 1
*Denotes Cu TSol, generated using a sequential assaying technique to calculate the grade of the soluble copper
TABLE 5: Stockpile
NOTES: refer to TABLE 1
As with the Parks/Salyer conversion, the Stockpile conversion from Inferred to Indicated classification was significant. Previously classed entirely as Inferred, drilling converted 217 million pounds at 0.153% Cu TSol into the Indicated category, with 3 million pounds remaining as Inferred mineral resources. This change represents a slight reduction in total pounds as the outer edge of the stockpile was confirmed to have a waste window in parts. The grade increased and the infill drilling confirmed relationships seen in the inferred model with the upper lift containing 52% of the pounds, from 45% of the tons; attributable to higher copper grades present in that lift.
Quality Assurance / Quality Control
Drilling completed on the project between 2020 and 2022 was supervised by on-site ASCU personnel who prepared core samples for assay and implemented a full QA/QC program using blanks, standards, and duplicates to monitor analytical accuracy and precision. The samples were sealed on site and shipped to Skyline Laboratories in Tucson AZ for analysis. Skyline’s quality control system complies with global certifications for Quality ISO9001:2008.
Scientific and technical information contained in this news release have been reviewed and verified by Allan Schappert – CPG #11758, who is a qualified person as defined by National Instrument 43-101– Standards of Disclosure for Mineral Projects.
Links from the Press Release
Register for Townhall: https://www.bigmarker.com/vid-conferences/ASCU-Cactus-Update
September 28, 2022: https://arizonasonoran.com/news-releases/arizona-sonoran-doubles-global-leachable-resource-inventory-and-declares-maiden-mineral-resources-at-parks-salyer-of-2.92/
Figures: https://arizonasonoran.com/projects/cactus-mine-project/press-release-images/
Neither the TSX nor the regulating authority has approved or disproved the information contained in this press release.
About Arizona Sonoran Copper Company (www.arizonasonoran.com | www.cactusmine.com)
ASCU’s objective is to become a mid-tier copper producer with low operating costs and to develop the Cactus and Parks/Salyer Projects that could generate robust returns for investors and provide a long term sustainable and responsible operation for the community and all stakeholders. The Company’s principal asset is a 100% interest in the Cactus Project (former ASARCO, Sacaton mine) which is situated on private land in an infrastructure-rich area of Arizona. Contiguous to the Cactus Project is the Company’s 100%-owned Parks/Salyer deposit that could allow for a phased expansion of the Cactus Mine once it becomes a producing asset. The Company is led by an executive management team and Board which have a long-standing track record of successful project delivery in North America complemented by global capital markets expertise.
Forward-Looking Statements
This press release contains certain information that may constitute "forward-looking information" under applicable Canadian securities legislation. Forward looking information includes, but is not limited to, the potential of the Cactus Project, timing of economic studies and mineral resource estimates including the PFS, timing of receipt of permits and commencement of construction, the ability to sell marketable materials, strategic plans, including future exploration and development results, and corporate and technical objectives. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of ASCU to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could affect the outcome include, among others: future prices and the supply of metals; the results of drilling; inability to raise the money necessary to incur the expenditures required to retain and advance the properties; environmental liabilities (known and unknown); general business, economic, competitive, political and social uncertainties; results of exploration programs; accidents, labour disputes and other risks of the mining industry; political instability, terrorism, insurrection or war; or delays in obtaining governmental approvals, projected cash operating costs, failure to obtain regulatory or shareholder approvals.
Although ASCU has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are made as of the date of this news release and ASCU disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws.
Contacts
For more information:
Alison Dwoskin, Director, Investor Relations
647-233-4348
adwoskin@arizonasonoran.com
George Ogilvie, President, CEO and Director
416-723-0458
gogilvie@arizonasonoran.com
ASCU:CA
Blackstone Minerals
Investor Insights
Rapidly emerging as Southeast Asia’s premier base and battery metals developer, Blackstone Minerals now holds two globally significant projects: the Ta Khoa nickel-cobalt project in Vietnam and the Mankayan copper-gold porphyry project in the Philippines. Both projects are critical to the company’s strategy to become a vertically integrated, low-cost, low-carbon producer of critical battery and base metals.
Overview
As the global economy accelerates toward net-zero emissions, the demand for critical minerals continues to rise, with nickel and copper positioned at the forefront of the energy transition. Historically used in stainless steel, nickel is now a core component in lithium-ion batteries; while copper, vital for electrification infrastructure, is similarly facing a looming supply crunch.
Blackstone Minerals (ASX:BSX,OTC:BLSTF,FRA:B9S) recognizes this strategic imperative and has positioned itself as a diversified, vertically integrated producer of low-cost, low-carbon battery and base metals.
Following its transformational merger with IDM International, Blackstone now controls two globally significant assets: the Ta Khoa nickel project in Vietnam and the Mankayan copper-gold project in the Philippines. Together, they represent a rare combination of scale, grade and strategic location in Southeast Asia, an increasingly vital region in the global clean energy supply chain.
The Mankayan copper-gold project is located in Northern Luzon, Philippines
The recently acquired Mankayan project adds substantial scale and diversification to Blackstone’s portfolio. One of the largest undeveloped copper-gold porphyry systems in Asia, Mankayan features over 56,000 meters of historical drilling and a resource of 793 million tonnes (Mt) at 0.756 percent copper equivalent (CuEq), including a high-grade core of 170 Mt at 1.049 percent CuEq. The project benefits from proximity to existing infrastructure and its location just 2.5 km from the operating Lepanto gold mine, owned and operated by Lepanto Consolidated Mining Company, and Far Southeast Gold Resources’ Far Southeast project.
The Ta Khoa project, meanwhile, includes both a past-producing underground nickel sulphide mine (Ban Phuc) and an advanced-stage refinery designed to produce battery-grade precursor cathode active material (pCAM). Vietnam’s low labor and energy costs, coupled with regulated power pricing and surging foreign direct investment, make it an ideal base for Blackstone’s vertically integrated strategy.
Blackstone is uniquely positioned to benefit from geopolitical tailwinds. Vietnam’s Free Trade Agreement with the European Union and the US Inflation Reduction Act are drawing significant interest from global partners and battery manufacturers. Meanwhile, the Philippines is undergoing a mining renaissance, with the government promoting foreign investment in responsible resource development. Mankayan has already been identified as a priority project by the Philippines’ Mines and Geosciences Bureau.
The company’s development strategy is underpinned by a commitment to ESG leadership. Blackstone is advancing renewable energy solutions for Ta Khoa via a direct power purchase agreement with Limes Renewables and is collaborating with Arca Climate Technologies to explore carbon capture through mineralization. At Mankayan, the company is focused on sustainable development in partnership with local communities.
Financially, Blackstone is well-capitalized to deliver on its dual-track growth plan. Following the merger with IDM, the company raised AU$22.6 million and holds AU$24.36 million in cash as of June 2025. The company’s experienced leadership team and strong partnerships provide a clear path to near-term value creation, as both projects progress toward definitive feasibility studies and long-term production.
Blackstone Minerals is now one of Southeast Asia’s leading battery and base metals developers, with a clear vision to supply responsibly sourced nickel and copper for the global energy transition.
Company Highlights
- Nickel Supply Deficit: The global nickel market is projected to enter a structural deficit with battery-grade nickel demand expected to grow 950 percent by 2040.
- Diversified Portfolio: With Ta Khoa in Vietnam and Mankayan in the Philippines, Blackstone offers exposure to two critical and high-demand metal classes: nickel and copper-gold.
- Strategic Southeast Asia Presence: Vietnam and the Philippines are emerging hubs for EV and mineral resource development, with robust government support and increasing foreign direct investment.
- Infrastructure Advantage: Both projects benefit from existing infrastructure, including hydroelectric power, trained workforces, and government collaboration.
- Sustainability Leadership: Blackstone is pursuing low-emission mining solutions through partnerships in renewable energy and carbon capture technologies.
- Financially Strong: Blackstone raised AU$22.6 million post-merger, supporting an aggressive exploration and development strategy across both assets.
Key Project
Mankayan Copper-Gold Project – Philippines
Following its merger with IDM International, Blackstone now owns a 64 percent effective interest in the world-class Mankayan copper-gold project through Crescent Mining Development. Located in the prolific mineral belt of Northern Luzon, Philippines, Mankayan is one of Asia’s largest undeveloped copper-gold porphyry systems. It lies approximately 340 km from Manila by road, and just 2.5 kilometers from the operating Lepanto gold mine, which includes a 900 ktpa underutilized milling facility.
The Mankayan deposit spans roughly 1,100 meters of strike and 600 meters in width, with mineralization open to the north, south and at depth. Over 56,000 meters of diamond drilling has been completed to date, and the deposit hosts a JORC 2012-compliant mineral resource estimate of 793 Mt at 0.37 percent copper and 0.40 grams per ton (g/t) gold, equating to 0.756 percent CuEq. This includes a high-grade core of 170 Mt at 0.48 percent copper and 0.59 g/t gold (1.049 percent CuEq), offering valuable optionality.
Drilling results support Mankayan’s classification as a globally significant resource. Notable historic intercepts include:
- 911 meters at 1 percent CuEq, including 253 meters at 1.43 percent CuEq
- 543 meters at 1.08 percent CuEq, including 277 meters at 1.43 percent CuEq
- 1,119 meters at 0.86 percent CuEq, including 352 meters at 1.15 percent CuEq
- 754 meters at 1.03 percent CuEq, including 430 meters at 1.21 percent CuEq
In July 2025, Blackstone confirmed significant new surface mineralization through historical rock chip samples returning grades up to 6 g/t gold and 1.9 percent copper, and a standout recent drill hole – 432 meters at 1.25 percent CuEq (including 210 meters at 1.60 percent) – further underscoring the project's scale and growth potential.
A key strategic advantage of Mankayan is its dual development pathway. The high-grade core supports a low-capex startup via selective mining methods, while the bulk of the deposit can be exploited through larger-scale mining scenarios that benefit from lower operating costs and economies of scale. This tiered approach allows Blackstone to balance capital efficiency with long-term growth.
Regulatory and community engagement milestones have also been achieved. The project’s 25-year mineral production sharing agreement was renewed in 2022, and a memorandum of agreement with local Indigenous Peoples was signed in 2024, making Blackstone the first mining company to obtain IP consent in the area. The Mines and Geosciences Bureau of the Philippines has since designated Mankayan as a priority development project.
Mankayan stands out globally when benchmarked against peer porphyry systems. A comparative analysis of undeveloped copper-gold projects ranks it near the top in terms of grade and copper equivalent tonnage, reaffirming its strategic and economic potential on the world stage.
In 2025 and beyond, Blackstone will continue metallurgical testwork, geophysics (including magnetics, IP and electromagnetics), environmental baseline studies, and further drilling to refine and expand the resource. These efforts will support upcoming mining studies and a targeted prefeasibility study.
Ta Khoa
Ta Khoa nickel project in Vietnam
Blackstone Minerals holds a 90 percent interest in the Ta Khoa nickel project, located in the Son La Province of northern Vietnam, about 160 km west of Hanoi. The project comprises the Ban Phuc underground nickel sulphide mine – a modern operation built to Australian standards that operated between 2013 and 2016 – and the adjacent Ta Khoa refinery, currently being developed to produce battery-grade precursor cathode active material (pCAM).
The Ban Phuc mine is currently under care and maintenance but is poised for recommissioning alongside the construction of a concentrator and refinery. The broader Ta Khoa asset base contains probable reserves of 48.7 million tonnes (Mt) at 0.43 percent nickel, equivalent to 210 kilotonnes (kt) of contained nickel. The mining inventory totals 64.5 Mt at 0.41 percent nickel, containing 265 kt of nickel. This figure excludes additional developing prospects such as Ban Khoa.
Over the planned 10-year mine life, Ta Khoa is expected to produce an average of 18 kt of nickel concentrate annually, with the potential to extend well beyond this horizon through integrated refining. The existing infrastructure onsite, including a 450 ktpa mill and a mining camp, provides significant capital efficiency and accelerates time to production.
A recent 12-month pilot program, conducted in partnership with ALS and Wood, successfully demonstrated that Ta Khoa’s hydrometallurgical flowsheet can convert concentrate into nickel sulphate at 99.95 percent purity and 97 percent recovery. This success positions the refinery as a credible supplier to the Asia-Pacific battery supply chain.
The project is further distinguished by its low emissions profile. Independent assessments by Digbee, Minviro, Circulor and an audit by the Nickel Institute have confirmed Ta Khoa as the lowest-emitting pCAM flowsheet in the industry, with carbon intensity of just 9.8 kg CO₂ per kg of pCAM, with opportunities for further reduction.
Blackstone’s development strategy includes flexible feedstock acceptance – from nickel concentrate to black mass – and is strengthened by partnerships with Cavico Laos for third-party supply, Arca Climate Technologies for carbon capture via mineralization, and Limes Renewables to supply clean wind energy. Additionally, the company has secured byproduct offtake arrangements for manganese sulphate and sodium sulphate with VinaChem, PVChem and Nam Phong Green, reinforcing its commitment to full-cycle resource utilization and ESG leadership.
Management Team
Hamish Halliday - Non-executive Chairman
Hamish Halliday is a geologist with over 20 years of corporate and technical experience. He is also the founder of Adamus Resources Limited, an AU$3 million float that became a multimillion-ounce emerging gold producer.
Scott Williamson - Managing Director
Scott Williamson is a mining engineer with a commerce degree from the West Australian School of Mines and Curtin University. He has over 10 years of experience in technical and corporate roles in the mining and finance sectors.
Geoff Gilmour – Non-executive Director
Appointed following Blackstone’s merger with IDM, Geoff Gilmour brings deep experience in Southeast Asian mining ventures. He has held senior roles in exploration and development across copper and gold projects in the Philippines and broader Asia-Pacific.
Tessa Kutscher - Executive
Tessa Kutscher is an executive with more than 20 years of experience in working with C-Level executive teams in the fields of business strategy, business planning/optimisation and change management. After starting her career in Germany, she has worked internationally across different industries, such as mining, finance, tourism and tertiary education.
Lon Taranaki - Executive
Lon Taranaki is an international mining professional with over 25 years of extensive experience in all aspects of resources and mining, feasibility, development and operations. Taranaki is a qualified process engineer from the University of Queensland Australia. He holds a Master of Business Administration, and is a fellow of the Australian Institute of Company Directors. Taranaki has established his career in Asia where he has successfully worked (and lived) across multiple jurisdictions and commodities ranging from technical, mine management and executive management roles.
Copper Price Update: Q2 2025 in Review
What happened to the copper price in Q2?
Copper started the second quarter in free fall.
After reaching an all-time high of US$5.22 per pound on the COMEX on March 26, it plummeted to US$4.06 on April 8. By April 11, it had climbed back above US$4.50 and continued on to US$4.88 on April 22.
Copper price, April 1 to July 23, 2025.
Chart via TradingEconomics.
For the end of April, all of May and much of June, the copper price was volatile but rangebound, trading between US$4.50 and US$4.80. However, the end of June saw a surge in momentum in the market, as the price began to climb, and on June 30, it reached US$4.97. Since then, the price has soared, setting a new all-time high of US$5.65 on July 10.
Copper supply and demand dynamics
Over the past few years, a growing imbalance has developed in the copper market, as demand growth has outpaced the expansion of primary and secondary supply lines.
Data from the International Copper Study Group (ICSG) shows 3.2 percent growth in refined production, with a combined gain of 4.8 percent from China and the Democratic Republic of the Congo (DRC), the two largest producers globally. Further increases came from Asia, where output was 3.5 percent higher.
The increased levels were offset by Chile, where smelter output fell 9.5 percent due to smelter maintenance.
However, refined production outpaced mining production, which rose just 2 percent during the period.
Peru accounted for a 5 percent year-on-year growth due to increased output at MMG’s (HKEX:1208) Las Bambas, Anglo American (LSE:AAL,OTCQX:AAUKF) and Mitsubishi's (TSE:8058) Quellaveco and Chinalco Mining’s (HKEX:2600,SHA:601600) Toromocho mines.
Likewise, production in DRC surged by 8 percent, attributable to the expansion of the Ivanhoe Mines (TSX:IVN,OTCQX:IVPAF) and Zijin Mining's (HKEX:2899,SHA:601899) Kamoa-Kakula joint venture.
Demand continued to grow at a higher rate than refined output during the first quarter of 2025, with the ICSG suggesting a 3.3 percent increase in copper usage. The largest segment came from Chinese markets, which required 6 percent more copper than in 2024, but this demand occurred during an 11 percent decline in net refined imports into the country. China is the world’s largest consumer of copper, accounting for about 58 percent of global demand.
Outside of China, demand was essentially flat, with high demand from Asian, Middle Eastern and North African countries being offset by weak demand in Europe and North America.
Overall, the data provided by the ICSG indicated a 233,000 metric ton surplus of refined copper through the first four months of 2025, a slight decrease from the 236,000 metric tons during the same period in 2024.
Copper's supply deficit
In an email to the Investing News Network (INN), Jacob White, ETF product manager at Sprott Asset Management (TSX:SII,NYSE:SII), said the copper market may have already entered a supply deficit.
“Yes, we believe we have moved into a supply deficit in 2025 and that the market is currently in deficit," he said.
"Uncertainties in the financial markets (trade, growth and inflation) have had a negative impact on copper demand, but this has been offset as copper is becoming less tied to global economic growth and more tied to industries that provide structural growth to the market,” White went on to say. He also noted that artificial intelligence data centers, emerging economies and the energy transition are all putting increased stress on copper supply.
"Furthermore, the supply outlook was not expected to keep pace with demand this year," he added.
"Q1 2025 mined copper production has indicated low production, and the copper supply outlook for this year has already worsened with the first major disruption of the year."
The shutdown referred to by White was at the Ivanhoe-Zijin Kakula-Kamoa mine in the DRC.
Ivanhoe reported a temporary interruption of underground mining at Kakula on May 2. The company cited seismic activity and initiated a partial shutdown of operations at Phase 1 and 2 concentrators, utilizing surface stockpiles.
Operations at the mine were suspended until June 11, when the company announced it had initiated a restart. It also stated that it was slashing production guidance by 28 percent due to the impact, with the revised number falling between 370,000 and 420,000 metric tons, down from the previous range of 520,000 to 580,000 set in January.
The difference in guidance accounts for more than half of the projected surplus in the ICSG report, demonstrating just how tight the copper market has become.
The Trump effect for copper
Volatility has been present since the start of the year, with much of it attributed to uncertainty stemming from an ever-shifting US trade policy under President Donald Trump.
Commodity prices plummeted at the start of the second quarter, with copper losing 22 percent between its quarterly high of US$5.22 on March 26 and April 8, when it fell to US$4.06.
The drop came alongside the fallout from the “Liberation Day” tariffs Trump announced on April 2, which applied a 10 percent baseline tariff to imports into the US from all but a handful of countries.
It also threatened the imposition of more significant retaliatory tariffs to take effect on April 9.
Additionally, the US initiated a tit-for-tat tariff war with China in early April, starting with a 34 percent tariff on Chinese imports, which quickly rose to 145 percent on Chinese imports and 125 percent on US exports to China.
The effect of the tariffs caused significant declines in major US indices, with the Dow losing 9.5 percent, the S&P 500 shedding 10 percent and the Nasdaq losing 11 percent in two days.
More than $6 trillion was wiped from the markets over two days, the most significant such loss in history.
More importantly, the uncertainty seeped into the US bond markets, causing yields on the 10-year Treasury to rise sharply to 4.49 percent as investors began to dump US bonds. The rising rates came as China and Japan both sold holdings back into the market in an attempt to counter Trump’s trade plans.
The combined effect led analysts to suggest that a recession was imminent, prompting broad sell-offs in the commodity markets as traders worked to dispose of stockpiles of high-value inventories. Copper is susceptible to recessions due to its wide range of applications, which are heavily dependent on consumer spending.
Ultimately, a sliding stock market and spiking bond yields prompted Trump to announce a 90 day pause on the retaliatory tariffs, stating that it would allow countries to come to the table and negotiate a deal with the US.
Although the copper rout was short lived, it demonstrated the push-pull that tariffs and trade policy can have on copper prices. In February, Trump signed an executive order which invoked Section 232 of the Trade Expansion Act to initiate an investigation into the impact of copper imports on all forms of national security.
In the order, Trump noted that while the US has ample copper reserves, its smelting and refining capacity has declined. China has become the world’s leading supplier of refined copper, commanding a 50 percent market share.
“The supply and demand imbalance has recently been catalyzed with the US trade actions, where copper stocks have moved into the US on speculation that the Section 232 investigation into copper may result in a copper tariff,” White said, explaining that the global inventory system has become fragmented.
With the supply deficit, it has become increasingly difficult to source physical copper, resulting in drastically lower inventories on the London Metal Exchange (LME) and Shanghai Futures Exchange (SHFE).
The administration reached a decision early in Q3, and on July 8, Trump announced a 50 percent tariff on all copper entering the US. The move caused prices on the COMEX to spike to record highs, triggering more panic buying among traders as they raced to transfer aboveground copper stocks into US-based facilities to avoid the additional tariff costs.
While ICSG hasn’t published numbers since May, it was already demonstrating then that significant stockpiles were being moved between international warehouses and the US.
It reported that stocks at the LME had declined 122,900 metric tons from the start of the year, while stocks at the COMEX and SHFE had both posted gains of 80,970 metric tons and 31,619 metric tons, respectively.
Lobo Tiggre, CEO of IndependentSpeculator.com, provided a more globally minded context.
“Copper is globally fungible — it’s like oil. The sanctions don’t work on Russian oil or Iranian oil, because it just flows around. Copper can do that too. So it is incorrect to think, 'Oh, copper tariff, therefore, copper is up, and all copper stocks have to go up.' If you’re a copper miner in Chile selling to China, then the US tariff has no direct bearing on your business whatsoever,” he said in an interview with INN on July 9.
Tiggre also explained that the US imports 50 percent of its copper needs, and there is no way that tariffs are going to fix that overnight. “The mines just aren’t there. The help (Trump has) provided with permitting is highly relevant, and it has already helped. But that's still — okay, you get the permits, and then you have to build the mine, right? So it’ll be years before this incentive creates more US production, if it does. Meanwhile, it’s Dr. Copper —it goes in everything. So we've got US consumers, manufacturers, everybody’s going to have this added cost,” he said.
Copper price forecast for 2025
Beyond tariffs, copper's fundamentals remain strong. As Tiggre pointed out, the world is dependent on copper, and demand for the red metal has been increasing faster than supply.
“There aren’t enough copper projects in the pipeline — not ones big enough to matter. So I’m extremely bullish on copper. All those reasons to be bullish on copper are still on the table in front of us," he said.
"When I first made the call, copper was around US$4 or something, and now (we're) at US$5, almost US$6 — and all of that tailwind is still to come and push it higher,” Tiggre said.
While he remains positive on copper, he declined to say where the price will be at the end of the year.
Even though copper may be one of the safer commodities bets owing to staggering demand and low supply, investors should keep in mind the broad economic landscape when entering into a position with a metal whose fortune can change quickly with consumer spending.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
Affiliate Disclosure: The Investing News Network may earn commission from qualifying purchases or actions made through the links or advertisements on this page.
